INVESTMENTS IN OPERATING PARTNERSHIPS

9 Months Ended

Dec. 31, 2011

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2011 and 2010, the Fund has limited partnership interests in 450 and 471 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2011 and 2010 are as follows:

	2011		2010
Series 20		13		18
Series 21		7		9
Series 22		20		22
Series 23		15		17
Series 24		18		20
Series 25		11		18
Series 26		40		40
Series 27		15		15
Series 28		26		26
Series 29		21		21
Series 30		17		17
Series 31		26		26
Series 32		15		15
Series 33		8		9
Series 34		14		14
Series 35		11		11
Series 36		11		11
Series 37		7		7
Series 38		10		10
Series 39		9		9
Series 40		16		16
Series 41		20		20
Series 42		22		22
Series 43		23		23
Series 44		10		10
Series 45		30		30
Series 46		15		15
		450		471

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at December 31, 2011 and 2010 are as follows:

	2011		2010
Series 22	$	9,352	$	9,352
Series 24		9,999		9,999
Series 25		10,001		10,001
Series 26		14,490		14,490
Series 27		10,020		22,861
Series 28		40,968		40,968
Series 29		10,197		10,197
Series 30		127,396		127,396
Series 31		66,294		66,294
Series 32		173,561		173,561
Series 33		69,154		69,154
Series 37		138,438		138,438
Series 40		102		102
Series 41		100		100
Series 42		73,433		169,577
Series 43		121,112		121,112
Series 44		254,640		254,640
Series 45		16,724		16,724
	$	1,145,981	$	1,254,966

During the nine months ended December 31, 2011 the Fund disposed of seventeen Operating Partnerships. A summary of the dispositions by Series for December 31, 2011 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain/(Loss) on Disposition
Series 20		3		1	$	103,600	$	103,600
Series 21		2		-		118,000		118,000
Series 22		-		2		-		-
Series 23		-		1		-		-
Sereis 24		2		-		139,151		139,151
Series 25		4		1		1,065,241		1,215,347
Series 33		1		-		21,566		21,566
Total		12		5	$	1,447,558	$	1,597,664

* Fund proceeds from disposition does not include the following amounts recorded as receivable at December 31, 2011, $150,106 for Series 25.

During the nine months ended December 31, 2010 the Fund disposed of twenty Operating Partnerships. A summary of the dispositions by Series for December 31, 2010 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 20		3		-	$	921,489	$	921,489
Series 21		-		1		25,729		25,729
Series 22		3		-		753,664		753,664
Series 23		3		-		683,819		683,819
Series 25		1		1		84,378		84,378
Series 26		3		-		1,451,966		1,451,966
Series 27		1		-		1,638,582		(682,853	)
Series 30		1		-		151,341		151,341
Series 32*		1		-		559,998		559,998
Series 33		1		-		60,000		60,000
Series 41		1		-		380,726		380,726
Total		18		2	$	6,711,692	$	4,390,257

* Series 32 sold its membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC.

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

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 current financial results available for the Operating Partnerships are for the nine months ended September 30, 2011.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

	2011			2010
Revenues
Rental	$	110,638,647		$	118,116,576
Interest and other		4,233,696			3,985,843
		114,872,343			122,102,419
Expenses
Interest		24,099,969			26,248,137
Depreciation and amortization		32,544,196			35,288,238
Operating expenses		72,038,739			76,602,694
		128,682,904			138,139,069
NET INCOME (LOSS)	$	(13,810,561	)	$	(16,036,650	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(13,672,457	)	$	(15,876,285	)
Net income (loss) allocated to other Partners	$	(138,104	)	$	(160,365	)

* Amounts include $(10,222,262) and $(9,768,741) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 20

