FINANCIAL STATEMENTS AND

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

BOSTON CAPITAL TAX CREDIT FUND IV L.P. -

SERIES 20 THROUGH SERIES 46

MARCH 31, 2014 AND 2013

Boston Capital Tax Credit Fund IV L.P. -

Series 20 through Series 46

TABLE OF CONTENTS

	PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	F-3
FINANCIAL STATEMENTS
BALANCE SHEETS	F-4
STATEMENTS OF OPERATIONS	F-32
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-60
STATEMENTS OF CASH FLOWS	F-67
NOTES TO FINANCIAL STATEMENTS	F-95

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

Report of Independent Registered Public Accounting Firm

To the Partners
Boston Capital Tax Credit Fund IV Limited Partnership

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund IV Limited Partnership - Series 20 through Series 46 (the "Partnership"), in total and for each series, as of March 31, 2014 and 2013, and the related statements of operations, changes in partners' capital (deficit) and cash flows for the total Partnership and for each series for each of the years in the two-year period ended March 31, 2014. The Partnership's management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

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

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund IV Limited Partnership - Series 20 through Series 46, in total and for each series, as of March 31, 2014 and 2013, and the results of its operations and its cash flows for the total Partnership and for each series for each of the years in the two-year period ended March 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

/s/CohnReznick LLP

COHNREZNICK LLP

Bethesda, Maryland

July 10, 2014

F-3

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

March 31, 2014 and 2013

	Total
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	5,328,701		$	13,605,938
OTHER ASSETS
Cash and cash equivalents		12,797,054			10,156,227
Notes receivable		22,790			69,698
Deferred acquisition costs, net of accumulated amortization		200,376			1,786,668
Other assets		180,417			838,860
	$	18,529,338		$	26,457,391
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	160,120		$	196,892
Accounts payable - affiliates		50,042,235			53,175,805
Capital contributions payable		664,260			1,111,008
		50,866,615			54,483,705
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 83,651,080 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 issued and 83,626,246 and 83,644,880 outstanding at March 31, 2014 and 2013, respectively.		(24,847,683	)		(20,579,829	)
General partner		(7,489,594	)		(7,446,485	)
		(32,337,277	)		(28,026,314	)
	$	18,529,338		$	26,457,391

(continued)

F-4

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 20
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		204,785			158,143
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	204,785		$	158,143
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	20,000
Accounts payable - affiliates		1,488,111			2,027,860
Capital contributions payable		-			-
		1,488,111			2,047,860
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,866,700 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 issued and 3,864,700 and 3,865,700 outstanding at March 31, 2014 and 2013, respectively.		(962,241	)		(1,562,568	)
General partner		(321,085	)		(327,149	)
		(1,283,326	)		(1,889,717	)
	$	204,785		$	158,143

(continued)

F-5

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 21
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		116,749			128,750
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		3,000			3,000
	$	119,749		$	131,750
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	5,000		$	-
Accounts payable - affiliates		1,383,089			1,403,159
Capital contributions payable		-			-
		1,388,089			1,403,159
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 1,892,700 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 issued and 1,888,200 and 1,890,700 outstanding at March 31, 2014 and 2013, respectively.		(1,093,706	)		(1,096,744	)
General partner		(174,634	)		(174,665	)
		(1,268,340	)		(1,271,409	)
	$	119,749		$	131,750

(continued)

F-6

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 22
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		98,564			223,347
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	98,564		$	223,347
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,892,033			2,918,338
Capital contributions payable		9,352			9,352
		2,901,385			2,927,690
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,564,400 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 issued and 2,561,400 and 2,564,400 outstanding at March 31, 2014 and 2013, respectively.		(2,555,709	)		(2,458,216	)
General partner		(247,112	)		(246,127	)
		(2,802,821	)		(2,704,343	)
	$	98,564		$	223,347

(continued)

F-7

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 23
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		118,542			172,186
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	118,542		$	172,186
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,549,950			2,478,131
Capital contributions payable		-			-
		2,549,950			2,478,131
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,336,727 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 issued and 3,336,227 and 3,336,727 outstanding at March 31, 2014 and 2013, respectively.		(2,122,247	)		(1,998,039	)
General partner		(309,161	)		(307,906	)
		(2,431,408	)		(2,305,945	)
	$	118,542		$	172,186

(continued)

