FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

BOSTON CAPITAL TAX CREDIT FUND IV L.P. -

SERIES 20 THROUGH SERIES 46

MARCH 31, 2011 AND 2010

Boston Capital Tax Credit Fund IV L.P. -

Series 20 through Series 46

TABLE OF CONTENTS

		PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		F-3
FINANCIAL STATEMENTS
	BALANCE SHEETS	F-6
	STATEMENTS OF OPERATIONS	F-34
	STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-62
	STATEMENTS OF CASH FLOWS	F-90
	NOTES TO FINANCIAL STATEMENTS	F-146

Schedules not listed are omitted because of the absence of the conditions under which they are required or the information is included in the financial statements or the notes thereto.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of

Boston Capital Tax Credit Fund IV L.P.

 We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund IV L.P. - Series 20 through Series 46, in total and for each series, as of March 31, 2011 and 2010, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2011.  These financial statements are the responsibility of the partnership’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.  We did not audit the financial statements of certain operating limited partnerships which investments represent $4,005,671 and $7,099,920 of the total partnership assets as of March 31, 2011 and 2010, respectively, and $(9,743) and $(689,921), of the total  partnership income (loss) for the years ended March 31, 2011 and 2010, respectively; of the assets for Series 20 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 20 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 21 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 21 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 22 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 22 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 23 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 23 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 24 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 24 for the years ended March 31, 2011 and  2010, $0 and $0, respectively; of the assets for Series 25 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 25 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 26 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 26 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 27 as of March 31, 2011 and 2010, $0 and $11,323, respectively, and of the income (loss) for Series 27 for the years ended March 31, 2011 and 2010, $6,794 and $(7,022), respectively; of the assets for Series 28 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 28 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 29 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 29 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 30 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 30 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 31 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 31 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 32 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 32 for the years ended March 31, 2011 and 2010, $0 and $0,respectively; of the assets for Series 33 as of March 31, 2011 and 2010, $0 and $21,092, respectively, and of the income (loss) for Series 33 for the years ended March 31, 2011 and 2010, $12,616 and $(13,038), respectively; of the assets for Series 34 as of March 31, 2011 and 2010, $0 and

F-3

$164,603, respectively, and of the income (loss) for Series 34 for the years ended March 31, 2011 and 2010, $(50,405) and $(198,911), respectively; of the assets for Series 35 as of March 31, 2011 and 2010, $0 and $79,882, respectively, and of the income (loss) for Series 35 for the years ended March 31, 2011 and 2010, $(32,094) and $(148,813), respectively; of the assets for Series 36 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 36 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 37 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 37 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 38 as of March 31, 2011 and 2010, $5,286 and $237,808, respectively, and of the income (loss) for Series 38 for the years ended March 31, 2011 and 2010, $(43,310) and $(40,914), respectively; of the assets for Series 39 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 39 for the years ended March 31, 2011 and 2010, $0 and $0, respectively; of the assets for Series 40 as of March 31, 2011 and 2010, $262,792 and $498,571, respectively, and of the income (loss) for Series 40 for the years ended March 31, 2011 and 2010, $(58,840) and $(109,329), respectively; of the assets for Series 41 as of March 31, 2011 and 2010, $825,010 and $1,282,663, respectively, and of the income (loss) for Series 41 for the years ended March 31, 2011 and 2010, $(157,292) and $(176,298), respectively; of the assets for Series 42 as of March 31, 2011 and 2010, $1,023,374 and $1,416,999, respectively, and of the income (loss) for Series 42 for the years ended March 31, 2011 and 2010, $210,915 and  $209,018, respectively; of the assets for Series 43 as of March 31, 2011 and 2010, $1,330,220 and $1,882,739, respectively, and of the income (loss) for Series 43 for the years ended March 31, 2011 and 2010, $136,200 and $71,837, respectively; of the assets for Series 44 as of March 31, 2011 and 2010, $558,989 and $759,655, respectively, and of the income (loss) for Series 44 for the years ended March 31, 2011 and 2010, $(34,327) and $(69,219), respectively; of the assets for Series 45 as of March 31, 2011 and 2010, $0 and $744,585, respectively, and of the (income) income (loss) for Series 45 for years ended March 31, 2011 and 2010, $0 and $(207,232), respectively; and of the assets for Series 46 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 46 for the years ended March 31, 2011 and 2010, $0 and $0, respectively. Those statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to those operating limited partnerships, is based solely on the reports of the other auditors.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting.  Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion.

F-4

In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund IV L.P. - Series 20 through Series 46, in total and for each series, as of March 31, 2011 and 2010, and the results of its operations and its cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

/s/ Reznick Group, P.C.

REZNICK GROUP, P.C.

Bethesda, Maryland

July 13, 2011

F-5

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

March 31, 2011 and 2010

	Total
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	47,231,216		$	79,603,328
OTHER ASSETS
Cash and cash equivalents		7,926,372			6,498,869
Notes receivable		69,698			723,071
Deferred acquisition costs, net of accumulated amortization		5,139,203			8,667,943
Other assets		200,011			205,926
	$	60,566,500		$	95,699,137
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	184,088		$	90,252
Accounts payable - affiliates		51,518,653			51,204,507
Capital contributions payable		1,158,822			2,081,011
		52,861,563			53,375,770
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 83,651,080 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 issued and 83,649,080 and 83,651,080  outstanding at March 31, 2011 and 2010, respectively		14,794,108			49,066,354
General partner		(7,089,171	)		(6,742,987	)
		7,704,937			42,323,367
	$	60,566,500		$	95,699,137

(continued)

F-6

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 20
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		245,496			187,333
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			2,633
	$	245,496		$	189,966
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	17,876		$	7,500
Accounts payable - affiliates		2,695,130			3,432,216
Capital contributions payable		-			-
		2,713,006			3,439,716
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,866,700 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 at March 31, 2011 and 2010 issued and outstanding		(2,134,583	)		(2,909,001	)
General partner		(332,927	)		(340,749	)
		(2,467,510	)		(3,249,750	)
	$	245,496		$	189,966

(continued)

F-7

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 21
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		338,841			287,156
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	338,841		$	287,156
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	8,020		$	15,808
Accounts payable - affiliates		1,585,039			1,515,274
Capital contributions payable		-			-
		1,593,059			1,531,082
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 1,892,700 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 issued and 1,890,700 and 1,892,700  outstanding at March 31, 2011 and 2010, respectively		(1,079,725	)		(1,069,536	)
General partner		(174,493	)		(174,390	)
		(1,254,218	)		(1,243,926	)
	$	338,841		$	287,156

(continued)

F-8

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 22
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		344,376			150,885
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		500			3,000
	$	344,876		$	153,885
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	12,501		$	20,115
Accounts payable - affiliates		3,001,623			3,344,254
Capital contributions payable		9,352			9,352
		3,023,476			3,373,721
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,564,400 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 at March 31, 2011 and 2010 issued and outstanding		(2,432,731	)		(2,968,555	)
General partner		(245,869	)		(251,281	)
		(2,678,600	)		(3,219,836	)
	$	344,876		$	153,885

(continued)

F-9

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 23
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		325,579			96,567
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	325,579		$	96,567
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	19,800		$	30,173
Accounts payable - affiliates		2,443,015			2,814,021
Capital contributions payable		-			-
		2,462,815			2,844,194
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,336,727 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 at March 31, 2011 and 2010 issued and outstanding		(1,831,017	)		(2,435,304	)
General partner		(306,219	)		(312,323	)
		(2,137,236	)		(2,747,627	)
	$	325,579		$	96,567

(continued)

F-10

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 24
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		200,227			247,141
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	200,227		$	247,141
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	8,178		$	15,678
Accounts payable - affiliates		2,610,014			2,532,114
Capital contributions payable		9,999			9,999
		2,628,191			2,557,791
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,169,878 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 at March 31, 2011 and 2010 issued and outstanding		(2,218,387	)		(2,102,246	)
General partner		(209,577	)		(208,404	)
		(2,427,964	)		(2,310,650	)
	$	200,227		$	247,141

(continued)

F-11

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 25
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		562,226			256,530
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		1,250			1,250
	$	563,476		$	257,780
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	55,386		$	978
Accounts payable - affiliates		2,155,199			2,343,988
Capital contributions payable		10,001			10,001
		2,220,586			2,354,967
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,026,109 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 at March 31, 2011 and 2010 issued and outstanding		(1,383,095	)		(1,818,771	)
General partner		(274,015	)		(278,416	)
		(1,657,110	)		(2,097,187	)
	$	563,476		$	257,780

 (continued)

F-12

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 26
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		476,868			312,412
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		5,400			5,400
	$	482,268		$	317,812
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	30,000		$	-
Accounts payable - affiliates		2,300,560			3,306,873
Capital contributions payable		14,490			14,490
		2,345,050			3,321,363
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,995,900 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 at March 31, 2011 and 2010 issued and outstanding		(1,503,901	)		(2,633,262	)
General partner		(358,881	)		(370,289	)
		(1,862,782	)		(3,003,551	)
	$	482,268		$	317,812

(continued)

F-13

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 27
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	2,342,151
OTHER ASSETS
Cash and cash equivalents		550,614			273,885
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		130,783			196,175
Other assets		20,074			20,074
	$	701,471		$	2,832,285
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	10,000		$	-
Accounts payable - affiliates		2,195,499			3,300,668
Capital contributions payable		22,861			22,861
		2,228,360			3,323,529
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,460,700 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 at March 31, 2011 and 2010 issued and outstanding		(1,305,173	)		(279,884	)
General partner		(221,716	)		(211,360	)
		(1,526,889	)		(491,244	)
	$	701,471		$	2,832,285

(continued)

F-14

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 28
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		259,714			262,507
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		3,550			3,550
	$	263,264		$	266,057
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,329,696			1,045,580
Capital contributions payable		40,968			40,968
		1,370,664			1,086,548
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,000,738 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 at March 31, 2011 and 2010 issued and outstanding		(752,578	)		(468,538	)
General partner		(354,822	)		(351,953	)
		(1,107,400	)		(820,491	)
	$	263,264		$	266,057

(continued)

F-15

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 29
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	24,395
OTHER ASSETS
Cash and cash equivalents		214,315			206,375
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			28,950
Other assets		-			-
	$	214,315		$	259,720
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,895,197			2,563,793
Capital contributions payable		10,197			10,197
		2,905,394			2,573,990
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,991,800 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 at March 31, 2011 and 2010 issued and outstanding		(2,325,521	)		(1,952,480	)
General partner		(365,558	)		(361,790	)
		(2,691,079	)		(2,314,270	)
	$	214,315		$	259,720

(continued)

F-16

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 30
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	83,042
OTHER ASSETS
Cash and cash equivalents		421,530			280,327
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			26,275
Other assets		6,675			6,675
	$	428,205		$	396,319
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	10,000		$	-
Accounts payable - affiliates		1,396,458			1,213,298
Capital contributions payable		127,396			127,396
		1,533,854			1,340,694
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,651,000 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 at March 31, 2011 and 2010 issued and outstanding		(867,536	)		(707,875	)
General partner		(238,113	)		(236,500	)
		(1,105,649	)		(944,375	)
	$	428,205		$	396,319

(continued)

F-17

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 31
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	31,776		$	42,364
OTHER ASSETS
Cash and cash equivalents		181,199			166,800
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		25,000			25,000
	$	237,975		$	234,164
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,346,962			1,982,810
Capital contributions payable		66,294			66,294
		2,413,256			2,049,104
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,417,857 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 at March 31, 2011 and 2010 issued and outstanding		(1,774,270	)		(1,417,532	)
General partner		(401,011	)		(397,408	)
		(2,175,281	)		(1,814,940	)
	$	237,975		$	234,164

(continued)

F-18

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 32
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	52,794		$	698,752
OTHER ASSETS
Cash and cash equivalents		495,360			340,581
Notes receivable		46,908			46,908
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	595,062		$	1,086,241
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,411,011			2,521,238
Capital contributions payable		173,561			173,561
		2,584,572			2,694,799
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,754,198 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 at March 31, 2011 and 2010 issued and outstanding		(1,563,253	)		(1,186,111	)
General partner		(426,257	)		(422,447	)
		(1,989,510	)		(1,608,558	)
	$	595,062		$	1,086,241

(continued)

F-19

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 33
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	150,153
OTHER ASSETS
Cash and cash equivalents		240,231			184,115
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	240,231		$	334,268
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	3,403		$	-
Accounts payable - affiliates		1,639,856			1,495,481
Capital contributions payable		69,154			69,154
		1,712,413			1,564,635
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,636,533 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 at March 31, 2011 and 2010 issued and outstanding		(1,231,680	)		(992,283	)
General partner		(240,502	)		(238,084	)
		(1,472,182	)		(1,230,367	)
	$	240,231		$	334,268

(continued)

F-20

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 34
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	452,150
OTHER ASSETS
Cash and cash equivalents		64,486			74,138
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			224,375
Other assets		-			-
	$	64,486		$	750,663
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		3,022,850			2,712,281
Capital contributions payable		-			-
		3,022,850			2,712,281
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,529,319 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 at March 31, 2011 and 2010 issued and outstanding		(2,628,390	)		(1,641,611	)
General partner		(329,974	)		(320,007	)
		(2,958,364	)		(1,961,618	)
	$	64,486		$	750,663

(continued)

F-21

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 35
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	93,491		$	2,576,041
OTHER ASSETS
Cash and cash equivalents		116,848			127,244
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			216,861
Other assets		-			-
	$	210,339		$	2,920,146
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,613,702			1,385,342
Capital contributions payable		-			-
		1,613,702			1,385,342
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,300,463 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 at March 31, 2011 and 2010 issued and outstanding		(1,107,304	)		1,801,481
General partner		(296,059	)		(266,677	)
		(1,403,363	)		1,534,804
	$	210,339		$	2,920,146

(continued)

F-22

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 36
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	57,706		$	1,812,747
OTHER ASSETS
Cash and cash equivalents		133,266			142,855
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	190,972		$	1,955,602
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,840,826			1,674,205
Capital contributions payable		-			-
		1,840,826			1,674,205
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,106,837 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,837 at March 31, 2011 and 2010 issued and outstanding		(1,454,692	)		457,246
General partner		(195,162	)		(175,849	)
		(1,649,854	)		281,397
	$	190,972		$	1,955,602

(continued)

F-23

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 37
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	36,479		$	1,400,181
OTHER ASSETS
Cash and cash equivalents		346,391			309,745
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			354,744
Other assets		-			-
	$	382,870		$	2,064,670
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,632,555			1,427,691
Capital contributions payable		138,438			138,438
		1,770,993			1,566,129
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,512,500 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 at March 31, 2011 and 2010 issued and outstanding		(1,158,678	)		709,119
General partner		(229,445	)		(210,578	)
		(1,388,123	)		498,541
	$	382,870		$	2,064,670

(continued)

F-24

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 38
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	999,523		$	3,761,779
OTHER ASSETS
Cash and cash equivalents		235,617			209,324
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			41,876
Other assets		-			-
	$	1,235,140		$	4,012,979
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,392,823			1,228,423
Capital contributions payable		-			-
		1,392,823			1,228,423
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,543,100 issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 at March 31, 2011 and 2010 issued and outstanding		62,178			2,974,995
General partner		(219,861	)		(190,439	)
		(157,683	)		2,784,556
	$	1,235,140		$	4,012,979

(continued)

F-25

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 39
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,378,166		$	3,970,104
OTHER ASSETS
Cash and cash equivalents		187,805			183,296
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			33,348
Other assets		-			-
	$	1,565,971		$	4,186,748
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,187,499			1,050,699
Capital contributions payable		-			-
		1,187,499			1,050,699
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,292,152  issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,152 at March 31, 2011 and 2010 issued and outstanding		571,129			3,301,130
General partner		(192,657	)		(165,081	)
		378,472			3,136,049
	$	1,565,971		$	4,186,748

(continued)

F-26

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 40
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	2,491,075		$	4,858,175
OTHER ASSETS
Cash and cash equivalents		109,745			120,514
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			159,105
Other assets		-			-
	$	2,600,820		$	5,137,794
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,206,199			1,994,200
Capital contributions payable		102			102
		2,206,301			1,994,302
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,630,256  issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 at March 31, 2011 and 2010 issued and outstanding		615,517			3,337,000
General partner		(220,998	)		(193,508	)
		394,519			3,143,492
	$	2,600,820		$	5,137,794

(continued)

F-27

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 41
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	2,811,584		$	4,593,671
OTHER ASSETS
Cash and cash equivalents		215,834			78,660
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		458,451			890,050
Other assets		1,218			2,052
	$	3,487,087		$	5,564,433
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	8,924		$	-
Accounts payable - affiliates		2,418,072			2,478,543
Capital contributions payable		100			100
		2,427,096			2,478,643
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,891,626  issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 at March 31, 2011 and 2010 issued and outstanding		1,298,560			3,304,101
General partner		(238,569	)		(218,311	)
		1,059,991			3,085,790
	$	3,487,087		$	5,564,433

(continued)

F-28

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 42
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	3,740,801		$	5,635,060
OTHER ASSETS
Cash and cash equivalents		311,423			348,800
Notes receivable		22,790			292,933
Deferred acquisition costs, net of accumulated amortization		430,304			695,692
Other assets		51,003			51,003
	$	4,556,321		$	7,023,488
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,523,753			1,273,973
Capital contributions payable		73,433			452,937
		1,597,186			1,726,910
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,744,262  issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 at March 31, 2011 and 2010 issued and outstanding		3,170,482			5,484,551
General partner		(211,347	)		(187,973	)
		2,959,135			5,296,578
	$	4,556,321		$	7,023,488

(continued)

F-29

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 43
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	6,613,148		$	9,259,429
OTHER ASSETS
Cash and cash equivalents		234,982			256,265
Notes receivable		-			186,626
Deferred acquisition costs, net of accumulated amortization		593,492			1,608,977
Other assets		85,341			85,289
	$	7,526,963		$	11,396,586
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,704,370			1,397,590
Capital contributions payable		121,112			307,738
		1,825,482			1,705,328
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,637,987  issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 at March 31, 2011 and 2010 issued and outstanding		5,965,988			9,915,867
General partner		(264,507	)		(224,609	)
		5,701,481			9,691,258
	$	7,526,963		$	11,396,586

(continued)

F-30

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 44
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	5,205,103		$	7,784,498
OTHER ASSETS
Cash and cash equivalents		395,938			590,586
Notes receivable		-			196,604
Deferred acquisition costs, net of accumulated amortization		1,696,790			1,979,590
Other assets		-			-
	$	7,297,831		$	10,551,278
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		808,505			523,804
Capital contributions payable		254,640			590,561
		1,063,145			1,114,365
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,701,193  issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,193 at March 31, 2011 and 2010 issued and outstanding		6,409,788			9,579,993
General partner		(175,102	)		(143,080	)
		6,234,686			9,436,913
	$	7,297,831		$	10,551,278

(continued)

F-31

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 45
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	12,086,770		$	15,742,704
OTHER ASSETS
Cash and cash equivalents		425,893			537,189
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		1,638,551			1,911,643
Other assets		-			-
	$	14,151,214		$	18,191,536
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		633,993			367,429
Capital contributions payable		16,724			16,724
		650,717			384,153
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,014,367  issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 at March 31, 2011 and 2010 issued and outstanding		13,719,154			17,982,971
General partner		(218,657	)		(175,588	)
		13,500,497			17,807,383
	$	14,151,214		$	18,191,536

(continued)

F-32

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2011 and 2010

	Series 46
	2011			2010
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	11,632,800		$	14,415,932
OTHER ASSETS
Cash and cash equivalents		291,568			267,639
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		190,832			300,282
Other assets		-			-
	$	12,115,200		$	14,983,853
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		528,247			278,719
Capital contributions payable		-			20,138
		528,247			298,857
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,980,998  issued to the assignees at March 31, 2011 and 2010		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 at March 31, 2011 and 2010 issued and outstanding		11,733,826			14,800,889
General partner		(146,873	)		(115,893	)
		11,586,953			14,684,996
	$	12,115,200		$	14,983,853

