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INVESTMENTS IN OPERATING PARTNERSHIPS

6 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2012 and 2011, the Fund has limited partnership interests in 422 and 460 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2012 and 2011 are as follows:

	2012	2011
Series 20	12	15
Series 21	6	9
Series 22	17	22
Series 23	13	16
Series 24	14	19
Series 25	10	12
Series 26	35	40
Series 27	14	15
Series 28	21	26
Series 29	21	21
Series 30	16	17
Series 31	25	26
Series 32	15	15
Series 33	8	9
Series 34	13	14
Series 35	10	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	21	22
Series 43	23	23
Series 44	10	10
Series 45	30	30
Series 46	15	15
	422	460

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 September 30, 2012 and 2011, are as follows:

	2012	2011
Series 22	$ 9,352	$ 9,352
Series 24	9,999	9,999
Series 25	-	10,001
Series 26	14,490	14,490
Series 27	10,020	10,020
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	73,433
Series 43	121,112	121,112
Series 44	254,640	254,640
Series 45	16,724	16,724
	$1,135,980	$1,145,981

During the six months ended September 30, 2012 the Fund disposed of twenty-three Operating Partnerships. The Fund also received additional proceeds from six operating limited partnerships that were disposed of in the prior year of $1,263,136. The payment of the additional proceeds were contingent upon several factors including timely completion of a minor rehabilitation at the property. A summary of the dispositions by Series for September 30, 2012 is as follows:

Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition

Series 22	3		-		$	99,675		$	99,675
Series 23	2		-			12,750			12,750
Series 24	3		1			214,422			214,422
Series 25	1		-			304,132			304,132
Series 26	4		-			580,494			580,494
Series 27	-		1			575,945			575,945
Series 28	3		-			44,775			44,775
Series 30	1		-			72,943			72,943
Series 31	1		-			48,230			48,230
Series 34	1		-			-			-
Series 35	1		-			52,500			52,500
Series 42	1		-			-			-

Total	21		2		$	2,005,866		$	2,005,866

During the six months ended September 30, 2011 the Fund disposed of seven Operating Partnerships. A summary of the dispositions by Series for September 30, 2011 is as follows:

Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition

Series 20	2		-		$	88,000		$	88,000
Sereis 24	1		-			107,131			107,131
Series 25	3		1			1,065,241			1,065,241

Total	6		1		$	1,260,372		$	1,260,372

The gain 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 six months ended June 30, 2012.

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

		2012	2011

Revenues
	Rental	$ 69,790,134	$ 74,753,514
	Interest and other	2,076,732	3,083,333
		71,866,866	77,836,847

Expenses
	Interest	14,242,842	16,210,932
	Depreciation and amortization	20,819,092	21,985,899
	Operating expenses	45,719,627	48,484,295
		80,781,561	86,681,126

NET INCOME (LOSS)		$ (8,914,695)	$ (8,844,279)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (8,825,548)	$ (8,755,836)

Net income (loss) allocated to other Partners		$ (89,147)	$ (88,443)

* Amounts include $(7,448,884) and $(6,558,452) for 2012 and 2011, 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
Six Months Ended June 30,
(Unaudited)

Series 20

		2012	2011
Revenues
	Rental	$1,303,143	$ 2,897,607
	Interest and other	31,893	283,027
		1,335,036	3,180,634

Expenses
	Interest	206,813	531,654
	Depreciation and amortization	331,443	655,309
	Operating expenses	950,835	2,143,186
		1,489,091	3,330,149

NET INCOME (LOSS)		$ (154,055)	$ (149,515)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (152,514)	$ (148,020)

Net income (loss) allocated to other Partners		$ (1,541)	$ (1,495)

* Amounts include $(152,514) and $(148,020) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 21

		2012	2011
Revenues
	Rental	$ 978,984	$ 1,333,625
	Interest and other	15,752	82,197
		994,736	1,415,822

Expenses
	Interest	299,552	362,020
	Depreciation and amortization	195,476	281,393
	Operating expenses	612,778	816,724
		1,107,806	1,460,137

NET INCOME (LOSS)		$ (113,070)	$ (44,315)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (111,939)	$ (43,872)

Net income (loss) allocated to other Partners		$ (1,131)	$ (443)

* Amounts include $(111,939) and $(43,872) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 22

		2012	2011
Revenues
	Rental	$ 1,618,036	$ 2,395,219
	Interest and other	37,312	129,429
		1,655,348	2,524,648

Expenses
	Interest	261,508	405,068
	Depreciation and amortization	538,029	697,822
	Operating expenses	1,066,611	1,834,300
		1,866,148	2,937,190

NET INCOME (LOSS)		$ (210,800)	$ (412,542)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (208,692)	$ (408,417)

Net income (loss) allocated to other Partners		$ (2,108)	$ (4,125)

