b5091510q

0001267425-15-000007.txt : 20151113 0001267425-15-000007.hdr.sgml : 20151113 20151113125413 ACCESSION NUMBER: 0001267425-15-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151113 DATE AS OF CHANGE: 20151113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND V LP CENTRAL INDEX KEY: 0001267425 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-109898 FILM NUMBER: 151228108 BUSINESS ADDRESS: STREET 1: ONE BOSTON PL. STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PL. STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108 10-Q 1 b5091510q.htm BCTC V SEPTEMBER 2015 10-Q b5091510q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2015

or

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 333-109898

BOSTON CAPITAL TAX CREDIT FUND V L.P.
(Exact name of registrant as specified in its charter)

Delaware	14-1897569
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts 02108
(Address of principal executive offices) (Zip Code)

(617) 624-8900

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý

No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ý

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2015

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets	3-6
		Condensed Statements of Operations	7-14
		Condensed Statements of Changes in Partners' Capital (Deficit)	15-16
		Condensed Statements of Cash Flows	17-20
		Notes to Condensed Financial Statements	21-28

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		28-35

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		36

	Item 4. Controls and Procedures		36

PART II - OTHER INFORMATION

	Item 1. Legal Proceedings		37

	Item 1A. Risk Factors		37

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		37

	Item 3. Defaults Upon Senior Securities		37

	Item 4. Mine Safety Disclosures		37

	Item 5. Other Information		37

	Item 6. Exhibits		37


	Signatures		38

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		September 30, 2015	March 31, 2015

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 8,584,668	$ 9,150,371

OTHER ASSETS

	Cash and cash equivalents	879,091	854,750
	Acquisition costs, net	405,235	540,313
	Other assets	106,411	106,411
		$ 9,975,405	$10,651,845

LIABILITIES

	Accounts payable and accrued expenses	$ 843	$ 843
	Accounts payable affiliates	6,352,695	5,783,781
	Capital contributions payable	101	101
		6,353,639	5,784,725

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 11,777,706 issued and outstanding	3,873,914	5,116,155
General Partner		(252,148)	(249,035)
		3,621,766	4,867,120
		$ 9,975,405	$10,651,845

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 47

		September 30, 2015	March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 1,186,677	$ 1,225,363

OTHER ASSETS
	Cash and cash equivalents	228,888	218,870
	Acquisition costs, net	71,762	95,682
	Other assets	-	-
		$ 1,487,327	$ 1,539,915

LIABILITIES

	Accounts payable and accrued expenses	$ 385	$ 385
	Accounts payable affiliates	2,814,293	2,620,121
	Capital contributions payable	-	-
		2,814,678	2,620,506

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 3,478,334 issued and outstanding	(1,247,324)	(1,001,181)
General Partner		(80,027)	(79,410)
		(1,327,351)	(1,080,591)
		$ 1,487,327	$ 1,539,915

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 48

		September 30, 2015	March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 1,221,087	$ 1,272,550

OTHER ASSETS
	Cash and cash equivalents	227,768	222,229
	Acquisition costs, net	82,385	109,847
	Other assets	-	-
		$ 1,531,240	$ 1,604,626

LIABILITIES

	Accounts payable and accrued expenses	$ 115	$ 115
	Accounts payable affiliates	1,664,610	1,545,420
	Capital contributions payable	-	-
		1,664,725	1,545,535

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 2,299,372 issued and outstanding	(82,390)	109,705
General Partner		(51,095)	(50,614)
		(133,485)	59,091
		$ 1,531,240	$ 1,604,626

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 49

		September 30, 2015	March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 6,176,904	$ 6,652,458

OTHER ASSETS
	Cash and cash equivalents	422,435	413,651
	Acquisition costs, net	251,088	334,784
	Other assets	106,411	106,411
		$ 6,956,838	$ 7,507,304

LIABILITIES

	Accounts payable and accrued expenses	$ 343	$ 343
	Accounts payable affiliates	1,873,792	1,618,240
	Capital contributions payable	101	101
		1,874,236	1,618,684

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 6,000,000 issued and outstanding	5,203,628	6,007,631
General Partner		(121,026)	(119,011)
		5,082,602	5,888,620
		$ 6,956,838	$ 7,507,304

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

		2015	2014

Income
	Interest income	$ 534	$ 525
Other income		10,035	-
		10,569	525

Share of loss from Operating Partnerships(Note D)		(204,038)	(416,454)

Expenses
	Professional fees	69,123	73,979
	Fund management fee, net (Note C)	254,208	258,838
	Amortization	67,539	145,078
	General and administrative expenses	15,943	13,414
		406,813	491,309

NET LOSS		$ (600,282)	$ (907,238)

Net loss allocated to assignees		$ (598,781)	$ (904,970)

Net loss allocated to general partner		$ (1,501)	$ (2,268)

Net loss per BAC		$ (.05)	$ (.08)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 47

		2015	2014

Income
	Interest income	$ 89	$ 44
Other income		6,399	-
		6,488	44

Share of loss from Operating Partnerships(Note D)		(4,428)	(82,663)

Expenses
	Professional fees	22,084	26,446
	Fund management fee, net (Note C)	92,102	95,386
	Amortization	11,960	64,255
	General and administrative expenses	5,050	4,127
		131,196	190,214

NET LOSS		$ (129,136)	$ (272,833)

Net loss allocated to assignees		$ (128,813)	$ (272,151)

Net loss allocated to general partner		$ (323)	$ (682)

Net loss per BAC		$ (.04)	$ (.08)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 48

		2015	2014

Income
	Interest income	$ 105	$ 70
Other income		657	-
		762	70

Share of loss from Operating Partnerships(Note D)		(3,861)	(10,811)

Expenses
	Professional fees	17,758	17,548
	Fund management fee, net (Note C)	56,495	57,795
	Amortization	13,731	34,738
	General and administrative expenses	4,240	3,246
		92,224	113,327

NET LOSS		$ (95,323)	$ (124,068)

Net loss allocated to assignees		$ (95,085)	$ (123,758)

Net loss allocated to general partner		$ (238)	$ (310)

Net loss per BAC		$ (.04)	$ (.05)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 49

		2015	2014

Income
	Interest income	$ 340	$ 411
Other income		2,979	-
		3,319	411

Share of loss from Operating Partnerships(Note D)		(195,749)	(322,980)

Expenses
	Professional fees	29,281	29,985
	Fund management fee, net (Note C)	105,611	105,657
	Amortization	41,848	46,085
	General and administrative expenses	6,653	6,041
		183,393	187,768

NET LOSS		$ (375,823)	$ (510,337)

Net loss allocated to assignees		$ (374,883)	$ (509,061)

Net loss allocated to general partner		$ (940)	$ (1,276)

Net loss per BAC		$ (.06)	$ (.08)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

		2015	2014

Income
	Interest income	$ 27,325	$ 1,050
Other income		10,773	3,304
		38,098	4,354

Share of loss from Operating Partnerships(Note D)		(510,084)	(726,160)

Expenses
	Professional fees	86,558	88,109
	Fund management fee, net (Note C)	526,351	504,059
	Amortization	135,078	290,156
	General and administrative expenses	25,381	22,883
		773,368	905,207

NET LOSS		$(1,245,354)	$(1,627,013)

Net loss allocated to assignees		$(1,242,241)	$(1,622,945)

Net loss allocated to general partner		$ (3,113)	$ (4,068)

Net loss per BAC		$ (.11)	$ (.14)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 47

		2015	2014

Income
	Interest income	$ 169	$ 73
Other income		7,137	-
		7,306	73

Share of loss from Operating Partnerships(Note D)		(12,586)	(125,194)

Expenses
	Professional fees	26,979	30,891
	Fund management fee, net (Note C)	182,501	164,636
	Amortization	23,920	128,510
	General and administrative expenses	8,080	7,205
		241,480	331,242

NET LOSS		$ (246,760)	$ (456,363)

Net loss allocated to assignees		$ (246,143)	$ (455,222)

Net loss allocated to general partner		$ (617)	$ (1,141)

Net loss per BAC		$ (.07)	$ (.13)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 48

		2015	2014

Income
	Interest income	$ 210	$ 118
Other income		657	657
		867	775

Share of loss from Operating Partnerships(Note D)		(25,363)	(43,323)

Expenses
	Professional fees	21,993	21,368
	Fund management fee, net (Note C)	111,690	111,490
	Amortization	27,462	69,476
	General and administrative expenses	6,935	5,809
		168,080	208,143

NET LOSS		$ (192,576)	$ (250,691)

Net loss allocated to assignees		$ (192,095)	$ (250,064)

Net loss allocated to general partner		$ (481)	$ (627)

Net loss per BAC		$ (.08)	$ (.11)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 49

		2015	2014

Income
	Interest income	$ 26,946	$ 859
Other income		2,979	2,647
		29,925	3,506

Share of loss from Operating Partnerships(Note D)		(472,135)	(557,643)

