INVESTMENTS IN OPERATING PARTNERSHIPS

6 Months Ended

Sep. 30, 2014

Investments In Operating Partnerships [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2014 and 2013, the Fund has limited partnership interests in 348 and 382 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2014 and 2013 are as follows:

	2014	2013
Series 20	8	9
Series 21	4	4
Series 22	8	9
Series 23	10	11
Series 24	7	8
Series 25	5	7
Series 26	20	26
Series 27	8	12
Series 28	15	20
Series 29	17	20
Series 30	16	16
Series 31	22	25
Series 32	13	15
Series 33	8	8
Series 34	12	13
Series 35	10	10
Series 36	9	9
Series 37	7	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	19	19
Series 42	21	21
Series 43	23	23
Series 44	8	10
Series 45	28	30
Series 46	15	15
	348	382

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, 2014 and 2013, are as follows:

	2014	2013
Series 22	$  9,352	$  9,352
Series 26	1,127	1,293
Series 27	-	10,020
Series 28	6,000	40,968
Series 29	8,235	10,197
Series 30	127,396	127,396
Series 31	66,294	66,294
Series 32	3,486	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	99,265	121,112
Series 45	16,724	16,724
	$619,106	$858,144

During the six months ended September 30, 2014 the Fund disposed of thirteen Operating Partnerships. The Fund also received additional proceeds from one operating limited partnership that was disposed of in the prior year in the amount of $25,054. A summary of the dispositions by Series for September 30, 2014 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition
Series 23	-	1	$	-	$	-
Series 25	1	-		1,221,595		1,221,595
Series 26	2	2		482,000		482,166
Series 27	2	-		230,000		233,520
Series 28	4	-		5,247,756		5,282,724
Series 32	1	-		12,000		12,000
Series 36	-	-		25,054		25,054
Total	10	3	$	7,218,405	$	7,257,059

* Fund proceeds from disposition does not include the following amounts which were due to writeoffs of capital contribution payables of $166, $3,520 and $34,968, for Series 26, Series 27, and Series 28, respectively.

During the six months ended September 30, 2013 the Fund disposed of seventeen Operating Partnership. The Fund also had a partial disposition of one Operating Partnership. A summary of the dispositions by Series for September 30, 2013 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition *		Gain on Disposition
Series 20	2	-	$	183,000	$	183,000
Series 21	1	-		79,000		79,000
Series 22	1	-		-		-
Series 24	2	3		1,544,276		1,544,276
Series 25	-	-		618,889		-
Series 26	-	5		2,129,678		2,129,678
Series 27	-	1		308,519		308,519
Series 28	-	-		50,000		50,000
Series 29	1	-		100		100
Series 41	1	-		52,000		52,000
Total	8	9	$	4,965,462	$	4,346,573

* Fund proceeds from disposition include $618,889 recorded as a receivable as of March 31, 2013, for Series 25.

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, 2014.

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

		2014	2013
Revenues
	Rental	$  58,752,200	$  65,812,209
	Interest and other	1,559,748	1,877,511
		60,311,948	67,689,720
Expenses
	Interest	10,397,667	12,535,596
	Depreciation and amortization	16,816,124	19,567,361
	Operating expenses	39,904,933	43,275,734
		67,118,724	75,378,691
NET LOSS		$ (6,806,776)	$ (7,688,971)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (6,738,709)	$ (7,612,081)
Net loss allocated to other Partners		$    (68,067)	$    (76,890)

* Amounts include $(6,205,874) and $(6,583,960) for 2014 and 2013, respectively, of net 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

		2014	2013
Revenues
	Rental	$   914,710	$ 1,138,528
	Interest and other	29,883	28,521
		944,593	1,167,049
Expenses
	Interest	181,868	209,562
	Depreciation and amortization	264,205	285,766
	Operating expenses	742,868	829,704
		1,188,941	1,325,032
NET LOSS		$ (244,348)	$ (157,983)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (241,905)	$ (156,403)
Net loss allocated to other Partners		$   (2,443)	$   (1,580)

