INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

12 Months Ended

Mar. 31, 2014

Investments In Operating Partnerships [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2014 and 2013, 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, 2014 and 2013 by series are as follows:

	2014		2013
Series 20		8		11
Series 21		4		5
Series 22		8		10
Series 23		11		11
Series 24		7		13
Series 25		6		7
Series 26		24		31
Series 27		10		13
Series 28		19		20
Series 29		17		21
Series 30		16		16
Series 31		22		25
Series 32		14		15
Series 33		8		8
Series 34		12		13
Series 35		10		10
Series 36		9		9
Series 37		7		7
Series 38		10		10
Series 39		9		9
Series 40		16		16
Series 41		19		20
Series 42		21		21
Series 43		23		23
Series 44		8		10
Series 45		28		30
Series 46		15		15
		361		399

During the year ended March 31, 2014 the Fund disposed of thirty eight Operating Partnerships. Gain on disposition is included in share of income (losses) from operating limited partnerships. A summary of the dispositions by Series for March 31, 2014 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain on Disposition
Series 20		3		-	$	722,000	$	722,000
Series 21		1		-		79,000		79,000
Series 22		2		-		-		-
Series 24		3		3		1,630,062		1,630,062
Series 25		1		-		618,889		-
Series 26		1		6		2,801,657		2,801,657
Series 27		2		1		2,508,394		2,508,394
Series 28		1		-		939,495		939,495
Series 29		2		2		342,694		344,656
Series 31		3		-		624,556		624,556
Series 32		1		-		3,428		3,428
Series 34		1		-		176,333		176,333
Series 41		1		-		52,000		52,000
Series 44		-		2		-		-
Series 45		1		1		1,044		1,044
Total		23		15	$	10,499,552	$	9,882,625

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

During the year ended March 31, 2013 the Fund disposed of forty six Operating Partnerships. Gain on disposition is included in share of income (losses) from operating limited partnerships. A summary of the dispositions by Series for March 31, 2013 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain on Disposition
Series 20		1		-	$	6,402	$	6,402
Series 21		1		-		-		-
Series 22		8		2		318,670		318,670
Series 23		4		-		82,930		82,930
Series 24		3		2		1,793,701		1,793,701
Series 25		2		2		2,477,731		3,096,620
Series 26		7		1		2,007,273		2,007,273
Series 27		1		1		582,228		582,228
Series 28		4		-		53,550		53,550
Series 30		1		-		72,943		72,943
Series 31		1		-		48,230		48,230
Series 32		-		-		1,449		1,449
Series 34		1		-		-		-
Series 35		1		-		52,500		52,500
Series 36		1		1		1,242,272		1,242,272
Series 42		1		-		-		-
Series 45		-		-		442		442
Total		37		9	$	8,740,321	$	9,359,210

* Fund proceeds from disposition does not include $618,889 recorded as a receivable as of March 31, 2013 for Series 25.

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, 2014 and 2013, contributions are payable to operating limited partnerships as follows:

	2014		2013
Series 20	$	-	$	-
Series 21		-		-
Series 22		9,352		9,352
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		1,293		1,293
Series 27		10,020		10,020
Series 28		40,968		40,968
Series 29		8,235		10,197
Series 30		127,396		127,396
Series 31		66,294		66,294
Series 32		3,486		173,561
Series 33		69,154		69,154
Series 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		73,433
Series 43		99,265		121,112
Series 44		-		252,864
Series 45		16,724		16,724
Series 46		-		-
	$	664,260	$	1,111,008

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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	$	435,973,036	$	5,333,121	$	3,570,455
Acquisition costs of operating limited partnerships		25,929,137		719,243		590,143
Cumulative distributions from operating limited partnerships		(3,187,008)		(26,017)		(22,441)
Cumulative impairment loss in investments in operating limited partnerships		(216,038,394)		(1,333,677)		(118,301)
Cumulative losses from operating limited partnerships		(237,348,070)		(4,692,670)		(4,019,856)
Investments in operating limited partnerships per balance sheet		5,328,701		-		-

	Total		Series 20		Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(2,570,666)		-		-
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(4,142,502)		-		-
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).		1,117,450		90,622		221,074
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(87,884,506)		(3,054,043)		(2,584,152)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		1,300,991		6,576		-
Cumulative impairment loss in investments in operating limited partnerships		216,038,394		1,333,677		118,301
Other		(2,313,297)		(41,692)		(170,410)
Equity per operating limited partnerships’ combined financial statements	$	126,874,565	$	(1,664,860)	$	(2,415,187)

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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	$	3,854,180	$	10,391,895	$	4,404,391
Acquisition costs of operating limited partnerships		455,092		1,552,411		562,541
Cumulative distributions from operating limited partnerships		-		-		(34,932)
Cumulative impairment loss in investments in operating limited partnerships		(1,618,823)		(6,353,837)		(1,636,215)
Cumulative losses from operating limited partnerships		(2,690,449)		(5,590,469)		(3,295,785)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 22		Series 23		Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(384,587)		(11,581)		(30,158)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(157,772)		(62,597)		(91,548)
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).		25,824		54,934		841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,708,122)		(2,436,164)		(2,148,403)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		34,901		6,688
Cumulative impairment loss in investments in operating limited partnerships		1,618,823		6,353,837		1,636,215
Other		(86,354)		(112,531)		128,312
Equity per operating limited partnerships’ combined financial statements	$	(692,188)	$	3,820,799	$	(498,053)

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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	$	3,805,566	$	11,884,296	$	10,048,578
Acquisition costs of operating limited partnerships		508,635		1,664,905		1,450,069
Cumulative distributions from operating limited partnerships		(69,547)		(69,380)		(14,167)
Cumulative impairment loss in investments in operating limited partnerships		(3,245,521)		(4,338,427)		(4,558,902)
Cumulative losses from operating limited partnerships		(999,133)		(9,141,394)		(6,925,578)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 25		Series 26		Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		-		(70,440)		(286,388)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		(59,837)		(449,204)
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).		31,239		114,788		204,661
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(467,648)		(5,296,972)		(1,965,626)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		187,072		-
Cumulative impairment loss in investments in operating limited partnerships		3,245,521		4,338,427		4,558,902
Other		(66,326)		(105,757)		(276,370)
Equity per operating limited partnerships’ combined financial statements	$	2,742,786	$	(892,719)	$	1,785,975