(see notes to financial statements)

F-33

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS

Years ended March 31, 2011 and 2010

	Total
	2011			2010
Income
Interest income	$	137,688		$	31,866
Miscellaneous		607,819			523,613
		745,507			555,479
Share of income (losses) from operating limited partnerships		(3,954,019	)		(12,195,721	)
Expenses and loss
Fund management fee		5,297,336			5,572,190
Amortization		1,786,355			2,460,106
General and administrative expenses		576,759			707,116
Professional fees		711,340			718,814
Impairment loss		23,038,128			27,675,675
		31,409,918			37,133,901
NET INCOME (LOSS)	$	(34,618,430	)	$	(48,774,143	)
Net income (loss) allocated to general partner	$	(346,184	)	$	(487,741	)
Net income (loss) allocated to limited partners	$	(34,272,246	)	$	(48,286,402	)
Net income (loss) per BAC	$	(0.41	)	$	(0.58	)

(continued)

F-34

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 20
	2011		2010
Income
Interest income	$	3,664	$	2,221
Miscellaneous		82,647		76,958
		86,311		79,179
Share of income (losses) from operating limited partnerships		921,489		(29,623	)
Expenses and loss
Fund management fee		164,780		261,521
Amortization		-		-
General and administrative expenses		23,592		27,341
Professional fees		37,188		39,783
Impairment loss		-		-
		225,560		328,645
NET INCOME (LOSS)	$	782,240	$	(279,089	)
Net income (loss) allocated to general partner	$	7,822	$	(2,791	)
Net income (loss) allocated to limited partners	$	774,418	$	(276,298	)
Net income (loss) per BAC	$	0.20	$	(0.07	)

(continued)

F-35

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 21
	2011			2010
Income
Interest income	$	1,051		$	269
Miscellaneous		1,538			5,056
		2,589			5,325
Share of income (losses) from operating limited partnerships		25,729			634,441
Expenses and loss
Fund management fee		(3,588	)		76,287
Amortization		-			-
General and administrative expenses		16,262			17,063
Professional fees		25,936			18,157
Impairment loss		-			-
		38,610			111,507
NET INCOME (LOSS)	$	(10,292	)	$	528,259
Net income (loss) allocated to general partner	$	(103	)	$	5,283
Net income (loss) allocated to limited partners	$	(10,189	)	$	522,976
Net income (loss) per BAC	$	(0.01	)	$	0.28

(continued)

F-36

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 22
	2011		2010
Income
Interest income	$	357	$	82
Miscellaneous		15,840		13,614
		16,197		13,696
Share of income (losses) from operating limited partnerships		754,900		60,867
Expenses and loss
Fund management fee		182,982		231,667
Amortization		-		-
General and administrative expenses		19,193		22,504
Professional fees		27,686		29,070
Impairment loss		-		-
		229,861		283,241
NET INCOME (LOSS)	$	541,236	$	(208,678	)
Net income (loss) allocated to general partner	$	5,412	$	(2,087	)
Net income (loss) allocated to limited partners	$	535,824	$	(206,591	)
Net income (loss) per BAC	$	0.21	$	(0.08	)

(continued)

F-37

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 23
	2011		2010
Income
Interest income	$	697	$	160
Miscellaneous		114,766		801
		115,463		961
Share of income (losses) from operating limited partnerships		688,724		38,225
Expenses and loss
Fund management fee		141,628		209,275
Amortization		-		-
General and administrative expenses		25,904		25,079
Professional fees		26,264		23,828
Impairment loss		-		-
		193,796		258,182
NET INCOME (LOSS)	$	610,391	$	(218,996	)
Net income (loss) allocated to general partner	$	6,104	$	(2,190	)
Net income (loss) allocated to limited partners	$	604,287	$	(216,806	)
Net income (loss) per BAC	$	0.18	$	(0.06	)

(continued)

F-38

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 24
	2011			2010
Income
Interest income	$	1,467		$	138
Miscellaneous		88,954			62,132
		90,421			62,270
Share of income (losses) from operating limited partnerships		-			107,945
Expenses and loss
Fund management fee		162,294			130,818
Amortization		-			-
General and administrative expenses		18,356			19,347
Professional fees		27,085			31,452
Impairment loss		-			-
		207,735			181,617
NET INCOME (LOSS)	$	(117,314	)	$	(11,402	)
Net income (loss) allocated to general partner	$	(1,173	)	$	(114	)
Net income (loss) allocated to limited partners	$	(116,141	)	$	(11,288	)
Net income (loss) per BAC	$	(0.05	)	$	(0.01	)

(continued)

F-39

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 25
	2011		2010
Income
Interest income	$	3,185	$	2,935
Miscellaneous		170,778		121,979
		173,963		124,914
Share of income (losses) from operating limited partnerships		469,513		68,662
Expenses and loss
Fund management fee		158,216		156,684
Amortization		-		11,423
General and administrative expenses		20,742		22,562
Professional fees		24,441		27,870
Impairment loss		-		62,147
		203,399		280,686
NET INCOME (LOSS)	$	440,077	$	(87,110	)
Net income (loss) allocated to general partner	$	4,401	$	(871	)
Net income (loss) allocated to limited partners	$	435,676	$	(86,239	)
Net income (loss) per BAC	$	0.14	$	(0.03	)

(continued)

F-40

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 26
	2011		2010
Income
Interest income	$	1,217	$	827
Miscellaneous		26,680		62,389
		27,897		63,216
Share of income (losses) from operating limited partnerships		1,451,966		(724,045	)
Expenses and loss
Fund management fee		274,363		298,631
Amortization		-		34,324
General and administrative expenses		25,779		29,560
Professional fees		38,952		43,503
Impairment loss		-		606,124
		339,094		1,012,142
NET INCOME (LOSS)	$	1,140,769	$	(1,672,971	)
Net income (loss) allocated to general partner	$	11,408	$	(16,730	)
Net income (loss) allocated to limited partners	$	1,129,361	$	(1,656,241	)
Net income (loss) per BAC	$	0.28	$	(0.41	)

(continued)

F-41

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 27
	2011			2010
Income
Interest income	$	1,478		$	126
Miscellaneous		11,791			8,522
		13,269			8,648
Share of income (losses) from operating limited partnerships		(676,060	)		(80,272	)
Expenses and loss
Fund management fee		242,040			175,634
Amortization		68,492			68,492
General and administrative expenses		16,798			60,255
Professional fees		21,215			22,159
Impairment loss		24,309			153,410
		372,854			479,950
NET INCOME (LOSS)	$	(1,035,645	)	$	(551,574	)
Net income (loss) allocated to general partner	$	(10,356	)	$	(5,516	)
Net income (loss) allocated to limited partners	$	(1,025,289	)	$	(546,058	)
Net income (loss) per BAC	$	(0.42	)	$	(0.22	)

(continued)

F-42

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 28
	2011			2010
Income
Interest income	$	3,842		$	2,262
Miscellaneous		28,868			28,200
		32,710			30,462
Share of income (losses) from operating limited partnerships		-			(455,332	)
Expenses and loss
Fund management fee		269,189			257,632
Amortization		-			-
General and administrative expenses		23,318			27,715
Professional fees		27,112			29,923
Impairment loss		-			183,235
		319,619			498,505
NET INCOME (LOSS)	$	(286,909	)	$	(923,375	)
Net income (loss) allocated to general partner	$	(2,869	)	$	(9,234	)
Net income (loss) allocated to limited partners	$	(284,040	)	$	(914,141	)
Net income (loss) per BAC	$	(0.07	)	$	(0.23	)

(continued)

F-43

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 29
	2011			2010
Income
Interest income	$	1,709		$	179
Miscellaneous		12,038			24,975
		13,747			25,154
Share of income (losses) from operating limited partnerships		(24,395	)		(204,007	)
Expenses and loss
Fund management fee		283,476			224,592
Amortization		28,950			28,948
General and administrative expenses		23,550			28,417
Professional fees		30,185			35,829
Impairment loss		-			380,451
		366,161			698,237
NET INCOME (LOSS)	$	(376,809	)	$	(877,090	)
Net income (loss) allocated to general partner	$	(3,768	)	$	(8,771	)
Net income (loss) allocated to limited partners	$	(373,041	)	$	(868,319	)
Net income (loss) per BAC	$	(0.09	)	$	(0.22	)

(continued)

F-44

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 30
	2011			2010
Income
Interest income	$	3,780		$	3,798
Miscellaneous		2,535			555
		6,315			4,353
Share of income (losses) from operating limited partnerships		83,888			(566,987	)
Expenses and loss
Fund management fee		167,720			157,242
Amortization		26,275			104,340
General and administrative expenses		18,424			21,671
Professional fees		23,469			25,077
Impairment loss		15,589			615,661
		251,477			923,991
NET INCOME (LOSS)	$	(161,274	)	$	(1,486,625	)
Net income (loss) allocated to general partner	$	(1,613	)	$	(14,866	)
Net income (loss) allocated to limited partners	$	(159,661	)	$	(1,471,759	)
Net income (loss) per BAC	$	(0.06	)	$	(0.56	)

(continued)

F-45

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 31
	2011			2010
Income
Interest income	$	2,172		$	1,939
Miscellaneous		2,107			5,925
		4,279			7,864
Share of income (losses) from operating limited partnerships		156,023			197,045
Expenses and loss
Fund management fee		301,200			325,984
Amortization		-			-
General and administrative expenses		23,490			29,807
Professional fees		29,342			37,669
Impairment loss		166,611			796,383
		520,643			1,189,843
NET INCOME (LOSS)	$	(360,341	)	$	(984,934	)
Net income (loss) allocated to general partner	$	(3,603	)	$	(9,849	)
Net income (loss) allocated to limited partners	$	(356,738	)	$	(975,085	)
Net income (loss) per BAC	$	(0.08	)	$	(0.22	)

(continued)

F-46

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 32
	2011			2010
Income
Interest income	$	3,923		$	3,037
Miscellaneous		6,262			38,436
		10,185			41,473
Share of income (losses) from operating limited partnerships		186,600			(903,427	)
Expenses and loss
Fund management fee		253,986			200,086
Amortization		-			131,056
General and administrative expenses		23,608			28,859
Professional fees		27,583			25,113
Impairment loss		272,560			1,688,725
		577,737			2,073,839
NET INCOME (LOSS)	$	(380,952	)	$	(2,935,793	)
Net income (loss) allocated to general partner	$	(3,810	)	$	(29,358	)
Net income (loss) allocated to limited partners	$	(377,142	)	$	(2,906,435	)
Net income (loss) per BAC	$	(0.08	)	$	(0.61	)

(continued)

F-47

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 33
	2011			2010
Income
Interest income	$	1,521		$	940
Miscellaneous		4,452			581
		5,973			1,521
Share of income (losses) from operating limited partnerships		(52,927	)		(387,789	)
Expenses and loss
Fund management fee		117,876			139,550
Amortization		-			11,980
General and administrative expenses		19,102			20,406
Professional fees		20,657			18,239
Impairment loss		37,226			1,267,778
		194,861			1,457,953
NET INCOME (LOSS)	$	(241,815	)	$	(1,844,221	)
Net income (loss) allocated to general partner	$	(2,418	)	$	(18,442	)
Net income (loss) allocated to limited partners	$	(239,397	)	$	(1,825,779	)
Net income (loss) per BAC	$	(0.09	)	$	(0.69	)

(continued)

F-48

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 34
	2011			2010
Income
Interest income	$	182		$	42
Miscellaneous		1,539			5,505
		1,721			5,547
Share of income (losses) from operating limited partnerships		(227,070	)		(610,451	)
Expenses and loss
Fund management fee		279,042			270,742
Amortization		224,375			384,440
General and administrative expenses		21,853			24,097
Professional fees		21,047			22,003
Impairment loss		225,080			1,042,951
		771,397			1,744,233
NET INCOME (LOSS)	$	(996,746	)	$	(2,349,137	)
Net income (loss) allocated to general partner	$	(9,967	)	$	(23,491	)
Net income (loss) allocated to limited partners	$	(986,779	)	$	(2,325,646	)
Net income (loss) per BAC	$	(0.28	)	$	(0.66	)

(continued)

F-49

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 35
	2011			2010
Income
Interest income	$	831		$	191
Miscellaneous		4,094			-
		4,925			191
Share of income (losses) from operating limited partnerships		(609,403	)		(815,231	)
Expenses and loss
Fund management fee		203,016			192,057
Amortization		72,288			72,288
General and administrative expenses		21,224			23,465
Professional fees		19,441			19,567
Impairment loss		2,017,720			2,237,536
		2,333,689			2,544,913
NET INCOME (LOSS)	$	(2,938,167	)	$	(3,359,953	)
Net income (loss) allocated to general partner	$	(29,382	)	$	(33,600	)
Net income (loss) allocated to limited partners	$	(2,908,785	)	$	(3,326,353	)
Net income (loss) per BAC	$	(0.88	)	$	(1.01	)

(continued)

F-50

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 36
	2011			2010
Income
Interest income	$	673		$	155
Miscellaneous		-			1,550
		673			1,705
Share of income (losses) from operating limited partnerships		(336,138	)		(492,791	)
Expenses and loss
Fund management fee		153,365			135,349
Amortization		-			29,840
General and administrative expenses		17,888			18,664
Professional fees		19,270			18,998
Impairment loss		1,405,263			1,548,176
		1,595,786			1,751,027
NET INCOME (LOSS)	$	(1,931,251	)	$	(2,242,113	)
Net income (loss) allocated to general partner	$	(19,313	)	$	(22,421	)
Net income (loss) allocated to limited partners	$	(1,911,938	)	$	(2,219,692	)
Net income (loss) per BAC	$	(0.91	)	$	(1.05	)

(continued)

F-51

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 37
	2011			2010
Income
Interest income	$	3,602		$	3,025
Miscellaneous		-			-
		3,602			3,025
Share of income (losses) from operating limited partnerships		(228,964	)		(599,344	)
Expenses and loss
Fund management fee		184,364			178,046
Amortization		118,248			118,248
General and administrative expenses		18,635			22,634
Professional fees		15,990			15,958
Impairment loss		1,324,065			1,849,293
		1,661,302			2,184,179
NET INCOME (LOSS)	$	(1,886,664	)	$	(2,780,498	)
Net income (loss) allocated to general partner	$	(18,867	)	$	(27,805	)
Net income (loss) allocated to limited partners	$	(1,867,797	)	$	(2,752,693	)
Net income (loss) per BAC	$	(0.74	)	$	(1.10	)

(continued)

F-52

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 38
	2011			2010
Income
Interest income	$	940		$	558
Miscellaneous		-			-
		940			558
Share of income (losses) from operating limited partnerships		(564,465	)		(658,134	)
Expenses and loss
Fund management fee		145,865			123,264
Amortization		13,960			26,220
General and administrative expenses		19,375			23,535
Professional fees		18,966			18,514
Impairment loss		2,180,548			1,863,888
		2,378,714			2,055,421
NET INCOME (LOSS)	$	(2,942,239	)	$	(2,712,997	)
Net income (loss) allocated to general partner	$	(29,422	)	$	(27,130	)
Net income (loss) allocated to limited partners	$	(2,912,817	)	$	(2,685,867	)
Net income (loss) per BAC	$	(1.15	)	$	(1.06	)

(continued)

F-53

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 39
	2011			2010
Income
Interest income	$	2,845		$	769
Miscellaneous		-			-
		2,845			769
Share of income (losses) from operating limited partnerships		(890,369	)		(779,953	)
Expenses and loss
Fund management fee		111,465			119,665
Amortization		11,116			22,072
General and administrative expenses		18,112			21,875
Professional fees		18,313			17,607
Impairment loss		1,711,047			1,331,559
		1,870,053			1,512,778
NET INCOME (LOSS)	$	(2,757,577	)	$	(2,291,962	)
Net income (loss) allocated to general partner	$	(27,576	)	$	(22,920	)
Net income (loss) allocated to limited partners	$	(2,730,001	)	$	(2,269,042	)
Net income (loss) per BAC	$	(1.19	)	$	(0.99	)

(continued)

F-54

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 40
	2011			2010
Income
Interest income	$	649		$	150
Miscellaneous		-			36,733
		649			36,883
Share of income (losses) from operating limited partnerships		(601,594	)		(900,724	)
Expenses and loss
Fund management fee		179,279			180,246
Amortization		53,036			53,036
General and administrative expenses		20,102			24,037
Professional fees		24,711			23,396
Impairment loss		1,870,900			1,565,033
		2,148,028			1,845,748
NET INCOME (LOSS)	$	(2,748,973	)	$	(2,709,589	)
Net income (loss) allocated to general partner	$	(27,490	)	$	(27,096	)
Net income (loss) allocated to limited partners	$	(2,721,483	)	$	(2,682,493	)
Net income (loss) per BAC	$	(1.03	)	$	(1.02	)

(continued)

F-55

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 41
	2011			2010
Income
Interest income	$	1,435		$	116
Miscellaneous		32,502			29,378
		33,937			29,494
Share of income (losses) from operating limited partnerships		(302,783	)		(553,631	)
Expenses and loss
Fund management fee		184,032			207,772
Amortization		222,512			282,764
General and administrative expenses		22,718			27,285
Professional fees		27,285			27,903
Impairment loss		1,300,406			1,370,664
		1,756,953			1,916,388
NET INCOME (LOSS)	$	(2,025,799	)	$	(2,440,525	)
Net income (loss) allocated to general partner	$	(20,258	)	$	(24,405	)
Net income (loss) allocated to limited partners	$	(2,005,541	)	$	(2,416,120	)
Net income (loss) per BAC	$	(0.69	)	$	(0.84	)

(continued)

F-56

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 42
	2011			2010
Income
Interest income	$	7,667		$	1,159
Miscellaneous		218			324
		7,885			1,483
Share of income (losses) from operating limited partnerships		(347,607	)		(342,003	)
Expenses and loss
Fund management fee		130,906			225,604
Amortization		99,384			128,732
General and administrative expenses		23,194			27,461
Professional fees		32,586			28,766
Impairment loss		1,711,651			1,688,303
		1,997,721			2,098,866
NET INCOME (LOSS)	$	(2,337,443	)	$	(2,439,386	)
Net income (loss) allocated to general partner	$	(23,374	)	$	(24,394	)
Net income (loss) allocated to limited partners	$	(2,314,069	)	$	(2,414,992	)
Net income (loss) per BAC	$	(0.84	)	$	(0.88	)

(continued)

F-57

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 43
	2011			2010
Income
Interest income	$	1,966		$	1,010
Miscellaneous		25			-
		1,991			1,010
Share of income (losses) from operating limited partnerships		(503,263	)		(514,076	)
Expenses and loss
Fund management fee		187,208			289,686
Amortization		247,749			289,737
General and administrative expenses		24,829			29,698
Professional fees		35,621			31,628
Impairment loss		2,993,098			2,024,801
		3,488,505			2,665,550
NET INCOME (LOSS)	$	(3,989,777	)	$	(3,178,616	)
Net income (loss) allocated to general partner	$	(39,898	)	$	(31,786	)
Net income (loss) allocated to limited partners	$	(3,949,879	)	$	(3,146,830	)
Net income (loss) per BAC	$	(1.09	)	$	(0.86	)

(continued)

F-58

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 44
	2011			2010
Income
Interest income	$	78,270		$	2,434
Miscellaneous		25			-
		78,295			2,434
Share of income (losses) from operating limited partnerships		(1,281,159	)		(1,444,199	)
Expenses and loss
Fund management fee		267,673			248,351
Amortization		283,982			294,134
General and administrative expenses		20,415			24,809
Professional fees		31,133			19,351
Impairment loss		1,396,160			1,198,091
		1,999,363			1,784,736
NET INCOME (LOSS)	$	(3,202,227	)	$	(3,226,501	)
Net income (loss) allocated to general partner	$	(32,022	)	$	(32,265	)
Net income (loss) allocated to limited partners	$	(3,170,205	)	$	(3,194,236	)
Net income (loss) per BAC	$	(1.17	)	$	(1.18	)

