INVESTMENTS IN OPERATING PARTNERSHIPS

9 Months Ended

Dec. 31, 2014

Investments In Operating Partnerships [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2014 and 2013, the Fund has limited partnership interests in 321 and 369 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2014 and 2013 are as follows:

	2014	2013
Series 20	4	8
Series 21	4	4
Series 22	6	9
Series 23	9	11
Series 24	7	8
Series 25	4	7
Series 26	19	24
Series 27	7	10
Series 28	12	19
Series 29	10	17
Series 30	12	16
Series 31	20	24
Series 32	12	14
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	9
Series 45	28	29
Series 46	15	15
	321	369

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, 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	8,235
Series 30	127,396	127,396
Series 31	66,294	66,294
Series 32	3,486	3,486
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	99,265
Series 45	16,724	16,724
	$619,106	$664,260

During the nine months ended December 31, 2014 the Fund disposed of fourty 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 December 31, 2014 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition
Series 20	4	-	$	70,580	$	70,580
Series 22	1	1		166,896		166,896
Series 23	-	2		426,346		426,346
Series 25	2	-		1,295,124		1,295,124
Series 26	3	2		543,014		543,180
Series 27	3	-		234,376		237,896
Series 28	7	-		5,341,250		5,376,218
Series 29	7	-		278,493		278,493
Series 30	4	-		21,630		21,630
Series 31	2	-		187,701		187,701
Series 32	2	-		39,180		39,180
Series 36	-	-		25,054		25,054
Series 39	-	-		29,999		29,999
Total	35	5	$	8,659,643	$	8,698,297

* 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 nine months ended December 31, 2013 the Fund disposed of thirty Operating Partnership. The Fund also had a partial disposition of one Operating Partnership. A summary of the dispositions by Series for December 31, 2013 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition *		Gain on Disposition
Series 20	3	-	$	722,000	$	722,000
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	1	6		2,601,619		2,601,619
Series 27	2	1		2,508,394		2,508,394
Series 28	1	-		939,495		939,495
Series 29	2	2		342,694		344,656
Series 31	1	-		15,000		15,000
Series 32	1	-		3,428		3,428
Series 41	1	-		52,000		52,000
Series 44	-	1		-		-
Series 45	1	-		1,044		1,044
Total	17	13	$	9,427,839	$	8,810,912

* Fund proceeds from disposition include $618,889 recorded as a receivable as of March 31, 2013, for Series 25. Proceeds from disposition does not include $1,962 which was due to a writeoff of capital contribution payable for Series 29.

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 nine months ended September 30, 2014.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

		2014	2013
Revenues
	Rental	$  84,528,316	$  96,775,255
	Interest and other	2,606,962	2,880,833
		87,135,278	99,656,088
Expenses
	Interest	15,228,667	18,485,614
	Depreciation and amortization	24,157,120	28,740,657
	Operating expenses	57,109,285	63,677,809
		96,495,072	110,904,080
NET LOSS		$ (9,359,794)	$(11,247,992)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (9,266,195)	$(11,135,514)
Net loss allocated to other Partners		$    (93,599)	$   (112,478)

* Amounts include $(8,555,691) and $(9,717,981) 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.

Series 20

		2014	2013
Revenues
	Rental	$ 1,126,789	$ 1,613,365
	Interest and other	39,437	47,810
		1,166,226	1,661,175
Expenses
	Interest	206,097	304,573
	Depreciation and amortization	314,858	410,115
	Operating expenses	893,788	1,237,697
		1,414,743	1,952,385
NET LOSS		$ (248,517)	$ (291,210)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (246,032)	$ (288,298)
Net loss allocated to other Partners		$   (2,485)	$   (2,912)

* Amounts include $(246,032) and $(288,298) 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.

Series 21

		2014	2013
Revenues
	Rental	$1,383,390	$ 1,420,425
	Interest and other	17,805	17,811
		1,401,195	1,438,236
Expenses
	Interest	379,112	391,381
	Depreciation and amortization	245,466	255,973
	Operating expenses	825,426	793,317
		1,450,004	1,440,671
NET LOSS		$  (48,809)	$   (2,435)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (48,321)	$   (2,411)
Net loss allocated to other Partners		$     (488)	$      (24)

* Amounts include $(48,321) and $(2,411) 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.

Series 22

		2014	2013
Revenues
	Rental	$ 1,092,137	$ 1,317,171
	Interest and other	25,007	29,434
		1,117,144	1,346,605
Expenses
	Interest	178,309	221,714
	Depreciation and amortization	247,965	307,676
	Operating expenses	766,413	1,005,560
		1,192,687	1,534,950
NET LOSS		$  (75,543)	$ (188,345)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (74,788)	$ (186,462)
Net loss allocated to other Partners		$     (755)	$   (1,883)

* Amounts include $(74,788) and $(186,462) 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.