	2011			2010
Revenues
Rental	$	4,032,166		$	4,838,266
Interest and other		320,937			222,591
		4,353,103			5,060,857
Expenses
Interest		755,936			987,738
Depreciation and amortization		888,131			1,265,173
Operating expenses		3,057,078			3,783,567
		4,701,145			6,036,478
NET INCOME (LOSS)	$	(348,042	)	$	(975,621	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(344,562	)	$	(965,865	)
Net income (loss) allocated to other Partners	$	(3,480	)	$	(9,756	)

* Amounts include $(344,562) and $(965,865) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 21

	2011			2010
Revenues
Rental	$	1,801,705		$	2,069,414
Interest and other		98,296			39,861
		1,900,001			2,109,275
Expenses
Interest		506,446			624,195
Depreciation and amortization		389,745			451,813
Operating expenses		1,081,146			1,138,944
		1,977,337			2,214,952
NET INCOME (LOSS)	$	(77,336	)	$	(105,677	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(76,563	)	$	(104,620	)
Net income (loss) allocated to other Partners	$	(773	)	$	(1,057	)

* Amounts include $(76,563) and $(104,620) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 22

	2011			2010
Revenues
Rental	$	3,256,526		$	3,578,592
Interest and other		154,887			229,459
		3,411,413			3,808,051
Expenses
Interest		525,096			674,141
Depreciation and amortization		959,954			1,079,369
Operating expenses		2,415,368			2,648,069
		3,900,418			4,401,579
NET INCOME (LOSS)	$	(489,005	)	$	(593,528	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(484,115	)	$	(587,593	)
Net income (loss) allocated to other Partners	$	(4,890	)	$	(5,935	)

* Amounts include $(484,115) and $(587,593) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 23

	2011			2010
Revenues
Rental	$	3,332,057		$	3,755,104
Interest and other		140,020			230,055
		3,472,077			3,985,159
Expenses
Interest		597,393			776,972
Depreciation and amortization		819,722			944,590
Operating expenses		2,404,031			2,698,743
		3,821,146			4,420,305
NET INCOME (LOSS)	$	(349,069	)	$	(435,146	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(345,577	)	$	(430,794	)
Net income (loss) allocated to other Partners	$	(3,492	)	$	(4,352	)

* Amounts include $(345,577) and $(430,794) for 2011 and 2010, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 24

	2011			2010
Revenues
Rental	$	3,161,886		$	3,774,156
Interest and other		88,906			66,516
		3,250,792			3,840,672
Expenses
Interest		610,720			808,454
Depreciation and amortization		834,387			1,125,308
Operating expenses		2,095,097			2,309,883
		3,540,204			4,243,645
NET INCOME (LOSS)	$	(289,412	)	$	(402,973	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(286,518	)	$	(398,943	)
Net income (loss) allocated to other Partners	$	(2,894	)	$	(4,030	)

* Amounts include $(286,518) and $(398,943) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 25

	2011			2010
Revenues
Rental	$	2,654,058		$	6,687,260
Interest and other		136,636			96,862
		2,790,694			6,784,122
Expenses
Interest		484,605			1,200,903
Depreciation and amortization		673,024			1,365,995
Operating expenses		1,642,015			4,101,269
		2,799,644			6,668,167
NET INCOME (LOSS)	$	(8,950	)	$	115,955
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(8,861	)	$	114,795
Net income (loss) allocated to other Partners	$	(89	)	$	1,160

* Amounts include $(8,861) and $114,795 for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 26

	2011			2010
Revenues
Rental	$	6,342,828		$	7,621,933
Interest and other		221,766			296,303
		6,564,594			7,918,236
Expenses
Interest		1,140,147			1,415,334
Depreciation and amortization		1,628,715			1,926,216
Operating expenses		4,650,265			5,054,708
		7,419,127			8,396,258
NET INCOME (LOSS)	$	(854,533	)	$	(478,022	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(845,988	)	$	(473,242	)
Net income (loss) allocated to other Partners	$	(8,545	)	$	(4,780	)

* Amounts include $(845,988) and $(473,242) for 2011 and 2010, 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

Nine Months Ended September 30,

(Unaudited)