Expenses
	Professional fees	37,586	35,850
	Fund management fee, net (Note C)	232,160	227,933
	Amortization	83,696	92,170
	General and administrative expenses	10,366	9,869
		363,808	365,822

NET LOSS		$ (806,018)	$ (919,959)

Net loss allocated to assignees		$ (804,003)	$ (917,659)

Net loss allocated to general partner		$ (2,015)	$ (2,300)

Net loss per BAC		$ (.13)	$ (.15)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

	Assignees	General partner	Total

Partners' capital (deficit) April 1, 2015	$ 5,116,155	$(249,035)	$ 4,867,120

Net loss	(1,242,241)	(3,113)	(1,245,354)

Partners' capital (deficit), September 30, 2015	$ 3,873,914	$(252,148)	$ 3,621,766

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2015
(Unaudited)

	Assignees	General partner	Total
Series 47
Partners' capital (deficit) April 1, 2015	$(1,001,181)	$ (79,410)	$(1,080,591)

Net loss	(246,143)	(617)	(246,760)

Partners' capital (deficit), September 30, 2015	$(1,247,324)	$ (80,027)	$(1,327,351)

	Assignees	General partner	Total
Series 48
Partners' capital (deficit) April 1, 2015	$ 109,705	$ (50,614)	$ 59,091

Net loss	(192,095)	(481)	(192,576)

Partners' capital (deficit), September 30, 2015	$ (82,390)	$ (51,095)	$ (133,485)

	Assignees	General partner	Total
Series 49
Partners' capital (deficit) April 1, 2015	$ 6,007,631	$(119,011)	$ 5,888,620

Net loss	(804,003)	(2,015)	(806,018)

Partners' capital (deficit), September 30, 2015	$ 5,203,628	$(121,026)	$ 5,082,602

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.
CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

				2015		2014
Cash flows from operating activities:

	Net loss			$(1,245,354)		$(1,627,013)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization		135,078		290,156
		Distributions from Operating Partnerships		55,619		54,994
		Share of Loss from Operating Partnerships		510,084		726,160
	Changes in assets and liabilities
		Increase in other assets		-		(30,000)
		Increase in accounts payable affiliates		568,914		443,914

			Net cash (used in) provided by operating activities	24,341		(141,789)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					24,341		(141,789)

Cash and cash equivalents, beginning					854,750		863,291

Cash and cash equivalents, ending					$ 879,091		$ 721,502

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 47

					2015		2014
Cash flows from operating activities:

	Net loss				$ (246,760)		$ (456,363)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization			23,920		128,510
		Distributions from Operating Partnerships			26,100		22,716
		Share of Loss from Operating Partnerships			12,586		125,194
	Changes in assets and liabilities
		Increase in other assets			-		-
		Increase in accounts payable affiliates			194,172		194,172

			Net cash (used in) provided by operating activities		10,018		14,229

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				10,018		14,229

Cash and cash equivalents, beginning				218,870		98,908

Cash and cash equivalents, ending				$ 228,888		$ 113,137

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 48

					2015		2014
Cash flows from operating activities:

	Net loss				$ (192,576)		$ (250,691)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization			27,462		69,476
		Distributions from Operating Partnerships			26,100		22,468
		Share of Loss from Operating Partnerships			25,363		43,323
	Changes in assets and liabilities
		Increase in other assets			-		-
		Increase in accounts payable affiliates			119,190		119,190

			Net cash (used in) provided by operating activities		5,539		3,766

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				5,539		3,766

Cash and cash equivalents, beginning				222,229		189,928

Cash and cash equivalents, ending				$ 227,768		$ 193,694

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 49

					2015		2014
Cash flows from operating activities:

	Net loss				$ (806,018)		$ (919,959)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization			83,696		92,170
		Distributions from Operating Partnerships			3,419		9,810
		Share of Loss from Operating Partnerships			472,135		557,643
	Changes in assets and liabilities
		Increase in other assets			-		(30,000)
		Increase in accounts payable affiliates			255,552		130,552

			Net cash (used in) provided by operating activities		8,784		(159,784)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				8,784		(159,784)

Cash and cash equivalents, beginning				413,651		574,455

Cash and cash equivalents, ending				$ 422,435		$ 414,671

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2015
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc.

The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series, became effective. As of September 30, 2015, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of September 30, 2015:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$34,783,340
Series 48	August 12, 2004	2,299,372	$22,993,720
Series 49	April 29, 2005	6,000,000	$60,000,000

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2015 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2015.

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series.

Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$ 23,920	$ 128,510
Series 48	27,462	486,332
Series 49	83,696	92,170
	$ 135,078	$ 707,012

The annual amortization for deferred acquisition costs for the years ending September 30, 2016 and 2017 are estimated to be $270,156 and $135,079, respectively.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended September 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$ 97,086	$ 97,086
Series 48	59,595	59,595
Series 49	127,776	127,776
Total	$284,457	$284,457

The fund management fees paid for the quarters ended September 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	125,000
Total	$ -	$125,000

The fund management fees paid for the six months ended September 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	125,000
Total	$ -	$125,000

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2015 and 2014, the Fund has limited partnership interests in 50 Operating Partnerships, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2015 and 2014 is as follows:

	2015	2014
Series 47	15	15
Series 48	11	11
Series 49	24	24
Total	50	50

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the six months ended June 30, 2015.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Total

		2015	2014
Revenues
	Rental	$ 11,549,822	$ 11,362,574
	Interest and other	358,651	354,287
		11,908,473	11,716,861

Expenses
	Interest	1,691,587	1,690,984
	Depreciation and amortization	3,300,323	3,276,318
	Operating expenses	8,157,052	8,033,806
		13,148,962	13,001,108

NET LOSS		$(1,240,489)	$(1,284,247)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$(1,228,084)	$(1,271,404)

Net loss allocated to other Partners		$ (12,405)	$ (12,843)

* Amounts include $718,000 and $545,244 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2015

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 47

		2015	2014
Revenues
	Rental	$ 4,489,036	$ 4,417,188
	Interest and other	101,574	103,779
		4,590,610	4,520,967

Expenses
	Interest	664,511	618,955
	Depreciation and amortization	1,085,074	1,086,666
	Operating expenses	3,265,051	3,214,522
		5,014,636	4,920,143

NET LOSS		$ (424,026)	$ (399,176)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (419,786)	$ (395,184)

Net loss allocated to other Partners		$ (4,240)	$ (3,992)

* Amounts include $407,200 and $269,990 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 48

		2015	2014
Revenues
	Rental	$ 2,488,297	$ 2,438,255
	Interest and other	60,721	62,994
		2,549,018	2,501,249

Expenses
	Interest	301,497	310,763
	Depreciation and amortization	657,416	670,960
	Operating expenses	1,746,987	1,687,704
		2,705,900	2,669,427

NET LOSS		$ (156,882)	$ (168,178)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (155,313)	$ (166,496)

Net loss allocated to other Partners		$ (1,569)	$ (1,682)

* Amounts include $129,950 and $123,173 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 49

		2015	2014
Revenues
	Rental	$ 4,572,489	$ 4,507,131
	Interest and other	196,356	187,514
		4,768,845	4,694,645

Expenses
	Interest	725,579	761,266
	Depreciation and amortization	1,557,833	1,518,692
	Operating expenses	3,145,014	3,131,580
		5,428,426	5,411,538

NET LOSS		$ (659,581)	$ (716,893)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (652,985)	$ (709,724)

Net loss allocated to other Partners		$ (6,596)	$ (7,169)

* Amounts include $180,850 and $152,081 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2015 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.

Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2015. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds is the proceeds of the Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2015 were $284,457 and total fund management fees accrued as of September 30, 2015 were $6,352,695. During the quarter ended September 30, 2015, none of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends

which would create insufficient liquidity to meet future third party obligations of the Fund.

Capital Resources

The Fund offered BACs in the Offering declared effective by the Securities and Exchange Commission on January 2, 2004. The Fund received $34,783,340, $22,993,720 and $60,000,000 representing 3,478,334, 2,299,372 and 6,000,000 BACs from investors admitted as BAC Holders in Series 47, Series 48 and Series 49, respectively, as of September 30, 2015.

Series 47

The Fund commenced offering BACs in Series 47 on January 2, 2004. Offers and sales of BACs in Series 47 were completed on April 30, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $26,409,598.

During the quarter ended September 30, 2015, Series 47 did not record any releases of capital contributions. Series 47 has released all payments of its capital contributions to the Operating Partnerships.

Series 48

The Fund commenced offering BACs in Series 48 on May 11, 2004. Offers and sales of BACs in Series 48 were completed on August 12, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $17,452,406.

During the quarter ended September 30, 2015, Series 48 did not record any releases of capital contributions. Series 48 has released all payments of its capital contributions to the Operating Partnerships.

Series 49

The Fund commenced offering BACs in Series 49 on August 24, 2004. Offers and sales of BACs in Series 49 were completed on April 29, 2005. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $45,728,155.