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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	$	23,441,799	$	20,972,330	$	13,904,236
Acquisition costs of operating limited partnerships		3,437,921		3,024,114		1,439,788
Cumulative distributions from operating limited partnerships		(553,358)		(20,179)		(53,204)
Cumulative impairment loss in investments in operating limited partnerships		(16,476,882)		(5,875,856)		(6,613,997)
Cumulative losses from operating limited partnerships		(9,849,480)		(18,100,409)		(8,676,823)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 28		Series 29		Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(233,630)		(83,498)		(135,225)
The Fund has recorded acquisition costs at March 31, 2014 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).		79,180		204,728		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(4,221,023)		(7,179,789)		(3,318,142)
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		16,476,882		5,875,856		6,613,997
Other		(563,831)		(91,528)		1,847
Equity per operating limited partnerships’ combined financial statements	$	10,988,809	$	(1,863,320)	$	2,934,488

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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	$	22,008,435	$	29,433,847	$	14,744,596
Acquisition costs of operating limited partnerships		3,165,164		3,834,299		1,349,820
Cumulative distributions from operating limited partnerships		(31,404)		(101,211)		(30,285)
Cumulative impairment loss in investments in operating limited partnerships		(11,182,057)		(14,763,087)		(9,162,728)
Cumulative losses from operating limited partnerships		(13,960,138)		(18,403,848)		(6,901,403)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 31		Series 32		Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(47,462)		(172,318)		(179,468)
The Fund has recorded acquisition costs at March 31, 2014 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).		89,559		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(7,965,109)		(6,317,426)		(2,659,844)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		30,562		38,357		9,684
Cumulative impairment loss in investments in operating limited partnerships		11,182,057		14,763,087		9,162,728
Other		(342,863)		322,700		(42,784)
Equity per operating limited partnerships’ combined financial statements	$	2,869,144	$	7,350,065	$	6,123,123

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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	$	22,921,365	$	20,689,083	$	13,848,639
Acquisition costs of operating limited partnerships		2,174,992		-		-
Cumulative distributions from operating limited partnerships		(20,308)		(30,252)		(116,200)
Cumulative impairment loss in investments in operating limited partnerships		(10,625,803)		(11,273,719)		(7,246,265)
Cumulative losses from operating limited partnerships		(14,450,246)		(9,385,112)		(6,486,174)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 34		Series 35		Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(38,698)		-		(14,791)
The Fund has recorded acquisition costs at March 31, 2014 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).		(5,821,899)		(3,511,421)		(1,659,966)
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		10,625,803		11,273,719		7,246,265
Other		(274,264)		7,538		(99,055)
Equity per operating limited partnerships’ combined financial statements	$	4,201,872	$	7,847,853	$	5,473,823

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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		(202,524)		(531,129)		(224,758)
Cumulative impairment loss in investments in operating limited partnerships		(7,792,558)		(10,527,541)		(7,438,510)
Cumulative losses from operating limited partnerships		(10,429,407)		(7,793,497)		(9,036,579)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 37		Series 38		Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(155,365)		-		-
The Fund has recorded acquisition costs at March 31, 2014 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).		(6,441,485)		(3,627,297)		(3,876,967)
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		7,792,558		10,527,541		7,438,510
Other		(57,600)		(328,344)		(82,953)
Equity per operating limited partnerships’ combined financial statements	$	1,441,918	$	6,631,361	$	3,757,809

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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	$	17,319,216	$	19,690,646
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(53,094)		(58,012)		(111,750)
Cumulative impairment loss in investments in operating limited partnerships		(10,639,800)		(7,005,127)		(10,428,111)
Cumulative losses from operating limited partnerships		(8,644,098)		(10,256,077)		(9,150,785)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 40		Series 41		Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(25,172)		(33,807)		(409,845)
The Fund has recorded acquisition costs at March 31, 2014 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).		(1,365,798)		(2,219,955)		(2,319,513)
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		10,639,800		7,005,127		10,428,111
Other		(171,079)		(230,969)		194,228
Equity per operating limited partnerships’ combined financial statements	$	9,156,562	$	4,521,445	$	7,912,993

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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	$	15,745,838	$	25,706,915
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(337,804)		(49,763)		(305,087)
Cumulative impairment loss in investments in operating limited partnerships		(13,050,566)		(6,453,489)		(14,657,544)
Cumulative losses from operating limited partnerships		(13,050,348)		(9,242,586)		(8,739,792)
Investments in operating limited partnerships per balance sheet		178,330		-		2,004,492

	Series 43		Series 44		Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(121,319)		-		(129,725)
The Fund has recorded acquisition costs at March 31, 2014 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).		(2,380,028)		(3,122,647)		(194,482)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-		23,309
Cumulative impairment loss in investments in operating limited partnerships		13,050,566		6,453,489		14,657,544
Other		243,042		(40,728)		(11,108)
Equity per operating limited partnerships’ combined financial statements	$	10,970,591	$	3,290,114	$	16,350,030

The Fund’s investments in operating limited partnerships at March 31, 2014 are 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		(120,202)
Cumulative impairment loss in investments in operating limited partnerships		(11,621,051)
Cumulative losses from operating limited partnerships		(7,435,934)
Investments in operating limited partnerships per balance sheet		3,145,879

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(7,189)
The Fund has recorded acquisition costs at March 31, 2014 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).		(20,585)
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		11,621,051
Other		(14,418)
Equity per operating limited partnerships’ combined financial statements	$	14,729,332

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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	$	468,450,655	$	6,699,980	$	3,762,893
Acquisition costs of operating limited partnerships		29,435,629		861,676		602,529
Cumulative distributions from operating limited partnerships		(3,169,469)		(33,517)		(22,441)
Cumulative impairment loss in investments in operating limited partnerships		(226,099,776)		(1,648,785)		(118,301)
Cumulative losses from operating limited partnerships		(255,011,101)		(5,879,354)		(4,224,680)
Investments in operating limited partnerships per balance sheet		13,605,938		-		-

	Total		Series 20		Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		(3,160,003)		-		-
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(4,063,046)		-		-
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).		1,326,821		86,256		219,339
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(83,929,078)		(2,747,749)		(2,799,954)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		1,326,492		7,898		-
Cumulative impairment loss in investments in operating limited partnerships		226,099,776		1,648,785		118,301
Other		(2,557,875)		(20,933)		(164,829)
Equity per operating limited partnerships’ combined financial statements	$	148,649,025	$	(1,025,743)	$	(2,627,143)

