INVESTMENTS IN OPERATING PARTNERSHIPS

6 Months Ended

Sep. 30, 2016

Investments In Operating Partnerships [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2016 and 2015, the Fund has limited partnership interests in 236 and 277 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2016 and 2015 are as follows:

	2016	2015
Series 20	3	4
Series 21	2	2
Series 22	3	4
Series 23	5	7
Series 24	6	6
Series 25	4	4
Series 26	13	14
Series 27	5	7
Series 28	5	10
Series 29	8	8
Series 30	8	9
Series 31	17	18
Series 32	10	11
Series 33	5	5
Series 34	5	8
Series 35	5	7
Series 36	3	9
Series 37	4	6
Series 38	8	10

Series 39	3	9
Series 40	12	16
Series 41	18	18
Series 42	15	15
Series 43	19	19
Series 44	7	8
Series 45	28	28
Series 46	15	15
	236	277

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, 2016 and 2015, are as follows:

	2016	2015
Series 22	$      -	$  8,659
Series 29	8,235	8,235
Series 30	105,139	105,139
Series 31	66,294	66,294
Series 32	1,229	1,229
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
	$578,113	$586,772

During the six months ended September 30, 2016 the Fund disposed of twenty two Operating Partnerships. A summary of the dispositions by Series for September 30, 2016 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition
Series 20	-	1	$	138,000	$	138,000
Series 23	1	-		3,550		3,550
Series 26	1	-		18,500		18,500
Series 27	1	1		3,016,000		3,016,000
Series 28	1	-		5,000		5,000
Series 34	2	-		242,500		242,500
Series 35	-	1		2,380,752		2,380,752
Series 36	3	1		2,503,252		2,503,252
Series 37	2	-		1,934,639		1,934,639
Series 39	4	-		122,100		122,100
Series 40	2	-		49,000		49,000
Series 44	-	1		-		-
Total	17	5	$	10,413,293	$	10,413,293

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.

During the six months ended September 30, 2015 the Fund disposed of twenty-nine Operating Partnerships. A summary of the dispositions by Series for September 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition
Series 21	2	-	$	326,273	$	326,273
Series 22	2	-		232,296		232,989
Series 23	2	-		215,459		215,459
Series 24	-	-		96,715		16,675
Series 26	3	-		128,000		59,000
Series 28	1	-		1,197,000		1,197,000
Series 29	1	1		199,000		199,000
Series 30	2	-		312,461		261,461
Series 31	1	-		1,256,102		1,256,102
Series 33	1	-		1,097,000		1,097,000
Series 34	1	-		37,000		37,000
Series 35	1	1		972,250		972,250
Series 41	1	-		457,440		457,440
Series 42	5	-		3,254,655		3,214,695
Series 43	4	-		2,492,094		2,492,094
Total	27	2	$	12,273,745	$	12,034,438

* Fund proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015. Fund proceeds from disposition does not include $693 which was due to a write-off of capital contribution payable Series 22.

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, 2016.

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

		2016	2015
Revenues
	Rental	$  36,065,499	$  45,203,563
	Interest and other	1,352,575	1,285,405
		37,418,074	46,488,968
Expenses
	Interest	6,268,686	7,888,032
	Depreciation and amortization	9,906,888	12,463,273
	Operating expenses	26,167,804	30,752,781
		42,343,378	51,104,086
NET LOSS		$ (4,925,304)	$ (4,615,118)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (4,876,047)	$ (4,568,964)
Net loss allocated to other Partners		$    (49,257)	$    (46,154)

* Amounts include $(4,876,047) and $(4,406,179) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   334,521	$   418,810
	Interest and other	17,848	19,006
		352,369	437,816
Expenses
	Interest	36,427	47,011
	Depreciation and amortization	86,616	101,632
	Operating expenses	256,689	310,583
		379,732	459,226
NET LOSS		$  (27,363)	$  (21,410)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (27,089)	$  (21,196)
Net loss allocated to other Partners		$     (274)	$     (214)