During the quarter ended September 30, 2015, Series 49 did not record any releases of capital contributions. Series 49 has outstanding contributions payable to 1 Operating Partnership in the amount of $101, as of September 30, 2015. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their partnership agreement.

Results of Operations

As of September 30, 2015, the Fund held limited partnership interests in 50 Operating Partnerships. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2015 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 47	$ 97,086	$ 4,984	$ 92,102
Series 48	59,595	3,100	56,495
Series 49	127,776	22,165	105,611
	$284,457	$30,249	$254,208

	6 Months Gross Fund Management Fee	6 Months Reporting Fee	6 Months Fund Management Fee Net of Reporting Fee
Series 47	$194,172	$11,671	$182,501
Series 48	119,190	7,500	111,690
Series 49	255,552	23,392	232,160
	$568,914	$42,563	$526,351

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 47

As of September 30, 2015 and 2014, the average Qualified Occupancy was 100%. The series had a total of 15 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 47 reflects a net loss from Operating Partnerships of $(424,026) and $(399,176), respectively, which includes depreciation and amortization of $1,085,074 and $1,086,666, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

CP Continental L.P. (Time Square on the Hill) is a 200-unit family development located in Fort Worth, TX. Due to low rental rates and high operating expenses, the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee is unlimited in time and up to $542,490. The 15-year low income tax credit compliance period with respect to CP Continental expires on December 31, 2019.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Due to high operating expenses, burdensome debt service and insufficient rental rates the property operates below breakeven. The investment general partner continues to work with the operating general partner and the management company to improve operations. Whether the operating general partner's operating deficit guarantee has expired is in dispute by the operating general partner and the investment general partner. Nevertheless, operating deficits have been partially financed by advances from the operating general partner in the past several years. The 15-year low income tax credit compliance period with respect to McEver Vineyards, LP expires on December 31, 2019. If the operating general partner stops funding deficits in 2015 causing a mortgage default and subsequent foreclosure, the estimated credit loss for 2015 would be $63,131 and the tax credit recapture cost plus interest penalties would be $938,751; these amounts are equivalent to a credit loss of $18 per 1,000 BACs and a recapture plus interest penalties of $270 per 1,000 BACs.

Pecan Acres, L.P. (La Maison Apartments) is a 78-unit family property located in Lake Charles, LA. The investment general partner removed one of the operating general partners in 2014 after the operating general partner misappropriated Operating Partnership funds. The operating general partner's operating deficit guarantee expired on December 31, 2009. The 15-year low income housing tax credit compliance period with respect to Pecan Acres, L.P. expires on December 31, 2019.

Park Plaza Village Limited Partnership (Park Plaza Village Apartments) is a 14-unit family property in Temple, OK. Due to fluctuating occupancy and high expenses in 2014, the property operated below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired on August 31, 2014. The 15-year low income housing tax credit compliance period with respect to Park Plaza Village, LP expires on December 31, 2018.

Hillsboro Fountainhead, L.P. (Pecan Creek Apartments) is a 48-unit family property in Hillsboro, Texas. Due to low occupancy, insufficient rental income and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work closely with the operating general partner and the affiliated management company to improve operations. The operating general partner's operating deficit guarantee has expired; however, operating general partner continues to fund deficits through advances and by accruing management fees. The 15-year low income housing tax credit compliance period with respect to Hillsboro Fountainhead, L.P., expires on December 31, 2019.

Series 48

As of September 30, 2015 and 2014, the average Qualified Occupancy was 100%. The series had a total of 11 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 48 reflects a net loss from Operating Partnerships of $(156,882) and $(168,178), respectively, which includes depreciation and amortization of $657,416 and $670,960, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Due to high operating expenses, burdensome debt service and insufficient rental rates the property operates below breakeven. The investment general partner continues to work with the operating general partner and the management company to improve operations. Whether the operating general partner's operating deficit guarantee has expired is in dispute by the operating general partner and the investment general partner. Nevertheless, operating deficits have been partially financed by advances from the operating general partner in the past several years. The 15-year low income tax credit compliance period with respect to McEver Vineyards, LP expires on December 31, 2019. If the operating general partner stops funding deficits in 2015 causing a mortgage default and subsequent foreclosure, the estimated credit loss for 2015 would be $63,131 and the tax credit recapture cost plus interest penalties would be $938,751; these amounts are equivalent to a credit loss of $27 per 1,000 BACs and a recapture plus interest penalties of $408 per 1,000 BACs.

Wyndam-Emporia (Wyndam Place Senior Residences) is a 42-unit senior property located in Emporia, KS. Due to low occupancy the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner remains under the operating deficit guarantee until the property can demonstrate 12 consecutive months of above breakeven operations. The 15-year low income housing tax credit compliance period with respect to Wyndam Place Senior Residences expires on December 31, 2020.

CTP Limited Partnership (Contempo Apartments) is a 48-unit family development located in Hammond, LA. In the first quarter of 2014, the investment general partner was notified that the Operating Partnership had been named in a civil action dated February 28, 2014, brought against the former management company as well as former members of the operating general partner entity. The case was dismissed in the third quarter of 2015 with no financial impact on the Operating Partnership. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to CTP Limited Partnership period expires on December 31, 2019. As the legal action has been dismissed and the property continues to operate above breakeven, the investment general partner will cease reporting for CTP Limited Partnership subsequent to September 30, 2015.

Series 49

As of September 30, 2015 and 2014, the average Qualified Occupancy was 100%. The series had a total of 24 properties at September 30, 2015, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2015 and 2014, Series 49 reflects a net loss from Operating Partnerships of $(659,581) and $(716,893), respectively, which includes depreciation and amortization of $1,557,833 and $1,518,692, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rosewood Senior Apartments (Rosewood Place, LLC) is a 144-unit apartment development for seniors located in Lenexa, Kansas. The property operated above breakeven during the first nine months of 2015. The investment general partner continues to monitor the personal Chapter 7 bankruptcy of the principal of the operating general partner and regularly receives verbal updates from the bankruptcy trustee on the status and progress on the liquidation of the operating general partner's personal assets, including the eventual sale of his operating general partner interest in the subject Operating Partnership. Although the operating general partner's operating deficit guarantee has not expired, it has no ability to honor this guarantee due to aforementioned personal bankruptcy filing by its principal. The 15-year low income tax credit compliance period with respect to Rosewood Place, LLC expires on December 31, 2021.

Rural Housing Partners of Mauston L.P. (Brookview I & II Apartments) is a 22-unit family property located in Mauston, WI. Due to low occupancy and insufficient rental income the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve the occupancy level. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mauston, LP expires on December 31, 2019.

Kaufman Fountainhead, LP (Briarwood Apartments) is a 48-unit family property in Kaufman, Texas. Due to low occupancy, insufficient rental income and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work closely with the operating general partner and the affiliated management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired; still, the operating general partner has been funding deficits by accruing management fees and with cash advances as needed. The 15-year low income housing tax credit compliance period with respect to Kaufman Fountainhead, LP expires on December 31, 2021.

Linden - Bartlesville Partners, L.P. (The Linden's Apartments) is a 54-unit family property located in Bartlesville, OK. Due to decreasing occupancy levels since the fourth quarter of 2014, the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating deficit guarantee expired on March 31, 2010. The 15-year low income housing tax credit compliance period with respect to Linden - Bartlesville Partners, L.P., expires on December 31, 2020.

Meadow Glen Apartments, Limited Partnership (Meadow Glen Apartments) is a 20-unit family property located in Kingfisher, OK. Due to decreasing occupancy levels in the first quarter of 2015, the property operated below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating deficit guarantee expired on September 30, 2008. The 15-year low income housing tax credit compliance period with respect to Meadow Glen Apartments, Limited Partnership, expires on December 31, 2019.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended, March 31, 2015 and 2014. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the investments, represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Recent Accounting Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis". This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

Item 3		Quantitative and Qualitative Disclosures About Market Risk

		Not Applicable
Item 4	Controls and Procedures

	(a)		Evaluation of Disclosure Controls and Procedures
			As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates V LLC, carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)		Changes in Internal Controls

			There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2015 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

None

Item 1A.

Risk Factors

There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2015.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults upon Senior Securities

None

Item 4.

Mine Safety Disclosures

Not Applicable

Item 5.

Other Information

None

Item 6.

Exhibits

(a)Exhibits

31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

101. The following materials from the Boston Capital Tax Credit Fund V L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund V L.P.

		By:	Boston Capital Associates V LLC, General Partner


Date: November 13, 2015			By:	/s/ John P. Manning John P. Manning

				Managing Member

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:

November 13, 2015	/s/ John P. Manning John P. Manning	Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer), BCTC V Assignor Corp.







November 13, 2015	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), Boston Capital Partners II Corp.; Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), BCTC V Assignor Corp.