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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	$	4,561,122	$	10,391,895	$	6,663,058
Acquisition costs of operating limited partnerships		556,775		1,552,411		867,087
Cumulative distributions from operating limited partnerships		(2,987)		-		(34,932)
Cumulative impairment loss in investments in operating limited partnerships		(1,725,087)		(6,344,121)		(2,395,773)
Cumulative losses from operating limited partnerships		(3,389,823)		(5,600,185)		(5,099,440)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 22		Series 23		Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		(481,359)		(11,581)		(30,158)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(157,772)		(62,597)		(91,548)
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).		25,824		54,934		37,933
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(2,729,559)		(2,074,441)		(3,181,496)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		34,901		23,202
Cumulative impairment loss in investments in operating limited partnerships		1,725,087		6,344,121		2,395,773
Other		(136,248)		(112,529)		138,307
Equity per operating limited partnerships’ combined financial statements	$	(1,754,027)	$	4,172,808	$	(707,987)

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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	$	3,949,669	$	15,248,303	$	13,173,497
Acquisition costs of operating limited partnerships		530,964		2,125,402		1,913,345
Cumulative distributions from operating limited partnerships		(69,547)		(69,380)		(52,749)
Cumulative impairment loss in investments in operating limited partnerships		(3,403,453)		(5,322,693)		(6,453,941)
Cumulative losses from operating limited partnerships		(1,007,633)		(11,981,632)		(8,580,152)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 25		Series 26		Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		-		(70,440)		(286,388)
The Fund has recorded acquisition costs at March 31, 2013 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		(59,837)		(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).		31,239		114,788		266,164
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(476,326)		(6,192,769)		(2,149,024)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		187,072		-
Cumulative impairment loss in investments in operating limited partnerships		3,403,453		5,322,693		6,453,941
Other		(55,777)		(95,517)		(217,897)
Equity per operating limited partnerships’ combined financial statements	$	2,902,589	$	(794,010)	$	3,697,048

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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	$	25,336,641	$	28,419,361	$	13,904,236
Acquisition costs of operating limited partnerships		3,716,071		4,100,111		1,439,788
Cumulative distributions from operating limited partnerships		(553,380)		(26,816)		(53,204)
Cumulative impairment loss in investments in operating limited partnerships		(16,711,233)		(10,932,738)		(6,609,159)
Cumulative losses from operating limited partnerships		(11,788,099)		(21,559,918)		(8,681,661)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 28		Series 29		Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		(233,630)		(158,645)		(135,225)
The Fund has recorded acquisition costs at March 31, 2013 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).		99,756		265,241		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,317,018)		(7,193,417)		(2,714,894)
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		16,711,233		10,932,738		6,609,159
Other		(436,019)		(104,030)		5,620
Equity per operating limited partnerships’ combined financial statements	$	12,275,553	$	3,152,798	$	3,536,671

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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	$	25,644,054	$	29,567,115	$	14,744,596
Acquisition costs of operating limited partnerships		3,688,096		3,834,299		1,349,820
Cumulative distributions from operating limited partnerships		(66,005)		(101,211)		(30,285)
Cumulative impairment loss in investments in operating limited partnerships		(14,021,758)		(14,759,194)		(9,101,023)
Cumulative losses from operating limited partnerships		(15,244,387)		(18,541,009)		(6,963,108)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 31		Series 32		Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		(67,462)		(292,046)		(179,468)
The Fund has recorded acquisition costs at March 31, 2013 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).		(7,706,614)		(5,680,810)		(2,093,741)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		30,562		38,357		9,684
Cumulative impairment loss in investments in operating limited partnerships		14,021,758		14,759,194		9,101,023
Other		(341,543)		348,700		(39,291)
Equity per operating limited partnerships’ combined financial statements	$	5,984,448	$	7,889,060	$	6,631,014

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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	$	23,771,378	$	20,689,083	$	13,848,639
Acquisition costs of operating limited partnerships		2,297,255		-		-
Cumulative distributions from operating limited partnerships		(26,077)		(30,252)		(116,200)
Cumulative impairment loss in investments in operating limited partnerships		(11,601,216)		(11,273,719)		(7,216,579)
Cumulative losses from operating limited partnerships		(14,441,340)		(9,385,112)		(6,515,860)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 34		Series 35		Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		(38,698)		-		(14,791)
The Fund has recorded acquisition costs at March 31, 2013 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).		(4,593,961)		(2,825,313)		(1,170,643)
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		11,601,216		11,273,719		7,216,579
Other		(257,710)		19,992		(76,402)
Equity per operating limited partnerships’ combined financial statements	$	6,421,777	$	8,546,415	$	5,956,113

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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		(202,524)		(531,129)		(224,758)
Cumulative impairment loss in investments in operating limited partnerships		(8,855,671)		(10,498,790)		(7,420,197)
Cumulative losses from operating limited partnerships		(9,366,294)		(7,822,248)		(9,054,892)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 37		Series 38		Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		(155,365)		-		-
The Fund has recorded acquisition costs at March 31, 2013 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).		(5,018,176)		(3,181,015)		(3,282,894)
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		8,855,671		10,498,790		7,420,197
Other		(8,607)		(266,828)		(71,431)
Equity per operating limited partnerships’ combined financial statements	$	3,977,333	$	7,110,408	$	4,345,091

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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	$	19,690,646
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(53,094)		(58,012)		(109,245)
Cumulative impairment loss in investments in operating limited partnerships		(10,596,325)		(6,968,657)		(10,059,798)
Cumulative losses from operating limited partnerships		(8,687,573)		(10,313,818)		(9,411,685)
Investments in operating limited partnerships per balance sheet		-		-		109,918

	Series 40		Series 41		Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		(25,172)		(33,807)		(409,845)
The Fund has recorded acquisition costs at March 31, 2013 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).		(639,318)		(1,480,788)		(1,497,482)
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		10,596,325		6,968,657		10,059,798
Other		(159,009)		(221,822)		(65,078)
Equity per operating limited partnerships’ combined financial statements	$	9,851,637	$	5,233,289	$	8,217,323

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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	$	19,381,437	$	29,408,956
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(289,277)		(49,763)		(263,099)
Cumulative impairment loss in investments in operating limited partnerships		(11,853,725)		(8,041,733)		(12,456,025)
Cumulative losses from operating limited partnerships		(13,006,138)		(10,210,723)		(11,736,285)
Investments in operating limited partnerships per balance sheet		1,467,908		1,079,218		4,953,547