(continued)

F-59

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 45
	2011			2010
Income
Interest income	$	4,018		$	1,889
Miscellaneous		25			-
		4,043			1,889
Share of income (losses) from operating limited partnerships		(1,187,195	)		(1,379,202	)
Expenses and loss
Fund management fee		341,411			328,620
Amortization		273,092			288,104
General and administrative expenses		27,606			32,502
Professional fees		35,839			42,276
Impairment loss		2,445,786			2,117,133
		3,123,734			2,808,635
NET INCOME (LOSS)	$	(4,306,886	)	$	(4,185,948	)
Net income (loss) allocated to general partner	$	(43,069	)	$	(41,859	)
Net income (loss) allocated to limited partners	$	(4,263,817	)	$	(4,144,089	)
Net income (loss) per BAC	$	(1.06	)	$	(1.03	)

(continued)

F-60

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 46
	2011			2010
Income
Interest income	$	4,547		$	1,455
Miscellaneous		135			-
		4,682			1,455
Share of income (losses) from operating limited partnerships		(859,459	)		(861,685	)
Expenses and loss
Fund management fee		213,548			227,185
Amortization		42,896			79,928
General and administrative expenses		22,690			26,468
Professional fees		24,023			25,175
Impairment loss		1,940,109			2,084,333
		2,243,266			2,443,089
NET INCOME (LOSS)	$	(3,098,043	)	$	(3,303,319	)
Net income (loss) allocated to general partner	$	(30,980	)	$	(33,033	)
Net income (loss) allocated to limited partners	$	(3,067,063	)	$	(3,270,286	)
Net income (loss) per BAC	$	(1.03	)	$	(1.10	)

(see notes to financial statements)

F-61

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2011 and 2010

Total	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	97,352,756		$	(6,255,246	)	$	91,097,510
Net income (loss)		(48,286,402	)		(487,741	)		(48,774,143	)
Partners’ capital (deficit), March 31, 2010		49,066,354			(6,742,987	)		42,323,367
Net income (loss)		(34,272,246	)		(346,184	)		(34,618,430	)
Partners’ capital (deficit), March 31, 2011	$	14,794,108		$	(7,089,171	)	$	7,704,937

(continued)

F-62

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 20	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	(2,632,703	)	$	(337,958	)	$	(2,970,661	)
Net income (loss)		(276,298	)		(2,791	)		(279,089	)
Partners’ capital (deficit), March 31, 2010		(2,909,001	)		(340,749	)		(3,249,750	)
Net income (loss)		774,418			7,822			782,240
Partners’ capital (deficit), March 31, 2011	$	(2,134,583	)	$	(332,927	)	$	(2,467,510	)

(continued)

F-63

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 21	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	(1,592,512	)	$	(179,673	)	$	(1,772,185	)
Net income (loss)		522,976			5,283			528,259
Partners’ capital (deficit), March 31, 2010		(1,069,536	)		(174,390	)		(1,243,926	)
Net income (loss)		(10,189	)		(103	)		(10,292	)
Partners’ capital (deficit), March 31, 2011	$	(1,079,725	)	$	(174,493	)	$	(1,254,218	)

(continued)

F-64

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 22	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	(2,761,964	)	$	(249,194	)	$	(3,011,158	)
Net income (loss)		(206,591	)		(2,087	)		(208,678	)
Partners’ capital (deficit), March 31, 2010		(2,968,555	)		(251,281	)		(3,219,836	)
Net income (loss)		535,824			5,412			541,236
Partners’ capital (deficit), March 31, 2011	$	(2,432,731	)	$	(245,869	)	$	(2,678,600	)

(continued)

F-65

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 23	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	(2,218,498	)	$	(310,133	)	$	(2,528,631	)
Net income (loss)		(216,806	)		(2,190	)		(218,996	)
Partners’ capital (deficit), March 31, 2010		(2,435,304	)		(312,323	)		(2,747,627	)
Net income (loss)		604,287			6,104			610,391
Partners’ capital (deficit), March 31, 2011	$	(1,831,017	)	$	(306,219	)	$	(2,137,236	)

(continued)

F-66

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 24	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	(2,090,958	)	$	(208,290	)	$	(2,299,248	)
Net income (loss)		(11,288	)		(114	)		(11,402	)
Partners’ capital (deficit), March 31, 2010		(2,102,246	)		(208,404	)		(2,310,650	)
Net income (loss)		(116,141	)		(1,173	)		(117,314	)
Partners’ capital (deficit), March 31, 2011	$	(2,218,387	)	$	(209,577	)	$	(2,427,964	)

(continued)

F-67

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 25	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	(1,732,532	)	$	(277,545	)	$	(2,010,077	)
Net income (loss)		(86,239	)		(871	)		(87,110	)
Partners’ capital (deficit), March 31, 2010		(1,818,771	)		(278,416	)		(2,097,187	)
Net income (loss)		435,676			4,401			440,077
Partners’ capital (deficit), March 31, 2011	$	(1,383,095	)	$	(274,015	)	$	(1,657,110	)

(continued)

F-68

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 26	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	(977,021	)	$	(353,559	)	$	(1,330,580	)
Net income (loss)		(1,656,241	)		(16,730	)		(1,672,971	)
Partners’ capital (deficit), March 31, 2010		(2,633,262	)		(370,289	)		(3,003,551	)
Net income (loss)		1,129,361			11,408			1,140,769
Partners’ capital (deficit), March 31, 2011	$	(1,503,901	)	$	(358,881	)	$	(1,862,782	)

(continued)

F-69

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 27	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	266,174		$	(205,844	)	$	60,330
Net income (loss)		(546,058	)		(5,516	)		(551,574	)
Partners’ capital (deficit), March 31, 2010		(279,884	)		(211,360	)		(491,244	)
Net income (loss)		(1,025,289	)		(10,356	)		(1,035,645	)
Partners’ capital (deficit), March 31, 2011	$	(1,305,173	)	$	(221,716	)	$	(1,526,889	)

(continued)

F-70

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 28	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	445,603		$	(342,719	)	$	102,884
Net income (loss)		(914,141	)		(9,234	)		(923,375	)
Partners’ capital (deficit), March 31, 2010		(468,538	)		(351,953	)		(820,491	)
Net income (loss)		(284,040	)		(2,869	)		(286,909	)
Partners’ capital (deficit), March 31, 2011	$	(752,578	)	$	(354,822	)	$	(1,107,400	)

(continued)

F-71

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 29	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	(1,084,161	)	$	(353,019	)	$	(1,437,180	)
Net income (loss)		(868,319	)		(8,771	)		(877,090	)
Partners’ capital (deficit), March 31, 2010		(1,952,480	)		(361,790	)		(2,314,270	)
Net income (loss)		(373,041	)		(3,768	)		(376,809	)
Partners’ capital (deficit), March 31, 2011	$	(2,325,521	)	$	(365,558	)	$	(2,691,079	)

(continued)

F-72

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 30	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	763,884		$	(221,634	)	$	542,250
Net income (loss)		(1,471,759	)		(14,866	)		(1,486,625	)
Partners’ capital (deficit), March 31, 2010		(707,875	)		(236,500	)		(944,375	)
Net income (loss)		(159,661	)		(1,613	)		(161,274	)
Partners’ capital (deficit), March 31, 2011	$	(867,536	)	$	(238,113	)	$	(1,105,649	)

(continued)

F-73

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 31	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	(442,447	)	$	(387,559	)	$	(830,006	)
Net income (loss)		(975,085	)		(9,849	)		(984,934	)
Partners’ capital (deficit), March 31, 2010		(1,417,532	)		(397,408	)		(1,814,940	)
Net income (loss)		(356,738	)		(3,603	)		(360,341	)
Partners’ capital (deficit), March 31, 2011	$	(1,774,270	)	$	(401,011	)	$	(2,175,281	)

(continued)

F-74

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 32	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	1,720,324		$	(393,089	)	$	1,327,235
Net income (loss)		(2,906,435	)		(29,358	)		(2,935,793	)
Partners’ capital (deficit), March 31, 2010		(1,186,111	)		(422,447	)		(1,608,558	)
Net income (loss)		(377,142	)		(3,810	)		(380,952	)
Partners’ capital (deficit), March 31, 2011	$	(1,563,253	)	$	(426,257	)	$	(1,989,510	)

(continued)

F-75

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 33	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	833,496		$	(219,642	)	$	613,854
Net income (loss)		(1,825,779	)		(18,442	)		(1,844,221	)
Partners’ capital (deficit), March 31, 2010		(992,283	)		(238,084	)		(1,230,367	)
Net income (loss)		(239,397	)		(2,418	)		(241,815	)
Partners’ capital (deficit), March 31, 2011	$	(1,231,680	)	$	(240,502	)	$	(1,472,182	)

(continued)

F-76

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 34	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	684,035		$	(296,516	)	$	387,519
Net income (loss)		(2,325,646	)		(23,491	)		(2,349,137	)
Partners’ capital (deficit), March 31, 2010		(1,641,611	)		(320,007	)		(1,961,618	)
Net income (loss)		(986,779	)		(9,967	)		(996,746	)
Partners’ capital (deficit), March 31, 2011	$	(2,628,390	)	$	(329,974	)	$	(2,958,364	)

(continued)

F-77

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 35	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	5,127,834		$	(233,077	)	$	4,894,757
Net income (loss)		(3,326,353	)		(33,600	)		(3,359,953	)
Partners’ capital (deficit), March 31, 2010		1,801,481			(266,677	)		1,534,804
Net income (loss)		(2,908,785	)		(29,382	)		(2,938,167	)
Partners’ capital (deficit), March 31, 2011	$	(1,107,304	)	$	(296,059	)	$	(1,403,363	)

(continued)

F-78

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 36	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	2,676,938		$	(153,428	)	$	2,523,510
Net income (loss)		(2,219,692	)		(22,421	)		(2,242,113	)
Partners’ capital (deficit), March 31, 2010		457,246			(175,849	)		281,397
Net income (loss)		(1,911,938	)		(19,313	)		(1,931,251	)
Partners’ capital (deficit), March 31, 2011	$	(1,454,692	)	$	(195,162	)	$	(1,649,854	)

(continued)

F-79

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 37	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	3,461,812		$	(182,773	)	$	3,279,039
Net income (loss)		(2,752,693	)		(27,805	)		(2,780,498	)
Partners’ capital (deficit), March 31, 2010		709,119			(210,578	)		498,541
Net income (loss)		(1,867,797	)		(18,867	)		(1,886,664	)
Partners’ capital (deficit), March 31, 2011	$	(1,158,678	)	$	(229,445	)	$	(1,388,123	)

(continued)

F-80

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 38	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	5,660,862		$	(163,309	)	$	5,497,553
Net income (loss)		(2,685,867	)		(27,130	)		(2,712,997	)
Partners’ capital (deficit), March 31, 2010		2,974,995			(190,439	)		2,784,556
Net income (loss)		(2,912,817	)		(29,422	)		(2,942,239	)
Partners’ capital (deficit), March 31, 2011	$	62,178		$	(219,861	)	$	(157,683	)

(continued)

F-81

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 39	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	5,570,172		$	(142,161	)	$	5,428,011
Net income (loss)		(2,269,042	)		(22,920	)		(2,291,962	)
Partners’ capital (deficit), March 31, 2010		3,301,130			(165,081	)		3,136,049
Net income (loss)		(2,730,001	)		(27,576	)		(2,757,577	)
Partners’ capital (deficit), March 31, 2011	$	571,129		$	(192,657	)	$	378,472

(continued)

F-82

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 40	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	6,019,493		$	(166,412	)	$	5,853,081
Net income (loss)		(2,682,493	)		(27,096	)		(2,709,589	)
Partners’ capital (deficit), March 31, 2010		3,337,000			(193,508	)		3,143,492
Net income (loss)		(2,721,483	)		(27,490	)		(2,748,973	)
Partners’ capital (deficit), March 31, 2011	$	615,517		$	(220,998	)	$	394,519

(continued)

F-83

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 41	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	5,720,221		$	(193,906	)	$	5,526,315
Net income (loss)		(2,416,120	)		(24,405	)		(2,440,525	)
Partners’ capital (deficit), March 31, 2010		3,304,101			(218,311	)		3,085,790
Net income (loss)		(2,005,541	)		(20,258	)		(2,025,799	)
Partners’ capital (deficit), March 31, 2011	$	1,298,560		$	(238,569	)	$	1,059,991

(continued)

F-84

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 42	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	7,899,543		$	(163,579	)	$	7,735,964
Net income (loss)		(2,414,992	)		(24,394	)		(2,439,386	)
Partners’ capital (deficit), March 31, 2010		5,484,551			(187,973	)		5,296,578
Net income (loss)		(2,314,069	)		(23,374	)		(2,337,443	)
Partners’ capital (deficit), March 31, 2011	$	3,170,482		$	(211,347	)	$	2,959,135

(continued)

F-85

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 43	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	13,062,697		$	(192,823	)	$	12,869,874
Net income (loss)		(3,146,830	)		(31,786	)		(3,178,616	)
Partners’ capital (deficit), March 31, 2010		9,915,867			(224,609	)		9,691,258
Net income (loss)		(3,949,879	)		(39,898	)		(3,989,777	)
Partners’ capital (deficit), March 31, 2011	$	5,965,988		$	(264,507	)	$	5,701,481

(continued)

F-86

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 44	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	12,774,229		$	(110,815	)	$	12,663,414
Net income (loss)		(3,194,236	)		(32,265	)		(3,226,501	)
Partners’ capital (deficit), March 31, 2010		9,579,993			(143,080	)		9,436,913
Net income (loss)		(3,170,205	)		(32,022	)		(3,202,227	)
Partners’ capital (deficit), March 31, 2011	$	6,409,788		$	(175,102	)	$	6,234,686

(continued)

F-87

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 45	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	22,127,060		$	(133,729	)	$	21,993,331
Net income (loss)		(4,144,089	)		(41,859	)		(4,185,948	)
Partners’ capital (deficit), March 31, 2010		17,982,971			(175,588	)		17,807,383
Net income (loss)		(4,263,817	)		(43,069	)		(4,306,886	)
Partners’ capital (deficit), March 31, 2011	$	13,719,154		$	(218,657	)	$	13,500,497

(continued)

F-88

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2011 and 2010

Series 46	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2009	$	18,071,175		$	(82,860	)	$	17,988,315
Net income (loss)		(3,270,286	)		(33,033	)		(3,303,319	)
Partners’ capital (deficit), March 31, 2010		14,800,889			(115,893	)		14,684,996
Net income (loss)		(3,067,063	)		(30,980	)		(3,098,043	)
Partners’ capital (deficit), March 31, 2011	$	11,733,826		$	(146,873	)	$	11,586,953

(see notes to financial statements)

F-89

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Years ended March 31, 2011 and 2010

	Total
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(34,618,430	)	$	(48,774,143	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		3,954,019			12,195,721
Impairment loss		23,038,128			27,675,675
Distributions received from operating limited partnerships		182,237			464,620
Amortization		1,786,355			2,460,106
Changes in assets and liabilities
Other assets		(165,855	)		295,631
Accounts payable and accrued expenses		93,836			51,863
Accounts payable - affiliates		314,146			4,959,048
Net cash provided by (used in) operating activities		(5,415,564	)		(671,479	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(259,901	)		-
Proceeds from disposition of operating limited partnerships		7,102,968			988,360
Net cash provided by (used in) investing activities		6,843,067			988,360
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,427,503			316,881
Cash and cash equivalents, beginning		6,498,869			6,181,988
Cash and cash equivalents, ending	$	7,926,372		$	6,498,869

(continued)

F-90

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Total
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	8,915	$	16,888
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	653,373	$	250,000
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	18,818	$	41,331

(continued)

F-91

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 20
	2011			2010
Cash flows from operating activities
Net income (loss)	$	782,240		$	(279,089	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(921,489	)		29,623
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		2,633			(42,424	)
Accounts payable and accrued expenses		10,376			7,500
Accounts payable - affiliates		(737,086	)		287,024
Net cash provided by (used in) operating activities		(863,326	)		2,634
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		921,489			10,168
Net cash provided by (used in) investing activities		921,489			10,168
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		58,163			12,802
Cash and cash equivalents, beginning		187,333			174,531
Cash and cash equivalents, ending	$	245,496		$	187,333

(continued)

F-92

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 20
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-93

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 21
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(10,292	)	$	528,259
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(25,729	)		(634,441	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			1
Amortization		-			-
Changes in assets and liabilities
Other assets		-			88,577
Accounts payable and accrued expenses		(7,788	)		15,808
Accounts payable - affiliates		69,765			(458,867	)
Net cash provided by (used in) operating activities		25,956			(460,663	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		25,729			732,319
Net cash provided by (used in) investing activities		25,729			732,319
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		51,685			271,656
Cash and cash equivalents, beginning		287,156			15,500
Cash and cash equivalents, ending	$	338,841		$	287,156

(continued)

F-94

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 21
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-95

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 22
	2011			2010
Cash flows from operating activities
Net income (loss)	$	541,236		$	(208,678	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(754,900	)		(60,867	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		2,500			(2,500	)
Accounts payable and accrued expenses		(7,614	)		20,115
Accounts payable - affiliates		(342,631	)		264,288
Net cash provided by (used in) operating activities		(561,409	)		12,358
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		754,900			60,867
Net cash provided by (used in) investing activities		754,900			60,867
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		193,491			73,225
Cash and cash equivalents, beginning		150,885			77,660
Cash and cash equivalents, ending	$	344,376		$	150,885

(continued)

F-96

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 22
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-97

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 23
	2011			2010
Cash flows from operating activities
Net income (loss)	$	610,391		$	(218,996	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(688,724	)		(38,225	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(10,373	)		30,173
Accounts payable - affiliates		(371,006	)		250,488
Net cash provided by (used in) operating activities		(459,712	)		23,440
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		688,724			38,225
Net cash provided by (used in) investing activities		688,724			38,225
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		229,012			61,665
Cash and cash equivalents, beginning		96,567			34,902
Cash and cash equivalents, ending	$	325,579		$	96,567

(continued)

F-98

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 23
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-99

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 24
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(117,314	)	$	(11,402	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(107,945	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(7,500	)		15,000
Accounts payable - affiliates		77,900			124,222
Net cash provided by (used in) operating activities		(46,914	)		19,875
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			107,945
Net cash provided by (used in) investing activities		-			107,945
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(46,914	)		127,820
Cash and cash equivalents, beginning		247,141			119,321
Cash and cash equivalents, ending	$	200,227		$	247,141

(continued)

F-100

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 24
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-101

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 25
	2011			2010
Cash flows from operating activities
Net income (loss)	$	440,077		$	(87,110	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(469,513	)		(68,662	)
Impairment loss		-			62,147
Distributions received from operating limited partnerships		-			-
Amortization		-			11,423
Changes in assets and liabilities
Other assets		-			(1,250	)
Accounts payable and accrued expenses		54,408			-
Accounts payable - affiliates		(188,789	)		134,550
Net cash provided by (used in) operating activities		(163,817	)		51,098
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		469,513			38,836
Net cash provided by (used in) investing activities		469,513			38,836
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		305,696			89,934
Cash and cash equivalents, beginning		256,530			166,596
Cash and cash equivalents, ending	$	562,226		$	256,530

(continued)

F-102

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 25
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-103

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 26
	2011			2010
Cash flows from operating activities
Net income (loss)	$	1,140,769		$	(1,672,971	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(1,451,966	)		724,045
Impairment loss		-			606,124
Distributions received from operating limited partnerships		-			42,403
Amortization		-			34,324
Changes in assets and liabilities
Other assets		-			(5,400	)
Accounts payable and accrued expenses		30,000			-
Accounts payable - affiliates		(1,006,313	)		217,273
Net cash provided by (used in) operating activities		(1,287,510	)		(54,202	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		1,451,966			-
Net cash provided by (used in) investing activities		1,451,966			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		164,456			(54,202	)
Cash and cash equivalents, beginning		312,412			366,614
Cash and cash equivalents, ending	$	476,868		$	312,412