EX-31 2 b50915cert302jpm.htm BCTC V CERTIFICATION 302 SECURITIES AND EXCHANGE COMMISSION

Exhibit 31.a

I, John P. Manning, certify that:

I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 13, 2015	/s/ John P. Manning
	John P. Manning
	Principal
	Executive Officer

EX-31 3 b50915cert302mnt.htm BCTC V CERTIFICATION 302 SECURITIES AND EXCHANGE COMMISSION

Exhibit 31.b

I, Marc N. Teal, certify that:

I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 13, 2015	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer

EX-32 4 b50915cert906jpm.htm BCTC V CERTIFICATION 906 EXHIBIT 99

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Manning, Principal Executive Officer of the Fund's general partner, Boston Capital Associates V, L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.


Date:
November 13, 2015		/s/ John P. Manning

		John P. Manning
		Principal Executive Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32 5 b50915cert906mnt.htm BCTC V CERTIFICATION 906 EXHIBIT 99

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc N. Teal, Principal Financial Officer of the Fund's general partner, Boston Capital Associates V L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.


Date:
November 13, 2015		/s/ Marc N. Teal

		Marc N. Teal
		Principal Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

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363808

135078 707012 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The fund management fee accrued for the quarters ended September 30, 2015 and 2014 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="444"> <tr> <td valign="top" width="39%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="31%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$ 97,086</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$ 97,086</font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">59,595</font></font></div> </td> <td height="11" valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">59,595</font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td height="11" valign="top" width="31%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 127,776</font></font></u></div> </td> <td height="11" valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 127,776</font></font></u></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></font></div> </td> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>284,457</u></font></font></div> </td> <td height="11" valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>284,457</u></font></font></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">The fund management fees paid for the quarters ended September 30, 2015 and 2014 are as follows:</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"><br/>  </font></font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="444"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$      -</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$      -</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">-</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">-</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">       -</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 125,000</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>      -</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>125,000</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">The fund management fees paid for the six months ended September 30, 2015 and 2014 are as follows:</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"><br/>  </font></font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="444"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$      -</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$      -</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">-</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">-</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">       -</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 125,000</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>      -</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>125,000</u></font></font></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0

125000

0

0

0

125000

0

0

0

0

0

0

0

125000

0

125000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><u>NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS</u><br/> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">At September 30, 2015 and 2014, the Fund has limited partnership interests in 50 Operating Partnerships, which own or are constructing apartment complexes.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The breakdown of Operating Partnerships within the Fund at September 30, 2015 and 2014 is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="444"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">15</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">15</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">11</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">11</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 24</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 24</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 50</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 50</font></font></u></div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Accordingly, the financial results available for the Operating Partnerships are for the six months ended June 30, 2015.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font> <u><font style="FONT-FAMILY:Times New Roman,courier,monospace"><br/> </font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Six Months Ended June 30,<br/> (Unaudited)</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><u><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></u><br/> </div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="600"> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$ 11,549,822</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$ 11,362,574</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Interest and other</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     358,651</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     354,287</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  11,908,473</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  11,716,861</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">1,691,587</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">1,690,984</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">3,300,323</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">3,276,318</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   8,157,052</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   8,033,806</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  13,148,962</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  13,001,108</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>(1,240,489)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>(1,284,247)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>(1,228,084)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>(1,271,404)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>   (12,405)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>   (12,843)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><br/> <br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace">* Amounts include $718,000 and $545,244 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Excess losses are suspended for use in future years to offset excess income.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <u><font style="FONT-FAMILY:Times New Roman,courier,monospace"><br/> </font>  </u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Six Months Ended June 30,<br/> (Unaudited)</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><u><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="600"> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  4,489,036</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  4,417,188</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Interest and other</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     101,574</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     103,779</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,590,610</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,520,967</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">664,511</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">618,955</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">1,085,074</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">1,086,666</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   3,265,051</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   3,214,522</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   5,014,636</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,920,143</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  (424,026)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  (399,176)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (419,786)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (395,184)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>    (4,240)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>    (3,992)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace">* Amounts include $407,200 and $269,990 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Excess losses are suspended for use in future years to offset excess income.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font> <u><font style="FONT-FAMILY:Times New Roman,courier,monospace"><br/> </font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Six Months Ended June 30,<br/> (Unaudited)</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><u><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48<br/> </font></u></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="600"> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  2,488,297</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  2,438,255</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Interest and other</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">      60,721</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">      62,994</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   2,549,018</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   2,501,249</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">301,497</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">310,763</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">657,416</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">670,960</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   1,746,987</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   1,687,704</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   2,705,900</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   2,669,427</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  (156,882)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  (168,178)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (155,313)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (166,496)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>    (1,569)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>    (1,682)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">* Amounts include $129,950 and $123,173 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Excess losses are suspended for use in future years to offset excess income.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font> <u><font style="FONT-FAMILY:Times New Roman,courier,monospace"><br/> </font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Six Months Ended June 30,<br/> (Unaudited)</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><u><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49<br/> </font></u></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="600"> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  4,572,489</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  4,507,131</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Interest and other</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     196,356</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     187,514</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,768,845</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,694,645</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">725,579</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 761,266</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 1,557,833</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 1,518,692</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   3,145,014</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   3,131,580</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   5,428,426</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   5,411,538</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (659,581)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (716,893)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (652,985)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (709,724)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>    (6,596)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>    (7,169)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">* Amounts include $180,850 and $152,081 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The breakdown of Operating Partnerships within the Fund at September 30, 2015 and 2014 is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="444"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">15</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">15</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">11</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">11</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 24</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 24</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 50</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 50</font></font></u></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 11908473 11716861 13148962 13001108 4590610 4520967 5014636 4920143 2549018 2501249 2705900 2669427 4572489 4507131 196356 187514 4768845 4694645 725579 761266 1557833 1518692 3145014 3131580 5428426 5411538 -659581 -716893 -652985 -709724 -6596 -7169 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><u>NOTE E - TAXABLE LOSS</u><br/> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The Fund's taxable loss for the calendar year ended December 31, 2015 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <u><font style="FONT-FAMILY:Times New Roman,courier,monospace">NOTE A  ORGANIZATION<br/> </font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">A Registration Statement on Form S-11 and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series, became effective. As of September 30, 2015, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Below is a summary of the BACs sold and total equity raised, by series, as of September 30, 2015:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="638"> <tr> <td valign="top" width="25%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Series</font></font></u></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Closing Date</font></font></u></div> </td> <td valign="top" width="24%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> BACs Sold</font></font></u></div> </td> <td valign="top" width="25%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Equity Raised</font></font></u></div> </td> </tr> <tr> <td valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Series 47</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">April 30, 2004</font></font></div> </td> <td valign="top" width="24%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">3,478,334</font></font></div> </td> <td valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$34,783,340</font></font></div> </td> </tr> <tr> <td height="14" valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Series 48</font></font></div> </td> <td height="14" valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">August 12, 2004</font></font></div> </td> <td height="14" valign="top" width="24%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">2,299,372</font></font></div> </td> <td height="14" valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$22,993,720</font></font></div> </td> </tr> <tr> <td height="14" valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Series 49</font></font></div> </td> <td height="14" valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">April 29, 2005</font></font></div> </td> <td height="14" valign="top" width="24%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">6,000,000</font></font></div> </td> <td height="14" valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $60,000,000</font></font></div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">The Fund concluded its public offering of BACs in the Fund on April 29, 2005.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><u>NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES</u><br/> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The condensed financial statements herein as of September 30, 2015 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <u><font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Amortization</font><font style="FONT-FAMILY:Times New Roman,courier,monospace"></font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="justify"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Acquisition costs were amortized on the straight-line method over 27.5 years. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2015 and 2014 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <center> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="402"> <tr> <td height="16" valign="top" width="31%"> <div> </div> </td> <td height="16" valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td height="16" valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td height="11" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$   23,920</font></font></div> </td> <td height="11" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  128,510</font></font></div> </td> </tr> <tr> <td height="14" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td height="14" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">27,462</font></font></div> </td> <td height="14" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">486,332</font></font></div> </td> </tr> <tr> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">    83,696</font></font></u></div> </td> <td valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">    92,170</font></font></u></div> </td> </tr> <tr> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"></font></div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  135,078</u></font></font></div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  707,012</u></font></font></div> </td> </tr> </table> </center> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">   <font style="FONT-SIZE: 10pt"> </font></div> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="left"><font style="FONT-FAMILY:Times New Roman,courier,monospace">The annual amortization for deferred acquisition costs for the years ending September 30, 2016 and 2017 are estimated to be $270,156 and $135,079, respectively.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><u>NOTE C - RELATED PARTY TRANSACTIONS</u><br/> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The fund management fee accrued for the quarters ended September 30, 2015 and 2014 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="444"> <tr> <td valign="top" width="39%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="31%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$ 97,086</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$ 97,086</font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">59,595</font></font></div> </td> <td height="11" valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">59,595</font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td height="11" valign="top" width="31%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 127,776</font></font></u></div> </td> <td height="11" valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 127,776</font></font></u></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></font></div> </td> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>284,457</u></font></font></div> </td> <td height="11" valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>284,457</u></font></font></div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The fund management fees paid for the quarters ended September 30, 2015 and 2014 are as follows:</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><br/>  </font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="444"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$      -</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$      -</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">-</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">-</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">       -</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 125,000</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>      -</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>125,000</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">The fund management fees paid for the six months ended September 30, 2015 and 2014 are as follows:</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"><br/>  </font></font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="444"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$      -</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$      -</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">-</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">-</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">       -</font></font></u></div> </td> <td valign="top" width="30%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 125,000</font></font></u></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>      -</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>125,000</u></font></font></div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