	Series 43		Series 44		Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		(143,165)		(255,844)		(129,725)
The Fund has recorded acquisition costs at March 31, 2013 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).		(1,834,207)		(6,568,883)		(778,586)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		2,230		28,744
Cumulative impairment loss in investments in operating limited partnerships		11,853,725		8,041,733		12,456,025
Other		(149,571)		(27,388)		(21,194)
Equity per operating limited partnerships’ combined financial statements	$	11,194,690	$	2,271,066	$	16,508,811

The Fund’s investments in operating limited partnerships at March 31, 2013 are 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		(99,585)
Cumulative impairment loss in investments in operating limited partnerships		(9,710,082)
Cumulative losses from operating limited partnerships		(6,518,052)
Investments in operating limited partnerships per balance sheet		5,995,347

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2013 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2012 (see note A).		(7,189)
The Fund has recorded acquisition costs at March 31, 2013 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		9,710,082
Other		(20,841)
Equity per operating limited partnerships’ combined financial statements	$	15,681,993

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20		Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	804,332,315	$	7,618,706	$	6,797,230
Land		80,926,445		599,606		1,464,660
Other assets		95,869,177		1,664,413		952,337
	$	981,127,937	$	9,882,725	$	9,214,227
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	695,075,698	$	9,608,148	$	8,521,356
Accounts payable and accrued expenses		34,451,133		329,159		179,419
Other liabilities		102,740,402		1,700,962		2,440,457
		832,267,233		11,638,269		11,141,232
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		126,874,565		(1,664,860)		(2,415,187)
Other partners		21,986,139		(90,684)		488,182
		148,860,704		(1,755,544)		(1,927,005)
	$	981,127,937	$	9,882,725	$	9,214,227

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

	Series 22		Series 23		Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	9,721,998	$	19,251,212	$	5,598,176
Land		1,344,018		1,783,889		878,838
Other assets		1,964,231		4,399,562		825,223
	$	13,030,247	$	25,434,663	$	7,302,237
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	11,309,139	$	16,321,731	$	6,832,986
Accounts payable and accrued expenses		637,925		4,039,613		145,054
Other liabilities		1,055,528		2,446,675		587,433
		13,002,592		22,808,019		7,565,473
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(692,188)		3,820,799		(498,053)
Other partners		719,843		(1,194,155)		234,817
		27,655		2,626,644		(263,236)
	$	13,030,247	$	25,434,663	$	7,302,237

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	5,858,313	$	20,816,786	$	27,102,078
Land		467,216		2,065,095		3,322,343
Other assets		1,144,296		3,147,651		3,457,512
	$	7,469,825	$	26,029,532	$	33,881,933
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	4,894,842	$	22,267,879	$	24,935,837
Accounts payable and accrued expenses		76,433		1,630,172		742,660
Other liabilities		47,680		2,463,351		5,726,429
		5,018,955		26,361,402		31,404,926
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		2,742,786		(892,719)		1,785,975
Other partners		(291,916)		560,849		691,032
		2,450,870		(331,870)		2,477,007
	$	7,469,825	$	26,029,532	$	33,881,933

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	31,466,642	$	30,182,087	$	20,404,092
Land		3,621,484		2,304,757		1,352,199
Other assets		3,997,916		4,409,048		2,160,619
	$	39,086,042	$	36,895,892	$	23,916,910
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	25,796,598	$	31,239,682	$	15,459,775
Accounts payable and accrued expenses		1,453,624		1,548,536		1,081,455
Other liabilities		2,659,578		6,097,567		2,599,052
		29,909,800		38,885,785		19,140,282
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,988,809		(1,863,320)		2,934,488
Other partners		(1,812,567)		(126,573)		1,842,140
		9,176,242		(1,989,893)		4,776,628
	$	39,086,042	$	36,895,892	$	23,916,910

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

	Series 31		Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	35,608,336	$	33,741,875	$	31,950,307
Land		3,396,946		2,860,802		3,784,552
Other assets		6,338,410		4,245,903		2,724,574
	$	45,343,692	$	40,848,580	$	38,459,433
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	39,688,783	$	23,703,737	$	24,765,295
Accounts payable and accrued expenses		1,106,942		2,774,361		1,068,581
Other liabilities		4,006,594		3,393,544		2,423,976
		44,802,319		29,871,642		28,257,852
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		2,869,144		7,350,065		6,123,123
Other partners		(2,327,771)		3,626,873		4,078,458
		541,373		10,976,938		10,201,581
	$	45,343,692	$	40,848,580	$	38,459,433

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	33,437,658	$	33,687,421	$	23,352,582
Land		4,280,809		3,572,523		2,013,180
Other assets		4,066,426		3,225,731		3,054,336
	$	41,784,893	$	40,485,675	$	28,420,098
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	33,133,023	$	21,047,359	$	16,988,083
Accounts payable and accrued expenses		1,383,505		1,053,812		1,684,855
Other liabilities		5,207,301		7,923,562		726,794
		39,723,829		30,024,733		19,399,732
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		4,201,872		7,847,853		5,473,823
Other partners		(2,140,808)		2,613,089		3,546,543
		2,061,064		10,460,942		9,020,366
	$	41,784,893	$	40,485,675	$	28,420,098

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	30,680,540	$	21,174,700	$	17,030,411
Land		2,423,561		1,581,706		1,238,488
Other assets		3,153,869		2,263,552		1,848,616
	$	36,257,970	$	25,019,958	$	20,117,515
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	27,503,623	$	16,706,809	$	13,180,160
Accounts payable and accrued expenses		2,567,356		240,064		341,876
Other liabilities		6,209,057		2,719,890		2,931,884
		36,280,036		19,666,763		16,453,920
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,441,918		6,631,361		3,757,809
Other partners		(1,463,984)		(1,278,166)		(94,214)
		(22,066)		5,353,195		3,663,595
	$	36,257,970	$	25,019,958	$	20,117,515

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	52,009,241	$	62,749,098	$	54,155,724
Land		5,081,041		7,916,005		7,059,765
Other assets		4,514,209		6,419,595		6,402,555
	$	61,604,491	$	77,084,698	$	67,618,044
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	44,835,269	$	59,205,981	$	46,084,051
Accounts payable and accrued expenses		1,667,029		1,482,716		2,745,285
Other liabilities		6,319,795		6,264,564		5,776,778
		52,822,093		66,953,261		54,606,114
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		9,156,562		4,521,445		7,912,993
Other partners		(374,164)		5,609,992		5,098,937
		8,782,398		10,131,437		13,011,930
	$	61,604,491	$	77,084,698	$	67,618,044