* Amounts include $(241,905) and $(156,403) for 2014 and 2013, respectively, of net 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 21

		2014	2013
Revenues
	Rental	$  929,294	$   954,331
	Interest and other	11,987	12,688
		941,281	967,019
Expenses
	Interest	254,867	257,308
	Depreciation and amortization	162,114	171,910
	Operating expenses	570,648	544,717
		987,629	973,935
NET LOSS		$  (46,348)	$   (6,916)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (45,885)	$   (6,847)
Net loss allocated to other Partners		$     (463)	$      (69)

* Amounts include $(45,885) and $(6,847) for 2014 and 2013, respectively, of net 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 22

		2014	2013
Revenues
	Rental	$   781,201	$   874,385
	Interest and other	14,698	17,834
		795,899	892,219
Expenses
	Interest	127,365	148,063
	Depreciation and amortization	174,840	204,564
	Operating expenses	560,182	659,198
		862,387	1,011,825
NET LOSS		$  (66,488)	$ (119,606)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (65,823)	$ (118,410)
Net loss allocated to other Partners		$     (665)	$   (1,196)

* Amounts include $(65,823) and $(118,410) for 2014 and 2013, respectively, of net 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 23

		2014	2013
Revenues
	Rental	$ 1,595,029	$ 1,545,281
	Interest and other	53,114	60,949
		1,648,143	1,606,230
Expenses
	Interest	236,200	260,214
	Depreciation and amortization	337,767	343,456
	Operating expenses	1,191,095	1,195,494
		1,765,062	1,799,164
NET LOSS		$ (116,919)	$ (192,934)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (115,749)	$ (191,004)
Net loss allocated to other Partners		$   (1,170)	$   (1,930)

* Amounts include $(115,749) and $(191,004) for 2014 and 2013, of net 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 24

		2014	2013
Revenues
	Rental	$   570,376	$   894,848
	Interest and other	9,528	17,286
		579,904	912,134
Expenses
	Interest	70,070	122,093
	Depreciation and amortization	164,206	266,855
	Operating expenses	436,960	626,443
		671,236	1,015,391
NET LOSS		$  (91,332)	$ (103,257)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (90,419)	$ (102,224)
Net loss allocated to other Partners		$     (913)	$   (1,033)

* Amounts include $(90,419) and $(102,224) for 2014 and 2013, respectively, of net 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 25

		2014	2013
Revenues
	Rental	$   469,899	$   656,544
	Interest and other	10,081	12,779
		479,980	669,323
Expenses
	Interest	76,938	107,474
	Depreciation and amortization	115,502	156,117
	Operating expenses	328,358	496,347
		520,798	759,938
NET LOSS		$  (40,818)	$  (90,615)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (40,410)	$  (89,709)
Net loss allocated to other Partners		$     (408)	$     (906)

* Amounts include $(40,410) and $(89,709) for 2014 and 2013, respectively, of net 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 26

		2014	2013
Revenues
	Rental	$ 1,718,149	$ 2,655,463
	Interest and other	40,555	118,691
		1,758,704	2,774,154
Expenses
	Interest	236,155	447,264
	Depreciation and amortization	510,822	823,290
	Operating expenses	1,339,035	1,936,497
		2,086,012	3,207,051
NET LOSS		$ (327,308)	$ (432,897)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (324,035)	$ (428,568)
Net loss allocated to other Partners		$   (3,273)	$   (4,329)

* Amounts include $(324,035) and $(428,568) for 2014 and 2013, respectively, of net 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 27

		2014	2013
Revenues
	Rental	$ 2,171,611	$ 2,627,431
	Interest and other	40,710	38,857
		2,212,321	2,666,288
Expenses
	Interest	463,601	554,456
	Depreciation and amortization	477,495	619,496
	Operating expenses	1,366,802	1,524,731
		2,307,898	2,698,683
NET LOSS		$  (95,577)	$  (32,395)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (94,621)	$  (32,071)
Net loss allocated to other Partners		$     (956)	$     (324)