* Amounts include $(27,089) and $(21,196) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   254,448	$   315,338
	Interest and other	1,593	2,100
		256,041	317,438
Expenses
	Interest	26,001	44,646
	Depreciation and amortization	41,517	51,789
	Operating expenses	189,063	244,856
		256,581	341,291
NET LOSS		$     (540)	$  (23,853)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$     (535)	$  (23,614)
Net loss allocated to other Partners		$       (5)	$     (239)

* Amounts include $(535) and $(23,614) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   253,512	$   475,615
	Interest and other	9,919	11,730
		263,431	487,345
Expenses
	Interest	26,537	66,701
	Depreciation and amortization	55,366	113,609
	Operating expenses	215,687	349,376
		297,590	529,686
NET LOSS		$  (34,159)	$  (42,341)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (33,817)	$  (41,918)
Net loss allocated to other Partners		$     (342)	$     (423)

* Amounts include $(33,817) and $(41,918) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   984,595	$ 1,377,593
	Interest and other	32,230	42,646
		1,016,825	1,420,239
Expenses
	Interest	89,603	157,010
	Depreciation and amortization	307,885	324,218
	Operating expenses	804,619	1,095,569
		1,202,107	1,576,797
NET LOSS		$ (185,282)	$ (156,558)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (183,428)	$ (154,991)
Net loss allocated to other Partners		$   (1,854)	$   (1,567)

* Amounts include $(183,428) and $(154,991) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   515,358	$   502,834
	Interest and other	9,973	10,154
		525,331	512,988
Expenses
	Interest	46,052	47,306
	Depreciation and amortization	136,278	137,080
	Operating expenses	410,197	418,156
		592,527	602,542
NET LOSS		$  (67,196)	$  (89,554)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (66,524)	$  (88,658)
Net loss allocated to other Partners		$     (672)	$     (896)

* Amounts include $(66,524) and $(88,658) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   427,000	$   434,822
	Interest and other	12,744	10,457
		439,744	445,279
Expenses
	Interest	55,151	68,232
	Depreciation and amortization	78,604	77,664
	Operating expenses	328,546	316,742
		462,301	462,638
NET LOSS		$  (22,557)	$  (17,359)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (22,331)	$  (17,185)
Net loss allocated to other Partners		$     (226)	$     (174)

* Amounts include $(22,331) and $(17,185) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 1,133,662	$ 1,307,218
	Interest and other	24,802	25,613
		1,158,464	1,332,831
Expenses
	Interest	181,864	197,728
	Depreciation and amortization	288,199	352,022
	Operating expenses	1,002,380	1,039,030
		1,472,443	1,588,780
NET LOSS		$ (313,979)	$ (255,949)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (310,839)	$ (253,390)
Net loss allocated to other Partners		$   (3,140)	$   (2,559)

* Amounts include $(310,839) and $(253,390) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 1,380,003	$ 2,131,992
	Interest and other	6,276	23,304
		1,386,279	2,155,296
Expenses
	Interest	239,810	427,512
	Depreciation and amortization	309,373	446,408
	Operating expenses	944,846	1,293,531
		1,494,029	2,167,451
NET LOSS		$ (107,750)	$  (12,155)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (106,672)	$  (12,033)
Net loss allocated to other Partners		$   (1,078)	$     (122)

* Amounts include $(106,672) and $(12,033) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$    500,121	$  1,068,294
	Interest and other	9,336	22,268
		509,457	1,090,562
Expenses
	Interest	71,995	85,171
	Depreciation and amortization	115,386	354,444
	Operating expenses	433,166	847,019
		620,547	1,286,634
NET LOSS		$  (111,090)	$  (196,072)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (109,979)	$  (194,111)
Net loss allocated to other Partners		$    (1,111)	$    (1,961)

* Amounts include $(109,979) and $(194,111) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$    962,895	$  1,003,232
	Interest and other	63,597	64,239
		1,026,492	1,067,471
Expenses
	Interest	199,552	189,364
	Depreciation and amortization	244,583	274,358
	Operating expenses	770,811	797,043
		1,214,946	1,260,765
NET LOSS		$  (188,454)	$  (193,294)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (186,569)	$  (191,361)
Net loss allocated to other Partners		$    (1,885)	$    (1,933)