775

208143

3506

365822

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Below is a summary of the BACs sold and total equity raised, by series, as of September 30, 2015:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="638"> <tr> <td valign="top" width="25%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Series</font></font></u></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Closing Date</font></font></u></div> </td> <td valign="top" width="24%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> BACs Sold</font></font></u></div> </td> <td valign="top" width="25%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Equity Raised</font></font></u></div> </td> </tr> <tr> <td valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Series 47</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">April 30, 2004</font></font></div> </td> <td valign="top" width="24%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">3,478,334</font></font></div> </td> <td valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$34,783,340</font></font></div> </td> </tr> <tr> <td height="14" valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Series 48</font></font></div> </td> <td height="14" valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">August 12, 2004</font></font></div> </td> <td height="14" valign="top" width="24%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">2,299,372</font></font></div> </td> <td height="14" valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$22,993,720</font></font></div> </td> </tr> <tr> <td height="14" valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Series 49</font></font></div> </td> <td height="14" valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">April 29, 2005</font></font></div> </td> <td height="14" valign="top" width="24%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">6,000,000</font></font></div> </td> <td height="14" valign="top" width="25%"><font style="FONT-SIZE: 10pt"></font> <div align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $60,000,000</font></font></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

2004-04-30 2004-08-12 2005-04-29 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2015 and 2014 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <center> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="402"> <tr> <td height="16" valign="top" width="31%"> <div> </div> </td> <td height="16" valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td height="16" valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td height="11" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$   23,920</font></font></div> </td> <td height="11" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  128,510</font></font></div> </td> </tr> <tr> <td height="14" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td height="14" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">27,462</font></font></div> </td> <td height="14" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">486,332</font></font></div> </td> </tr> <tr> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">    83,696</font></font></u></div> </td> <td valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">    92,170</font></font></u></div> </td> </tr> <tr> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"></font></div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  135,078</u></font></font></div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  707,012</u></font></font></div> </td> </tr> </table> </center> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> P2Y P2Y <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Accordingly, the financial results available for the Operating Partnerships are for the six months ended June 30, 2015.</font></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font> <u><font style="FONT-FAMILY:Times New Roman,courier,monospace"><br/> </font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Six Months Ended June 30,<br/> (Unaudited)</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><u><font style="FONT-FAMILY:Times New Roman,courier,monospace">Total</font></u><br/> </div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="600"> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$ 11,549,822</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$ 11,362,574</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Interest and other</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     358,651</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     354,287</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  11,908,473</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  11,716,861</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">1,691,587</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">1,690,984</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">3,300,323</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">3,276,318</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   8,157,052</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   8,033,806</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  13,148,962</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  13,001,108</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>(1,240,489)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>(1,284,247)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>(1,228,084)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>(1,271,404)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>   (12,405)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>   (12,843)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><br/> <br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace">* Amounts include $718,000 and $545,244 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> </div><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"><u><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></u></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="600"> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  4,489,036</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  4,417,188</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Interest and other</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     101,574</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     103,779</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,590,610</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,520,967</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">664,511</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">618,955</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">1,085,074</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">1,086,666</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   3,265,051</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   3,214,522</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   5,014,636</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,920,143</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  (424,026)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  (399,176)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (419,786)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (395,184)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>    (4,240)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>    (3,992)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace">* Amounts include $407,200 and $269,990 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> </div><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"><u><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48<br/> </font></u></font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="600"> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  2,488,297</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  2,438,255</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Interest and other</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">      60,721</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">      62,994</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   2,549,018</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   2,501,249</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">301,497</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">310,763</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">657,416</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">670,960</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   1,746,987</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   1,687,704</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   2,705,900</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   2,669,427</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  (156,882)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  (168,178)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (155,313)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (166,496)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>    (1,569)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>    (1,682)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">* Amounts include $129,950 and $123,173 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> </div><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"><u><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49<br/> </font></u></font></div> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="600"> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="center"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  4,572,489</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  4,507,131</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Interest and other</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     196,356</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">     187,514</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,768,845</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   4,694,645</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">725,579</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 761,266</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 1,557,833</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 1,518,692</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   3,145,014</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   3,131,580</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   5,428,426</font></font></u></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">   5,411,538</font></font></u></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (659,581)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (716,893)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (652,985)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><br/> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>  (709,724)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="26%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> <td valign="top" width="21%"> <div><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>    (6,596)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> $<u>    (7,169)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">  </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">* Amounts include $180,850 and $152,081 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><u><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">NOTE F - INCOME TAXES</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: none"> </font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <u><font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Amortization</font><font style="FONT-FAMILY:Times New Roman,courier,monospace"></font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="justify"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Acquisition costs were amortized on the straight-line method over 27.5 years. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:Times New Roman,courier,monospace"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2015 and 2014 are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <center> <table style="clear:both;FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="7" width="402"> <tr> <td height="16" valign="top" width="31%"> <div> </div> </td> <td height="16" valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2015</font></font></u></div> </td> <td height="16" valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"></font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace"> 2014</font></font></u></div> </td> </tr> <tr> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 47</font></font></div> </td> <td height="11" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$   23,920</font></font></div> </td> <td height="11" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$  128,510</font></font></div> </td> </tr> <tr> <td height="14" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 48</font></font></div> </td> <td height="14" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">27,462</font></font></div> </td> <td height="14" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">486,332</font></font></div> </td> </tr> <tr> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">    83,696</font></font></u></div> </td> <td valign="top" width="34%"><u><font style="FONT-SIZE: 10pt"> </font></u> <div align="right"><u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">    92,170</font></font></u></div> </td> </tr> <tr> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div><font style="FONT-SIZE: 10pt"></font></div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  135,078</u></font></font></div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:Times New Roman,courier,monospace">$<u>  707,012</u></font></font></div> </td> </tr> </table> </center> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">   <font style="FONT-SIZE: 10pt"> </font></div> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt" align="left"><font style="FONT-FAMILY:Times New Roman,courier,monospace">The annual amortization for deferred acquisition costs for the years ending September 30, 2016 and 2017 are estimated to be $270,156 and $135,079, respectively.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0.005 Amounts include $718,000 and $545,244 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Amounts include $407,200 and $269,990 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Amounts include $129,950 and $123,173 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Amounts include $180,850 and $152,081 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. 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INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Number

Sep. 30, 2015

Sep. 30, 2014

Number Of Operating Partnerships [Line Items]

Number Of Operating Partnerships 50 50

Series Forty Seven [Member]

Number Of Operating Partnerships [Line Items]

Number Of Operating Partnerships 15 15

Series Forty Eight [Member]

Number Of Operating Partnerships [Line Items]

Number Of Operating Partnerships 11 11

Series Forty Nine [Member]

Number Of Operating Partnerships [Line Items]

Number Of Operating Partnerships 24 24

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RELATED PARTY TRANSACTIONS
6 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended September 30, 2015 and 2014 are as follows:

2015

2014

Series 47

$ 97,086

$ 97,086

Series 48

59,595

59,595

Series 49

127,776

127,776

Total

$284,457

$284,457

The fund management fees paid for the quarters ended September 30, 2015 and 2014 are as follows:

2015

2014

Series 47

$      -

$      -

Series 48

-

-

Series 49

      -

125,000

Total

$      -

$125,000

The fund management fees paid for the six months ended September 30, 2015 and 2014 are as follows:

2015

2014

Series 47

$      -

$      -

Series 48

-

-

Series 49

      -

125,000

Total

$      -

$125,000

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ACCOUNTING AND FINANCIAL REPORTING POLICIES
6 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2015 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2015.

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series.

Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2015 and 2014 are as follows:

2015

2014

Series 47

$   23,920

$  128,510

Series 48

27,462

486,332

Series 49

   83,696

   92,170

$  135,078

$  707,012

The annual amortization for deferred acquisition costs for the years ending September 30, 2016 and 2017 are estimated to be $270,156 and $135,079, respectively.