(continued)

F-104

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 26
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-105

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 27
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(1,035,645	)	$	(551,574	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		676,060			80,272
Impairment loss		24,309			153,410
Distributions received from operating limited partnerships		100			58,048
Amortization		68,492			68,492
Changes in assets and liabilities
Other assets		-			27,757
Accounts payable and accrued expenses		10,000			-
Accounts payable - affiliates		(1,105,169	)		327,526
Net cash provided by (used in) operating activities		(1,361,853	)		163,931
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		1,638,582			-
Net cash provided by (used in) investing activities		1,638,582			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		276,729			163,931
Cash and cash equivalents, beginning		273,885			109,954
Cash and cash equivalents, ending	$	550,614		$	273,885

(continued)

F-106

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 27
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	16,888
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	41,331

(continued)

F-107

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 28
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(286,909	)	$	(923,375	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			455,332
Impairment loss		-			183,235
Distributions received from operating limited partnerships		-			49,621
Amortization		-			-
Changes in assets and liabilities
Other assets		-			(3,550	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		284,116			309,116
Net cash provided by (used in) operating activities		(2,793	)		70,379
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,793	)		70,379
Cash and cash equivalents, beginning		262,507			192,128
Cash and cash equivalents, ending	$	259,714		$	262,507

(continued)

F-108

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 28
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-109

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 29
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(376,809	)	$	(877,090	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		24,395			204,007
Impairment loss		-			380,451
Distributions received from operating limited partnerships		-			669
Amortization		28,950			28,948
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		331,404			331,404
Net cash provided by (used in) operating activities		7,940			68,389
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		7,940			68,389
Cash and cash equivalents, beginning		206,375			137,986
Cash and cash equivalents, ending	$	214,315		$	206,375

(continued)

F-110

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 29
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-111

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 30
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(161,274	)	$	(1,486,625	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(83,888	)		566,987
Impairment loss		15,589			615,661
Distributions received from operating limited partnerships		-			29,701
Amortization		26,275			104,340
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		10,000			-
Accounts payable - affiliates		183,160			186,169
Net cash provided by (used in) operating activities		(10,138	)		16,233
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		151,341			-
Net cash provided by (used in) investing activities		151,341			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		141,203			16,233
Cash and cash equivalents, beginning		280,327			264,094
Cash and cash equivalents, ending	$	421,530		$	280,327

(continued)

F-112

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 30
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-113

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 31
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(360,341	)	$	(984,934	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(156,023	)		(197,045	)
Impairment loss		166,611			796,383
Distributions received from operating limited partnerships		-			5,441
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		364,152			364,152
Net cash provided by (used in) operating activities		14,399			(16,003	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		14,399			(16,003	)
Cash and cash equivalents, beginning		166,800			182,803
Cash and cash equivalents, ending	$	181,199		$	166,800

(continued)

F-114

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 31
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-115

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 32
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(380,952	)	$	(2,935,793	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(186,600	)		903,427
Impairment loss		272,560			1,688,725
Distributions received from operating limited partnerships		-			2,984
Amortization		-			131,056
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		(110,227	)		312,615
Net cash provided by (used in) operating activities		(405,219	)		103,014
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		559,998			-
Net cash provided by (used in) investing activities		559,998			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		154,779			103,014
Cash and cash equivalents, beginning		340,581			237,567
Cash and cash equivalents, ending	$	495,360		$	340,581

(continued)

F-116

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 32
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	125,000
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-117

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 33
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(241,815	)	$	(1,844,221	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		52,927			387,789
Impairment loss		37,226			1,267,778
Distributions received from operating limited partnerships		-			7,370
Amortization		-			11,980
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		3,403			-
Accounts payable - affiliates		144,375			173,767
Net cash provided by (used in) operating activities		(3,884	)		4,463
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		60,000			-
Net cash provided by (used in) investing activities		60,000			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		56,116			4,463
Cash and cash equivalents, beginning		184,115			179,652
Cash and cash equivalents, ending	$	240,231		$	184,115

(continued)

F-118

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 33
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	125,000
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-119

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 34
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(996,746	)	$	(2,349,137	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		227,070			610,451
Impairment loss		225,080			1,042,951
Distributions received from operating limited partnerships		-			4,182
Amortization		224,375			384,440
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		310,569			308,882
Net cash provided by (used in) operating activities		(9,652	)		1,769
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(9,652	)		1,769
Cash and cash equivalents, beginning		74,138			72,369
Cash and cash equivalents, ending	$	64,486		$	74,138

(continued)

F-120

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 34
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-121

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 35
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(2,938,167	)	$	(3,359,953	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		609,403			815,231
Impairment loss		2,017,720			2,237,536
Distributions received from operating limited partnerships		-			15,731
Amortization		72,288			72,288
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		228,360			228,360
Net cash provided by (used in) operating activities		(10,396	)		9,193
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(10,396	)		9,193
Cash and cash equivalents, beginning		127,244			118,051
Cash and cash equivalents, ending	$	116,848		$	127,244

(continued)

F-122

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 35
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-123

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 36
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(1,931,251	)	$	(2,242,113	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		336,138			492,791
Impairment loss		1,405,263			1,548,176
Distributions received from operating limited partnerships		13,640			38,403
Amortization		-			29,840
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		166,621			174,143
Net cash provided by (used in) operating activities		(9,589	)		41,240
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(9,589	)		41,240
Cash and cash equivalents, beginning		142,855			101,615
Cash and cash equivalents, ending	$	133,266		$	142,855

(continued)

F-124

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 36
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-125

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 37
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(1,886,664	)	$	(2,780,498	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		228,964			599,344
Impairment loss		1,324,065			1,849,293
Distributions received from operating limited partnerships		47,169			45,997
Amortization		118,248			118,248
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		204,864			204,864
Net cash provided by (used in) operating activities		36,646			37,248
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		36,646			37,248
Cash and cash equivalents, beginning		309,745			272,497
Cash and cash equivalents, ending	$	346,391		$	309,745

(continued)

F-126

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 37
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-127

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 38
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(2,942,239	)	$	(2,712,997	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		564,465			658,134
Impairment loss		2,180,548			1,863,888
Distributions received from operating limited partnerships		45,159			48,286
Amortization		13,960			26,220
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		164,400			64,400
Net cash provided by (used in) operating activities		26,293			(52,069	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		26,293			(52,069	)
Cash and cash equivalents, beginning		209,324			261,393
Cash and cash equivalents, ending	$	235,617		$	209,324

(continued)

F-128

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 38
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-129

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 39
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(2,757,577	)	$	(2,291,962	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of  (income) losses from operating limited partnerships		890,369			779,953
Impairment loss		1,711,047			1,331,559
Distributions received from operating limited partnerships		12,754			14,953
Amortization		11,116			22,072
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		136,800			86,800
Net cash provided by (used in) operating activities		4,509			(56,625	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,509			(56,625	)
Cash and cash equivalents, beginning		183,296			239,921
Cash and cash equivalents, ending	$	187,805		$	183,296

(continued)

F-130

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 39
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-131

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 40
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(2,748,973	)	$	(2,709,589	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		601,594			900,724
Impairment loss		1,870,900			1,565,033
Distributions received from operating limited partnerships		675			2,430
Amortization		53,036			53,036
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(36,733	)
Accounts payable - affiliates		211,999			218,094
Net cash provided by (used in) operating activities		(10,769	)		(7,005	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(10,769	)		(7,005	)
Cash and cash equivalents, beginning		120,514			127,519
Cash and cash equivalents, ending	$	109,745		$	120,514

(continued)

F-132

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 40
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-133

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 41
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(2,025,799	)	$	(2,440,525	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		302,783			553,631
Impairment loss		1,300,406			1,370,664
Distributions received from operating limited partnerships		7,259			6,437
Amortization		222,512			282,764
Changes in assets and liabilities
Other assets		834			(835	)
Accounts payable and accrued expenses		8,924			-
Accounts payable - affiliates		(60,471	)		266,149
Net cash provided by (used in) operating activities		(243,552	)		38,285
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		380,726			-
Net cash provided by (used in) investing activities		380,726			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		137,174			38,285
Cash and cash equivalents, beginning		78,660			40,375
Cash and cash equivalents, ending	$	215,834		$	78,660

(continued)

F-134

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 41
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-135

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 42
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(2,337,443	)	$	(2,439,386	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		347,607			342,003
Impairment loss		1,711,651			1,688,303
Distributions received from operating limited partnerships		1,005			609
Amortization		99,384			128,732
Changes in assets and liabilities
Other assets		-			117,628
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		249,780			151,056
Net cash provided by (used in) operating activities		71,984			(11,055	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(109,361	)		-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		(109,361	)		-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(37,377	)		(11,055	)
Cash and cash equivalents, beginning		348,800			359,855
Cash and cash equivalents, ending	$	311,423		$	348,800

(continued)

F-136

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 42
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	270,143	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-137

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 43
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(3,989,777	)	$	(3,178,616	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		503,263			514,076
Impairment loss		2,993,098			2,024,801
Distributions received from operating limited partnerships		3,410			20,907
Amortization		247,749			289,737
Changes in assets and liabilities
Other assets		(85,806	)		117,628
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		306,780			281,780
Net cash provided by (used in) operating activities		(21,283	)		70,313
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(21,283	)		70,313
Cash and cash equivalents, beginning		256,265			185,952
Cash and cash equivalents, ending	$	234,982		$	256,265

(continued)

F-138

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 43
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	186,626	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-139

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 44
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(3,202,227	)	$	(3,226,501	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		1,281,159			1,444,199
Impairment loss		1,396,160			1,198,091
Distributions received from operating limited partnerships		5,728			4,129
Amortization		283,982			294,134
Changes in assets and liabilities
Other assets		(104,834	)		-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		284,701			84,701
Net cash provided by (used in) operating activities		(55,331	)		(201,247	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(139,317	)		-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		(139,317	)		-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(194,648	)		(201,247	)
Cash and cash equivalents, beginning		590,586			791,833
Cash and cash equivalents, ending	$	395,938		$	590,586

(continued)

F-140

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 44
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	196,604	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-141

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 45
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(4,306,886	)	$	(4,185,948	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		1,187,195			1,379,202
Impairment loss		2,445,786			2,117,133
Distributions received from operating limited partnerships		22,953			51,029
Amortization		273,092			288,104
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		266,564			16,564
Net cash provided by (used in) operating activities		(111,296	)		(333,916	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(111,296	)		(333,916	)
Cash and cash equivalents, beginning		537,189			871,105
Cash and cash equivalents, ending	$	425,893		$	537,189

(continued)

F-142

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 45
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-143

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 46
	2011			2010
Cash flows from operating activities
Net income (loss)	$	(3,098,043	)	$	(3,303,319	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		859,459			861,685
Impairment loss		1,940,109			2,084,333
Distributions received from operating limited partnerships		22,385			15,289
Amortization		42,896			79,928
Changes in assets and liabilities
Other assets		18,818			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		249,528			49,528
Net cash provided by (used in) operating activities		35,152			(212,556	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(11,223	)		-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		(11,223	)		-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		23,929			(212,556	)
Cash and cash equivalents, beginning		267,639			480,195
Cash and cash equivalents, ending	$	291,568		$	267,639

(continued)

F-144

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2011 and 2010

	Series 46
	2011		2010
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	8,915	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	18,818	$	-

See notes to financial statements

F-145

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund IV L.P. (the Partnership or Fund) was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which acquire, develop, rehabilitate, operate and own newly-constructed, existing or rehabilitated apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986.  Accordingly, the apartment complexes are restricted as to rent charges and operating methods.  Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for their rehabilitation of certified historic structures and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit.  The general partner of the fund is Boston Capital Associates IV L.P. and the limited partner is BCTC IV Assignor Corp. (the assignor limited partner).

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

Pursuant to the Securities Act of 1933, the fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the Public Offering) of the beneficial assignee certificates (BACs) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner.  The fund has registered 101,500,000 BACs at $10 per BAC for sale to the public in one or more series.  BACs sold in bulk are offered to investors at a reduced cost per BAC.

F-146

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The BACs issued and outstanding in each series as of March 31, 2011 and 2010 are as follows:

	Issued				Outstanding
	2011		2010		2011		2010
Series 20		3,866,700		3,866,700		3,866,700		3,866,700
Series 21		1,892,700		1,892,700		1,890,700		1,892,700
Series 22		2,564,400		2,564,400		2,564,400		2,564,400
Series 23		3,336,727		3,336,727		3,336,727		3,336,727
Series 24		2,169,878		2,169,878		2,169,878		2,169,878
Series 25		3,026,109		3,026,109		3,026,109		3,026,109
Series 26		3,995,900		3,995,900		3,995,900		3,995,900
Series 27		2,460,700		2,460,700		2,460,700		2,460,700
Series 28		4,000,738		4,000,738		4,000,738		4,000,738
Series 29		3,991,800		3,991,800		3,991,800		3,991,800
Series 30		2,651,000		2,651,000		2,651,000		2,651,000
Series 31		4,417,857		4,417,857		4,417,857		4,417,857
Series 32		4,754,198		4,754,198		4,754,198		4,754,198
Series 33		2,636,533		2,636,533		2,636,533		2,636,533
Series 34		3,529,319		3,529,319		3,529,319		3,529,319
Series 35		3,300,463		3,300,463		3,300,463		3,300,463
Series 36		2,106,837		2,106,837		2,106,837		2,106,837
Series 37		2,512,500		2,512,500		2,512,500		2,512,500
Series 38		2,543,100		2,543,100		2,543,100		2,543,100
Series 39		2,292,152		2,292,152		2,292,152		2,292,152
Series 40		2,630,256		2,630,256		2,630,256		2,630,256
Series 41		2,891,626		2,891,626		2,891,626		2,891,626
Series 42		2,744,262		2,744,262		2,744,262		2,744,262
Series 43		3,637,987		3,637,987		3,637,987		3,637,987
Series 44		2,701,973		2,701,973		2,701,973		2,701,973
Series 45		4,014,367		4,014,367		4,014,367		4,014,367
Series 46		2,980,998		2,980,998		2,980,998		2,980,998
		83,651,080		83,651,080		83,649,080		83,651,080

F-147

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships

The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued.  However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships.  Unrecognized losses are suspended and offset against future individual operating limited partnership income.

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables.  Accordingly, the Fund recorded a valuation allowance of $341,487 and $224,814 as of March 31, 2011 and 2010, respectively.

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the future net undiscounted cash flows expected to be generated by the operating limited partnerships including the low-income housing tax credits and the residual value upon sale or disposition of the equity interest in the operating limited partnerships. If the investment is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the investment exceeds the fair value of such investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships.  Impairment losses have been recognized for the years ended March 31, 2011 and  2010 of  $23,038,128 and  $27,675,675, respectively.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected.  The Fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year end.  The Fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year end.

The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount.  The operating limited partnerships record capital contributions from the fund when received.

F-148

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

Prior to January 1, 1999, the Fund recorded acquisition costs as an increase in its investments in operating limited partnerships.  These costs were amortized by the operating limited partnerships over 27.5 years on the straight-line method.  Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the fund.  These differences are shown as reconciling items in note C.  As of January 1, 1999, the Fund records acquisition costs incurred after January 1, 1999 as deferred acquisition costs.  These costs are amortized on the straight-line method.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE.

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the partnership’s financial statements.

Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating limited partnerships' general partners and their guarantee against credit recapture.

F-149

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Capitalized Expenses

Costs incurred with borrowing funds to make capital contributions to operating limited partnerships and certain other costs are capitalized and included in investment in operating limited partnerships.  The costs were being amortized on the straight-line method over 27.5 years.  As of March 31, 2011 and 2010, an impairment loss of $13,288 and $5,090, respectively, was recorded and the lives of the remaining capitalized interest were reassessed.

Accumulated amortization for capitalized interest as of March 31, 2011 and 2010, as well as the March 31, 2011 and 2010 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Capitalized Interest Impairment		Capitalized Interest Impairment		Remaining Life of Capitalized Interest
	2011		2010		2011		2010		Years
Series 20	$	-	$	-	$	-	$	-		-
Series 21		-		-		-		-		-
Series 22		-		-		-		-		-
Series 23		-		-		-		-		-
Series 24		-		-		-		-		-
Series 25		-		-		-		-		-
Series 26		-		-		-		-		-
Series 27		13,281		10,181		6,193		-		-
Series 28		-		-		-		-		-
Series 29		-		-		-		-		-
Series 30		-		-		-		-		-
Series 31		-		-		-		-		-
Series 32		-		-		-		-		-
Series 33		-		-		-		-		-
Series 34		-		-		-		5,090		-
Series 35		-		-		-		-		-
Series 36		-		-		-		-		-
Series 37		-		-		-		-		-
Series 38		-		-		-		-		-
Series 39		-		-		-		-		-
Series 40		-		-		-		-		-
Series 41		-		-		-		-		-
Series 42		-		-		-		-		-
Series 43		-		-		-		-		-
Series 44		3,618		2,436		7,095		-		-
Series 45		-		-		-		-		-
Series 46		-		-		-		-		-
	$	16,899	$	12,617	$	13,288	$	5,090

F-150

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Deferred Acquisition Costs

Acquisition costs were amortized on the straight-line method over 27.5 years.  As of March 31, 2011 and 2010, an impairment loss of $1,764,564 and $1,810,230, respectively, was recorded and the lives of the remaining acquisition costs were reassessed.

Accumulated amortization as of March 31, 2011 and 2010, as well as the March 31, 2011 and 2010 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Acquisition Costs Impairment		Acquisition Costs Impairment		Remaining Life Acquistion Costs
	2011		2010		2011		2010		Years
Series 20	$	-	$	-		-		-		-
Series 21		-		-		-		-		-
Series 22		-		-		-		-		-
Series 23		-		-		-		-		-
Series 24		-		-		-		-		-
Series 25		-		11,423		-		22,855		-
Series 26		-		34,324		-		34,322		-
Series 27		130,784		65,392		-		-		2
Series 28		-		-		-		-		-
Series 29		57,900		28,950		-		-		-
Series 30		26,275		104,340		-		78,065		-
Series 31		-		-		-		-		-
Series 32		-		131,056		-		262,118		-
Series 33		-		11,980		-		23,960		-
Series 34		224,375		379,347		-		154,970		-
Series 35		144,576		72,288		144,573		-		-
Series 36		-		29,840		-		59,676		-
Series 37		236,496		118,248		236,496		-		-
Series 38		13,960		26,220		27,916		36,781		-
Series 39		11,116		22,072		22,232		32,860		-
Series 40		106,072		53,036		106,069		-		-
Series 41		222,512		282,764		209,087		240,999		3
Series 42		99,384		128,732		166,004		205,435		6
Series 43		229,852		271,840		785,633		293,908		6
Series 44		565,599		282,799		-		-		6
Series 45		273,092		288,104		-		105,080		6
Series 46		42,896		79,928		66,554		259,201		6
	$	2,384,889	$	2,422,683	$	1,764,564	$	1,810,230

The annual amortization for deferred acquisition costs for the years 2012, 2013, 2014, 2015 and 2016 are estimated to be $976,537, $976,537, $911,145, $758,328, and $758,328 respectively.

F-151

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Income Taxes

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns.  The funds’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure.

Cash and Cash Equivalents

Cash equivalents include money market accounts having original maturities at date of acquisition of three months or less.  The carrying value approximates fair value because of the short maturity of these instruments.

Fiscal Year

For financial reporting purposes, the fund uses a March 31 year end, whereas for income tax reporting purposes, the fund uses a calendar year.  The operating limited partnerships use a calendar year for both financial and income tax reporting.