* Amounts include $(186,569) and $(191,361) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   751,561	$ 1,234,713
	Interest and other	45,948	24,356
		797,509	1,259,069
Expenses
	Interest	91,581	137,653
	Depreciation and amortization	202,659	262,136
	Operating expenses	610,909	974,484
		905,149	1,374,273
NET LOSS		$ (107,640)	$ (115,204)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (106,564)	$ (114,052)
Net loss allocated to other Partners		$   (1,076)	$   (1,152)

* Amounts include $(106,564) and $(114,052) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$  1,940,685	$  2,465,084
	Interest and other	174,470	89,374
		2,115,155	2,554,458
Expenses
	Interest	196,780	283,455
	Depreciation and amortization	567,427	594,205
	Operating expenses	1,541,743	1,901,611
		2,305,950	2,779,271
NET LOSS		$  (190,795)	$  (224,813)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (188,887)	$  (222,565)
Net loss allocated to other Partners		$    (1,908)	$    (2,248)

* Amounts include $(188,887) and $(222,565) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$  1,722,521	$  2,032,846
	Interest and other	159,181	63,023
		1,881,702	2,095,869
Expenses
	Interest	268,103	368,226
	Depreciation and amortization	537,645	727,641
	Operating expenses	1,427,978	1,391,384
		2,233,726	2,487,251
NET LOSS		$  (352,024)	$  (391,382)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (348,504)	$  (387,468)
Net loss allocated to other Partners		$    (3,520)	$    (3,914)

* Amounts include $(348,504) and $(387,468) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   687,842	$   681,965
	Interest and other	21,964	17,096
		709,806	699,061
Expenses
	Interest	112,698	109,503
	Depreciation and amortization	192,599	210,065
	Operating expenses	518,800	452,542
		824,097	772,110
NET LOSS		$ (114,291)	$  (73,049)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (113,148)	$  (72,319)
Net loss allocated to other Partners		$   (1,143)	$     (730)

* Amounts include $(113,148) and $(72,319) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   792,078	$ 1,397,775
	Interest and other	25,072	37,799
		817,150	1,435,574
Expenses
	Interest	121,301	229,624
	Depreciation and amortization	214,454	360,388
	Operating expenses	618,888	944,799
		954,643	1,534,811
NET LOSS		$ (137,493)	$  (99,237)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (136,118)	$  (98,245)
Net loss allocated to other Partners		$   (1,375)	$     (992)

* Amounts include $(136,118) and $(98,245) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 1,175,230	$ 1,578,198
	Interest and other	38,304	51,707
		1,213,534	1,629,905
Expenses
	Interest	224,588	316,275
	Depreciation and amortization	412,269	468,066
	Operating expenses	732,303	935,527
		1,369,160	1,719,868
NET LOSS		$ (155,626)	$  (89,963)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (154,070)	$  (89,063)
Net loss allocated to other Partners		$   (1,556)	$     (900)

* Amounts include $(154,070) and $(89,063) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   317,822	$ 1,507,446
	Interest and other	8,517	25,672
		326,339	1,533,118
Expenses
	Interest	57,271	283,848
	Depreciation and amortization	97,781	485,787
	Operating expenses	243,903	1,023,950
		398,955	1,793,585
NET LOSS		$  (72,616)	$ (260,467)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (71,890)	$ (257,862)
Net loss allocated to other Partners		$     (726)	$   (2,605)

* Amounts include $(71,890) and $(257,862) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 1,452,093	$ 1,982,200
	Interest and other	58,318	37,642
		1,510,411	2,019,842
Expenses
	Interest	306,076	369,232
	Depreciation and amortization	459,576	567,481
	Operating expenses	1,053,614	1,444,391
		1,819,266	2,381,104
NET LOSS		$ (308,855)	$ (361,262)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (305,766)	$ (357,649)
Net loss allocated to other Partners		$   (3,089)	$   (3,613)

* Amounts include $(305,766) and $(357,649) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 1,756,776	$ 1,869,747
	Interest and other	45,784	56,081
		1,802,560	1,925,828
Expenses
	Interest	304,848	345,016
	Depreciation and amortization	420,171	526,055
	Operating expenses	1,187,985	1,314,846
		1,913,004	2,185,917
NET LOSS		$ (110,444)	$ (260,089)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (109,340)	$ (257,488)
Net loss allocated to other Partners		$   (1,104)	$   (2,601)