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	56,978,000	$	40,573,656	$	51,826,015
Land		6,704,151		3,130,916		4,314,836
Other assets		5,412,878		3,902,028		6,284,278
	$	69,095,029	$	47,606,600	$	62,425,129
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	47,780,026	$	41,159,992	$	37,037,554
Accounts payable and accrued expenses		1,743,541		676,387		1,431,634
Other liabilities		6,746,944		6,607,924		4,603,925
		56,270,511		48,444,303		43,073,113
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,970,591		3,290,114		16,350,030
Other partners		1,853,927		(4,127,817)		3,001,986
		12,824,518		(837,703)		19,352,016
	$	69,095,029	$	47,606,600	$	62,425,129

 The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2013 are as follows:

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	40,559,431
Land		2,363,059
Other assets		3,889,409
	$	46,811,899
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	25,067,980
Accounts payable and accrued expenses		619,139
Other liabilities		3,053,158
		28,740,277
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		14,729,332
Other partners		3,342,290
		18,071,622
	$	46,811,899

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Total		Series 20		Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	926,355,460	$	10,155,776	$	7,435,846
Land		92,169,960		839,313		1,479,930
Other assets		102,647,493		2,037,492		958,988
	$	1,121,172,913	$	13,032,581	$	9,874,764
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	786,714,302	$	12,212,275	$	9,290,488
Accounts payable and accrued expenses		36,047,804		287,009		237,223
Other liabilities		115,855,204		1,510,700		2,415,769
		938,617,310		14,009,984		11,943,480
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		148,649,025		(1,025,743)		(2,627,143)
Other partners		33,906,578		48,340		558,427
		182,555,603		(977,403)		(2,068,716)
	$	1,121,172,913	$	13,032,581	$	9,874,764

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Series 22		Series 23		Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	11,693,373	$	20,247,856	$	11,286,698
Land		1,491,429		1,783,889		1,434,385
Other assets		2,228,323		4,154,081		1,629,582
	$	15,413,125	$	26,185,826	$	14,350,665
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	14,767,873	$	16,539,887	$	11,818,235
Accounts payable and accrued expenses		570,521		3,652,531		1,119,077
Other liabilities		1,168,419		2,510,569		1,719,236
		16,506,813		22,702,987		14,656,548
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(1,754,027)		4,172,808		(707,987)
Other partners		660,339		(689,969)		402,104
		(1,093,688)		3,482,839		(305,883)
	$	15,413,125	$	26,185,826	$	14,350,665

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	6,428,758	$	32,793,703	$	35,113,113
Land		574,158		2,736,095		4,620,843
Other assets		1,163,088		4,158,096		4,632,865
	$	8,166,004	$	39,687,894	$	44,366,821
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	5,359,194	$	33,866,714	$	30,744,793
Accounts payable and accrued expenses		87,194		2,031,188		842,519
Other liabilities		49,675		4,245,607		7,053,343
		5,496,063		40,143,509		38,640,655
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		2,902,589		(794,010)		3,697,048
Other partners		(232,648)		338,395		2,029,118
		2,669,941		(455,615)		5,726,166
	$	8,166,004	$	39,687,894	$	44,366,821

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	38,832,314	$	38,929,438	$	21,374,357
Land		4,789,984		2,816,806		1,352,199
Other assets		4,805,771		4,579,225		2,265,338
	$	48,428,069	$	46,325,469	$	24,991,894
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	30,729,775	$	36,131,872	$	15,804,915
Accounts payable and accrued expenses		1,536,518		1,888,155		1,030,604
Other liabilities		3,164,099		5,598,855		2,590,111
		35,430,392		43,618,882		19,425,630
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		12,275,553		3,152,798		3,536,671
Other partners		722,124		(446,211)		2,029,593
		12,997,677		2,706,587		5,566,264
	$	48,428,069	$	46,325,469	$	24,991,894

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Series 31		Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	41,093,844	$	42,317,655	$	33,867,303
Land		3,922,117		2,921,802		3,784,552
Other assets		6,265,759		4,534,604		2,732,278
	$	51,281,720	$	49,774,061	$	40,384,133
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	41,416,027	$	32,091,744	$	25,170,848
Accounts payable and accrued expenses		1,079,327		3,166,217		1,051,109
Other liabilities		4,801,867		3,536,003		2,578,374
		47,297,221		38,793,964		28,800,331
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,984,448		7,889,060		6,631,014
Other partners		(1,999,949)		3,091,037		4,952,788
		3,984,499		10,980,097		11,583,802
	$	51,281,720	$	49,774,061	$	40,384,133

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	36,690,648	$	35,320,976	$	24,753,789
Land		4,488,809		3,572,523		2,013,180
Other assets		4,445,778		3,045,614		2,886,655
	$	45,625,235	$	41,939,113	$	29,653,624
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	33,975,571	$	21,130,845	$	17,319,963
Accounts payable and accrued expenses		1,252,013		997,139		1,575,909
Other liabilities		5,399,661		8,062,155		650,137
		40,627,245		30,190,139		19,546,009
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,421,777		8,546,415		5,956,113
Other partners		(1,423,787)		3,202,559		4,151,502
		4,997,990		11,748,974		10,107,615
	$	45,625,235	$	41,939,113	$	29,653,624

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	32,623,644	$	22,273,923	$	18,013,620
Land		2,423,561		1,581,706		1,238,488
Other assets		3,249,852		2,186,790		1,768,336
	$	38,297,057	$	26,042,419	$	21,020,444
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	28,014,633	$	17,019,640	$	13,422,946
Accounts payable and accrued expenses		2,306,321		258,956		343,231
Other liabilities		5,733,250		2,458,570		2,675,710
		36,054,204		19,737,166		16,441,887
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		3,977,333		7,110,408		4,345,091
Other partners		(1,734,480)		(805,155)		233,466
		2,242,853		6,305,253		4,578,557
	$	38,297,057	$	26,042,419	$	21,020,444