F-152

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Net Loss Per Beneficial Assignee Certificate Unit

Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period.  The weighted average number of units in each series at March 31, 2011 and 2010 are as follows:

	2011		2010
Series 20		3,866,700		3,866,700
Series 21		1,890,700		1,892,700
Series 22		2,564,400		2,564,400
Series 23		3,336,727		3,336,727
Series 24		2,169,878		2,169,878
Series 25		3,026,109		3,026,109
Series 26		3,995,900		3,995,900
Series 27		2,460,700		2,460,700
Series 28		4,000,738		4,000,738
Series 29		3,991,800		3,991,800
Series 30		2,651,000		2,651,000
Series 31		4,417,857		4,417,857
Series 32		4,754,198		4,754,198
Series 33		2,636,533		2,636,533
Series 34		3,529,319		3,529,319
Series 35		3,300,463		3,300,463
Series 36		2,106,837		2,106,837
Series 37		2,512,500		2,512,500
Series 38		2,543,100		2,543,100
Series 39		2,292,152		2,292,152
Series 40		2,630,256		2,630,256
Series 41		2,891,626		2,891,626
Series 42		2,744,262		2,744,262
Series 43		3,637,987		3,637,987
Series 44		2,701,973		2,701,973
Series 45		4,014,367		4,014,367
Series 46		2,980,998		2,980,998
		83,649,080		83,651,080

F-153

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

Recent Accounting Pronouncements

In May 2009, the Financial Accounting Standards Board (FASB) issued guidance regarding subsequent events, which was subsequently updated in February 2010. This guidance established general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. In particular, this guidance sets forth the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. This guidance was effective for financial statements issued for fiscal years and interim periods ending after June 15, 2009, and was therefore adopted by the Fund for the quarter ended June 30, 2009. The adoption did not have a significant impact on the subsequent events that the Fund reports, either through recognition or disclosure, in the financial statements. In February 2010, the FASB amended its guidance on subsequent events to remove the requirement to disclose the date, through which an entity has evaluated subsequent events, alleviating conflicts with current SEC guidance. This amendment was effective immediately and therefore the Fund did not include the disclosure in this Form 10-K.

F-154

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Recent Accounting Pronouncements - continued

In June 2009, the FASB issued an amendment to the accounting and disclosure requirements for the consolidation of VIEs. The amended guidance modifies the consolidation model to one based on control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE is the entity that has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE.  Further, the amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment is effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 did not have a material effect on the Fund’s financial statements.

In June 2009, the FASB issued the Accounting Standards Codification (Codification). Effective July 1, 2009, the Codification is the single source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP). The Codification is intended to reorganize, rather than change, existing GAAP. Accordingly, all references to currently existing GAAP have been removed and have been replaced with plain English explanations of the Partnership’s accounting policies. The adoption of the Codification did not have a material impact on the Partnership’s financial position or results of operations.

F-155

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2011 and 2010, the Fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Holdings Limited Partnership (BCHLP), Boston Capital Services, Inc. (BCS) and Boston Capital Asset Management Limited Partnership (BCAM) as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the operating limited partnerships.  The aggregate cost is comprised of the capital contributions made by each Series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level.  The annual fund fees charged to operations during the years ended March 31, 2011 and 2010, are as follows:

	2011		2010
Series 20	$	227,914	$	337,024
Series 21		119,765		141,133
Series 22		205,723		249,803
Series 23		177,348		235,714
Series 24		177,900		199,222
Series 25		211,211		234,550
Series 26		393,687		417,273
Series 27		294,831		315,204
Series 28		334,116		334,116
Series 29		331,404		331,404
Series 30		183,160		186,169
Series 31		364,152		364,152
Series 32		289,773		312,615
Series 33		138,265		159,745
Series 34		293,196		293,196
Series 35		228,360		228,360
Series 36		160,599		160,599
Series 37		204,864		204,864
Series 38		164,400		164,400
Series 39		136,800		136,800
Series 40		200,017		200,017
Series 41		239,529		246,830
Series 42		249,780		251,056
Series 43		306,780		306,780
Series 44		284,701		284,701
Series 45		366,564		366,564
Series 46		249,528		249,528
	$	6,534,367	$	6,911,819

F-156

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of various asset management and reporting fees paid by the operating limited partnerships.  The reporting fees paid by the operating limited partnerships to the Partnership for the years ended March 31, 2011 and 2010, are as follows:

	2011		2010
Series 20	$	63,134	$	75,503
Series 21		123,353		64,846
Series 22		22,741		18,136
Series 23		35,720		26,439
Series 24		15,606		68,404
Series 25		52,995		77,866
Series 26		119,324		118,642
Series 27		52,791		139,570
Series 28		64,927		76,484
Series 29		47,928		106,812
Series 30		15,440		28,927
Series 31		62,952		38,168
Series 32		35,787		112,529
Series 33		20,389		20,195
Series 34		14,154		22,454
Series 35		25,344		36,303
Series 36		7,234		25,250
Series 37		20,500		26,818
Series 38		18,535		41,136
Series 39		25,335		17,135
Series 40		20,738		19,771
Series 41		55,497		39,058
Series 42		118,874		25,452
Series 43		119,572		17,094
Series 44		17,028		36,350
Series 45		25,153		37,944
Series 46		35,980		22,343
	$	1,237,031	$	1,339,629

F-157

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The fund management fees paid for the years ended March 31, 2011  and 2010, are as follows:

	2011		2010
Series 20	$	965,000	$	50,000
Series 21		50,000		600,000
Series 22		550,000		-
Series 23		550,000		-
Series 24		100,000		75,000
Series 25		400,000		100,000
Series 26		1,400,000		200,000
Series 27		1,400,000		-
Series 28		50,000		25,000
Series 29		-		-
Series 30		-		-
Series 31		-		-
Series 32		400,000		-
Series 33		-		-
Series 34		-		-
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		100,000
Series 39		-		50,000
Series 40		-		-
Series 41		300,000		-
Series 42		-		100,000
Series 43		-		25,000
Series 44		-		200,000
Series 45		100,000		350,000
Series 46		-		200,000
	$	6,265,000	$	2,075,000

F-158

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

An affiliate of the general partner of the Fund has advanced funds to pay some operating expenses of the fund, and to make advances and/or loans to operating limited partnerships. These advances are included in accounts payable to affiliates. The total advances as of March 31, 2011 and 2010, are as follows:

	2011		2010
Series 20	$	-	$	-
Series 21		108,007		108,007
Series 22		53,627		51,981
Series 23		64,156		62,510
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		54,128		54,128
Series 28		-		-
Series 29		-		-
Series 30		-		-
Series 31		-		-
Series 32		-		-
Series 33		54,660		48,550
Series 34		80,287		62,914
Series 35		-		-
Series 36		129,612		123,590
Series 37		-		-
Series 38		69,191		69,191
Series 39		220,455		220,455
Series 40		337,528		325,546
Series 41		359,757		359,757
Series 42		221,615		221,615
Series 43		51,482		51,482
Series 44		-		-
Series 45		-		-
Series 46		-		-
	$	1,804,505	$	1,759,726

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the fund's interests in operating limited partnerships.

F-159

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

During the years ended March 31, 2011 and 2010, general and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and/or  Boston Capital Asset Management Limited Partnership were charged to each series’ operations as follows:

	2011		2010
Series 20	$	16,960	$	15,913
Series 21		12,885		11,268
Series 22		14,530		14,465
Series 23		15,050		14,784
Series 24		14,599		12,891
Series 25		15,625		13,857
Series 26		18,926		18,120
Series 27		13,004		12,332
Series 28		17,496		17,801
Series 29		17,166		17,513
Series 30		14,588		15,033
Series 31		17,688		18,012
Series 32		17,384		17,445
Series 33		15,619		14,032
Series 34		17,373		15,696
Series 35		16,823		15,180
Series 36		15,187		13,554
Series 37		15,014		17,244
Series 38		15,539		17,761
Series 39		14,940		17,127
Series 40		16,386		18,247
Series 41		17,657		19,773
Series 42		18,561		20,734
Series 43		18,996		21,667
Series 44		16,069		19,394
Series 45		21,100		23,251
Series 46		17,822		19,330
	$	442,987	$	452,424

Accounts payable - affiliates at March 31, 2011 and 2010 represents general and administrative expenses, fund management fees, and commissions which are payable to Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.

F-160

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2011 and 2010, the fund has limited partnership interests in operating limited partnerships, which own or are constructing or rehabilitating operating apartment complexes.  The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2011 and 2010 by series are as follows:

	2011		2010
Series 20		17		21
Series 21		9		10
Series 22		22		25
Series 23		16		20
Series 24		20		20
Series 25		16		20
Series 26		40		43
Series 27		15		16
Series 28		26		26
Series 29		21		21
Series 30		17		18
Series 31		26		26
Series 32		15		16
Series 33		9		10
Series 34		14		14
Series 35		11		11
Series 36		11		11
Series 37		7		7
Series 38		10		10
Series 39		9		9
Series 40		16		16
Series 41		20		21
Series 42		22		22
Series 43		23		23
Series 44		10		10
Series 45		30		30
Series 46		15		15
		467		491

F-161

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year ended March 31, 2011 the Fund disposed of twenty four Operating Partnerships. Gain (loss) on disposition is included in share of income (losses) from operating limited partnerships.  A summary of the dispositions by Series for March 31, 2011 is as follows.

		Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
	Series 20		4		-	$	921,489	$	921,489
	Series 21		-		1		25,729		25,729
	Series 22		3		-		754,900		754,900
	Series 23		4		-		688,724		688,724
	Series 25		3		1		469,513		469,513
	Series 26		3		-		1,451,966		1,451,966
	Series 27		1		-		1,638,582		(682,853	)
	Series 30		1		-		151,341		151,341
*	Series 32		1		-		559,998		559,998
	Series 33		1		-		60,000		60,000
	Series 41		1		-		380,726		380,726
	Total		22		2	$	7,102,968	$	4,781,533

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

During the year ended March 31, 2010 the Fund disposed of nineteen Operating Partnerships. Gain (loss) on disposition is included in share of income (losses) from operating limited partnerships.  A summary of the dispositions by Series for March 31, 2010 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 20		1		-	$	10,168	$	10,168
Series 21		3		-		732,319		634,441
Series 22		4		-		60,867		60,867
Series 23		2		-		38,225		38,225
Series 24		4		-		107,945		107,945
Series 25		2		-		38,836		38,836
Series 26		2		-		-		-
Series 42		1		-		-		-
Total		19		-	$	988,360	$	890,482

F-162

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships.  These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations.  At March 31, 2011 and 2010, contributions are payable to operating limited partnerships as follows:

	2011		2010
Series 20	$	-	$	-
Series 21		-		-
Series 22		9,352		9,352
Series 23		-		-
Series 24		9,999		9,999
Series 25		10,001		10,001
Series 26		14,490		14,490
Series 27		22,861		22,861
Series 28		40,968		40,968
Series 29		10,197		10,197
Series 30		127,396		127,396
Series 31		66,294		66,294
Series 32		173,561		173,561
Series 33		69,154		69,154
Series 34		-		-
Series 35		-		-
Series 36		-		-
Series 37		138,438		138,438
Series 38		-		-
Series 39		-		-
Series 40		102		102
Series 41		100		100
Series 42		73,433		452,937
Series 43		121,112		307,738
Series 44		254,640		590,561
Series 45		16,724		16,724
Series 46		-		20,138
	$	1,158,822	$	2,081,011

F-163

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Total			Series 20			Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	535,997,243		$	13,968,992		$	5,810,495
Acquisition costs of operating limited partnerships		38,607,209			1,867,122			926,155
Cumulative distributions from operating limited partnerships		(3,157,011	)		(39,171	)		(23,970	)
Cumulative impairment loss in investments in operating limited partnerships		(227,774,198	)		(4,628,785	)		(558,938	)
Cumulative losses from operating limited partnerships		(296,442,027	)		(11,168,158	)		(6,153,742	)
Investments in operating limited partnerships per balance sheet		47,231,216			-			-

F-164

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(3,314,827	)		-			-
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(4,745,848	)		(58,253	)		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		1,934,902			159,224			351,701
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(69,799,719	)		(4,390,990	)		(3,194,073	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		1,647,827			93,268			14,958
Cumulative impairment loss in investments in operating limited partnerships		227,774,198			4,628,785			558,938
Other		(2,621,766	)		(41,573	)		(46,953	)
Equity per operating limited partnerships’ combined financial statements	$	198,105,983		$	390,461		$	(2,315,429	)

F-165

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 22			Series 23			Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	14,885,856		$	17,217,528		$	12,091,171
Acquisition costs of operating limited partnerships		2,052,168			2,539,187			1,686,157
Cumulative distributions from operating limited partnerships		(72,218	)		(25,544	)		(116,661	)
Cumulative impairment loss in investments in operating limited partnerships		(5,199,302	)		(9,088,660	)		(4,342,280	)
Cumulative losses from operating limited partnerships		(11,666,504	)		(10,642,511	)		(9,318,387	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-166

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 22			Series 23			Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(481,359	)		(11,581	)		(30,158	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(258,235	)		(62,597	)		(406,662	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		192,813			148,731			81,405
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(5,943,983	)		(3,329,750	)		(3,647,829	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		107,392			34,901			61,209
Cumulative impairment loss in investments in operating limited partnerships		5,199,302			9,088,660			4,342,280
Other		(246,993	)		(69,436	)		52,967
Equity per operating limited partnerships’ combined financial statements	$	(1,431,063	)	$	5,798,928		$	453,212

F-167

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 25			Series 26			Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	13,833,721		$	24,396,440		$	14,004,581
Acquisition costs of operating limited partnerships		2,018,536			3,440,871			2,051,185
Cumulative distributions from operating limited partnerships		(235,378	)		(178,995	)		(60,579	)
Cumulative impairment loss in investments in operating limited partnerships		(7,580,319	)		(11,189,730	)		(6,874,310	)
Cumulative losses from operating limited partnerships		(8,036,560	)		(16,468,586	)		(9,120,877	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-168

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25			Series 26			Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(68,619	)		(70,670	)		(286,388	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(195,666	)		(73,143	)		(369,748	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		93,998			120,610			266,164
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(5,523,117	)		(5,096,582	)		(1,850,649	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		23,152			187,072			41,321
Cumulative impairment loss in investments in operating limited partnerships		7,580,319			11,189,730			6,874,310
Other		(449,038	)		(268,291	)		(115,513	)
Equity per operating limited partnerships’ combined financial statements	$	1,461,029		$	5,988,726		$	4,559,497

F-169

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 28			Series 29			Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	28,566,056		$	28,419,361		$	14,875,401
Acquisition costs of operating limited partnerships		4,191,674			4,100,111			1,579,476
Cumulative distributions from operating limited partnerships		(578,942	)		(26,816	)		(53,204	)
Cumulative impairment loss in investments in operating limited partnerships		(17,807,948	)		(10,917,337	)		(6,586,053	)
Cumulative losses from operating limited partnerships		(14,370,840	)		(21,575,319	)		(9,815,620	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-170

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28			Series 29			Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(289,605	)		(158,645	)		(135,225	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(665,053	)		(596,128	)		(235,701	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		129,668			265,241			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(2,211,713	)		(5,003,158	)		(3,614,190	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		116,284			7,039			7,712
Cumulative impairment loss in investments in operating limited partnerships		17,807,948			10,917,337			6,586,053
Other		(254,372	)		(84,208	)		9,630
Equity per operating limited partnerships’ combined financial statements	$	14,633,157		$	5,347,478		$	2,618,279

F-171

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 31			Series 32			Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	29,153,095		$	29,700,384		$	16,201,012
Acquisition costs of operating limited partnerships		4,199,795			3,834,299			1,554,163
Cumulative distributions from operating limited partnerships		(66,005	)		(101,211	)		(30,285	)
Cumulative impairment loss in investments in operating limited partnerships		(15,337,400	)		(14,747,021	)		(10,148,264	)
Cumulative losses from operating limited partnerships		(17,917,709	)		(18,633,657	)		(7,576,626	)
Investments in operating limited partnerships per balance sheet		31,776			52,794			-

F-172

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31			Series 32			Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(67,462	)		(292,046	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(77,600	)		(1,284,335	)		(167,193	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		125,347			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(4,506,357	)		(2,827,815	)		(846,730	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		43,473			38,357			9,684
Cumulative impairment loss in investments in operating limited partnerships		15,337,400			14,747,021			10,148,264
Other		(324,850	)		371,828			(14,426	)
Equity per operating limited partnerships’ combined financial statements	$	10,561,727		$	10,805,804		$	8,950,131

F-173

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 34			Series 35			Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	25,641,952		$	23,763,922		$	15,262,574
Acquisition costs of operating limited partnerships		2,566,310			-			-
Cumulative distributions from operating limited partnerships		(26,077	)		(30,262	)		(112,542	)
Cumulative impairment loss in investments in operating limited partnerships		(11,515,855	)		(12,335,090	)		(7,631,014	)
Cumulative losses from operating limited partnerships		(16,666,330	)		(11,305,079	)		(7,461,312	)
Investments in operating limited partnerships per balance sheet		-			93,491			57,706

F-174

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35			Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(38,698	)		-			(14,791	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(295,534	)		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(6,024,334	)		(1,402,962	)		(2,991,705	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		6,464			78,017			1,370
Cumulative impairment loss in investments in operating limited partnerships		11,515,855			12,335,090			7,631,014
Other		(156,910	)		(20,063	)		(37,618	)
Equity per operating limited partnerships’ combined financial statements	$	5,006,843		$	11,083,573		$	4,645,976

F-175

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 37			Series 38			Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	18,424,489		$	18,852,167		$	16,699,847
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(198,866	)		(455,853	)		(201,869	)
Cumulative impairment loss in investments in operating limited partnerships		(8,573,117	)		(9,674,189	)		(6,518,542	)
Cumulative losses from operating limited partnerships		(9,616,027	)		(7,722,602	)		(8,601,270	)
Investments in operating limited partnerships per balance sheet		36,479			999,523			1,378,166

F-176

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 37			Series 38			Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,790,131	)		(26,361	)		(24,870	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		303,810			59,461			279,219
Cumulative impairment loss in investments in operating limited partnerships		8,573,117			9,674,189			6,518,542
Other		74,240			(206,103	)		(73,018	)
Equity per operating limited partnerships’ combined financial statements	$	7,042,150		$	10,500,709		$	8,078,039

F-177

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 40			Series 41			Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	19,336,992		$	17,340,487		$	19,777,849
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(50,444	)		(40,800	)		(26,241	)
Cumulative impairment loss in investments in operating limited partnerships		(8,603,775	)		(5,210,063	)		(7,344,121	)
Cumulative losses from operating limited partnerships		(8,191,698	)		(9,278,040	)		(8,666,686	)
Investments in operating limited partnerships per balance sheet		2,491,075			2,811,584			3,740,801

F-178

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 40			Series 41			Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(25,172	)		(33,807	)		(439,845	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(97,664	)		(688,361	)		(822,137	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		78,811			1,049			20,012
Cumulative impairment loss in investments in operating limited partnerships		8,603,775			5,210,063			7,344,121
Other		(171,528	)		(231,438	)		(82,015	)
Equity per operating limited partnerships’ combined financial statements	$	10,879,297		$	7,069,090		$	9,760,937

F-179

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 43			Series 44			Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	26,617,048		$	19,383,213		$	29,449,544
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(165,487	)		(32,647	)		(164,606	)
Cumulative impairment loss in investments in operating limited partnerships		(7,522,774	)		(5,000,278	)		(7,418,185	)
Cumulative losses from operating limited partnerships		(12,315,639	)		(9,145,185	)		(9,779,983	)
Investments in operating limited partnerships per balance sheet		6,613,148			5,205,103			12,086,770