Series 23

		2014	2013
Revenues
	Rental	$ 2,258,175	$ 2,304,215
	Interest and other	86,400	87,030
		2,344,575	2,391,245
Expenses
	Interest	324,093	378,293
	Depreciation and amortization	481,712	516,305
	Operating expenses	1,667,454	1,807,637
		2,473,259	2,702,235
NET LOSS		$ (128,684)	$ (310,990)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (127,396)	$ (307,879)
Net loss allocated to other Partners		$   (1,288)	$   (3,111)

* Amounts include $(127,396) and $(307,879) 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.

Series 24

		2014	2013
Revenues
	Rental	$   866,217	$ 1,240,112
	Interest and other	15,078	26,262
		881,295	1,266,374
Expenses
	Interest	103,898	164,731
	Depreciation and amortization	247,426	367,577
	Operating expenses	661,395	891,845
		1,012,719	1,424,153
NET LOSS		$ (131,424)	$ (157,779)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (130,110)	$ (156,201)
Net loss allocated to other Partners		$   (1,314)	$   (1,578)

* Amounts include $(130,110) and $(156,201) 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.

Series 25

		2014	2013
Revenues
	Rental	$   705,170	$   990,490
	Interest and other	17,671	19,601
		722,841	1,010,091
Expenses
	Interest	114,272	161,238
	Depreciation and amortization	154,334	231,048
	Operating expenses	510,224	700,334
		778,830	1,092,620
NET LOSS		$  (55,989)	$  (82,529)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (55,429)	$  (81,704)
Net loss allocated to other Partners		$     (560)	$     (825)

* Amounts include $(55,429) and $(81,704) 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.

Series 26

		2014	2013
Revenues
	Rental	$ 2,421,312	$ 3,703,623
	Interest and other	53,260	147,975
		2,474,572	3,851,598
Expenses
	Interest	345,108	596,996
	Depreciation and amortization	738,393	1,123,521
	Operating expenses	1,859,339	2,668,090
		2,942,840	4,388,607
NET LOSS		$ (468,268)	$ (537,009)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (463,585)	$ (531,639)
Net loss allocated to other Partners		$   (4,683)	$   (5,370)

* Amounts include $(463,585) and $(531,639) 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.

Series 27

		2014	2013
Revenues
	Rental	$ 3,219,944	$ 3,750,599
	Interest and other	53,825	51,588
		3,273,769	3,802,187
Expenses
	Interest	688,139	794,729
	Depreciation and amortization	713,428	877,750
	Operating expenses	1,987,064	2,165,755
		3,388,631	3,838,234
NET LOSS		$ (114,862)	$  (36,047)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (113,713)	$  (35,687)
Net loss allocated to other Partners		$   (1,149)	$     (360)

* Amounts include $(113,713) and $(35,687) 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.

Series 28

		2014	2013
Revenues
	Rental	$  2,925,832	$  5,116,918
	Interest and other	64,124	104,188
		2,989,956	5,221,106
Expenses
	Interest	364,909	786,405
	Depreciation and amortization	930,537	1,439,859
	Operating expenses	2,078,136	3,364,407
		3,373,582	5,590,671
NET LOSS		$  (383,626)	$  (369,565)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (379,790)	$  (365,869)
Net loss allocated to other Partners		$    (3,836)	$    (3,696)

* Amounts include $(379,790) and $(365,869) 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.

Series 29

		2014	2013
Revenues
	Rental	$  3,722,622	$  5,180,534
	Interest and other	133,297	147,493
		3,855,919	5,328,027
Expenses
	Interest	679,203	904,271
	Depreciation and amortization	1,215,896	1,699,327
	Operating expenses	2,586,209	3,478,206
		4,481,308	6,081,804
NET LOSS		$  (625,389)	$  (753,777)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (619,135)	$  (746,239)
Net loss allocated to other Partners		$    (6,254)	$    (7,538)

* Amounts include $(619,135) and $(746,239) 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.

Series 30

		2014	2013
Revenues
	Rental	$ 3,192,127	$ 3,414,053
	Interest and other	55,254	68,890
		3,247,381	3,482,943
Expenses
	Interest	384,121	450,721
	Depreciation and amortization	662,354	786,745
	Operating expenses	2,585,846	2,722,588
		3,632,321	3,960,054
NET LOSS		$ (384,940)	$ (477,111)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (381,091)	$ (472,340)
Net loss allocated to other Partners		$   (3,849)	$   (4,771)

* Amounts include $(381,091) and $(472,340) 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.