* Amounts include $(94,621) and $(32,071) for 2014 and 2013, respectively, of net 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 28

		2014	2013
Revenues
	Rental	$  2,148,878	$  3,487,727
	Interest and other	47,058	58,744
		2,195,936	3,546,471
Expenses
	Interest	262,345	564,470
	Depreciation and amortization	675,167	968,103
	Operating expenses	1,508,029	2,321,846
		2,445,541	3,854,419
NET LOSS		$  (249,605)	$  (307,948)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (247,109)	$  (304,869)
Net loss allocated to other Partners		$    (2,496)	$    (3,079)

* Amounts include $(247,109) and $(304,869) for 2014 and 2013, respectively, of net 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 29

		2014	2013
Revenues
	Rental	$  3,028,110	$  3,788,792
	Interest and other	85,697	92,261
		3,113,807	3,881,053
Expenses
	Interest	507,296	676,134
	Depreciation and amortization	1,041,329	1,226,934
	Operating expenses	2,088,837	2,536,914
		3,637,462	4,439,982
NET LOSS		$  (523,655)	$  (558,929)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (518,418)	$  (553,340)
Net loss allocated to other Partners		$    (5,237)	$    (5,589)

* Amounts include $(518,418) and $(553,340) for 2014 and 2013, respectively, of net 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 30

		2014	2013
Revenues
	Rental	$ 2,353,170	$ 2,297,936
	Interest and other	38,623	53,713
		2,391,793	2,351,649
Expenses
	Interest	294,615	302,594
	Depreciation and amortization	514,679	523,236
	Operating expenses	1,905,714	1,828,341
		2,715,008	2,654,171
NET LOSS		$ (323,215)	$ (302,522)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (319,983)	$ (299,497)
Net loss allocated to other Partners		$   (3,232)	$   (3,025)

* Amounts include $(319,983) and $(299,497) for 2014 and 2013, respectively, of net 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 31

		2014	2013
Revenues
	Rental	$  4,839,778	$  4,992,390
	Interest and other	162,996	147,098
		5,002,774	5,139,488
Expenses
	Interest	619,446	744,517
	Depreciation and amortization	1,439,908	1,445,388
	Operating expenses	3,410,087	3,305,387
		5,469,441	5,495,292
NET LOSS		$  (466,667)	$  (355,804)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (462,000)	$  (352,246)
Net loss allocated to other Partners		$    (4,667)	$    (3,558)

* Amounts include $(462,000) and $(352,246) for 2014 and 2013, respectively, of net 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 32

		2014	2013
Revenues
	Rental	$  2,732,738	$  2,995,370
	Interest and other	87,404	100,388
		2,820,142	3,095,758
Expenses
	Interest	508,328	580,376
	Depreciation and amortization	1,028,652	1,078,792
	Operating expenses	1,849,277	2,017,429
		3,386,257	3,676,597
NET LOSS		$  (566,115)	$  (580,839)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (560,454)	$  (575,031)
Net loss allocated to other Partners		$    (5,661)	$    (5,808)

* Amounts include $(560,454) and $(575,031) for 2014 and 2013, respectively, of net 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 33

		2014	2013
Revenues
	Rental	$ 1,397,127	$ 1,392,022
	Interest and other	49,573	57,491
		1,446,700	1,449,513
Expenses
	Interest	284,465	299,811
	Depreciation and amortization	458,107	436,954
	Operating expenses	904,149	888,694
		1,646,721	1,625,459
NET LOSS		$ (200,021)	$ (175,946)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (198,021)	$ (174,187)
Net loss allocated to other Partners		$   (2,000)	$   (1,759)

* Amounts include $(198,021) and $(174,187) for 2014 and 2013, respectively, of net 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 34