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	54,364,315	$	65,958,262	$	56,579,992
Land		5,081,041		8,000,805		7,059,765
Other assets		4,198,978		6,479,223		6,664,563
	$	63,644,334	$	80,438,290	$	70,304,320
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	45,658,503	$	61,327,803	$	46,947,999
Accounts payable and accrued expenses		1,378,312		1,254,339		2,644,758
Other liabilities		6,783,138		7,521,451		6,437,492
		53,819,953		70,103,593		56,030,249
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		9,851,637		5,233,289		8,217,323
Other partners		(27,256)		5,101,408		6,056,748
		9,824,381		10,334,697		14,274,071
	$	63,644,334	$	80,438,290	$	70,304,320

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	59,664,991	$	54,857,440	$	72,021,820
Land		6,704,151		6,053,669		7,041,701
Other assets		5,245,799		4,773,751		7,674,657
	$	71,614,941	$	65,684,860	$	86,738,178
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	47,842,185	$	55,297,673	$	57,679,981
Accounts payable and accrued expenses		1,810,519		1,363,325		1,748,945
Other liabilities		7,744,436		9,455,928		6,907,084
		57,397,140		66,116,926		66,336,010
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		11,194,690		2,271,066		16,508,811
Other partners		3,023,111		(2,703,132)		3,893,357
		14,217,801		(432,066)		20,402,168
	$	71,614,941	$	65,684,860	$	86,738,178

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2012 are as follows:

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	41,662,006
Land		2,363,059
Other assets		3,882,007
	$	47,907,072
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	25,131,920
Accounts payable and accrued expenses		534,845
Other liabilities		3,083,565
		28,750,330
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		15,681,993
Other partners		3,474,749
		19,156,742
	$	47,907,072

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total		Series 20		Series 21
Revenue
Rent	$	162,298,910	$	2,237,679	$	1,824,069
Interest and other		6,084,629		86,946		15,179
		168,383,539		2,324,625		1,839,248
Expenses
Interest		33,387,199		373,068		522,766
Depreciation and amortization		47,293,084		693,878		326,104
Taxes and insurance		20,872,713		273,220		179,613
Repairs and maintenance		28,630,757		596,259		253,968
Operating expenses		59,311,990		969,622		603,582
Impairment loss		-		-		-
Other expenses		4,093,159		56,738		45,815
		193,588,902		2,962,785		1,931,848
NET INCOME (LOSS)	$	(25,205,363)	$	(638,160)	$	(92,600)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(18,485,088)	$	(366,227)	$	(98,321)
Net income (loss) allocated to other partners	$	(6,720,275)	$	(271,933)	$	5,721

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

	Series 22		Series 23		Series 24
Revenue
Rent	$	2,477,250	$	4,435,882	$	1,636,612
Interest and other		73,964		163,448		30,368
		2,551,214		4,599,330		1,666,980
Expenses
Interest		496,594		795,239		245,476
Depreciation and amortization		558,497		1,158,287		503,096
Taxes and insurance		382,939		644,328		217,169
Repairs and maintenance		629,883		944,241		351,054
Operating expenses		777,142		1,743,795		640,559
Impairment loss		-		-		-
Other expenses		73,572		76,533		23,919
		2,918,627		5,362,423		1,981,273
NET INCOME (LOSS)	$	(367,413)	$	(763,093)	$	(314,293)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(264,711)	$	(361,723)	$	(241,279)
Net income (loss) allocated to other partners	$	(102,702)	$	(401,370)	$	(73,014)

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

	Series 25		Series 26		Series 27
Revenue
Rent	$	1,262,550	$	4,790,165	$	6,040,191
Interest and other		22,841		169,267		158,902
		1,285,391		4,959,432		6,199,093
Expenses
Interest		171,813		716,630		1,151,459
Depreciation and amortization		246,603		1,466,667		1,673,915
Taxes and insurance		125,928		672,261		669,786
Repairs and maintenance		238,246		1,143,771		973,244
Operating expenses		443,788		1,868,618		1,840,267
Impairment loss		-		-		-
Other expenses		20,949		123,014		195,226
		1,247,327		5,990,961		6,503,897
NET INCOME (LOSS)	$	38,064	$	(1,031,529)	$	(304,804)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(43,041)	$	(842,204)	$	(277,730)
Net income (loss) allocated to other partners	$	81,105	$	(189,325)	$	(27,074)

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

	Series 28		Series 29		Series 30
Revenue
Rent	$	7,997,536	$	6,399,091	$	5,127,821
Interest and other		191,608		279,731		170,948
		8,189,144		6,678,822		5,298,769
Expenses
Interest		994,517		1,216,242		551,540
Depreciation and amortization		2,111,756		2,078,912		1,202,369
Taxes and insurance		973,644		952,282		609,014
Repairs and maintenance		1,506,121		991,855		1,071,737
Operating expenses		2,953,257		2,645,977		2,573,560
Impairment loss		-		-		-
Other expenses		167,721		96,260		61,971
		8,707,016		7,981,528		6,070,191
NET INCOME (LOSS)	$	(517,872)	$	(1,302,706)	$	(771,422)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(953,311)	$	(1,065,191)	$	(621,294)
Net income (loss) allocated to other partners	$	435,439	$	(237,515)	$	(150,128)

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

	Series 31		Series 32		Series 33
Revenue
Rent	$	9,574,095	$	6,508,476	$	6,345,248
Interest and other		473,966		219,944		258,319
		10,048,061		6,728,420		6,603,567
Expenses
Interest		1,133,836		1,258,641		1,154,157
Depreciation and amortization		2,678,740		2,463,661		2,147,969
Taxes and insurance		1,450,339		845,962		894,942
Repairs and maintenance		1,457,335		1,009,687		731,636
Operating expenses		3,634,252		2,495,964		2,880,503
Impairment loss		-		-		-
Other expenses		647,743		481,906		166,042
		11,002,245		8,555,821		7,975,249
NET INCOME (LOSS)	$	(954,184)	$	(1,827,401)	$	(1,371,682)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,155,732)	$	(1,433,129)	$	(566,103)
Net income (loss) allocated to other partners	$	201,548	$	(394,272)	$	(805,579)