* Amounts include $(208,692) and $(408,417) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 23

		2012	2011
Revenues
	Rental	$ 1,802,156	$ 2,382,379
	Interest and other	54,167	111,458
		1,856,323	2,493,837

Expenses
	Interest	283,507	442,732
	Depreciation and amortization	436,076	587,794
	Operating expenses	1,281,812	1,744,974
		2,001,395	2,775,500

NET INCOME (LOSS)		$ (145,072)	$ (281,663)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (143,620)	$ (278,845)

Net income (loss) allocated to other Partners		$ (1,452)	$ (2,818)

* Amounts include $(143,620) and $(278,845) for 2012 and 2011, of net income (loss) not recognized under the equity method of accounting.

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

Series 24

		2012	2011
Revenues
	Rental	$ 1,336,491	$ 2,221,678
	Interest and other	40,317	65,428
		1,376,808	2,287,106

Expenses
	Interest	215,653	434,804
	Depreciation and amortization	323,206	613,519
	Operating expenses	932,790	1,447,719
		1,471,649	2,496,042

NET INCOME (LOSS)		$ (94,841)	$ (208,936)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (93,893)	$ (206,847)

Net income (loss) allocated to other Partners		$ (948)	$ (2,089)

* Amounts include $(93,893) and $(206,847) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 25

		2012	2011
Revenues
	Rental	$ 1,196,777	$ 2,046,833
	Interest and other	36,953	123,316
		1,233,730	2,170,149

Expenses
	Interest	216,156	375,920
	Depreciation and amortization	269,332	526,661
	Operating expenses	800,983	1,232,914
		1,286,471	2,135,495

NET INCOME (LOSS)		$ (52,741)	$ 34,654

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (52,214)	$ 34,307

Net income (loss) allocated to other Partners		$ (527)	$ 347

* Amounts include $(52,214) and $34,307 for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 26

		2012	2011
Revenues
	Rental	$ 4,071,227	$ 4,205,557
	Interest and other	163,259	153,808
		4,234,486	4,359,365

Expenses
	Interest	709,251	759,490
	Depreciation and amortization	1,061,857	1,112,812
	Operating expenses	2,935,556	3,027,281
		4,706,664	4,899,583

NET INCOME (LOSS)		$ (472,178)	$ (540,218)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (467,456)	$ (534,816)

Net income (loss) allocated to other Partners		$ (4,722)	$ (5,402)

* Amounts include $(467,456) and $(534,816) for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.

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

Series 27

		2012	2011
Revenues
	Rental	$ 2,737,440	$ 2,713,378
	Interest and other	35,125	34,622
		2,772,565	2,748,000

Expenses
	Interest	649,795	675,977
	Depreciation and amortization	666,202	673,396
	Operating expenses	1,538,781	1,537,855
		2,854,778	2,887,228

NET INCOME (LOSS)		$ (82,213)	$ (139,228)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (81,391)	$ (137,836)

Net income (loss) allocated to other Partners		$ (822)	$ (1,392)

* Amounts include $(81,391) and $(137,836) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 28

		2012	2011
Revenues
	Rental	$ 3,585,012	$ 3,727,756
	Interest and other	84,283	80,578
		3,669,295	3,808,334

Expenses
	Interest	637,897	714,034
	Depreciation and amortization	1,001,916	1,068,019
	Operating expenses	2,349,128	2,417,205
		3,988,941	4,199,258

NET INCOME (LOSS)		$ (319,646)	$ (390,924)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (316,450)	$ (387,015)

Net income (loss) allocated to other Partners		$ (3,196)	$ (3,909)

* Amounts include $(316,450) and $(387,015) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 29

		2012	2011
Revenues
	Rental	$ 3,850,616	$ 3,824,944
	Interest and other	97,783	180,240
		3,948,399	4,005,184

Expenses
	Interest	686,907	686,031
	Depreciation and amortization	1,261,391	1,153,479
	Operating expenses	2,555,944	2,538,421
		4,504,242	4,377,931

NET INCOME (LOSS)		$ (555,843)	$ (372,747)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (550,285)	$ (369,020)

Net income (loss) allocated to other Partners		$ (5,558)	$ (3,727)

* Amounts include $(550,285) and $(369,020) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 30

		2012	2011
Revenues
	Rental	$ 2,311,414	$ 2,399,069
	Interest and other	37,407	46,776
		2,348,821	2,445,845

Expenses
	Interest	352,747	400,847
	Depreciation and amortization	500,819	575,697
	Operating expenses	1,851,577	1,819,477
		2,705,143	2,796,021

NET INCOME (LOSS)		$ (356,322)	$ (350,176)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (352,759)	$ (346,674)

Net income (loss) allocated to other Partners		$ (3,563)	$ (3,502)