		2014	2013
Revenues
	Rental	$ 2,773,001	$ 2,879,271
	Interest and other	74,762	85,044
		2,847,763	2,964,315
Expenses
	Interest	384,420	434,095
	Depreciation and amortization	930,323	953,559
	Operating expenses	1,859,035	1,818,714
		3,173,778	3,206,368
NET LOSS		$ (326,015)	$ (242,053)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (322,755)	$ (239,632)
Net loss allocated to other Partners		$   (3,260)	$   (2,421)

* Amounts include $(322,755) and $(239,632) for 2014 and 2013, respectively, of net 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 35

		2014	2013
Revenues
	Rental	$ 2,272,296	$ 2,205,596
	Interest and other	84,087	75,812
		2,356,383	2,281,408
Expenses
	Interest	393,620	403,134
	Depreciation and amortization	715,206	739,918
	Operating expenses	1,405,360	1,366,054
		2,514,186	2,509,106
NET LOSS		$ (157,803)	$ (227,698)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (156,225)	$ (225,421)
Net loss allocated to other Partners		$   (1,578)	$   (2,277)

* Amounts include $(156,225) and $(225,421) for 2014 and 2013, respectively, of net 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 36

		2014	2013
Revenues
	Rental	$ 1,396,537	$ 1,485,112
	Interest and other	30,442	37,997
		1,426,979	1,523,109
Expenses
	Interest	258,059	282,455
	Depreciation and amortization	415,107	454,034
	Operating expenses	954,812	1,008,482
		1,627,978	1,744,971
NET LOSS		$ (200,999)	$ (221,862)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (198,989)	$ (219,643)
Net loss allocated to other Partners		$   (2,010)	$   (2,219)

* Amounts include $(198,989) and $(219,643) for 2014 and 2013, respectively, of net 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 37

		2014	2013
Revenues
	Rental	$ 2,224,541	$ 2,271,853
	Interest and other	52,728	55,711
		2,277,269	2,327,564
Expenses
	Interest	319,153	330,728
	Depreciation and amortization	765,457	789,608
	Operating expenses	1,692,586	1,703,027
		2,777,196	2,823,363
NET LOSS		$ (499,927)	$ (495,799)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (494,928)	$ (490,841)
Net loss allocated to other Partners		$   (4,999)	$   (4,958)

* Amounts include $(494,928) and $(490,841) for 2014 and 2013, respectively, of net 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 38

		2014	2013
Revenues
	Rental	$ 1,899,670	$ 1,827,590
	Interest and other	43,161	35,034
		1,942,831	1,862,624
Expenses
	Interest	357,365	363,659
	Depreciation and amortization	500,522	538,297
	Operating expenses	1,251,174	1,176,460
		2,109,061	2,078,416
NET LOSS		$ (166,230)	$ (215,792)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (164,568)	$ (213,634)
Net loss allocated to other Partners		$   (1,662)	$   (2,158)

* Amounts include $(164,568) and $(213,634) for 2014 and 2013, respectively, of net 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 39

		2014	2013
Revenues
	Rental	$ 1,394,283	$ 1,364,590
	Interest and other	50,964	42,844
		1,445,247	1,407,434
Expenses
	Interest	250,509	251,989
	Depreciation and amortization	395,553	459,407
	Operating expenses	1,009,938	936,743
		1,656,000	1,648,139
NET LOSS		$ (210,753)	$ (240,705)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (208,645)	$ (238,298)
Net loss allocated to other Partners		$   (2,108)	$   (2,407)

* Amounts include $(208,645) and $(238,298) for 2014 and 2013, respectively, of net 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 40

		2014	2013
Revenues
	Rental	$ 2,056,995	$ 2,051,199
	Interest and other	56,391	51,861
		2,113,386	2,103,060
Expenses
	Interest	405,134	459,787
	Depreciation and amortization	609,238	655,177
	Operating expenses	1,403,259	1,476,476
		2,417,631	2,591,440
NET LOSS		$ (304,245)	$ (488,380)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (301,203)	$ (483,496)
Net loss allocated to other Partners		$   (3,042)	$   (4,884)