Series 27

	2011			2010
Revenues
Rental	$	4,080,376		$	5,503,011
Interest and other		56,339			76,458
		4,136,715			5,579,469
Expenses
Interest		1,007,137			1,307,400
Depreciation and amortization		1,009,303			1,198,635
Operating expenses		2,324,713			2,801,833
		4,341,153			5,307,868
NET INCOME (LOSS)	$	(204,438	)	$	271,601
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(202,394	)	$	268,885
Net income (loss) allocated to other Partners	$	(2,044	)	$	2,716

* Amounts include $(202,394) and $277,463 for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 28

	2011			2010
Revenues
Rental	$	5,585,667		$	5,268,365
Interest and other		128,173			108,500
		5,713,840			5,376,865
Expenses
Interest		1,070,075			1,019,438
Depreciation and amortization		1,609,547			1,658,516
Operating expenses		3,637,096			3,878,713
		6,316,718			6,556,667
NET INCOME (LOSS)	$	(602,878	)	$	(1,179,802	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(596,849	)	$	(1,168,004	)
Net income (loss) allocated to other Partners	$	(6,029	)	$	(11,798	)

* Amounts include $(596,849) and $(1,168,004) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 29

	2011			2010
Revenues
Rental	$	5,755,133		$	5,688,045
Interest and other		241,264			163,780
		5,996,397			5,851,825
Expenses
Interest		1,033,193			1,209,115
Depreciation and amortization		1,732,816			1,953,609
Operating expenses		3,837,096			3,787,691
		6,603,105			6,950,415
NET INCOME (LOSS)	$	(606,708	)	$	(1,098,590	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(600,641	)	$	(1,087,604	)
Net income (loss) allocated to other Partners	$	(6,067	)	$	(10,986	)

* Amounts include $(600,641) and $(1,063,209) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 30

	2011			2010
Revenues
Rental	$	3,593,222		$	3,782,996
Interest and other		78,779			74,679
		3,672,001			3,857,675
Expenses
Interest		599,312			623,264
Depreciation and amortization		860,627			918,764
Operating expenses		2,712,861			2,957,478
		4,172,800			4,499,506
NET INCOME (LOSS)	$	(500,799	)	$	(641,831	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(495,791	)	$	(635,414	)
Net income (loss) allocated to other Partners	$	(5,008	)	$	(6,417	)

* Amounts include $(495,791) and $(552,372) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 31

	2011			2010
Revenues
Rental	$	7,996,429		$	7,757,937
Interest and other		258,375			221,489
		8,254,804			7,979,426
Expenses
Interest		1,450,523			1,410,105
Depreciation and amortization		2,299,553			2,469,896
Operating expenses		4,962,552			4,924,132
		8,712,628			8,804,133
NET INCOME (LOSS)	$	(457,824	)	$	(824,707	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(453,246	)	$	(816,460	)
Net income (loss) allocated to other Partners	$	(4,578	)	$	(8,247	)

* Amounts include $(453,246) and $(816,460) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 32

	2011			2010
Revenues
Rental	$	4,305,992		$	4,431,364
Interest and other		218,857			149,416
		4,524,849			4,580,780
Expenses
Interest		941,198			966,521
Depreciation and amortization		1,615,614			1,726,241
Operating expenses		2,907,465			3,066,759
		5,464,277			5,759,521
NET INCOME (LOSS)	$	(939,428	)	$	(1,178,741	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(930,034	)	$	(1,166,954	)
Net income (loss) allocated to other Partners	$	(9,394	)	$	(11,787	)

* Amounts include $(877,240) and $(645,571) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 33

	2011			2010
Revenues
Rental	$	2,171,863		$	2,126,262
Interest and other		78,846			102,943
		2,250,709			2,229,205
Expenses
Interest		559,125			592,165
Depreciation and amortization		701,617			750,722
Operating expenses		1,373,553			1,345,321
		2,634,295			2,688,208
NET INCOME (LOSS)	$	(383,586	)	$	(459,003	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(379,750	)	$	(454,413	)
Net income (loss) allocated to other Partners	$	(3,836	)	$	(4,590	)