F-8

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 24
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		890,715			1,726,961
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			3,422
	$	890,715		$	1,730,383
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	3,000		$	-
Accounts payable - affiliates		-			2,468,363
Capital contributions payable		-			-
		3,000			2,468,363
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,169,878 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 issued and 2,168,878 and 2,169,878 outstanding at March 31, 2014 and 2013, respectively.		1,064,135			(545,303	)
General partner		(176,420	)		(192,677	)
		887,715			(737,980	)
	$	890,715		$	1,730,383

(continued)

F-9

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 25
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		2,550,061			1,984,103
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		1,250			627,865
	$	2,551,311		$	2,611,968
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	978
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			978
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,026,109 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 issued and 3,025,609 outstanding at March 31, 2014 and 2013.		2,783,242			2,842,324
General partner		(231,931	)		(231,334	)
		2,551,311			2,610,990
	$	2,551,311		$	2,611,968

(continued)

F-10

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 26
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		2,510,330			271,051
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			4,363
	$	2,510,330		$	275,414
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	4,960		$	7,460
Accounts payable - affiliates		-			499,347
Capital contributions payable		1,293			1,293
		6,253			508,100
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,995,900 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 issued and 3,995,200 outstanding at March 31, 2014 and 2013.		2,819,289			109,894
General partner		(315,212	)		(342,580	)
		2,504,077			(232,686	)
	$	2,510,330		$	275,414

(continued)

F-11

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 27
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		1,049,687			230,059
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		6,500			7,233
	$	1,056,187		$	237,292
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	7,500
Accounts payable - affiliates		44,238			1,603,517
Capital contributions payable		10,020			10,020
		54,258			1,621,037
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,460,700 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 at March 31, 2014 and 2013 issued and outstanding		1,198,357			(1,163,460	)
General partner		(196,428	)		(220,285	)
		1,001,929			(1,383,745	)
	$	1,056,187		$	237,292

(continued)

F-12

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 28
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		515,862			386,279
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		2,817			3,550
	$	518,679		$	389,829
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	7,500		$	-
Accounts payable - affiliates		706,182			1,577,136
Capital contributions payable		40,968			40,968
		754,650			1,618,104
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,000,738 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 issued and 3,999,738 and 4,000,238 outstanding at March 31, 2014 and 2013, respectively.		110,137			(872,244	)
General partner		(346,108	)		(356,031	)
		(235,971	)		(1,228,275	)
	$	518,679		$	389,829

(continued)

F-13

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 29
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		224,155			82,084
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	224,155		$	82,084
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		3,583,859			3,508,005
Capital contributions payable		8,235			10,197
		3,592,094			3,518,202
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,991,800 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 issued and 3,991,300 and 3,991,800 outstanding at March 31, 2014 and 2013, respectively.		(2,995,613	)		(3,063,110	)
General partner		(372,326	)		(373,008	)
		(3,367,939	)		(3,436,118	)
	$	224,155		$	82,084

(continued)

F-14

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 30
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		253,948			269,758
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		500			500
	$	254,448		$	270,258
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,690,813			1,535,665
Capital contributions payable		127,396			127,396
		1,818,209			1,663,061
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,651,000 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 at March 31, 2014 and 2013 issued and outstanding		(1,321,067	)		(1,151,819	)
General partner		(242,694	)		(240,984	)
		(1,563,761	)		(1,392,803	)
	$	254,448		$	270,258

(continued)

F-15

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 31
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		852,580			233,992
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		25,000			25,000
	$	877,580		$	258,992
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	2,257		$	-
Accounts payable - affiliates		3,212,781			2,933,577
Capital contributions payable		66,294			66,294
		3,281,332			2,999,871
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,417,857 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 issued and 4,415,757 and 4,417,857 outstanding at March 31, 2014 and 2013, respectively.		(2,000,456	)		(2,334,212	)
General partner		(403,296	)		(406,667	)
		(2,403,752	)		(2,740,879	)
	$	877,580		$	258,992

(continued)

F-16

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 32
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		310,949			337,905
Notes receivable		-			46,908
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			22,577
	$	310,949		$	407,390
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		3,085,965			2,815,554
Capital contributions payable		3,486			173,561
		3,089,451			2,989,115
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,754,198 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 issued and 4,751,198 and 4,753,698 outstanding at March 31, 2014 and 2013, respectively.		(2,344,354	)		(2,149,545	)
General partner		(434,148	)		(432,180	)
		(2,778,502	)		(2,581,725	)
	$	310,949		$	407,390

(continued)