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CONDENSED BALANCE SHEETS - USD ($)

Sep. 30, 2015

Mar. 31, 2015

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $ 8,584,668 $ 9,150,371

OTHER ASSETS

Cash and cash equivalents 879,091 854,750

Acquisition costs, net 405,235 540,313

Other assets 106,411 106,411

Assets 9,975,405 10,651,845

LIABILITIES

Accounts payable and accrued expenses 843 843

Accounts payable affiliates 6,352,695 5,783,781

Capital contributions payable 101 101

Total Liabilities 6,353,639 5,784,725

PARTNERS' CAPITAL (DEFICIT)

Assignees limited partner 3,873,914 5,116,155

General partner (252,148) (249,035)

Partners Capital 3,621,766 4,867,120

Liabilities and Stockholders' Equity 9,975,405 10,651,845

Series Forty Seven [Member]

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) 1,186,677 1,225,363

OTHER ASSETS

Cash and cash equivalents 228,888 218,870

Acquisition costs, net 71,762 95,682

Other assets 0 0

Assets 1,487,327 1,539,915

LIABILITIES

Accounts payable and accrued expenses 385 385

Accounts payable affiliates 2,814,293 2,620,121

Capital contributions payable 0 0

Total Liabilities 2,814,678 2,620,506

PARTNERS' CAPITAL (DEFICIT)

Assignees limited partner (1,247,324) (1,001,181)

General partner (80,027) (79,410)

Partners Capital (1,327,351) (1,080,591)

Liabilities and Stockholders' Equity 1,487,327 1,539,915

Series Forty Eight [Member]

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) 1,221,087 1,272,550

OTHER ASSETS

Cash and cash equivalents 227,768 222,229

Acquisition costs, net 82,385 109,847

Other assets 0 0

Assets 1,531,240 1,604,626

LIABILITIES

Accounts payable and accrued expenses 115 115

Accounts payable affiliates 1,664,610 1,545,420

Capital contributions payable 0 0

Total Liabilities 1,664,725 1,545,535

PARTNERS' CAPITAL (DEFICIT)

Assignees limited partner (82,390) 109,705

General partner (51,095) (50,614)

Partners Capital (133,485) 59,091

Liabilities and Stockholders' Equity 1,531,240 1,604,626

Series Forty Nine [Member]

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) 6,176,904 6,652,458

OTHER ASSETS

Cash and cash equivalents 422,435 413,651

Acquisition costs, net 251,088 334,784

Other assets 106,411 106,411

Assets 6,956,838 7,507,304

LIABILITIES

Accounts payable and accrued expenses 343 343

Accounts payable affiliates 1,873,792 1,618,240

Capital contributions payable 101 101

Total Liabilities 1,874,236 1,618,684

PARTNERS' CAPITAL (DEFICIT)

Assignees limited partner 5,203,628 6,007,631

General partner (121,026) (119,011)

Partners Capital 5,082,602 5,888,620

Liabilities and Stockholders' Equity $ 6,956,838 $ 7,507,304

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Cash flows from operating activities

Net loss $ (1,245,354) $ (1,627,013)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities

Amortization 135,078 290,156

Distributions from Operating Partnerships 55,619 54,994

Share of Loss from Operating Partnerships 510,084 726,160

Changes in assets and liabilities

Increase in other assets 0 (30,000)

Increase in accounts payable affiliates 568,914 443,914

Net cash (used in) provided by operating activities 24,341 (141,789)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 24,341 (141,789)

Cash and cash equivalents, beginning 854,750 863,291

Cash and cash equivalents, ending 879,091 721,502

Series Forty Seven [Member]

Cash flows from operating activities

Net loss (246,760) (456,363)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities

Amortization 23,920 128,510

Distributions from Operating Partnerships 26,100 22,716

Share of Loss from Operating Partnerships 12,586 125,194

Changes in assets and liabilities

Increase in other assets 0 0

Increase in accounts payable affiliates 194,172 194,172

Net cash (used in) provided by operating activities 10,018 14,229

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 10,018 14,229

Cash and cash equivalents, beginning 218,870 98,908

Cash and cash equivalents, ending 228,888 113,137

Series Forty Eight [Member]

Cash flows from operating activities

Net loss (192,576) (250,691)

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Amortization 27,462 69,476

Distributions from Operating Partnerships 26,100 22,468

Share of Loss from Operating Partnerships 25,363 43,323

Changes in assets and liabilities

Increase in other assets 0 0

Increase in accounts payable affiliates 119,190 119,190

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INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,539 3,766

Cash and cash equivalents, beginning 222,229 189,928

Cash and cash equivalents, ending 227,768 193,694

Series Forty Nine [Member]

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Distributions from Operating Partnerships 3,419 9,810

Share of Loss from Operating Partnerships 472,135 557,643

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Increase in accounts payable affiliates 255,552 130,552

Net cash (used in) provided by operating activities 8,784 (159,784)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 8,784 (159,784)

Cash and cash equivalents, beginning 413,651 574,455

Cash and cash equivalents, ending $ 422,435 $ 414,671

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RELATED PARTY TRANSACTIONS (Details) - USD ($)
6 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Related Party Transaction [Line Items]

Gross Fund Management Fee $ 284,457 $ 284,457

Series Forty Seven [Member]

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Series Forty Eight [Member]

Related Party Transaction [Line Items]

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Series Forty Nine [Member]

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ORGANIZATION
6 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE A – ORGANIZATION

Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc.

The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series, became effective. As of September 30, 2015, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of September 30, 2015:

Series

Closing Date

BACs Sold

Equity Raised

Series 47

April 30, 2004

3,478,334

$34,783,340

Series 48

August 12, 2004

2,299,372

$22,993,720

Series 49

April 29, 2005

6,000,000

$60,000,000

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

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CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares

Sep. 30, 2015

Mar. 31, 2015

Beneficial assignee certificate, par value (in dollars per share) $ 10 $ 10

Units of limited partnership interest, authorized 15,500,000 15,500,000

Units of limited partnership interest, issued 11,777,706 11,777,706

Units of limited partnership interest, outstanding 11,777,706 11,777,706

Series Forty Seven [Member]

Beneficial assignee certificate, par value (in dollars per share) $ 10 $ 10

Units of limited partnership interest, authorized 15,500,000 15,500,000

Units of limited partnership interest, issued 3,478,334 3,478,334

Units of limited partnership interest, outstanding 3,478,334 3,478,334

Series Forty Eight [Member]

Beneficial assignee certificate, par value (in dollars per share) $ 10 $ 10

Units of limited partnership interest, authorized 15,500,000 15,500,000

Units of limited partnership interest, issued 2,299,372 2,299,372

Units of limited partnership interest, outstanding 2,299,372 2,299,372

Series Forty Nine [Member]

Beneficial assignee certificate, par value (in dollars per share) $ 10 $ 10

Units of limited partnership interest, authorized 15,500,000 15,500,000

Units of limited partnership interest, issued 6,000,000 6,000,000

Units of limited partnership interest, outstanding 6,000,000 6,000,000

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INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)
6 Months Ended

Sep. 30, 2015

Investments In Operating Partnerships [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

The breakdown of Operating Partnerships within the Fund at September 30, 2015 and 2014 is as follows:

2015

2014

Series 47

15

15

Series 48

11

11

Series 49

24

24

Total

50

50

Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block]

Accordingly, the financial results available for the Operating Partnerships are for the six months ended June 30, 2015.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Total

2015

2014

Revenues

Rental

$ 11,549,822

$ 11,362,574

Interest and other

    358,651

    354,287

11,908,473

11,716,861

Expenses

Interest

1,691,587

1,690,984

Depreciation and amortization

3,300,323

3,276,318

Operating expenses

  8,157,052

  8,033,806

13,148,962

13,001,108

NET LOSS

$(1,240,489)

$(1,284,247)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*

$(1,228,084)

$(1,271,404)

Net loss allocated to other Partners

$   (12,405)

$   (12,843)

* Amounts include $718,000 and $545,244 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 47

2015

2014

Revenues

Rental

$  4,489,036

$  4,417,188

Interest and other

    101,574

    103,779

  4,590,610

  4,520,967

Expenses

Interest

664,511

618,955

Depreciation and amortization

1,085,074

1,086,666

Operating expenses

  3,265,051

  3,214,522

  5,014,636

  4,920,143

NET LOSS

$  (424,026)

$  (399,176)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*

$  (419,786)

$  (395,184)

Net loss allocated to other Partners

$    (4,240)

$    (3,992)

* Amounts include $407,200 and $269,990 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 48

2015

2014

Revenues

Rental

$  2,488,297

$  2,438,255

Interest and other

     60,721

     62,994

  2,549,018

  2,501,249

Expenses

Interest

301,497

310,763

Depreciation and amortization

657,416

670,960

Operating expenses

  1,746,987

  1,687,704

  2,705,900

  2,669,427

NET LOSS

$  (156,882)

$  (168,178)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*

$  (155,313)

$  (166,496)

Net loss allocated to other Partners

$    (1,569)

$    (1,682)

* Amounts include $129,950 and $123,173 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 49

2015

2014

Revenues

Rental

$  4,572,489

$  4,507,131

Interest and other

    196,356

    187,514

  4,768,845

  4,694,645

Expenses

Interest

725,579

761,266

Depreciation and amortization

1,557,833

1,518,692

Operating expenses

  3,145,014

  3,131,580

  5,428,426

  5,411,538

NET LOSS

$  (659,581)