* Amounts include $(301,203) and $(483,496) for 2014 and 2013, respectively, of net 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 41

		2014	2013
Revenues
	Rental	$ 2,853,752	$ 2,787,882
	Interest and other	77,982	68,138
		2,931,734	2,856,020
Expenses
	Interest	603,816	582,758
	Depreciation and amortization	741,438	1,116,889
	Operating expenses	1,798,460	1,573,041
		3,143,714	3,272,688
NET LOSS		$ (211,980)	$ (416,668)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (209,860)	$ (412,501)
Net loss allocated to other Partners		$   (2,120)	$   (4,167)

* Amounts include $(209,860) and $(412,501) for 2014 and 2013, respectively, of net 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 42

		2014	2013
Revenues
	Rental	$ 3,170,198	$ 3,151,540
	Interest and other	119,907	95,947
		3,290,105	3,247,487
Expenses
	Interest	603,697	650,495
	Depreciation and amortization	809,899	888,503
	Operating expenses	1,980,640	1,865,177
		3,394,236	3,404,175
NET LOSS		$ (104,131)	$ (156,688)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (103,090)	$ (155,121)
Net loss allocated to other Partners		$   (1,041)	$   (1,567)

* Amounts include $(103,090) and $(68,339) for 2014 and 2013, respectively, of net 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 43

		2014	2013
Revenues
	Rental	$ 3,848,253	$ 3,792,566
	Interest and other	111,543	119,385
		3,959,796	3,911,951
Expenses
	Interest	676,059	732,424
	Depreciation and amortization	1,108,887	1,133,122
	Operating expenses	2,420,231	2,298,643
		4,205,177	4,164,189
NET LOSS		$ (245,381)	$ (252,238)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (242,927)	$ (249,716)
Net loss allocated to other Partners		$   (2,454)	$   (2,522)

* Amounts include $(234,564) and $(50,657) for 2014 and 2013, respectively, of net 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 44

		2014	2013
Revenues
	Rental	$  2,946,601	$  3,972,351
	Interest and other	76,719	145,750
		3,023,320	4,118,101
Expenses
	Interest	812,995	1,165,325
	Depreciation and amortization	762,487	1,178,857
	Operating expenses	1,679,198	2,290,549
		3,254,680	4,634,731
NET LOSS		$  (231,360)	$  (516,630)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (229,046)	$  (511,464)
Net loss allocated to other Partners		$    (2,314)	$    (5,166)

* Amounts include $(229,046) and $(450,944) for 2014 and 2013, respectively, of net 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 45

		2014	2013
Revenues
	Rental	$  3,488,932	$  4,973,421
	Interest and other	62,913	143,957
		3,551,845	5,117,378
Expenses
	Interest	561,294	979,175
	Depreciation and amortization	1,004,836	1,457,360
	Operating expenses	2,418,055	3,182,712
		3,984,185	5,619,247
NET LOSS		$  (432,340)	$  (501,869)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (428,017)	$  (496,850)
Net loss allocated to other Partners		$    (4,323)	$    (5,019)

* Amounts include $(212,095) and $(106,148) for 2014 and 2013, respectively, of net 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 46

		2014	2013
Revenues
	Rental	$ 2,777,071	$ 2,748,190
	Interest and other	36,242	102,731
		2,813,313	2,850,921
Expenses
	Interest	647,987	625,236
	Depreciation and amortization	692,378	651,769
	Operating expenses	1,830,144	1,867,914
		3,170,509	3,144,919
NET LOSS		$ (357,196)	$ (293,998)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (353,624)	$ (291,058)
Net loss allocated to other Partners		$   (3,572)	$   (2,940)

* Amounts include $(45,074) and $- for 2014 and 2013, respectively, of net 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.