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

	Series 34		Series 35		Series 36
Revenue
Rent	$	7,029,164	$	6,475,964	$	4,744,459
Interest and other		280,275		198,981		125,527
		7,309,439		6,674,945		4,869,986
Expenses
Interest		1,042,365		1,402,582		958,450
Depreciation and amortization		2,602,919		2,005,105		1,518,135
Taxes and insurance		1,040,409		860,037		660,902
Repairs and maintenance		975,500		1,064,089		697,438
Operating expenses		3,358,381		2,314,187		1,835,337
Impairment loss		-		-		-
Other expenses		71,056		70,908		75,054
		9,090,630		7,716,908		5,745,316
NET INCOME (LOSS)	$	(1,781,191)	$	(1,041,963)	$	(875,330)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,227,938)	$	(688,552)	$	(489,323)
Net income (loss) allocated to other partners	$	(553,253)	$	(353,411)	$	(386,007)

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

	Series 37		Series 38		Series 39
Revenue
Rent	$	5,733,586	$	4,541,271	$	3,579,382
Interest and other		234,903		181,334		223,143
		5,968,489		4,722,605		3,802,525
Expenses
Interest		1,033,729		969,147		762,859
Depreciation and amortization		2,115,278		1,180,606		1,044,496
Taxes and insurance		965,919		576,518		450,988
Repairs and maintenance		924,582		792,059		616,711
Operating expenses		2,758,869		1,772,891		1,611,348
Impairment loss		-		-		-
Other expenses		138,964		107,940		144,684
		7,937,341		5,399,161		4,631,086
NET INCOME (LOSS)	$	(1,968,852)	$	(676,556)	$	(828,561)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,423,309)	$	(447,771)	$	(594,093)
Net income (loss) allocated to other partners	$	(545,543)	$	(228,785)	$	(234,468)

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

	Series 40		Series 41		Series 42
Revenue
Rent	$	9,759,272	$	12,055,887	$	10,535,566
Interest and other		432,340		466,528		338,914
		10,191,612		12,522,415		10,874,480
Expenses
Interest		3,077,212		3,476,503		2,513,476
Depreciation and amortization		2,580,262		2,982,256		2,809,331
Taxes and insurance		1,426,929		1,463,591		1,142,938
Repairs and maintenance		1,443,089		1,907,833		1,901,477
Operating expenses		2,649,473		2,996,818		3,268,203
Impairment loss		-		-		-
Other expenses		119,822		287,945		294,006
		11,296,787		13,114,946		11,929,431
NET INCOME (LOSS)	$	(1,105,175)	$	(592,531)	$	(1,054,951)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(726,480)	$	(621,885)	$	(894,568)
Net income (loss) allocated to other partners	$	(378,695)	$	29,354	$	(160,383)

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

	Series 43		Series 44		Series 45
Revenue
Rent	$	9,974,760	$	7,332,990	$	8,074,526
Interest and other		393,335		261,044		311,152
		10,368,095		7,594,034		8,385,678
Expenses
Interest		2,280,961		2,169,441		1,550,152
Depreciation and amortization		3,048,910		2,040,636		2,509,590
Taxes and insurance		1,004,171		552,748		1,047,218
Repairs and maintenance		1,927,314		1,391,438		1,790,623
Operating expenses		3,343,630		2,418,295		2,837,621
Impairment loss		-		-		-
Other expenses		193,811		95,028		207,293
		11,798,797		8,667,586		9,942,497
NET INCOME (LOSS)	$	(1,430,702)	$	(1,073,552)	$	(1,556,819)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(816,218)	$	(602,519)	$	(723,969)
Net income (loss) allocated to other partners	$	(614,484)	$	(471,033)	$	(832,850)

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2013 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2013 are as follows:

	Series 46
Revenue
Rent	$	5,805,418
Interest and other		321,722
		6,127,140
Expenses
Interest		1,368,344
Depreciation and amortization		1,545,106
Taxes and insurance		788,918
Repairs and maintenance		1,299,567
Operating expenses		2,076,051
Impairment loss		-
Other expenses		49,239
		7,127,225
NET INCOME (LOSS)	$	(1,000,085)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(938,467)
Net income (loss) allocated to other partners	$	(61,618)