F-180

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(143,165	)		(255,844	)		(129,725	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,578,414	)		(2,154,981	)		(210,863	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			454			28,744
Cumulative impairment loss in investments in operating limited partnerships		7,522,774			5,000,278			7,418,185
Other		(71,078	)		(125,328	)		(36,689	)
Equity per operating limited partnerships’ combined financial statements	$	12,343,265		$	7,669,682		$	19,156,422

F-181

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,323,066
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(42,338	)
Cumulative impairment loss in investments in operating limited partnerships		(5,420,848	)
Cumulative losses from operating limited partnerships		(5,227,080	)
Investments in operating limited partnerships per balance sheet		11,632,800

F-182

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(7,189	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		4,594
Cumulative impairment loss in investments in operating limited partnerships		5,420,848
Other		(2,990	)
Equity per operating limited partnerships’ combined financial statements	$	17,048,063

F-183

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Total			Series 20			Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	565,679,591		$	24,497,592		$	6,707,965
Acquisition costs of operating limited partnerships		42,532,363			3,519,231			1,061,185
Cumulative distributions from operating limited partnerships		(7,526,592	)		(3,612,833	)		(25,500	)
Cumulative impairment loss in investments in operating limited partnerships		(226,406,734	)		(5,812,210	)		(709,601	)
Cumulative losses from operating limited partnerships		(294,675,300	)		(18,591,780	)		(7,034,049	)
Investments in operating limited partnerships per balance sheet		79,603,328			-			-

F-184

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(3,952,220	)		-			(236,474	)
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(5,842,119	)		(444,246	)		(110,624	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		2,077,480			268,202			399,312
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(50,576,578	)		(4,276,869	)		(3,920,551	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		1,904,491			248,984			69,368
Cumulative impairment loss in investments in operating limited partnerships		226,406,734			5,812,210			709,601
Other		(3,995,313	)		(219,097	)		(22,747	)
Equity per operating limited partnerships’ combined financial statements	$	245,625,803		$	1,389,184		$	(3,112,115	)

F-185

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Series 22			Series 23			Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	17,039,728		$	21,740,288		$	12,091,171
Acquisition costs of operating limited partnerships		2,363,062			3,206,851			1,686,157
Cumulative distributions from operating limited partnerships		(90,218	)		(54,013	)		(116,661	)
Cumulative impairment loss in investments in operating limited partnerships		(6,519,050	)		(11,704,924	)		(4,336,246	)
Cumulative losses from operating limited partnerships		(12,793,522	)		(13,188,202	)		(9,324,421	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-186

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 22			Series 23			Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(481,359	)		(11,581	)		(30,158	)
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(484,368	)		(436,119	)		(406,662	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		203,385			152,590			81,405
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(5,077,203	)		(3,145,170	)		(3,060,446	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		107,392			46,426			61,209
Cumulative impairment loss in investments in operating limited partnerships		6,519,050			11,704,924			4,336,246
Other		(262,177	)		(84,499	)		98,505
Equity per operating limited partnerships’ combined financial statements	$	524,720		$	8,226,571		$	1,080,099

F-187

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Series 25			Series 26			Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	16,634,468		$	26,620,282		$	16,909,156
Acquisition costs of operating limited partnerships		2,235,209			3,760,739			2,467,629
Cumulative distributions from operating limited partnerships		(253,269	)		(498,297	)		(127,103	)
Cumulative impairment loss in investments in operating limited partnerships		(9,276,439	)		(17,408,272	)		(10,747,592	)
Cumulative losses from operating limited partnerships		(9,339,969	)		(12,474,452	)		(6,159,939	)
Investments in operating limited partnerships per balance sheet		-			-			2,342,151

F-188

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25			Series 26			Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(68,619	)		(108,982	)		(286,388	)
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(195,666	)		(73,142	)		(369,748	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		126,188			120,610			205,532
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(5,534,834	)		(4,015,497	)		(1,492,182	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		48,848			187,072			41,321
Cumulative impairment loss in investments in operating limited partnerships		9,276,439			17,408,272			10,747,592
Other		(265,217	)		(303,860	)		(158,183	)
Equity per operating limited partnerships’ combined financial statements	$	3,387,139		$	13,214,473		$	11,030,095

F-189

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Series 28			Series 29			Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	28,566,056		$	28,419,361		$	15,301,412
Acquisition costs of operating limited partnerships		4,191,674			4,100,111			1,640,751
Cumulative distributions from operating limited partnerships		(578,942	)		(26,816	)		(199,590	)
Cumulative impairment loss in investments in operating limited partnerships		(17,737,386	)		(10,917,337	)		(8,061,818	)
Cumulative losses from operating limited partnerships		(14,441,402	)		(21,550,924	)		(8,597,713	)
Investments in operating limited partnerships per balance sheet		-			24,395			83,042

F-190

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28			Series 29			Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(289,605	)		(158,645	)		(135,225	)
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(665,053	)		(596,128	)		(235,701	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		129,668			265,241			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,078,508	)		(3,360,666	)		(1,007,974	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		116,284			7,039			7,712
Cumulative impairment loss in investments in operating limited partnerships		17,737,386			10,917,337			8,061,818
Other		(219,184	)		(76,338	)		(24,286	)
Equity per operating limited partnerships’ combined financial statements	$	15,730,988		$	7,022,235		$	6,749,386

F-191

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Series 31			Series 32			Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	29,153,095		$	31,297,962		$	16,705,741
Acquisition costs of operating limited partnerships		4,199,795			3,906,897			1,626,762
Cumulative distributions from operating limited partnerships		(66,005	)		(101,211	)		(30,285	)
Cumulative impairment loss in investments in operating limited partnerships		(15,170,789	)		(15,384,682	)		(10,291,840	)
Cumulative losses from operating limited partnerships		(18,073,732	)		(19,020,214	)		(7,860,225	)
Investments in operating limited partnerships per balance sheet		42,364			698,752			150,153

F-192

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31			Series 32			Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(138,370	)		(334,023	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(77,600	)		(1,284,335	)		(167,193	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		125,347			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(2,850,713	)		(1,616,565	)		(382,388	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		43,473			42,262			9,684
Cumulative impairment loss in investments in operating limited partnerships		15,170,789			15,384,682			10,291,840
Other		(329,880	)		(451,776	)		(8,382	)
Equity per operating limited partnerships’ combined financial statements	$	11,985,410		$	12,438,997		$	9,714,246

F-193

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Series 34			Series 35			Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	25,641,952		$	23,763,922		$	15,262,574
Acquisition costs of operating limited partnerships		2,566,310			-			-
Cumulative distributions from operating limited partnerships		(26,077	)		(30,262	)		(98,902	)
Cumulative impairment loss in investments in operating limited partnerships		(11,262,189	)		(10,461,943	)		(6,225,751	)
Cumulative losses from operating limited partnerships		(16,467,846	)		(10,695,676	)		(7,125,174	)
Investments in operating limited partnerships per balance sheet		452,150			2,576,041			1,812,747

F-194

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35			Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(38,698	)		-			(14,791	)
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(295,534	)		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,522,530	)		(981,337	)		(2,329,999	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		6,464			78,017			1,370
Cumulative impairment loss in investments in operating limited partnerships		11,262,189			10,461,943			6,225,751
Other		(136,659	)		(12,663	)		(30,540	)
Equity per operating limited partnerships’ combined financial statements	$	9,727,382		$	12,122,001		$	5,664,538

F-195

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Series 37			Series 38			Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	18,513,938		$	18,852,167		$	16,699,847
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(151,697	)		(410,694	)		(189,115	)
Cumulative impairment loss in investments in operating limited partnerships		(7,574,998	)		(7,521,557	)		(4,829,727	)
Cumulative losses from operating limited partnerships		(9,387,062	)		(7,158,137	)		(7,710,901	)
Investments in operating limited partnerships per balance sheet		1,400,181			3,761,779			3,970,104

F-196

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 37			Series 38			Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(716,948	)		-			-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		303,810			59,461			279,219
Cumulative impairment loss in investments in operating limited partnerships		7,574,998			7,521,557			4,829,727
Other		(8,883	)		(181,817	)		(78,758	)
Equity per operating limited partnerships’ combined financial statements	$	8,397,793		$	11,160,980		$	9,000,292

F-197

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Series 40			Series 41			Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	19,336,992		$	18,074,603		$	19,777,849
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(49,769	)		(403,265	)		(25,236	)
Cumulative impairment loss in investments in operating limited partnerships		(6,838,944	)		(4,120,934	)		(5,798,474	)
Cumulative losses from operating limited partnerships		(7,590,104	)		(8,956,733	)		(8,319,079	)
Investments in operating limited partnerships per balance sheet		4,858,175			4,593,671			5,635,060

F-198

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 40			Series 41			Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(25,172	)		(33,807	)		(480,654	)
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(12,174	)		(600,595	)		(779,836	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		78,811			1,049			47,033
Cumulative impairment loss in investments in operating limited partnerships		6,838,944			4,120,934			5,798,474
Other		(200,695	)		(306,871	)		(45,584	)
Equity per operating limited partnerships’ combined financial statements	$	11,537,889		$	7,774,381		$	10,174,493

F-199

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Series 43			Series 44			Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	26,773,646		$	19,487,253		$	29,449,544
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(162,077	)		(26,919	)		(141,653	)
Cumulative impairment loss in investments in operating limited partnerships		(5,563,126	)		(3,611,213	)		(4,972,399	)
Cumulative losses from operating limited partnerships		(11,789,014	)		(8,064,623	)		(8,592,788	)
Investments in operating limited partnerships per balance sheet		9,259,429			7,784,498			15,742,704

F-200

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(223,508	)		(373,551	)		(129,725	)
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,287,962	)		(1,360,885	)		(164,746	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			(21,155	)		28,744
Cumulative impairment loss in investments in operating limited partnerships		5,563,126			3,611,213			4,972,399
Other		(280,840	)		(325,819	)		(14,031	)
Equity per operating limited partnerships’ combined financial statements	$	13,030,245		$	9,314,301		$	20,435,345

F-201

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,361,027
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(30,183	)
Cumulative impairment loss in investments in operating limited partnerships		(3,547,293	)
Cumulative losses from operating limited partnerships		(4,367,619	)
Investments in operating limited partnerships per balance sheet		14,415,932

F-202

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).		(18,052	)
The Fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		4,594
Cumulative impairment loss in investments in operating limited partnerships		3,547,293
Other		(45,032	)
Equity per operating limited partnerships’ combined financial statements	$	17,904,735

F-203

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,185,687,649	$	25,124,099		$	12,573,978
Land		107,878,238		2,301,401			1,564,465
Other assets		125,763,940		3,939,342			1,339,339
	$	1,419,329,827	$	31,364,842		$	15,477,782
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	973,660,765	$	27,391,263		$	13,743,168
Accounts payable and accrued expenses		50,030,427		3,296,298			368,966
Other liabilities		156,608,277		2,414,689			4,895,151
		1,180,299,469		33,102,250			19,007,285
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		198,105,983		390,461			(2,315,429	)
Other partners		40,924,375		(2,127,869	)		(1,214,074	)
		239,030,358		(1,737,408	)		(3,529,503	)
	$	1,419,329,827	$	31,364,842		$	15,477,782

F-204

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	36,833,434		$	35,513,204		$	34,821,594
Land		3,835,556			3,257,094			3,511,379
Other assets		4,642,328			4,735,110			4,702,520
	$	45,311,318		$	43,505,408		$	43,035,493
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	39,713,625		$	28,718,509		$	34,679,699
Accounts payable and accrued expenses		4,283,298			6,827,958			2,071,965
Other liabilities		8,457,697			5,255,633			5,608,560
		52,454,620			40,802,100			42,360,224
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(1,431,063	)		5,798,928			453,212
Other partners		(5,712,239	)		(3,095,620	)		222,057
		(7,143,302	)		2,703,308			675,269
	$	45,311,318		$	43,505,408		$	43,035,493

F-205

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	33,893,768	$	48,128,940	$	41,359,165
Land		2,818,519		4,051,128		4,755,394
Other assets		7,294,012		7,829,086		4,807,064
	$	44,006,299	$	60,009,154	$	50,921,623
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	32,300,851	$	44,598,830	$	33,944,244
Accounts payable and accrued expenses		1,438,326		3,132,628		899,978
Other liabilities		7,353,164		4,972,900		7,687,836
		41,092,341		52,704,358		42,532,058
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,461,029		5,988,726		4,559,497
Other partners		1,452,929		1,316,070		3,830,068
		2,913,958		7,304,796		8,389,565
	$	44,006,299	$	60,009,154	$	50,921,623

F-206

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	50,735,714	$	43,309,464	$	26,706,428
Land		5,523,586		2,816,806		1,752,595
Other assets		5,472,783		4,712,537		2,860,867
	$	61,732,083	$	50,838,807	$	31,319,890
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	39,039,612	$	37,406,351	$	23,394,240
Accounts payable and accrued expenses		1,733,586		1,615,951		1,302,025
Other liabilities		4,011,012		6,191,718		5,839,205
		44,784,210		45,214,020		30,535,470
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		14,633,157		5,347,478		2,618,279
Other partners		2,314,716		277,309		(1,833,859	)
		16,947,873		5,624,787		784,420
	$	61,732,083	$	50,838,807	$	31,319,890

F-207

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	49,808,667		$	47,048,702	$	39,281,460
Land		4,222,958			2,921,802		3,885,940
Other assets		6,598,358			4,551,429		2,822,154
	$	60,629,983		$	54,521,933	$	45,989,554
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	44,946,969		$	32,929,213	$	26,859,214
Accounts payable and accrued expenses		1,211,715			2,735,257		964,451
Other liabilities		5,366,501			3,585,418		2,703,499
		51,525,185			39,249,888		30,527,164
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,561,727			10,805,804		8,950,131
Other partners		(1,456,929	)		4,466,241		6,512,259
		9,104,798			15,272,045		15,462,390
	$	60,629,983		$	54,521,933	$	45,989,554

F-208

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34			Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	44,477,752		$	41,990,764	$	37,160,857
Land		4,889,205			3,734,936		2,791,180
Other assets		4,569,409			3,432,760		3,484,781
	$	53,936,366		$	49,158,460	$	43,436,818
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	42,392,025		$	24,089,220	$	35,285,812
Accounts payable and accrued expenses		2,204,398			1,131,698		1,531,936
Other liabilities		6,774,142			8,651,223		3,472,678
		51,370,565			33,872,141		40,290,426
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,006,843			11,083,573		4,645,976
Other partners		(2,441,042	)		4,202,746		(1,499,584	)
		2,565,801			15,286,319		3,146,392
	$	53,936,366		$	49,158,460	$	43,436,818

F-209

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37			Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	36,574,721		$	28,656,496	$	24,194,294
Land		2,423,561			2,144,257		1,801,039
Other assets		3,147,033			2,369,434		2,036,394
	$	42,145,315		$	33,170,187	$	28,031,727
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	28,829,074		$	17,351,630	$	13,848,504
Accounts payable and accrued expenses		2,887,318			286,902		461,998
Other liabilities		3,550,056			2,276,469		2,292,990
		35,266,448			19,915,001		16,603,492
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		7,042,150			10,500,709		8,078,039
Other partners		(163,283	)		2,754,477		3,350,196
		6,878,867			13,255,186		11,428,235
	$	42,145,315		$	33,170,187	$	28,031,727

F-210

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	59,104,464	$	71,403,042	$	66,308,765
Land		5,081,041		8,000,805		7,582,655
Other assets		4,285,734		6,618,473		7,467,044
	$	68,471,239	$	86,022,320	$	81,358,464
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	47,032,390	$	62,397,070	$	51,224,552
Accounts payable and accrued expenses		1,141,307		1,002,078		2,836,413
Other liabilities		7,533,612		9,801,587		10,804,124
		55,707,309		73,200,735		64,865,089
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,879,297		7,069,090		9,760,937
Other partners		1,884,633		5,752,495		6,732,438
		12,763,930		12,821,585		16,493,375
	$	68,471,239	$	86,022,320	$	81,358,464

F-211

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	65,112,203	$	63,454,771		$	77,907,950
Land		6,704,151		6,053,669			7,041,701
Other assets		5,587,394		5,069,036			7,470,856
	$	77,403,748	$	74,577,476		$	92,420,507
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	49,354,891	$	56,620,220		$	59,529,863
Accounts payable and accrued expenses		1,931,924		801,385			1,496,592
Other liabilities		8,307,853		9,799,333			5,873,721
		59,594,668		67,220,938			66,900,176
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		12,343,265		7,669,682			19,156,422
Other partners		5,465,815		(313,144	)		6,363,909
		17,809,080		7,356,538			25,520,331
	$	77,403,748	$	74,577,476		$	92,420,507

F-212

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	44,202,953
Land		2,411,415
Other assets		3,918,663
	$	50,533,031
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	26,039,726
Accounts payable and accrued expenses		434,076
Other liabilities		3,127,506
		29,601,308
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		17,048,063
Other partners		3,883,660
		20,931,723
	$	50,533,031

F-213

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,327,138,604	$	48,233,757		$	14,182,615
Land		121,627,163		6,083,660			1,626,465
Other assets		141,366,927		8,233,542			1,199,108
		1,590,132,694	$	62,550,959		$	17,008,188
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	1,070,798,751	$	58,105,380		$	14,451,289
Accounts payable and accrued expenses		54,320,584		3,590,233			1,526,066
Other liabilities		155,078,441		3,856,348			4,972,668
		1,280,197,776	$	65,551,961		$	20,950,023
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		245,625,803		1,389,184			(3,112,115	)
Other partners		64,309,115		(4,390,186	)		(829,720	)
		309,934,918		(3,001,002	)		(3,941,835	)
	$	1,590,132,694	$	62,550,959		$	17,008,188

F-214

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	46,658,465		$	45,538,725		$	36,823,822
Land		4,098,556			3,786,131			3,511,379
Other assets		4,885,449			4,849,188			4,207,026
		55,642,470		$	54,174,044		$	44,542,227
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	45,093,503		$	35,051,936		$	35,905,281
Accounts payable and accrued expenses		4,120,406			6,793,403			1,909,907
Other liabilities		8,815,495			6,614,451			4,621,053
		58,029,404		$	48,459,790		$	42,436,241
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		524,720			8,226,571			1,080,099
Other partners		(2,911,654	)		(2,512,317	)		1,025,887
		(2,386,934	)		5,714,254			2,105,986
	$	55,642,470		$	54,174,044		$	44,542,227

F-215

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	39,564,458	$	59,251,039	$	53,286,956
Land		3,229,460		5,111,128		6,005,394
Other assets		8,220,209		10,945,283		7,773,045
		51,014,127	$	75,307,450	$	67,065,395
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	35,035,014	$	51,023,244	$	43,151,891
Accounts payable and accrued expenses		3,052,381		2,981,445		1,095,340
Other liabilities		7,011,183		4,749,989		8,375,726
		45,098,578	$	58,754,678	$	52,622,957
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		3,387,139		13,214,473		11,030,095
Other partners		2,528,410		3,338,299		3,412,343
		5,915,549		16,552,772		14,442,438
	$	51,014,127	$	75,307,450	$	67,065,395

F-216

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	52,978,721	$	45,376,215	$	33,842,636
Land		5,523,586		2,816,806		2,406,880
Other assets		6,557,276		5,058,759		3,581,101
		65,059,583	$	53,251,780	$	39,830,617
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	39,921,747	$	37,836,720	$	24,552,013
Accounts payable and accrued expenses		2,102,892		1,786,814		1,427,732
Other liabilities		4,447,733		6,029,866		5,086,915
		46,472,372	$	45,653,400	$	31,066,660
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		15,730,988		7,022,235		6,749,386
Other partners		2,856,223		576,145		2,014,571
		18,587,211		7,598,380		8,763,957
	$	65,059,583	$	53,251,780	$	39,830,617