* Amounts include $(379,750) and $(304,260) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 34

	2011			2010
Revenues
Rental	$	4,722,887		$	4,395,979
Interest and other		177,632			146,087
		4,900,519			4,542,066
Expenses
Interest		946,880			1,079,809
Depreciation and amortization		1,652,999			1,616,162
Operating expenses		3,099,762			2,818,958
		5,699,641			5,514,929
NET INCOME (LOSS)	$	(799,122	)	$	(992,863)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(791,131	)	$	(963,134)
Net income (loss) allocated to other Partners	$	(7,991	)	$	(9,729)

* Amounts include $(791,131) and $(762,411) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 35

	2011			2010
Revenues
Rental	$	3,568,673		$	3,482,002
Interest and other		129,778			184,119
		3,698,451			3,666,121
Expenses
Interest		878,056			792,506
Depreciation and amortization		1,257,243			1,166,489
Operating expenses		2,359,184			2,412,548
		4,494,483			4,371,543
NET INCOME (LOSS)	$	(796,032	)	$	(705,422	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(788,072	)	$	(698,368	)
Net income (loss) allocated to other Partners	$	(7,960	)	$	(7,054	)

* Amounts include $(694,581) and $(254,865) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 36

	2011			2010
Revenues
Rental	$	2,643,059		$	2,614,079
Interest and other		60,854			73,330
		2,703,913			2,687,409
Expenses
Interest		604,305			631,805
Depreciation and amortization		766,733			770,082
Operating expenses		1,612,391			1,555,119
		2,983,429			2,957,006
NET INCOME (LOSS)	$	(279,516	)	$	(269,597	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(276,721	)	$	(266,901	)
Net income (loss) allocated to other Partners	$	(2,795	)	$	(2,696	)

* Amounts include $(222,673) and $(128,677) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 37

	2011			2010
Revenues
Rental	$	3,419,803		$	3,438,256
Interest and other		144,663			123,488
		3,564,466			3,561,744
Expenses
Interest		510,752			609,558
Depreciation and amortization		1,230,911			1,251,742
Operating expenses		2,386,846			2,459,713
		4,128,509			4,321,013
NET INCOME (LOSS)	$	(564,043	)	$	(759,269	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(558,403	)	$	(751,676	)
Net income (loss) allocated to other Partners	$	(5,640	)	$	(7,593	)

* Amounts include $(713,590) and $(528,699) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 38

	2011			2010
Revenues
Rental	$	2,611,265		$	2,589,059
Interest and other		103,382			114,258
		2,714,647			2,703,317
Expenses
Interest		590,420			585,541
Depreciation and amortization		861,795			896,060
Operating expenses		1,729,002			1,639,023
		3,181,217			3,120,624
NET INCOME (LOSS)	$	(466,570	)	$	(417,307	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(461,904	)	$	(413,135	)
Net income (loss) allocated to other Partners	$	(4,666	)	$	(4,172	)

* Amounts include $(283,338) and $- for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 39

	2011			2010
Revenues
Rental	$	1,904,276		$	1,860,404
Interest and other		112,378			149,492
		2,016,654			2,009,896
Expenses
Interest		389,447			388,890
Depreciation and amortization		717,963			689,429
Operating expenses		1,347,263			1,432,418
		2,454,673			2,510,737
NET INCOME (LOSS)	$	(438,019	)	$	(500,841	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(433,639	)	$	(495,831	)
Net income (loss) allocated to other Partners	$	(4,380	)	$	(5,010	)

* Amounts include $(320,583) and $- for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 40

	2011			2010
Revenues
Rental	$	3,106,879		$	2,981,886
Interest and other		97,010			92,912
		3,203,889			3,074,798
Expenses
Interest		672,001			719,916
Depreciation and amortization		989,412			975,508
Operating expenses		1,891,187			1,857,238
		3,552,600			3,552,662
NET INCOME (LOSS)	$	(348,711	)	$	(477,864	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(345,224	)	$	(473,085	)
Net income (loss) allocated to other Partners	$	(3,487	)	$	(4,779	)