* Amounts include $(352,759) and $(346,674) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 31

		2012	2011
Revenues
	Rental	$ 5,201,988	$ 5,322,090
	Interest and other	153,227	183,285
		5,355,215	5,505,375

Expenses
	Interest	870,089	977,477
	Depreciation and amortization	1,475,251	1,460,349
	Operating expenses	3,393,982	3,317,803
		5,739,322	5,755,629

NET INCOME (LOSS)		$ (384,107)	$ (250,254)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (380,266)	$ (247,751)

Net income (loss) allocated to other Partners		$ (3,841)	$ (2,503)

* Amounts include $(380,266) and $(247,751) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 32

		2012	2011
Revenues
	Rental	$ 2,952,526	$ 2,874,786
	Interest and other	93,316	165,326
		3,045,842	3,040,112

Expenses
	Interest	615,329	624,777
	Depreciation and amortization	1,080,867	1,077,939
	Operating expenses	1,973,481	1,931,278
		3,669,677	3,633,994

NET INCOME (LOSS)		$ (623,835)	$ (593,882)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (617,597)	$ (587,943)

Net income (loss) allocated to other Partners		$ (6,238)	$ (5,939)

* Amounts include $(617,597) and $(535,149) for 2012 and 2011, respectively,of net income (loss) not recognized under the equity method of accounting.

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

Series 33

		2012	2011
Revenues
	Rental	$ 1,385,439	$ 1,429,455
	Interest and other	57,389	44,560
		1,442,828	1,474,015

Expenses
	Interest	342,440	368,860
	Depreciation and amortization	462,972	498,368
	Operating expenses	848,584	907,168
		1,653,996	1,774,396

NET INCOME (LOSS)		$ (211,168)	$ (300,381)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (209,056)	$ (297,377)

Net income (loss) allocated to other Partners		$ (2,112)	$ (3,004)

* Amounts include $(209,056) and $(297,377) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

(Unaudited)

Series 34

		2012	2011
Revenues
	Rental	$ 2,917,703	$ 3,144,252
	Interest and other	104,826	122,868
		3,022,529	3,267,120

Expenses
	Interest	516,409	641,513
	Depreciation and amortization	1,021,332	1,118,144
	Operating expenses	2,029,267	2,072,518
		3,567,008	3,832,175

NET INCOME (LOSS)		$ (544,479)	$ (565,055)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (539,034)	$ (559,404)

Net income (loss) allocated to other Partners		$ (5,445)	$ (5,651)

* Amounts include $(539,034) and $(559,404) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

(Unaudited)

Series 35

		2012	2011
Revenues
	Rental	$ 2,315,842	$ 2,374,727
	Interest and other	72,577	87,845
		2,388,419	2,462,572

Expenses
	Interest	483,187	617,470
	Depreciation and amortization	777,325	865,354
	Operating expenses	1,486,188	1,575,107
		2,746,700	3,057,931

NET INCOME (LOSS)		$ (358,281)	$ (595,359)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (354,698)	$ (589,405)

Net income (loss) allocated to other Partners		$ (3,583)	$ (5,954)

* Amounts include $(354,698) and $(495,914) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 36

		2012	2011
Revenues
	Rental	$ 1,799,791	$ 1,754,480
	Interest and other	31,712	42,693
		1,831,503	1,797,173

Expenses
	Interest	420,728	391,918
	Depreciation and amortization	508,551	505,895
	Operating expenses	1,090,699	1,081,491
		2,019,978	1,979,304

NET INCOME (LOSS)		$ (188,475)	$ (182,131)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (186,590)	$ (180,310)

Net income (loss) allocated to other Partners		$ (1,885)	$ (1,821)

* Amounts include $(186,590) and $(126,262) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 37

		2012	2011
Revenues
	Rental	$ 2,204,612	$ 2,292,014
	Interest and other	58,721	84,348
		2,263,333	2,376,362

Expenses
	Interest	350,253	348,250
	Depreciation and amortization	798,698	811,178
	Operating expenses	1,685,515	1,550,036
		2,834,466	2,709,464

NET INCOME (LOSS)		$ (571,133)	$ (333,102)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (565,422)	$ (329,771)

Net income (loss) allocated to other Partners		$ (5,711)	$ (3,331)

* Amounts include $(565,422) and $(435,185) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 38

		2012	2011
Revenues
	Rental	$ 1,778,084	$ 1,731,327
	Interest and other	57,406	69,240
		1,835,490	1,800,567

Expenses
	Interest	390,119	393,065
	Depreciation and amortization	565,349	560,744
	Operating expenses	1,172,684	1,122,693
		2,128,152	2,076,502

NET INCOME (LOSS)		$ (292,662)	$ (275,935)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (289,735)	$ (273,176)