$  (716,893)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*

$  (652,985)

$  (709,724)

Net loss allocated to other Partners

$    (6,596)

$    (7,169)

* Amounts include $180,850 and $152,081 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

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Document And Entity Information
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Sep. 30, 2015

shares

Document Information [Line Items]

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Document Period End Date Sep. 30, 2015

Document Fiscal Year Focus 2016

Document Fiscal Period Focus Q2

Entity Registrant Name BOSTON CAPITAL TAX CREDIT FUND V LP

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Current Fiscal Year End Date --03-31

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Entity Common Stock, Shares Outstanding 0

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ORGANIZATION (Details) - USD ($)
6 Months Ended

Sep. 30, 2015

Mar. 31, 2015

Capital Unit [Line Items]

BACs Sold 11,777,706 11,777,706

Equity Raised $ 117,777,060

Series Forty Seven [Member]

Capital Unit [Line Items]

Closing Date Apr. 30, 2004

BACs Sold 3,478,334 3,478,334

Equity Raised $ 34,783,340

Series Forty Eight [Member]

Capital Unit [Line Items]

Closing Date Aug. 12, 2004

BACs Sold 2,299,372 2,299,372

Equity Raised $ 22,993,720

Series Forty Nine [Member]

Capital Unit [Line Items]

Closing Date Apr. 29, 2005

BACs Sold 6,000,000 6,000,000

Equity Raised $ 60,000,000

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CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Income

Interest income $ 534 $ 525 $ 27,325 $ 1,050

Other income 10,035 0 10,773 3,304

Total income 10,569 525 38,098 4,354

Share of loss from Operating Partnerships(Note D) (204,038) (416,454) (510,084) (726,160)

Expenses

Professional fees 69,123 73,979 86,558 88,109

Fund management fee, net (Note C) 254,208 258,838 526,351 504,059

Amortization 67,539 145,078 135,078 290,156

General and administrative expenses 15,943 13,414 25,381 22,883

Operating expenses 406,813 491,309 773,368 905,207

NET LOSS (600,282) (907,238) (1,245,354) (1,627,013)

Net loss allocated to assignees (598,781) (904,970) (1,242,241) (1,622,945)

Net loss allocated to general partner $ (1,501) $ (2,268) $ (3,113) $ (4,068)

Net loss per BAC (in dollar per share) $ (0.05) $ (0.08) $ (0.11) $ (0.14)

Series Forty Seven [Member]

Income

Interest income $ 89 $ 44 $ 169 $ 73

Other income 6,399 0 7,137 0

Total income 6,488 44 7,306 73

Share of loss from Operating Partnerships(Note D) (4,428) (82,663) (12,586) (125,194)

Expenses

Professional fees 22,084 26,446 26,979 30,891

Fund management fee, net (Note C) 92,102 95,386 182,501 164,636

Amortization 11,960 64,255 23,920 128,510

General and administrative expenses 5,050 4,127 8,080 7,205

Operating expenses 131,196 190,214 241,480 331,242

NET LOSS (129,136) (272,833) (246,760) (456,363)

Net loss allocated to assignees (128,813) (272,151) (246,143) (455,222)

Net loss allocated to general partner $ (323) $ (682) $ (617) $ (1,141)

Net loss per BAC (in dollar per share) $ (0.04) $ (0.08) $ (0.07) $ (0.13)

Series Forty Eight [Member]

Income

Interest income $ 105 $ 70 $ 210 $ 118

Other income 657 0 657 657

Total income 762 70 867 775

Share of loss from Operating Partnerships(Note D) (3,861) (10,811) (25,363) (43,323)

Expenses

Professional fees 17,758 17,548 21,993 21,368

Fund management fee, net (Note C) 56,495 57,795 111,690 111,490

Amortization 13,731 34,738 27,462 69,476

General and administrative expenses 4,240 3,246 6,935 5,809

Operating expenses 92,224 113,327 168,080 208,143

NET LOSS (95,323) (124,068) (192,576) (250,691)

Net loss allocated to assignees (95,085) (123,758) (192,095) (250,064)

Net loss allocated to general partner $ (238) $ (310) $ (481) $ (627)

Net loss per BAC (in dollar per share) $ (0.04) $ (0.05) $ (0.08) $ (0.11)

Series Forty Nine [Member]

Income

Interest income $ 340 $ 411 $ 26,946 $ 859

Other income 2,979 0 2,979 2,647

Total income 3,319 411 29,925 3,506

Share of loss from Operating Partnerships(Note D) (195,749) (322,980) (472,135) (557,643)

Expenses

Professional fees 29,281 29,985 37,586 35,850

Fund management fee, net (Note C) 105,611 105,657 232,160 227,933

Amortization 41,848 46,085 83,696 92,170

General and administrative expenses 6,653 6,041 10,366 9,869

Operating expenses 183,393 187,768 363,808 365,822

NET LOSS (375,823) (510,337) (806,018) (919,959)

Net loss allocated to assignees (374,883) (509,061) (804,003) (917,659)

Net loss allocated to general partner $ (940) $ (1,276) $ (2,015) $ (2,300)

Net loss per BAC (in dollar per share) $ (0.06) $ (0.08) $ (0.13) $ (0.15)

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INCOME TAXES
6 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Relating To Partnership Disclosure [Text Block]

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.

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TAXABLE LOSS
6 Months Ended

Sep. 30, 2015

Taxable Loss [Abstract]

Taxable Loss [Text Block]

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2015 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

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RELATED PARTY TRANSACTIONS (Details 1) - USD ($)
3 Months Ended 6 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Jun. 30, 2014

Related Party Transaction [Line Items]

Management Fees Paid $ 0 $ 125,000 $ 0 $ 125,000

Series Forty Seven [Member]

Related Party Transaction [Line Items]

Management Fees Paid 0 0 0 0

Series Forty Eight [Member]

Related Party Transaction [Line Items]

Management Fees Paid 0 0 0 0

Series Forty Nine [Member]

Related Party Transaction [Line Items]

Management Fees Paid $ 0 $ 125,000 $ 0 $ 125,000

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-Paragraph 1

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ORGANIZATION (Details Textual) - USD ($)
1 Months Ended

Aug. 31, 2004

Sep. 30, 2015

Mar. 31, 2015

Organization And Summary Of Significant Accounting Policies [Line Items]

Minimum Units Of Limited Partners Beneficial Interest For Sale 250,000

Maximum Units Of Limited Partners Beneficial Interest For Sale 7,000,000

Limited Partners Capital Account Per Units $ 10

Limited Partners Capital Account Additional Units Registered For Sale 8,500,000

Units of limited partnership interest, issued 11,777,706 11,777,706

Limited Partners' Contributed Capital $ 117,777,060

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Tables)
6 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block]

Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2015 and 2014 are as follows:

2015

2014

Series 47

$   23,920

$  128,510

Series 48

27,462

486,332

Series 49

   83,696

   92,170

$  135,078

$  707,012

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)
6 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Depreciation, Depletion, and Amortization [Policy Text Block]

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series.

Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2015 and 2014 are as follows:

2015

2014

Series 47

$   23,920

$  128,510

Series 48

27,462

486,332

Series 49

   83,696

   92,170

$  135,078

$  707,012

The annual amortization for deferred acquisition costs for the years ending September 30, 2016 and 2017 are estimated to be $270,156 and $135,079, respectively.

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ORGANIZATION (Tables)
6 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Limited Partners' Capital Account by Class [Table Text Block]

Below is a summary of the BACs sold and total equity raised, by series, as of September 30, 2015:

Series

Closing Date

BACs Sold

Equity Raised

Series 47

April 30, 2004

3,478,334

$34,783,340

Series 48

August 12, 2004

2,299,372

$22,993,720

Series 49

April 29, 2005

6,000,000

$60,000,000

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-SubTopic 10

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-Paragraph 3

-Subparagraph (b)

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RELATED PARTY TRANSACTIONS (Tables)
6 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Schedule Of Gross Management Fee [Table Text Block]

The fund management fee accrued for the quarters ended September 30, 2015 and 2014 are as follows:

2015

2014

Series 47

$ 97,086

$ 97,086

Series 48

59,595

59,595

Series 49

127,776

127,776

Total

$284,457

$284,457

Schedule Of Management Fees Paid [Table Text Block]

The fund management fees paid for the quarters ended September 30, 2015 and 2014 are as follows:

2015

2014

Series 47

$      -

$      -

Series 48

-

-

Series 49

      -

125,000

Total

$      -

$125,000

The fund management fees paid for the six months ended September 30, 2015 and 2014 are as follows:

2015

2014

Series 47

$      -

$      -

Series 48

-

-

Series 49

      -

125,000

Total

$      -

$125,000

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details Textual) - USD ($)
6 Months Ended 12 Months Ended