F-217

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	52,495,526		$	50,135,066	$	41,977,977
Land		4,222,958			3,124,882		4,089,020
Other assets		6,183,315			4,232,491		2,746,749
		62,901,799		$	57,492,439	$	48,813,746
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	45,450,010		$	33,610,588	$	27,311,598
Accounts payable and accrued expenses		1,099,175			2,869,625		1,437,272
Other liabilities		5,364,504			3,420,143		2,508,277
		51,913,689		$	39,900,356	$	31,257,147
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		11,985,410			12,438,997		9,714,246
Other partners		(997,300	)		5,153,086		7,842,353
		10,988,110			17,592,083		17,556,599
	$	62,901,799		$	57,492,439	$	48,813,746

F-218

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34			Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	51,068,100		$	43,777,717	$	39,015,101
Land		5,358,490			3,734,936		2,791,180
Other assets		4,123,678			3,095,885		3,693,494
		60,550,268		$	50,608,538	$	45,499,775
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	43,132,084		$	24,506,226	$	35,139,807
Accounts payable and accrued expenses		2,490,711			1,121,939		1,418,545
Other liabilities		5,604,172			8,277,130		3,385,409
		51,226,967		$	33,905,295	$	39,943,761
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		9,727,382			12,122,001		5,664,538
Other partners		(404,081	)		4,581,242		(108,524	)
		9,323,301			16,703,243		5,556,014
	$	60,550,268		$	50,608,538	$	45,499,775

F-219

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	38,662,486	$	30,098,029	$	25,519,134
Land		2,423,561		2,144,257		1,801,039
Other assets		3,238,571		2,243,402		2,033,998
		44,324,618	$	34,485,688	$	29,354,171
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	29,901,379	$	17,652,258	$	14,048,601
Accounts payable and accrued expenses		1,951,490		555,301		408,890
Other liabilities		3,227,588		1,752,761		2,005,770
		35,080,457	$	19,960,320	$	16,463,261
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		8,397,793		11,160,980		9,000,292
Other partners		846,368		3,364,388		3,890,618
		9,244,161		14,525,368		12,890,910
	$	44,324,618	$	34,485,688	$	29,354,171

F-220

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	61,455,422	$	88,323,911	$	68,607,408
Land		5,081,041		11,372,214		7,566,333
Other assets		4,155,860		9,516,585		7,798,935
		70,692,323	$	109,212,710	$	83,972,676
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	48,179,383	$	85,474,119	$	52,088,062
Accounts payable and accrued expenses		1,215,540		1,762,512		2,760,429
Other liabilities		7,244,597		10,270,962		11,077,709
		56,639,520	$	97,507,593	$	65,926,200
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		11,537,889		7,774,381		10,174,493
Other partners		2,514,914		3,930,736		7,871,983
		14,052,803		11,705,117		18,046,476
	$	70,692,323	$	109,212,710	$	83,972,676

F-221

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	67,549,110	$	66,224,103	$	80,885,356
Land		6,704,151		7,662,597		6,939,644
Other assets		5,947,336		5,589,851		7,223,785
		80,200,597	$	79,476,551	$	95,048,785
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	49,842,693	$	57,024,740	$	61,025,831
Accounts payable and accrued expenses		1,490,904		1,384,714		1,351,820
Other liabilities		8,871,058		9,394,721		4,854,359
		60,204,655	$	67,804,175	$	67,232,010
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		13,030,245		9,314,301		20,435,345
Other partners		6,965,697		2,358,075		7,381,430
		19,995,942		11,672,376		27,816,775
	$	80,200,597	$	79,476,551	$	95,048,785

F-222

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	45,606,749
Land		2,411,415
Other assets		4,033,006
	$	52,051,170
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	26,283,354
Accounts payable and accrued expenses		615,098
Other liabilities		3,237,854
	$	30,136,306
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		17,904,735
Other partners		4,010,129
		21,914,864
	$	52,051,170

F-223

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	209,506,387		$	6,655,926		$	2,774,509
Interest and other		10,339,600			369,383			284,245
		219,845,987			7,025,309			3,058,754
Expenses
Interest		50,990,441			1,432,943			829,865
Depreciation and amortization		63,484,077			1,762,641			580,099
Taxes and insurance		25,689,604			986,551			346,274
Repairs and maintenance		39,469,516			1,671,974			377,595
Operating expenses		74,028,107			2,697,706			873,151
Impairment loss		9,872,594			-			318,421
Other expenses		6,391,341			123,809			58,190
		269,925,680			8,675,624			3,383,595
NET LOSS	$	(50,079,693	)	$	(1,650,315	)	$	(324,841	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(31,290,410	)	$	(1,252,420	)	$	(102,473	)
Net income (loss) allocated to other partners	$	(18,789,283	)	$	(397,895	)	$	(222,368	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-224

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 20010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	7,692,274		$	6,813,571		$	8,760,211
Interest and other		1,386,783			1,325,800			94,297
		9,079,057			8,139,371			8,854,508
Expenses
Interest		1,981,473			1,592,101			1,950,195
Depreciation and amortization		2,280,689			1,806,350			2,451,974
Taxes and insurance		1,211,341			1,003,284			1,023,903
Repairs and maintenance		2,243,815			1,649,980			1,513,795
Operating expenses		2,782,724			2,753,490			2,625,669
Impairment loss		318,421			-			-
Other expenses		229,953			165,871			137,285
		11,048,416			8,971,076			9,702,821
NET LOSS	$	(1,969,359	)	$	(831,705	)	$	(848,313	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(989,220	)	$	(678,815	)	$	(662,045	)
Net income (loss) allocated to other partners	$	(980,139	)	$	(152,890	)	$	(186,268	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-225

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	11,312,666		$	9,637,230		$	7,899,859
Interest and other		173,977			363,432			204,686
		11,486,643			10,000,662			8,104,545
Expenses
Interest		2,211,468			1,883,594			1,816,630
Depreciation and amortization		2,337,624			2,751,076			2,198,060
Taxes and insurance		1,328,981			1,200,359			811,271
Repairs and maintenance		2,448,847			1,637,084			1,263,233
Operating expenses		3,384,306			3,747,145			2,288,399
Impairment loss		-			-			-
Other expenses		135,767			221,535			375,519
		11,846,993			11,440,793			8,753,112
NET LOSS	$	(360,350	)	$	(1,440,131	)	$	(648,567	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(422,773	)	$	(1,222,762	)	$	(437,322	)
Net income (loss) allocated to other partners	$	62,423		$	(217,369	)	$	(211,245	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-226

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	10,068,917		$	7,518,550		$	5,615,784
Interest and other		756,655			297,944			173,993
		10,825,572			7,816,494			5,789,777
Expenses
Interest		1,976,692			1,663,588			1,054,474
Depreciation and amortization		2,884,442			2,578,551			1,573,388
Taxes and insurance		1,224,794			1,038,721			690,829
Repairs and maintenance		2,277,937			1,468,348			1,351,064
Operating expenses		3,552,074			2,885,001			2,862,900
Impairment loss		-			-			4,617,876
Other expenses		253,142			124,045			68,721
		12,169,081			9,758,254			12,219,252
NET LOSS	$	(1,343,509	)	$	(1,941,760	)	$	(6,429,475	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,133,205	)	$	(1,674,110	)	$	(2,673,669	)
Net income (loss) allocated to other partners	$	(210,304	)	$	(267,650	)	$	(3,755,806	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-227

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	10,324,348		$	7,283,374		$	6,190,431
Interest and other		391,217			363,125			172,983
		10,715,565			7,646,499			6,363,414
Expenses
Interest		1,619,790			1,690,261			1,338,622
Depreciation and amortization		2,973,439			2,769,638			2,248,801
Taxes and insurance		1,367,578			886,114			874,717
Repairs and maintenance		1,771,706			1,177,320			737,824
Operating expenses		4,025,656			2,454,468			2,637,123
Impairment loss		-			-			-
Other expenses		615,270			596,942			147,733
		12,373,439			9,574,743			7,984,820
NET LOSS	$	(1,657,874	)	$	(1,928,244	)	$	(1,621,406	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,503,190	)	$	(1,630,428	)	$	(623,049	)
Net income (loss) allocated to other partners	$	(154,684	)	$	(297,816	)	$	(998,357	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-228

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	7,976,496		$	6,521,654		$	6,497,548
Interest and other		261,308			264,728			250,280
		8,237,804			6,786,382			6,747,828
Expenses
Interest		1,683,220			1,677,166			1,944,394
Depreciation and amortization		2,932,746			2,122,690			2,092,571
Taxes and insurance		1,059,455			881,807			728,909
Repairs and maintenance		1,126,892			1,193,283			1,453,418
Operating expenses		3,726,980			2,411,003			2,390,309
Impairment loss		4,617,876			-			-
Other expenses		43,500			88,248			125,852
		15,190,669			8,374,197			8,735,453
NET LOSS	$	(6,952,865	)	$	(1,587,815	)	$	(1,987,625	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(4,728,874	)	$	(1,031,028	)	$	(997,844	)
Net income (loss) allocated to other partners	$	(2,223,991	)	$	(556,787	)	$	(989,781	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-229

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,888,264		$	4,359,775		$	3,442,308
Interest and other		240,128			210,350			230,468
		6,128,392			4,570,125			3,672,776
Expenses
Interest		1,130,693			1,051,811			806,041
Depreciation and amortization		2,259,407			1,489,097			1,390,951
Taxes and insurance		880,144			532,561			415,422
Repairs and maintenance		1,014,627			804,237			667,971
Operating expenses		2,689,062			1,618,350			1,592,048
Impairment loss		-			-			-
Other expenses		70,102			121,835			156,570
		8,044,035			5,617,891			5,029,003
NET LOSS	$	(1,915,643	)	$	(1,047,766	)	$	(1,356,227	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,302,147	)	$	(590,826	)	$	(915,239	)
Net income (loss) allocated to other partners	$	(613,496	)	$	(456,940	)	$	(440,988	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-230

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	9,537,135		$	11,381,804		$	11,019,705
Interest and other		446,290			460,071			362,956
		9,983,425			11,841,875			11,382,661
Expenses
Interest		3,284,466			3,925,334			3,171,669
Depreciation and amortization		2,577,591			3,114,338			3,259,277
Taxes and insurance		1,184,386			1,145,350			976,544
Repairs and maintenance		1,602,393			1,938,268			1,822,173
Operating expenses		2,495,685			2,781,411			3,381,056
Impairment loss		-			-			-
Other expenses		113,376			182,943			248,800
		11,257,897			13,087,644			12,859,519
NET LOSS	$	(1,274,472	)	$	(1,245,769	)	$	(1,476,858	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(687,084	)	$	(790,483	)	$	(470,251	)
Net income (loss) allocated to other partners	$	(587,388	)	$	(455,286	)	$	(1,006,607	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-231

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	9,110,347		$	9,027,762		$	10,677,269
Interest and other		421,871			263,275			272,207
		9,532,218			9,291,037			10,949,476
Expenses
Interest		2,513,386			2,657,069			2,669,272
Depreciation and amortization		3,185,358			2,977,684			3,347,131
Taxes and insurance		957,622			1,016,430			1,208,737
Repairs and maintenance		1,709,530			1,473,051			1,997,614
Operating expenses		2,927,852			2,970,592			3,585,947
Impairment loss		-			-			-
Other expenses		153,770			1,547,394			236,914
		11,447,518			12,642,220			13,045,615
NET LOSS	$	(1,915,300	)	$	(3,351,183	)	$	(2,096,139	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(707,961	)	$	(1,970,421	)	$	(1,233,312	)
Net income (loss) allocated to other partners	$	(1,207,339	)	$	(1,380,762	)	$	(862,827	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-232

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,518,670
Interest and other		297,148
		5,815,818
Expenses
Interest		1,434,224
Depreciation and amortization		1,538,464
Taxes and insurance		707,520
Repairs and maintenance		1,075,537
Operating expenses		1,888,000
Impairment loss		-
Other expenses		48,255
		6,692,000
NET LOSS	$	(876,182	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(859,459	)
Net income (loss) allocated to other partners	$	(16,723	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-233

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	225,595,957		$	12,632,687		$	2,800,634
Interest and other		11,340,929			2,215,300			60,029
		236,936,886			14,847,987			2,860,663
Expenses
Interest		58,343,645			3,460,141			908,501
Depreciation and amortization		67,303,012			3,233,021			648,284
Taxes and insurance		29,016,783			1,971,116			374,417
Repairs and maintenance		41,368,059			2,559,182			440,264
Operating expenses		77,156,641			3,412,485			948,238
Impairment loss		-			-			-
Other expenses		7,051,910			737,220			133,452
		280,240,050			15,373,165			3,453,156
NET LOSS	$	(43,303,164	)	$	(525,178	)	$	(592,493	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(30,036,856	)	$	(1,248,392	)	$	(397,781	)
Net income (loss) allocated to other partners	$	(13,266,308	)	$	723,214		$	(194,712	)

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-234

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	9,100,597		$	8,642,250		$	8,420,383
Interest and other		783,861			555,200			97,931
		9,884,458			9,197,450			8,518,314
Expenses
Interest		2,465,984			2,261,473			2,057,033
Depreciation and amortization		2,573,221			2,158,016			2,439,232
Taxes and insurance		1,520,255			1,246,824			985,591
Repairs and maintenance		2,570,709			1,808,212			1,505,341
Operating expenses		3,282,237			3,173,455			2,625,818
Impairment loss		-			-			-
Other expenses		244,408			379,769			97,482
		12,656,814			11,027,749			9,710,497
NET LOSS	$	(2,772,356	)	$	(1,830,299	)	$	(1,192,183	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,041,901	)	$	(875,250	)	$	(742,580	)
Net income (loss) allocated to other partners	$	(1,730,455	)	$	(955,049	)	$	(449,603	)

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-235

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	11,841,984		$	12,270,003		$	10,462,546
Interest and other		350,874			571,036			291,389
		12,192,858			12,841,039			10,753,935
Expenses
Interest		2,432,121			2,259,555			2,521,605
Depreciation and amortization		2,492,279			3,040,264			2,513,360
Taxes and insurance		1,507,363			1,610,496			1,165,108
Repairs and maintenance		2,594,708			2,405,823			1,371,955
Operating expenses		3,680,717			4,058,673			2,996,259
Impairment loss		-			-			-
Other expenses		995,372			350,543			302,044
		13,702,560			13,725,354			10,870,331
NET LOSS	$	(1,509,702	)	$	(884,315	)	$	(116,396	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,298,940	)	$	(1,962,171	)	$	(477,051	)
Net income (loss) allocated to other partners	$	(210,762	)	$	1,077,856		$	360,655

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-236

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	9,659,525		$	7,290,706		$	6,248,972
Interest and other		227,655			343,949			198,811
		9,887,180			7,634,655			6,447,783
Expenses
Interest		1,990,511			1,721,884			1,135,337
Depreciation and amortization		2,838,421			2,550,783			1,621,468
Taxes and insurance		1,237,848			949,717			758,628
Repairs and maintenance		1,840,968			1,239,225			1,317,880
Operating expenses		3,403,104			2,813,886			2,903,250
Impairment loss		-			-			-
Other expenses		266,867			206,998			105,021
		11,577,719			9,482,493			7,841,584
NET LOSS	$	(1,690,539	)	$	(1,847,838	)	$	(1,393,801	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,319,188	)	$	(2,011,048	)	$	(1,256,895	)
Net income (loss) allocated to other partners	$	(371,351	)	$	163,210		$	(136,906	)

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-237

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	10,010,642		$	7,423,054		$	6,193,633
Interest and other		725,562			306,522			205,947
		10,736,204			7,729,576			6,399,580
Expenses
Interest		1,684,409			1,742,349			1,434,726
Depreciation and amortization		2,990,577			2,866,318			2,337,916
Taxes and insurance		1,331,716			995,986			807,121
Repairs and maintenance		1,845,073			1,059,006			931,760
Operating expenses		3,627,728			2,837,440			2,560,522
Impairment loss		-			-			-
Other expenses		659,889			205,548			116,137
		12,139,392			9,706,647			8,188,182
NET LOSS	$	(1,403,188	)	$	(1,977,071	)	$	(1,788,602	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(981,897	)	$	(1,539,147	)	$	(745,885	)
Net income (loss) allocated to other partners	$	(421,291	)	$	(437,924	)	$	(1,042,717	)

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-238

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	7,880,400		$	6,199,854		$	6,415,159
Interest and other		419,269			268,742			253,227
		8,299,669			6,468,596			6,668,386
Expenses
Interest		2,060,416			1,699,876			1,987,567
Depreciation and amortization		3,007,760			2,091,786			1,985,421
Taxes and insurance		1,122,819			902,486			661,684
Repairs and maintenance		1,286,816			1,309,786			1,452,993
Operating expenses		3,303,936			2,315,443			2,323,917
Impairment loss		-			-			-
Other expenses		49,575			146,309			203,869
		10,831,322			8,465,686			8,615,451
NET LOSS	$	(2,531,653	)	$	(1,997,090	)	$	(1,947,065	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,786,699	)	$	(1,184,563	)	$	(1,002,035	)
Net income (loss) allocated to other partners	$	(744,954	)	$	(812,527	)	$	(945,030	)

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-239

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,758,213		$	4,199,280		$	3,383,876
Interest and other		227,739			190,922			218,482
		5,985,952			4,390,202			3,602,358
Expenses
Interest		1,204,410			1,070,018			823,833
Depreciation and amortization		2,161,653			1,494,769			1,328,539
Taxes and insurance		841,149			541,901			446,764
Repairs and maintenance		996,037			761,476			584,757
Operating expenses		2,674,054			1,558,675			1,518,675
Impairment loss		-			-			-
Other expenses		69,500			120,430			164,792
		7,946,803			5,547,269			4,867,360
NET LOSS	$	(1,960,851	)	$	(1,157,067	)	$	(1,265,002	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,316,292	)	$	(658,134	)	$	(779,953	)
Net income (loss) allocated to other partners	$	(644,559	)	$	(498,933	)	$	(485,049	)

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-240

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	9,163,188		$	15,208,750		$	10,798,869
Interest and other		431,976			815,369			324,486
		9,595,164			16,024,119			11,123,355
Expenses
Interest		3,319,767			5,518,387			3,250,146
Depreciation and amortization		2,621,485			4,024,856			3,227,018
Taxes and insurance		1,205,012			1,779,748			1,082,024
Repairs and maintenance		1,708,609			2,319,113			1,768,717
Operating expenses		2,354,011			3,451,744			3,254,270
Impairment loss		-			-			-
Other expenses		175,857			335,094			308,591
		11,384,741			17,428,942			12,890,766
NET LOSS	$	(1,789,577	)	$	(1,404,823	)	$	(1,767,411	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(912,898	)	$	(677,596	)	$	(760,271	)
Net income (loss) allocated to other partners	$	(876,679	)	$	(727,227	)	$	(1,007,140	)

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-241

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	9,053,424		$	8,822,929		$	10,397,633
Interest and other		387,790			251,100			378,230
		9,441,214			9,074,029			10,775,863
Expenses
Interest		2,574,882			2,626,085			2,677,769
Depreciation and amortization		3,159,427			2,987,158			3,372,243
Taxes and insurance		971,185			1,083,606			1,243,803
Repairs and maintenance		1,444,455			1,469,070			1,905,425
Operating expenses		3,038,927			3,466,211			3,739,986
Impairment loss		-			-			-
Other expenses		197,515			334,066			99,077
		11,386,391			11,966,196			13,038,303
NET LOSS	$	(1,945,177	)	$	(2,892,167	)	$	(2,262,440	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(973,100	)	$	(1,789,188	)	$	(1,436,316	)
Net income (loss) allocated to other partners	$	(972,077	)	$	(1,102,979	)	$	(826,124	)

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-242

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,316,766
Interest and other		239,531
		5,556,297
Expenses
Interest		1,454,860
Depreciation and amortization		1,537,737
Taxes and insurance		672,416
Repairs and maintenance		870,699
Operating expenses		1,832,980
Impairment loss		-
Other expenses		46,485
		6,415,177
NET LOSS	$	(858,880	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(861,685	)
Net income (loss) allocated to other partners	$	2,805