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 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, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Total		Series 20		Series 21
Revenue
Rent	$	177,121,285	$	3,184,095	$	1,899,543
Interest and other		6,664,987		82,941		26,035
		183,786,272		3,267,036		1,925,578
Expenses
Interest		38,941,394		466,702		558,013
Depreciation and amortization		51,957,361		833,519		364,116
Taxes and insurance		21,692,015		369,926		212,056
Repairs and maintenance		30,845,127		725,213		295,363
Operating expenses		63,854,366		1,085,217		525,305
Impairment loss		3,256,264		-		-
Other expenses		4,877,397		82,619		58,488
		215,423,924		3,563,196		2,013,341
NET INCOME (LOSS)	$	(31,637,652)	$	(296,160)	$	(87,763)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(23,592,748)	$	(220,356)	$	(86,888)
Net income (loss) allocated to other partners	$	(8,044,904)	$	(75,804)	$	(875)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Series 22		Series 23		Series 24
Revenue
Rent	$	2,790,949	$	4,449,155	$	2,921,646
Interest and other		115,557		682,242		48,728
		2,906,506		5,131,397		2,970,374
Expenses
Interest		616,699		855,738		484,029
Depreciation and amortization		687,204		1,108,148		823,333
Taxes and insurance		415,308		605,947		355,178
Repairs and maintenance		608,483		959,801		626,544
Operating expenses		865,090		1,623,908		1,235,535
Impairment loss		-		-		-
Other expenses		80,902		77,277		32,348
		3,273,686		5,230,819		3,556,967
NET INCOME (LOSS)	$	(367,180)	$	(99,422)	$	(586,593)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(159,268)	$	(178,090)	$	(428,611)
Net income (loss) allocated to other partners	$	(207,912)	$	78,668	$	(157,982)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Series 25		Series 26		Series 27
Revenue
Rent	$	1,292,260	$	7,059,713	$	7,763,100
Interest and other		62,091		276,452		138,723
		1,354,351		7,336,165		7,901,823
Expenses
Interest		228,093		1,298,067		1,614,202
Depreciation and amortization		297,500		1,958,890		2,051,886
Taxes and insurance		136,078		1,092,240		857,168
Repairs and maintenance		253,084		1,325,248		1,232,293
Operating expenses		543,537		2,680,092		2,275,198
Impairment loss		-		-		-
Other expenses		21,995		138,428		331,056
		1,480,287		8,492,965		8,361,803
NET INCOME (LOSS)	$	(125,936)	$	(1,156,800)	$	(459,980)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(130,543)	$	(900,257)	$	(262,813)
Net income (loss) allocated to other partners	$	4,607	$	(256,543)	$	(197,167)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Series 28		Series 29		Series 30
Revenue
Rent	$	9,549,364	$	7,665,813	$	5,009,216
Interest and other		217,120		299,284		146,020
		9,766,484		7,965,097		5,155,236
Expenses
Interest		1,529,272		1,495,218		591,825
Depreciation and amortization		2,410,366		2,577,574		1,220,215
Taxes and insurance		1,150,108		1,018,811		560,768
Repairs and maintenance		1,587,459		1,309,363		1,038,133
Operating expenses		3,313,014		3,148,497		2,435,214
Impairment loss		-		-		-
Other expenses		277,850		156,782		99,834
		10,268,069		9,706,245		5,945,989
NET INCOME (LOSS)	$	(501,585)	$	(1,741,148)	$	(790,753)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(888,944)	$	(1,439,168)	$	(680,994)
Net income (loss) allocated to other partners	$	387,359	$	(301,980)	$	(109,759)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Series 31		Series 32		Series 33
Revenue
Rent	$	9,949,808	$	7,634,347	$	6,123,803
Interest and other		424,427		254,253		242,562
		10,374,235		7,888,600		6,366,365
Expenses
Interest		1,342,653		1,606,959		1,188,867
Depreciation and amortization		2,803,462		2,728,955		2,132,318
Taxes and insurance		1,377,668		1,019,354		729,103
Repairs and maintenance		1,633,151		1,255,596		801,421
Operating expenses		3,766,388		2,737,950		2,887,400
Impairment loss		-		-		-
Other expenses		1,224,406		461,099		187,942
		12,147,728		9,809,913		7,927,051
NET INCOME (LOSS)	$	(1,773,493)	$	(1,921,313)	$	(1,560,686)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(2,070,330)	$	(1,389,322)	$	(615,022)
Net income (loss) allocated to other partners	$	296,837	$	(531,991)	$	(945,664)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Series 34		Series 35		Series 36
Revenue
Rent	$	7,125,743	$	6,236,019	$	4,646,529
Interest and other		251,321		188,184		119,673
		7,377,064		6,424,203		4,766,202
Expenses
Interest		1,108,317		1,446,772		979,761
Depreciation and amortization		2,649,406		2,007,389		1,519,627
Taxes and insurance		920,389		806,853		576,269
Repairs and maintenance		985,148		1,045,890		629,919
Operating expenses		3,432,032		2,292,709		1,859,376
Impairment loss		-		-		-
Other expenses		73,816		70,597		79,706
		9,169,108		7,670,210		5,644,658
NET INCOME (LOSS)	$	(1,792,044)	$	(1,246,007)	$	(878,456)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,312,415)	$	(767,266)	$	(478,049)
Net income (loss) allocated to other partners	$	(479,629)	$	(478,741)	$	(400,407)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Series 37		Series 38		Series 39
Revenue
Rent	$	5,671,145	$	4,468,299	$	3,493,551
Interest and other		241,035		198,322		230,400
		5,912,180		4,666,621		3,723,951
Expenses
Interest		935,342		997,278		782,342
Depreciation and amortization		2,163,933		1,186,607		1,062,080
Taxes and insurance		864,109		586,193		422,979
Repairs and maintenance		980,595		789,296		722,798
Operating expenses		2,837,748		1,664,967		1,533,442
Impairment loss		-		-		-
Other expenses		94,258		134,556		168,293
		7,875,985		5,358,897		4,691,934
NET INCOME (LOSS)	$	(1,963,805)	$	(692,276)	$	(967,983)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,554,735)	$	(470,966)	$	(696,905)
Net income (loss) allocated to other partners	$	(409,070)	$	(221,310)	$	(271,078)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Series 40		Series 41		Series 42
Revenue
Rent	$	9,759,763	$	12,085,189	$	10,464,730
Interest and other		406,345		406,373		314,315
		10,166,108		12,491,562		10,779,045
Expenses
Interest		3,065,470		3,564,669		2,561,019
Depreciation and amortization		2,559,496		3,109,213		2,953,899
Taxes and insurance		1,337,080		1,389,326		989,132
Repairs and maintenance		1,510,497		1,876,465		1,903,921
Operating expenses		2,606,942		3,067,800		3,185,289
Impairment loss		-		-		-
Other expenses		168,243		209,349		164,945
		11,247,728		13,216,822		11,758,205
NET INCOME (LOSS)	$	(1,081,620)	$	(725,260)	$	(979,160)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(564,539)	$	(648,068)	$	(906,635)
Net income (loss) allocated to other partners	$	(517,081)	$	(77,192)	$	(72,525)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Series 43		Series 44		Series 45
Revenue
Rent	$	9,746,620	$	9,363,405	$	11,006,877
Interest and other		386,064		298,125		393,017
		10,132,684		9,661,530		11,399,894
Expenses
Interest		2,383,554		3,215,927		2,670,928
Depreciation and amortization		3,156,153		2,832,942		3,244,996
Taxes and insurance		952,266		908,796		1,344,030
Repairs and maintenance		1,749,546		1,867,320		2,096,510
Operating expenses		3,214,566		3,125,238		3,950,971
Impairment loss		-		3,256,264		-
Other expenses		147,196		97,173		188,513
		11,603,281		15,303,660		13,495,948
NET INCOME (LOSS)	$	(1,470,597)	$	(5,642,130)	$	(2,096,054)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(459,909)	$	(4,425,568)	$	(1,271,775)
Net income (loss) allocated to other partners	$	(1,010,688)	$	(1,216,562)	$	(824,279)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2012 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2012 are as follows:

	Series 46
Revenue
Rent	$	5,760,603
Interest and other		215,378
		5,975,981
Expenses
Interest		1,353,678
Depreciation and amortization		1,514,134
Taxes and insurance		694,880
Repairs and maintenance		1,036,070
Operating expenses		1,960,941
Impairment loss		-
Other expenses		49,726
		6,609,429
NET INCOME (LOSS)	$	(633,448)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(585,312)
Net income (loss) allocated to other partners	$	(48,136)

* Amounts include $220,356, $86,888, $159,268, $178,090, $428,611, $130,543, $900,257 $262,813, $888,944, $1,439,168, $680,994, $2,070,330, $1,389,322, $615,022, $1,312,415, $767,266, $478,049, $1,554,735, $446,193, $607,980, $419,385, $333,869, $527,871, $134,805, $4,133,937 and $522,878 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.