F-17

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 33
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		194,920			201,600
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	194,920		$	201,600
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	3,403		$	3,403
Accounts payable - affiliates		1,941,386			1,817,978
Capital contributions payable		69,154			69,154
		2,013,943			1,890,535
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,636,533 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 issued and 2,635,533 outstanding at March 31, 2014 and 2013.		(1,575,053	)		(1,446,266	)
General partner		(243,970	)		(242,669	)
		(1,819,023	)		(1,688,935	)
	$	194,920		$	201,600

(continued)

F-18

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 34
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		299,036			63,811
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	299,036		$	63,811
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	3,000		$	-
Accounts payable - affiliates		3,900,829			3,631,497
Capital contributions payable		-			-
		3,903,829			3,631,497
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,529,319 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 issued and 3,528,319 and 3,529,319 outstanding at March 31, 2014 and 2013, respectively.		(3,268,355	)		(3,231,619	)
General partner		(336,438	)		(336,067	)
		(3,604,793	)		(3,567,686	)
	$	299,036		$	63,811

(continued)

F-19

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 35
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		278,190			101,782
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	278,190		$	101,782
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,257,174			2,055,092
Capital contributions payable		-			-
		2,257,174			2,055,092
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,300,463 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 issued and 3,298,763 and 3,300,463 outstanding at March 31, 2014 and 2013, respectively.		(1,677,169	)		(1,651,752	)
General partner		(301,815	)		(301,558	)
		(1,978,984	)		(1,953,310	)
	$	278,190		$	101,782

(continued)

F-20

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 36
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		448,179			1,437,216
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	448,179		$	1,437,216
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	131,000		$	131,000
Accounts payable - affiliates		1,108,351			1,975,871
Capital contributions payable		-			-
		1,239,351			2,106,871
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,106,838 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,838 issued and 2,104,504 and 2,106,838 outstanding at March 31, 2014 and 2013, respectively.		(604,597	)		(484,295	)
General partner		(186,575	)		(185,360	)
		(791,172	)		(669,655	)
	$	448,179		$	1,437,216

(continued)

F-21

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 37
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		305,167			287,786
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	305,167		$	287,786
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,147,147			1,942,283
Capital contributions payable		138,438			138,438
		2,285,585			2,080,721
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,512,500 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 at March 31, 2014 and 2013 issued and outstanding		(1,745,050	)		(1,559,442	)
General partner		(235,368	)		(233,493	)
		(1,980,418	)		(1,792,935	)
	$	305,167		$	287,786

(continued)

F-22

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 38
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		236,887			175,521
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	236,887		$	175,521
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,716,832			1,552,432
Capital contributions payable		-			-
		1,716,832			1,552,432
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,543,100 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 at March 31, 2014 and 2013 issued and outstanding		(1,246,861	)		(1,144,857	)
General partner		(233,084	)		(232,054	)
		(1,479,945	)		(1,376,911	)
	$	236,887		$	175,521

(continued)

F-23

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 39
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		144,094			142,890
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	144,094		$	142,890
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,547,899			1,411,099
Capital contributions payable		-			-
		1,547,899			1,411,099
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,292,151 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,151 at March 31, 2014 and 2013 issued and outstanding		(1,193,325	)		(1,059,085	)
General partner		(210,480	)		(209,124	)
		(1,403,805	)		(1,268,209	)
	$	144,094		$	142,890

(continued)

F-24

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 40
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		96,711			92,145
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	96,711		$	92,145
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,828,348			2,615,847
Capital contributions payable		102			102
		2,828,450			2,615,949
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,630,256 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 at March 31, 2014 and 2013 issued and outstanding		(2,479,478	)		(2,273,622	)
General partner		(252,261	)		(250,182	)
		(2,731,739	)		(2,523,804	)
	$	96,711		$	92,145

(continued)

F-25

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 41
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		167,428			147,099
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		1,218			1,218
	$	168,646		$	148,317
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		3,054,940			2,869,208
Capital contributions payable		100			100
		3,055,040			2,869,308
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,891,626 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 at March 31, 2014 and 2013 issued and outstanding		(2,608,361	)		(2,444,612	)
General partner		(278,033	)		(276,379	)
		(2,886,394	)		(2,720,991	)
	$	168,646		$	148,317

(continued)

F-26

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 42
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	109,918
OTHER ASSETS
Cash and cash equivalents		266,762			259,722
Notes receivable		22,790			22,790
Deferred acquisition costs, net of accumulated amortization		-			276,642
Other assets		51,003			51,003
	$	340,555		$	720,075
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,071,473			1,872,773
Capital contributions payable		73,433			73,433
		2,144,906			1,946,206
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,744,262 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 at March 31, 2014 and 2013 issued and outstanding		(1,545,369	)		(972,931	)
General partner		(258,982	)		(253,200	)
		(1,804,351	)		(1,226,131	)
	$	340,555		$	720,075