Series 31

		2014	2013
Revenues
	Rental	$  6,725,282	$  7,449,157
	Interest and other	405,417	277,703
		7,130,699	7,726,860
Expenses
	Interest	906,655	1,086,482
	Depreciation and amortization	1,874,447	2,183,640
	Operating expenses	4,775,906	5,006,692
		7,557,008	8,276,814
NET LOSS		$  (426,309)	$  (549,954)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (422,046)	$  (544,454)
Net loss allocated to other Partners		$    (4,263)	$    (5,500)

* Amounts include $(422,046) and $(544,454) 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.

Series 32

		2014	2013
Revenues
	Rental	$  3,988,072	$  4,360,111
	Interest and other	129,477	160,277
		4,117,549	4,520,388
Expenses
	Interest	752,380	836,418
	Depreciation and amortization	1,518,849	1,589,992
	Operating expenses	2,694,721	2,940,274
		4,965,950	5,366,684
NET LOSS		$  (848,401)	$  (846,296)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (839,917)	$  (837,833)
Net loss allocated to other Partners		$    (8,484)	$    (8,463)

* Amounts include $(839,917) and $(837,833) 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.

Series 33

		2014	2013
Revenues
	Rental	$ 2,123,488	$ 2,100,677
	Interest and other	73,152	92,338
		2,196,640	2,193,015
Expenses
	Interest	424,090	444,559
	Depreciation and amortization	677,718	667,600
	Operating expenses	1,355,246	1,308,069
		2,457,054	2,420,228
NET LOSS		$ (260,414)	$ (227,213)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (257,810)	$ (224,941)
Net loss allocated to other Partners		$   (2,604)	$   (2,272)

* Amounts include $(257,810) and $(224,941) 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.

Series 34

		2014	2013
Revenues
	Rental	$ 3,485,018	$ 4,320,147
	Interest and other	105,571	135,796
		3,590,589	4,455,943
Expenses
	Interest	509,906	636,784
	Depreciation and amortization	1,126,273	1,408,564
	Operating expenses	2,350,903	2,888,848
		3,987,082	4,934,196
NET LOSS		$ (396,493)	$ (478,253)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (392,528)	$ (473,470)
Net loss allocated to other Partners		$   (3,965)	$   (4,783)

* Amounts include $(392,528) and $(473,470) 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.

Series 35

		2014	2013
Revenues
	Rental	$ 3,328,568	$ 3,321,007
	Interest and other	120,067	111,336
		3,448,635	3,432,343
Expenses
	Interest	588,697	601,131
	Depreciation and amortization	1,066,886	1,065,218
	Operating expenses	2,034,729	2,058,703
		3,690,312	3,725,052
NET LOSS		$ (241,677)	$ (292,709)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (239,260)	$ (289,782)
Net loss allocated to other Partners		$   (2,417)	$   (2,927)

* Amounts include $(239,260) and $(289,782) 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.

Series 36

		2014	2013
Revenues
	Rental	$ 2,155,046	$ 2,226,451
	Interest and other	46,180	54,862
		2,201,226	2,281,313
Expenses
	Interest	396,753	422,755
	Depreciation and amortization	697,265	681,862
	Operating expenses	1,514,535	1,486,517
		2,608,553	2,591,134
NET LOSS		$ (407,327)	$ (309,821)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (403,254)	$ (306,723)
Net loss allocated to other Partners		$   (4,073)	$   (3,098)

* Amounts include $(403,254) and $(306,723) 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.

Series 37

		2014	2013
Revenues
	Rental	$ 3,324,764	$ 3,425,506
	Interest and other	81,492	89,176
		3,406,256	3,514,682
Expenses
	Interest	529,618	534,400
	Depreciation and amortization	1,152,618	1,186,940
	Operating expenses	2,535,651	2,482,082
		4,217,887	4,203,422
NET LOSS		$ (811,631)	$ (688,740)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (803,515)	$ (681,853)
Net loss allocated to other Partners		$   (8,116)	$   (6,887)

* Amounts include $(803,515) and $(681,853) 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.

Series 38

		2014	2013
Revenues
	Rental	$ 2,845,162	$ 2,742,355
	Interest and other	76,509	64,713
		2,921,671	2,807,068
Expenses
	Interest	536,192	545,786
	Depreciation and amortization	760,700	791,171
	Operating expenses	1,925,633	1,776,638
		3,222,525	3,113,595
NET LOSS		$ (300,854)	$ (306,527)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (297,845)	$ (303,462)
Net loss allocated to other Partners		$   (3,009)	$   (3,065)

* Amounts include $(297,845) and $(303,462) 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.