Net income (loss) allocated to other Partners		$ (2,927)	$ (2,759)

* Amounts include $(264,962) and $(160,779) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 39

		2012	2011
Revenues
	Rental	$ 1,269,984	$ 1,266,157
	Interest and other	68,741	72,126
		1,338,725	1,338,283

Expenses
	Interest	252,981	256,821
	Depreciation and amortization	472,842	473,790
	Operating expenses	929,317	910,871
		1,655,140	1,641,482

NET INCOME (LOSS)		$ (316,415)	$ (303,199)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (313,251)	$ (300,167)

Net income (loss) allocated to other Partners		$ (3,164)	$ (3,032)

* Amounts include $(227,903) and $(245,409) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 40

		2012	2011
Revenues
	Rental	$ 2,266,819	$ 2,084,641
	Interest and other	51,684	70,286
		2,318,503	2,154,927

Expenses
	Interest	453,141	462,522
	Depreciation and amortization	689,848	664,779
	Operating expenses	1,448,747	1,297,740
		2,591,736	2,425,041

NET INCOME (LOSS)		$ (273,233)	$ (270,114)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (270,501)	$ (267,413)

Net income (loss) allocated to other Partners		$ (2,732)	$ (2,701)

* Amounts include $(168,169) and $(33,040) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 41

		2012	2011
Revenues
	Rental	$ 2,793,187	$ 2,624,350
	Interest and other	79,611	74,064
		2,872,798	2,698,414

Expenses
	Interest	622,871	731,683
	Depreciation and amortization	1,107,541	754,197
	Operating expenses	1,551,998	1,544,093
		3,282,410	3,029,973

NET INCOME (LOSS)		$ (409,612)	$ (331,559)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (405,516)	$ (328,243)

Net income (loss) allocated to other Partners		$ (4,096)	$ (3,316)

* Amounts include $(187,046) and $(16,139) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 42

		2012	2011
Revenues
	Rental	$ 3,047,916	$ 3,041,772
	Interest and other	114,340	136,146
		3,162,256	3,177,918

Expenses
	Interest	674,995	732,891
	Depreciation and amortization	878,519	839,248
	Operating expenses	1,825,476	1,766,486
		3,378,990	3,338,625

NET INCOME (LOSS)		$ (216,734)	$ (160,707)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (214,567)	$ (159,100)

Net income (loss) allocated to other Partners		$ (2,167)	$ (1,607)

* Amounts include $(197,429) and $(125,747) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 43

		2012	2011
Revenues
	Rental	$ 3,693,092	$ 3,407,377
	Interest and other	103,602	131,870
		3,796,694	3,539,247

Expenses
	Interest	731,762	778,746
	Depreciation and amortization	1,159,738	1,066,580
	Operating expenses	2,258,417	2,117,673
		4,149,917	3,962,999

NET INCOME (LOSS)		$ (353,223)	$ (423,752)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (349,691)	$ (419,514)

Net income (loss) allocated to other Partners		$ (3,532)	$ (4,238)

* Amounts include $(206,714) and $(163,996) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 44

		2012	2011
Revenues
	Rental	$ 3,714,834	$ 3,917,597
	Interest and other	144,099	123,470
		3,858,933	4,041,067

Expenses
	Interest	1,207,246	1,285,764
	Depreciation and amortization	1,128,476	1,199,517
	Operating expenses	2,312,790	2,239,377
		4,648,512	4,724,658

NET INCOME (LOSS)		$ (789,579)	$ (683,591)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (781,683)	$ (676,755)

Net income (loss) allocated to other Partners		$ (7,896)	$ (6,836)

* Amounts include $(621,862) and $(275,364) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 45

		2012	2011
Revenues
	Rental	$ 4,948,081	$ 4,707,400
	Interest and other	158,918	272,178
		5,106,999	4,979,578

Expenses
	Interest	1,124,478	1,118,720
	Depreciation and amortization	1,415,611	1,446,924
	Operating expenses	3,126,069	2,824,557
		5,666,158	5,390,201

NET INCOME (LOSS)		$ (559,159)	$ (410,623)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (553,567)	$ (406,517)

Net income (loss) allocated to other Partners		$ (5,592)	$ (4,406)

* Amounts include $(190,923) and $(13,881) for 2012 and 2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Series 46

		2012	2011
Revenues
	Rental	$ 2,708,940	$ 2,633,044
	Interest and other	92,312	112,149
		2,801,252	2,745,193

Expenses
	Interest	667,028	691,878
	Depreciation and amortization	690,425	696,992
	Operating expenses	1,709,618	1,665,348
		3,067,071	3,054,218

NET INCOME (LOSS)		$ (265,819)	$ (309,025)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.		$ (263,161)	$ (305,935)

Net income (loss) allocated to other Partners		$ (2,658)	$ (3,090)

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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