* Amounts include $(46,047) and $(212,063) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 41

	2011			2010
Revenues
Rental	$	3,965,251		$	3,863,324
Interest and other		111,678			99,674
		4,076,929			3,962,998
Expenses
Interest		1,163,824			1,099,292
Depreciation and amortization		1,156,611			1,142,026
Operating expenses		2,346,077			2,243,173
		4,666,512			4,484,491
NET INCOME (LOSS)	$	(589,583	)	$	(521,493	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(583,687	)	$	(516,278	)
Net income (loss) allocated to other Partners	$	(5,896	)	$	(5,215	)

* Amounts include $(84,931) and $(69,565) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 42

	2011			2010
Revenues
Rental	$	4,558,427		$	4,416,423
Interest and other		185,075			161,863
		4,743,502			4,578,286
Expenses
Interest		1,167,014			1,030,530
Depreciation and amortization		1,263,651			1,268,772
Operating expenses		2,669,913			2,608,560
		5,100,578			4,907,862
NET INCOME (LOSS)	$	(357,076	)	$	(329,576	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(353,505	)	$	(326,280	)
Net income (loss) allocated to other Partners	$	(3,571	)	$	(3,296	)

* Amounts include $(245,855) and $(171,814) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 43

	2011			2010
Revenues
Rental	$	5,165,570		$	5,118,829
Interest and other		188,985			158,017
		5,354,555			5,276,846
Expenses
Interest		1,232,308			1,086,904
Depreciation and amortization		1,642,441			1,629,994
Operating expenses		3,179,724			3,221,543
		6,054,473			5,938,441
NET INCOME (LOSS)	$	(699,918	)	$	(661,595	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(692,919	)	$	(654,980	)
Net income (loss) allocated to other Partners	$	(6,999	)	$	(6,615	)

* Amounts include $(327,392) and $(235,577) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 44

	2011			2010
Revenues
Rental	$	5,859,278		$	5,712,546
Interest and other		200,756			143,683
		6,060,034			5,856,229
Expenses
Interest		1,975,690			1,731,710
Depreciation and amortization		1,798,468			1,801,546
Operating expenses		3,451,665			3,230,732
		7,225,823			6,763,988
NET INCOME (LOSS)	$	(1,165,789	)	$	(907,759	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(1,154,131	)	$	(898,681	)
Net income (loss) allocated to other Partners	$	(11,658	)	$	(9,078	)

* Amounts include $(432,898) and $(232,964) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 45

	2011			2010
Revenues
Rental	$	7,074,452		$	6,930,421
Interest and other		332,539			246,682
		7,406,991			7,177,103
Expenses
Interest		1,660,416			1,756,974
Depreciation and amortization		2,168,015			2,210,227
Operating expenses		4,318,840			4,241,252
		8,147,271			8,208,453
NET INCOME (LOSS)	$	(740,280	)	$	(1,031,350	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$	(732,877	)	$	(1,021,037	)
Net income (loss) allocated to other Partners	$	(7,403	)	$	(10,313	)

* Amounts include $(61,148) and $(53,421) for 2011 and 2010, respectively, of net income (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

Nine Months Ended September 30,

(Unaudited)

Series 46

	2011			2010
Revenues
Rental	$	3,968,919		$	3,830,663
Interest and other		166,885			213,326
		4,135,804			4,043,989
Expenses
Interest		1,027,950			1,118,957
Depreciation and amortization		1,015,199			1,035,354
Operating expenses		2,546,549			2,385,307
		4,589,698			4,539,618
NET INCOME (LOSS)	$	(453,894	)	$	(495,629	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	$	(449,355	)	$	(490,673	)
Net income (loss) allocated to other Partners	$	(4,539	)	$	(4,956	)