Series 39

		2014	2013
Revenues
	Rental	$ 2,083,504	$ 2,051,267
	Interest and other	73,611	74,127
		2,157,115	2,125,394
Expenses
	Interest	373,445	381,191
	Depreciation and amortization	584,386	658,304
	Operating expenses	1,498,867	1,419,540
		2,456,698	2,459,035
NET LOSS		$ (299,583)	$ (333,641)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (296,587)	$ (330,305)
Net loss allocated to other Partners		$   (2,996)	$   (3,336)

* Amounts include $(296,587) and $(330,305) 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.

Series 40

		2014	2013
Revenues
	Rental	$ 3,105,312	$ 3,077,919
	Interest and other	172,029	74,743
		3,277,341	3,152,662
Expenses
	Interest	601,716	680,754
	Depreciation and amortization	1,017,484	989,733
	Operating expenses	2,074,246	2,119,148
		3,693,446	3,789,635
NET LOSS		$ (416,105)	$ (636,973)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (411,944)	$ (630,603)
Net loss allocated to other Partners		$   (4,161)	$   (6,370)

* Amounts include $(411,944) and $(630,603) 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.

Series 41

		2014	2013
Revenues
	Rental	$ 4,306,456	$ 4,184,645
	Interest and other	123,671	109,707
		4,430,127	4,294,352
Expenses
	Interest	922,181	875,912
	Depreciation and amortization	1,088,288	1,676,222
	Operating expenses	2,689,541	2,391,198
		4,700,010	4,943,332
NET LOSS		$ (269,883)	$ (648,980)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (267,184)	$ (642,490)
Net loss allocated to other Partners		$   (2,699)	$   (6,490)

* Amounts include $(267,184) and $(642,490) 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.

Series 42

		2014	2013
Revenues
	Rental	$ 4,744,893	$ 4,642,261
	Interest and other	183,231	151,839
		4,928,124	4,794,100
Expenses
	Interest	918,112	962,345
	Depreciation and amortization	1,246,081	1,308,459
	Operating expenses	2,905,856	2,799,018
		5,070,049	5,069,822
NET LOSS		$ (141,925)	$ (275,722)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (140,506)	$ (272,965)
Net loss allocated to other Partners		$   (1,419)	$   (2,757)

* Amounts include $(140,506) and $(165,552) 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.

Series 43

		2014	2013
Revenues
	Rental	$ 5,790,207	$ 5,716,863
	Interest and other	158,764	178,429
		5,948,971	5,895,292
Expenses
	Interest	1,023,421	1,102,099
	Depreciation and amortization	1,671,650	1,712,649
	Operating expenses	3,514,228	3,372,052
		6,209,299	6,186,800
NET LOSS		$ (260,328)	$ (291,508)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (257,725)	$ (288,593)
Net loss allocated to other Partners		$   (2,603)	$   (2,915)

* Amounts include $(244,034) and $(42,243) 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.

Series 44

		2014	2013
Revenues
	Rental	$  4,445,309	$  5,846,657
	Interest and other	124,497	211,036
		4,569,806	6,057,693
Expenses
	Interest	1,217,198	1,776,274
	Depreciation and amortization	1,144,382	1,725,913
	Operating expenses	2,494,479	3,431,350
		4,856,059	6,933,537
NET LOSS		$  (286,253)	$  (875,844)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (283,390)	$  (867,086)
Net loss allocated to other Partners		$    (2,863)	$    (8,758)

* Amounts include $(283,390) and $(764,573) 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.

Series 45

		2014	2013
Revenues
	Rental	$  5,054,228	$  7,151,010
	Interest and other	116,481	191,009
		5,170,709	7,342,019
Expenses
	Interest	818,545	1,511,863
	Depreciation and amortization	1,515,556	2,080,236
	Operating expenses	3,469,402	4,598,368
		5,803,503	8,190,467
NET LOSS		$  (632,794)	$  (848,448)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (626,466)	$  (839,964)
Net loss allocated to other Partners		$    (6,328)	$    (8,484)

* Amounts include $(361,342) and $(304,968) 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.

Series 46

		2014	2013
Revenues
	Rental	$ 4,109,292	$ 4,107,717
	Interest and other	55,655	155,660
		4,164,947	4,263,377
Expenses
	Interest	942,497	931,809
	Depreciation and amortization	1,062,168	998,258
	Operating expenses	2,854,048	2,763,876
		4,858,713	4,693,943
NET LOSS		$ (693,766)	$ (430,566)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (686,828)	$ (426,261)
Net loss allocated to other Partners		$   (6,938)	$   (4,305)

* Amounts include $(255,139) 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.