* Amounts include $1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-243

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2011 and 2010 consist of advance installments of $69,698 and $723,071, respectively, of capital contributions to operating limited partnerships.  The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from 3.00% to prime + 1.00%.  Prime was 3.25% as of March 31, 2011 and 2010.  These notes are secured by future installments of capital contributions or paid upon demand.  The notes at March 31, 2011 and 2010 by series are as follows:

	2011		2010
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		-		-
Series 28		-		-
Series 29		-		-
Series 30		-		-
Series 31		-		-
Series 32		46,908		46,908
Series 33		-		-
Series 34		-		-
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		-		-
Series 40		-		-
Series 41		-		-
Series 42		22,790		292,933
Series 43		-		186,626
Series 44		-		196,604
Series 45		-		-
Series 46		-		-
	$	69,698	$	723,071

F-244

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(34,618,430	)	$	782,240		$	(10,292	)
Operating limited partnership rents received in advance		15,459			2,390			(16,314	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		269,367			(737,086	)		69,765
Other		486,390			2,909,018			281,162
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(22,745,446	)		(1,252,420	)		(102,473	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(5,900,883	)		(136,452	)		(287,158	)
Impairment loss not recognized for tax purposes		23,038,128			-			-
Operating limited partnership impairment loss not recognized for tax purposes		318,421			-			318,421
Difference due to fiscal year for book purposes and calendar year for tax purposes		69,753			(895,663	)		(19,916	)
Income (loss) for tax return purposes, December 31, 2010	$	(39,067,241	)	$	672,027		$	233,195

F-245

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	541,236		$	610,391		$	(117,314	)
Operating limited partnership rents received in advance		-			(36	)		2,309
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(344,277	)		(372,652	)		77,900
Other		324,081			894,754			999,458
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(989,220	)		(678,815	)		(662,045	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(265,238	)		(35,100	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		318,421			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(198,892	)		(143,155	)		10,470
Income (loss) for tax return purposes, December 31, 2010	$	(348,651	)	$	45,249		$	275,678

F-246

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	440,077		$	1,140,769		$	(1,035,645	)
Operating limited partnership rents received in advance		-			1,240			(2,237	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(188,789	)		(1,006,313	)		(1,105,169	)
Other		589,213			(2,376,299	)		(1,916,001	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(422,773	)		(1,222,762	)		(444,115	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(348,409	)		(358,814	)
Impairment loss not recognized for tax purposes		-			-			24,309
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(190,585	)		(74,552	)		2,101,321
Income (loss) for tax return purposes, December 31, 2010	$	227,143		$	(3,886,326	)	$	(2,736,351	)

F-247

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(286,909	)	$	(376,809	)	$	(161,274	)
Operating limited partnership rents received in advance		(78	)		10,654			4,208
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		284,116			331,404			183,160
Other		(180,296	)		(147,278	)		(437,283	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,133,205	)		(1,649,715	)		(2,606,216	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(283,745	)		(290,330	)		(207,594	)
Impairment loss not recognized for tax purposes		-			-			15,589
Operating limited partnership impairment loss not recognized for tax purposes		-			-			1,562,366
Difference due to fiscal year for book purposes and calendar year for tax purposes		29,553			116,028			(129,231	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,570,564	)	$	(2,006,046	)	$	(1,776,275	)

F-248

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(360,341	)	$	(380,952	)	$	(241,815	)
Operating limited partnership rents received in advance		3,813			(1,344	)		189
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		364,152			(110,227	)		138,265
Other		502,219			(945,768	)		(1,064,844	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,659,213	)		(1,257,030	)		(510,122	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(505,457	)		(254,124	)		(132,169	)
Impairment loss not recognized for tax purposes		166,611			272,560			37,226
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(34,589	)		(1,212,370	)		(85,005	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,522,805	)	$	(3,889,255	)	$	(1,858,275	)

F-249

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(996,746	)	$	(2,938,167	)	$	(1,931,251	)
Operating limited partnership rents received in advance		8,586			2,046			369
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		293,196			228,360			160,599
Other		413,359			(69,552	)		53,970
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(4,501,804	)		(421,625	)		(661,706	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(253,294	)		(313,865	)		(296,031	)
Impairment loss not recognized for tax purposes		225,080			2,017,720			1,405,263
Operating limited partnership impairment loss not recognized for tax purposes		3,271,264			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		190,387			(60,511	)		(84,680	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,349,972	)	$	(1,555,594	)	$	(1,353,467	)

F-250

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(1,886,664	)	$	(2,942,239	)	$	(2,757,577	)
Operating limited partnership rents received in advance		18,987			(9,978	)		(10,281	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		204,864			164,400			136,800
Other		111,387			123,057			204,751
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,073,183	)		(26,361	)		(24,870	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(106,599	)		(201,154	)		(82,484	)
Impairment loss not recognized for tax purposes		1,324,065			2,180,548			1,711,047
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		30,058			(77,757	)		(78,028	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,377,085	)	$	(789,484	)	$	(900,642	)

F-251

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(2,748,973	)	$	(2,025,799	)	$	(2,337,443	)
Operating limited partnership rents received in advance		(127	)		-			1,063
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		200,017			(60,471	)		249,780
Other		(74,208	)		44,628			(166,062	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(85,490	)		(106,974	)		(122,644	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(163,125	)		(195,626	)		(152,559	)
Impairment loss not recognized for tax purposes		1,870,900			1,300,406			1,711,651
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(23,808	)		416,271			(27,062	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,024,814	)	$	(627,565	)	$	(843,276	)

F-252

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(3,989,777	)	$	(3,202,227	)	$	(4,306,886	)
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		306,780			284,701			266,564
Other		(308,453	)		619,677			(48,529	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(290,452	)		(794,096	)		(46,117	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(93,684	)		(229,449	)		(329,090	)
Impairment loss not recognized for tax purposes		2,993,098			1,396,160			2,445,786
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		170,243			279,874			117,900
Income (loss) for tax return purposes, December 31, 2010	$	(1,212,245	)	$	(1,645,360	)	$	(1,900,372	)

F-253

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(3,098,043	)
Operating limited partnership rents received in advance		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		249,528
Other		150,229
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(379,333	)
Impairment loss not recognized for tax purposes		1,940,109
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(56,548	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,194,058	)

F-254

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(48,774,143	)	$	(279,089	)	$	528,259
Operating limited partnership rents received in advance		38,807			-			20,953
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		4,836,819			287,024			(458,867	)
Other		628,298			216,131			(8,617	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(16,990,444	)		(1,248,392	)		(397,781	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(5,513,492	)		-			(177,437	)
Impairment loss not recognized for tax purposes		27,675,675			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(5,464,840	)		11,989			(721,715	)
Income (loss) for tax return purposes, December 31, 2009	$	(43,563,320	)	$	(1,012,337	)	$	(1,215,205	)

F-255

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(208,678	)	$	(218,996	)	$	(11,402	)
Operating limited partnership rents received in advance		-			-			(34	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		249,803			235,714			124,222
Other		(275,423	)		(330,261	)		(483,890	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,041,901	)		(875,250	)		(742,580	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(25,910	)		(114,634	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(72,651	)		(51,362	)		(927,585	)
Income (loss) for tax return purposes, December 31, 2009	$	(1,348,850	)	$	(1,266,065	)	$	(2,155,903	)

F-256

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(87,110	)	$	(1,672,971	)	$	(551,574	)
Operating limited partnership rents received in advance		-			447			16,973
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		134,550			217,273			315,204
Other		373,160			1,649,908			309,345
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,328,766	)		(1,238,126	)		(396,779	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(19,015	)		(523,379	)		(375,783	)
Impairment loss not recognized for tax purposes		62,147			606,124			153,410
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(2,242,936	)		(1,014,723	)		81,355
Income (loss) for tax return purposes, December 31, 2009	$	(3,107,970	)	$	(1,975,447	)	$	(447,849	)

F-257

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(923,375	)	$	(877,090	)	$	(1,486,625	)
Operating limited partnership rents received in advance		737			(7,781	)		(361	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		309,116			331,404			186,169
Other		42,066			112,983			526,912
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(863,856	)		(1,807,041	)		(689,908	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(271,285	)		(254,117	)		(197,164	)
Impairment loss not recognized for tax purposes		183,235			380,451			615,661
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(36,308	)		(14,614	)		66,020
Income (loss) for tax return purposes, December 31, 2009	$	(1,559,670	)	$	(2,135,805	)	$	(979,296	)

F-258

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(984,934	)	$	(2,935,793	)	$	(1,844,221	)
Operating limited partnership rents received in advance		(142	)		(14,253	)		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		364,152			312,615			159,745
Other		(1,370,724	)		(211,117	)		(1,136,025	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,178,942	)		(635,720	)		(358,096	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(281,537	)		(214,837	)		(110,750	)
Impairment loss not recognized for tax purposes		796,383			1,688,725			1,267,778
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(14,431	)		(992,142	)		(18,847	)
Income (loss) for tax return purposes, December 31, 2009	$	(2,670,175	)	$	(3,002,522	)	$	(2,040,416	)

F-259

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(2,349,137	)	$	(3,359,953	)	$	(2,242,113	)
Operating limited partnership rents received in advance		3,945			1,257			(491	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		293,196			228,360			160,599
Other		206,232			221,603			(194,222	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,176,248	)		(369,332	)		(509,244	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(223,172	)		(316,721	)		(123,143	)
Impairment loss not recognized for tax purposes		1,042,951			2,237,536			1,548,176
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		344,232			(73,959	)		(62,655	)
Income (loss) for tax return purposes, December 31, 2009	$	(1,858,001	)	$	(1,431,209	)	$	(1,423,093	)

F-260

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(2,780,498	)	$	(2,712,997	)	$	(2,291,962	)
Operating limited partnership rents received in advance		19,999			-			5,607
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		204,864			64,400			86,800
Other		(3,298	)		156,288			(74,472	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(716,948	)		-			-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(175,097	)		(209,618	)		(137,744	)
Impairment loss not recognized for tax purposes		1,849,293			1,863,888			1,331,559
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		14,743			(82,541	)		(68,315	)
Income (loss) for tax return purposes, December 31, 2009	$	(1,586,942	)	$	(920,580	)	$	(1,148,527	)

F-261

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(2,709,589	)	$	(2,440,525	)	$	(2,439,386	)
Operating limited partnership rents received in advance		(9,142	)		-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		200,017			246,830			151,056
Other		144,610			128,900			116,359
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(12,174	)		(123,965	)		(418,268	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(158,482	)		(195,531	)		(148,272	)
Impairment loss not recognized for tax purposes		1,565,033			1,370,664			1,688,303
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(92,404	)		145,071			9,108
Income (loss) for tax return purposes, December 31, 2009	$	(1,072,131	)	$	(868,556	)	$	(1,041,100	)

F-262

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(3,178,616	)	$	(3,226,501	)	$	(4,185,948	)
Operating limited partnership rents received in advance		-			1,199			(106	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		281,780			84,701			16,564
Other		(93,286	)		196,305			272,612
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(459,024	)		(344,989	)		(57,114	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(178,312	)		(221,292	)		(421,048	)
Impairment loss not recognized for tax purposes		2,024,801			1,198,091			2,117,133
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		116,340			161,008			129,794
Income (loss) for tax return purposes, December 31, 2009	$	(1,486,317	)	$	(2,151,478	)	$	(2,128,113	)

F-263

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(3,303,319	)
Operating limited partnership rents received in advance		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		49,528
Other		136,219
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(439,212	)
Impairment loss not recognized for tax purposes		2,084,333
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(57,312	)
Income (loss) for tax return purposes, December 31, 2009	$	(1,529,763	)

F-264

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2010	$	147,318,452		$	(3,125,030	)	$	(2,501,071	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		69,799,719			4,390,990			3,194,073
Impairment loss in investment in operating limited partnerships		(227,774,198	)		(4,628,785	)		(558,938	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2011		(1,934,902	)		(159,224	)		(351,701	)
Operating limited partnership impairment loss not recognized for tax purposes		5,470,472			-			318,421
Other		53,373,406			2,951,432			(100,784	)
Investments in operating limited partnerships - as reported	$	47,231,216		$	-		$	-

F-265

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2010	$	(2,740,591	)	$	1,991,584		$	491,068
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,943,983			3,329,750			3,647,829
Impairment loss in investment in operating limited partnerships		(5,199,302	)		(9,088,660	)		(4,342,280	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2011		(192,813	)		(148,731	)		(81,405	)
Operating limited partnership impairment loss not recognized for tax purposes		318,421			-			-
Other		1,646,765			3,916,057			284,788
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-266

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2010	$	3,696,437		$	2,611,970		$	1,078,723
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,523,117			5,096,582			1,850,649
Impairment loss in investment in operating limited partnerships		(7,580,319	)		(11,189,730	)		(6,874,310	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		(93,998	)		(120,610	)		(266,164	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		(1,545,237	)		3,601,788			4,211,102
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-267

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2010	$	12,081,204		$	3,084,892		$	2,740,992
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,211,713			5,003,158			3,614,190
Impairment loss in investment in operating limited partnerships		(17,807,948	)		(10,917,337	)		(6,586,053	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		(129,668	)		(265,241	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			1,562,366
Other		3,644,699			3,094,528			(1,331,495	)
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-268

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2010	$	5,289,903		$	9,922,000		$	7,001,204
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,506,357			2,827,815			846,730
Impairment loss in investment in operating limited partnerships		(15,337,400	)		(14,747,021	)		(10,148,264	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2011		(125,347	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		5,698,263			1,865,887			2,300,330
Investments in operating limited partnerships - as reported	$	31,776		$	52,794		$	-

F-269

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2010	$	6,570,887		$	7,635,511		$	2,532,219
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,024,334			1,402,962			2,991,705
Impairment loss in investment in operating limited partnerships		(11,515,855	)		(12,335,090	)		(7,631,014	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		3,271,264			-			-
Other		(4,350,630	)		3,390,108			2,164,796
Investments in operating limited partnerships - as reported	$	-		$	93,491		$	57,706

F-270

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2010	$	5,263,593		$	8,396,507		$	6,728,464
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,790,131			26,361			24,870
Impairment loss in investment in operating limited partnerships		(8,573,117	)		(9,674,189	)		(6,518,542	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,555,872			2,250,844			1,143,374
Investments in operating limited partnerships - as reported	$	36,479		$	999,523		$	1,378,166

F-271

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2010	$	9,245,754		$	3,937,382		$	8,284,193
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		97,664			688,361			822,137
Impairment loss in investment in operating limited partnerships		(8,603,775	)		(5,210,063	)		(7,344,121	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,751,432			3,395,904			1,978,592
Investments in operating limited partnerships - as reported	$	2,491,075		$	2,811,584		$	3,740,801

F-272

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2010	$	10,413,640		$	6,573,407		$	16,189,178
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,578,414			2,154,981			210,863
Impairment loss in investment in operating limited partnerships		(7,522,774	)		(5,000,278	)		(7,418,185	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,143,868			1,476,993			3,104,914
Investments in operating limited partnerships - as reported	$	6,613,148		$	5,205,103		$	12,086,770

F-273

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2010	$	13,924,432
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-
Impairment loss in investment in operating limited partnerships		(5,420,848	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2011		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		3,129,216
Investments in operating limited partnerships - as reported	$	11,632,800

F-274

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2009	$	187,363,289		$	(3,789,823	)	$	(2,654,739	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		50,576,578			4,276,869			3,920,551
Impairment loss in investment in operating limited partnerships		(226,406,734	)		(5,812,210	)		(709,601	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2010		(2,077,480	)		(268,202	)		(399,312	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		69,169,408			5,022,749			(156,899	)
Investments in operating limited partnerships - as reported	$	79,603,328		$	-		$	-

F-275

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2009	$	(1,579,342	)	$	2,762,963		$	215,542
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,077,203			3,145,170			3,060,446
Impairment loss in investment in operating limited partnerships		(6,519,050	)		(11,704,924	)		(4,336,246	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2010		(203,385	)		(152,590	)		(81,405	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		3,001,037			5,949,381			1,141,663
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-276

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2009	$	3,668,395		$	8,556,466		$	6,017,081
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,534,834			4,015,497			1,492,182
Impairment loss in investment in operating limited partnerships		(9,276,439	)		(17,408,272	)		(10,747,592	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2010		(126,188	)		(120,610	)		(205,532	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		199,398			4,956,919			5,786,012
Investments in operating limited partnerships - as reported	$	-		$	-		$	2,342,151

F-277

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2009	$	13,678,528		$	5,148,531		$	4,749,858
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,078,508			3,360,666			1,007,974
Impairment loss in investment in operating limited partnerships		(17,737,386	)		(10,917,337	)		(8,061,818	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2010		(129,668	)		(265,241	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		3,110,018			2,697,776			2,387,028
Investments in operating limited partnerships - as reported	$	-		$	24,395		$	83,042

F-278

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2009	$	6,797,484		$	14,375,654		$	8,881,079
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,850,713			1,616,565			382,388
Impairment loss in investment in operating limited partnerships		(15,170,789	)		(15,384,682	)		(10,291,840	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2010		(125,347	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		5,690,303			(92,898	)		1,178,526
Investments in operating limited partnerships - as reported	$	42,364		$	698,752		$	150,153

F-279

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2009	$	7,863,074		$	9,063,541		$	3,810,380
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,522,530			981,337			2,329,999
Impairment loss in investment in operating limited partnerships		(11,262,189	)		(10,461,943	)		(6,225,751	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2010		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,328,735			2,993,106			1,898,119
Investments in operating limited partnerships - as reported	$	452,150		$	2,576,041		$	1,812,747

F-280

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2009	$	6,593,969		$	9,120,562		$	7,555,552
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		716,948			-			-
Impairment loss in investment in operating limited partnerships		(7,574,998	)		(7,521,557	)		(4,829,727	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2010		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,664,262			2,162,774			1,244,279
Investments in operating limited partnerships - as reported	$	1,400,181		$	3,761,779		$	3,970,104

F-281

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2009	$	10,184,085		$	4,578,769		$	9,076,505
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		12,174			600,595			779,836
Impairment loss in investment in operating limited partnerships		(6,838,944	)		(4,120,934	)		(5,798,474	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2010		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,500,860			3,535,241			1,577,193
Investments in operating limited partnerships - as reported	$	4,858,175		$	4,593,671		$	5,635,060

F-282

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2009	$	11,565,237		$	8,170,664		$	17,881,509
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,287,962			1,360,885			164,746
Impairment loss in investment in operating limited partnerships		(5,563,126	)		(3,611,213	)		(4,972,399	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2010		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,969,356			1,864,162			2,668,848
Investments in operating limited partnerships - as reported	$	9,259,429		$	7,784,498		$	15,742,704

F-283

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2009	$	15,071,765
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-
Impairment loss in investment in operating limited partnerships		(3,547,293	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2010		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		2,891,460
Investments in operating limited partnerships - as reported	$	14,415,932

F-284

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2011 and 2010

NOTE F - CASH EQUIVALENTS

Cash equivalents of $7,900,155 and $6,457,846 as of March 31, 2011 and 2010, respectively, include money market accounts with interest rates ranging from 0.20% to 0.80% per annum.

NOTE G - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions.  The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution.  At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to its balances in excess of FDIC insurance.  Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2011.

NOTE H - SUBSEQUENT EVENTS

Subsequent to March 31, 2011, the Fund has entered into agreements to either sell or transfer interests in three operating limited partnerships all of which closed by June 2011.  The sales prices and other terms for the disposition of the operating limited partnerships have been determined.  The proceeds received for these three operating limited partnerships were $1,014,287. The gain on the sales of these operating limited partnerships was $929,787 and was recognized in the first quarter of the fiscal year ended 2012.

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund’s financial instruments relate to notes receivable and accounts payable - affiliates.  Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical.  The notes receivable and accounts payable - affiliates are due from or owed to affiliates of the Fund.  The unique nature of these financial instruments makes determination of any fair value impractical. See notes B and D for disclosure of the carrying amount and terms of these financial instruments.

F-285