Sep. 30, 2015

Mar. 31, 2015

Mar. 31, 2014

Accounting policies [Line Items]

Amortization Period Of Acquisition Costs 27 years 6 months

Amortization Of Deferred Acquisition Costs Year One $ 270,156

Amortization Of Deferred Acquisition Costs Year Two $ 135,079

Series Forty Seven [Member]

Accounting policies [Line Items]

Impairment Loss Of Acquisition Costs $ 418,353 $ 229,911

Amortization Of Acquisition Cost Remaining Contractual Term 2 years

Series Forty Eight [Member]

Accounting policies [Line Items]

Impairment Loss Of Acquisition Costs $ 168,065

Amortization Of Acquisition Cost Remaining Contractual Term 2 years

Series Forty Nine [Member]

Accounting policies [Line Items]

Impairment Loss Of Acquisition Costs $ 33,896 $ 88,947

Amortization Of Acquisition Cost Remaining Contractual Term 2 years

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INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) - USD ($)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Revenues

Rental $ 11,549,822 $ 11,362,574

Interest and other 358,651 354,287

Operating Partnerships Revenues 11,908,473 11,716,861

Expenses

Interest 1,691,587 1,690,984

Depreciation and amortization 3,300,323 3,276,318

Operating expenses 8,157,052 8,033,806

Operating Partnerships Total Expenses 13,148,962 13,001,108

NET LOSS (1,240,489) (1,284,247)

Net loss allocated to Boston Capital Tax Credit Fund V L.P. ^[1] (1,228,084) (1,271,404)

Net loss allocated to other Partners (12,405) (12,843)

Series Forty Seven [Member]

Revenues

Rental 4,489,036 4,417,188

Interest and other 101,574 103,779

Operating Partnerships Revenues 4,590,610 4,520,967

Expenses

Interest 664,511 618,955

Depreciation and amortization 1,085,074 1,086,666

Operating expenses 3,265,051 3,214,522

Operating Partnerships Total Expenses 5,014,636 4,920,143

NET LOSS (424,026) (399,176)

Net loss allocated to Boston Capital Tax Credit Fund V L.P. ^[2] (419,786) (395,184)

Net loss allocated to other Partners (4,240) (3,992)

Series Forty Eight [Member]

Revenues

Rental 2,488,297 2,438,255

Interest and other 60,721 62,994

Operating Partnerships Revenues 2,549,018 2,501,249

Expenses

Interest 301,497 310,763

Depreciation and amortization 657,416 670,960

Operating expenses 1,746,987 1,687,704

Operating Partnerships Total Expenses 2,705,900 2,669,427

NET LOSS (156,882) (168,178)

Net loss allocated to Boston Capital Tax Credit Fund V L.P. ^[3] (155,313) (166,496)

Net loss allocated to other Partners (1,569) (1,682)

Series Forty Nine [Member]

Revenues

Rental 4,572,489 4,507,131

Interest and other 196,356 187,514

Operating Partnerships Revenues 4,768,845 4,694,645

Expenses

Interest 725,579 761,266

Depreciation and amortization 1,557,833 1,518,692

Operating expenses 3,145,014 3,131,580

Operating Partnerships Total Expenses 5,428,426 5,411,538

NET LOSS (659,581) (716,893)

Net loss allocated to Boston Capital Tax Credit Fund V L.P. ^[4] (652,985) (709,724)

Net loss allocated to other Partners $ (6,596) $ (7,169)

[1] Amounts include $718,000 and $545,244 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[2] Amounts include $407,200 and $269,990 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[3] Amounts include $129,950 and $123,173 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[4] Amounts include $180,850 and $152,081 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 6 months ended Sep. 30, 2015 - USD ($)

Total

Assignees [Member]

General Partner [Member]

Series Forty Seven [Member]

Series Forty Seven [Member]

Assignees [Member]

Series Forty Seven [Member]

General Partner [Member]

Series Forty Eight [Member]

Series Forty Eight [Member]

Assignees [Member]

Series Forty Eight [Member]

General Partner [Member]

Series Forty Nine [Member]

Series Forty Nine [Member]

Assignees [Member]

Series Forty Nine [Member]

General Partner [Member]

Partners' capital (deficit) at Mar. 31, 2015 $ 4,867,120 $ 5,116,155 $ (249,035) $ (1,080,591) $ (1,001,181) $ (79,410) $ 59,091 $ 109,705 $ (50,614) $ 5,888,620 $ 6,007,631 $ (119,011)

Net loss (1,245,354) (1,242,241) (3,113) (246,760) (246,143) (617) (192,576) (192,095) (481) (806,018) (804,003) (2,015)

Partners' capital (deficit) at Sep. 30, 2015 $ 3,621,766 $ 3,873,914 $ (252,148) $ (1,327,351) $ (1,247,324) $ (80,027) $ (133,485) $ (82,390) $ (51,095) $ 5,082,602 $ 5,203,628 $ (121,026)

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INVESTMENTS IN OPERATING PARTNERSHIPS
6 Months Ended

Sep. 30, 2015

Investments In Operating Partnerships [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2015 and 2014, the Fund has limited partnership interests in 50 Operating Partnerships, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2015 and 2014 is as follows:

2015

2014

Series 47

15

15

Series 48

11

11

Series 49

24

24

Total

50

50

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the six months ended June 30, 2015.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Total

2015

2014

Revenues

Rental

$ 11,549,822

$ 11,362,574

Interest and other

    358,651

    354,287

11,908,473

11,716,861

Expenses

Interest

1,691,587

1,690,984

Depreciation and amortization

3,300,323

3,276,318

Operating expenses

  8,157,052

  8,033,806

13,148,962

13,001,108

NET LOSS

$(1,240,489)

$(1,284,247)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*

$(1,228,084)

$(1,271,404)

Net loss allocated to other Partners

$   (12,405)

$   (12,843)

* Amounts include $718,000 and $545,244 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 47

2015

2014

Revenues

Rental

$  4,489,036

$  4,417,188

Interest and other

    101,574

    103,779

  4,590,610

  4,520,967

Expenses

Interest

664,511

618,955

Depreciation and amortization

1,085,074

1,086,666

Operating expenses

  3,265,051

  3,214,522

  5,014,636

  4,920,143

NET LOSS

$  (424,026)

$  (399,176)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*

$  (419,786)

$  (395,184)

Net loss allocated to other Partners

$    (4,240)

$    (3,992)

* Amounts include $407,200 and $269,990 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 48

2015

2014

Revenues

Rental

$  2,488,297

$  2,438,255

Interest and other

     60,721

     62,994

  2,549,018

  2,501,249

Expenses

Interest

301,497

310,763

Depreciation and amortization

657,416

670,960

Operating expenses

  1,746,987

  1,687,704

  2,705,900

  2,669,427

NET LOSS

$  (156,882)

$  (168,178)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*

$  (155,313)

$  (166,496)

Net loss allocated to other Partners

$    (1,569)

$    (1,682)

* Amounts include $129,950 and $123,173 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 49

2015

2014

Revenues

Rental

$  4,572,489

$  4,507,131

Interest and other

    196,356

    187,514

  4,768,845

  4,694,645

Expenses

Interest

725,579

761,266

Depreciation and amortization

1,557,833

1,518,692

Operating expenses

  3,145,014

  3,131,580

  5,428,426

  5,411,538

NET LOSS

$  (659,581)

$  (716,893)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*

$  (652,985)

$  (709,724)

Net loss allocated to other Partners

$    (6,596)

$    (7,169)

* Amounts include $180,850 and $152,081 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

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INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) - USD ($)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Investments In Operating Limited Partnerships [Line Items]

Income Loss Not Recognized Under Equity Method Accounting $ 718,000 $ 545,244

Series Forty Seven [Member]

Investments In Operating Limited Partnerships [Line Items]

Income Loss Not Recognized Under Equity Method Accounting 407,200 269,990

Series Forty Eight [Member]

Investments In Operating Limited Partnerships [Line Items]

Income Loss Not Recognized Under Equity Method Accounting 129,950 123,173

Series Forty Nine [Member]

Investments In Operating Limited Partnerships [Line Items]

Income Loss Not Recognized Under Equity Method Accounting $ 180,850 $ 152,081

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) - USD ($)

Sep. 30, 2015

Sep. 30, 2014

Accumulated Amortization Of Acquisition Costs [Line Items]

Accumulated Amortization Of Acquisition Costs $ 135,078 $ 707,012

Series Forty Seven [Member]

Accumulated Amortization Of Acquisition Costs [Line Items]

Accumulated Amortization Of Acquisition Costs 23,920 128,510

Series Forty Eight [Member]

Accumulated Amortization Of Acquisition Costs [Line Items]

Accumulated Amortization Of Acquisition Costs 27,462 486,332

Series Forty Nine [Member]

Accumulated Amortization Of Acquisition Costs [Line Items]

Accumulated Amortization Of Acquisition Costs $ 83,696 $ 92,170

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