* Amounts include $(109,340) and $(257,488) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$   746,462	$ 1,358,384
	Interest and other	28,669	60,845
		775,131	1,419,229
Expenses
	Interest	148,585	246,902
	Depreciation and amortization	172,026	386,912
	Operating expenses	534,006	1,037,607
		854,617	1,671,421
NET LOSS		$  (79,486)	$ (252,192)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (78,691)	$ (249,670)
Net loss allocated to other Partners		$     (795)	$   (2,522)

* Amounts include $(78,691) and $(249,670) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 1,448,000	$ 2,168,775
	Interest and other	29,090	67,170
		1,477,090	2,235,945
Expenses
	Interest	290,153	446,834
	Depreciation and amortization	434,196	697,543
	Operating expenses	1,003,602	1,374,402
		1,727,951	2,518,779
NET LOSS		$ (250,861)	$ (282,834)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (248,352)	$ (280,006)
Net loss allocated to other Partners		$   (2,509)	$   (2,828)

* Amounts include $(248,352) and $(280,006) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 2,720,284	$ 2,801,800
	Interest and other	73,131	91,172
		2,793,415	2,892,972
Expenses
	Interest	547,115	542,600
	Depreciation and amortization	678,310	721,750
	Operating expenses	1,828,142	1,739,882
		3,053,567	3,004,232
NET LOSS		$ (260,152)	$ (111,260)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (257,550)	$ (110,147)
Net loss allocated to other Partners		$   (2,602)	$   (1,113)

* Amounts include $(257,550) and $(110,147) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 1,799,442	$ 2,419,424
	Interest and other	129,594	120,967
		1,929,036	2,540,391
Expenses
	Interest	380,976	502,601
	Depreciation and amortization	558,935	709,510
	Operating expenses	1,364,820	1,615,686
		2,304,731	2,827,797
NET LOSS		$ (375,695)	$ (287,406)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (371,938)	$ (284,532)
Net loss allocated to other Partners		$   (3,757)	$   (2,874)

* Amounts include $(371,938) and $(284,532) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 2,590,713	$ 3,238,064
	Interest and other	109,734	119,246
		2,700,447	3,357,310
Expenses
	Interest	382,972	498,924
	Depreciation and amortization	875,902	994,350
	Operating expenses	1,963,968	1,915,389
		3,222,842	3,408,663
NET LOSS		$ (522,395)	$  (51,353)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (517,171)	$  (50,839)
Net loss allocated to other Partners		$   (5,224)	$     (514)

* Amounts include $(517,171) and $(50,839) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$  2,977,712	$  2,963,278
	Interest and other	77,859	78,935
		3,055,571	3,042,213
Expenses
	Interest	722,083	767,046
	Depreciation and amortization	727,408	770,821
	Operating expenses	1,702,100	1,709,863
		3,151,591	3,247,730
NET LOSS		$   (96,020)	$  (205,517)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$   (95,060)	$  (203,462)
Net loss allocated to other Partners		$      (960)	$    (2,055)

* Amounts include $(95,060) and $(203,462) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$  3,583,687	$  3,612,886
	Interest and other	68,543	68,998
		3,652,230	3,681,884
Expenses
	Interest	513,990	506,207
	Depreciation and amortization	1,005,493	1,002,855
	Operating expenses	2,559,633	2,473,948
		4,079,116	3,983,010
NET LOSS		$  (426,886)	$  (301,126)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (422,617)	$  (298,115)
Net loss allocated to other Partners		$    (4,269)	$    (3,011)

* Amounts include $(422,617) and $(259,106) for 2016 and 2015, 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

		2016	2015
Revenues
	Rental	$ 2,856,476	$ 2,855,230
	Interest and other	70,079	43,805
		2,926,555	2,899,035
Expenses
	Interest	626,574	603,405
	Depreciation and amortization	686,230	744,484
	Operating expenses	1,919,406	1,790,565
		3,232,210	3,138,454
NET LOSS		$ (305,655)	$ (239,419)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (302,598)	$ (237,025)
Net loss allocated to other Partners		$   (3,057)	$   (2,394)

* Amounts include $(302,598) and $(113,249) for 2016 and 2015, 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.