(continued)

F-27

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 43
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	178,330		$	1,467,908
OTHER ASSETS
Cash and cash equivalents		303,384			244,501
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		200,376			267,168
Other assets		85,341			85,341
	$	767,431		$	2,064,918
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,548,228			2,241,448
Capital contributions payable		99,265			121,112
		2,647,493			2,362,560
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,637,987 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 at March 31, 2014 and 2013 issued and outstanding		(1,539,740	)		26,856
General partner		(340,322	)		(324,498	)
		(1,880,062	)		(297,642	)
	$	767,431		$	2,064,918

(continued)

F-28

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 44
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	1,079,218
OTHER ASSETS
Cash and cash equivalents		38,362			342,053
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			1,131,190
Other assets		-			-
	$	38,362		$	2,552,461
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	21,551
Accounts payable - affiliates		1,642,751			1,352,903
Capital contributions payable		-			252,864
		1,642,751			1,627,318
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,701,973 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,973 at March 31, 2014 and 2013 issued and outstanding		(1,350,897	)		1,153,340
General partner		(253,492	)		(228,197	)
		(1,604,389	)		925,143
	$	38,362		$	2,552,461

(continued)

F-29

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 45
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	2,004,492		$	4,953,547
OTHER ASSETS
Cash and cash equivalents		126,153			274,823
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			71,262
Other assets		-			-
	$	2,130,645		$	5,299,632
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	5,000
Accounts payable - affiliates		1,463,025			1,141,419
Capital contributions payable		16,724			16,724
		1,479,749			1,163,143
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,014,367 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 at March 31, 2014 and 2013 issued and outstanding		998,049			4,448,786
General partner		(347,153	)		(312,297	)
		650,896			4,136,489
	$	2,130,645		$	5,299,632

(continued)

F-30

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2014 and 2013

	Series 46
	2014			2013
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	3,145,879		$	5,995,347
OTHER ASSETS
Cash and cash equivalents		194,854			180,660
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			40,406
Other assets		3,788			3,788
	$	3,344,521		$	6,220,201
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,176,831			927,303
Capital contributions payable		-			-
		1,176,831			927,303
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,980,998 issued to the assignees at March 31, 2014 and 2013		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 at March 31, 2014 and 2013 issued and outstanding		2,408,756			5,502,712
General partner		(241,066	)		(209,814	)
		2,167,690			5,292,898
	$	3,344,521		$	6,220,201

(continued)

F-31

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS

Years ended March 31, 2014 and 2013

	Total
	2014			2013
Income
Interest income	$	47,997		$	102,062
Miscellaneous		923,483			804,306
		971,480			906,368
Share of income (losses) from operating limited partnerships *		7,643,945			6,320,307
Expenses and loss
Fund management fee		4,069,465			4,523,004
Amortization		446,669			633,807
General and administrative expenses		644,311			578,018
Professional fees		649,668			845,782
Impairment loss		7,116,275			9,932,388
		12,926,388			16,512,999
NET INCOME (LOSS)	$	(4,310,963	)	$	(9,286,324	)
Net income (loss) allocated to general partner	$	(43,109	)	$	(92,862	)
Net income (loss) allocated to limited partners	$	(4,267,854	)	$	(9,193,462	)
Net income (loss) per BAC	$	(0.05	)	$	(0.11	)

* Includes $9,882,625 and $9,359,210, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-32

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 20
	2014		2013
Income
Interest income	$	701	$	697
Miscellaneous		689		3,125
		1,390		3,822
Share of income (losses) from operating limited partnerships *		722,000		6,402
Expenses and loss
Fund management fee		77,349		95,105
Amortization		-		-
General and administrative expenses		21,816		25,093
Professional fees		17,834		22,063
Impairment loss		-		-
		116,999		142,261
NET INCOME (LOSS)	$	606,391	$	(132,037	)
Net income (loss) allocated to general partner	$	6,064	$	(1,320	)
Net income (loss) allocated to limited partners	$	600,327	$	(130,717	)
Net income (loss) per BAC	$	0.16	$	(0.03	)

* Includes $722,000 and $6,402, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-33

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 21
	2014		2013
Income
Interest income	$	326	$	535
Miscellaneous		7,372		3,559
		7,698		4,094
Share of income (losses) from operating limited partnerships *		79,000		-
Expenses and loss
Fund management fee		55,254		64,029
Amortization		-		-
General and administrative expenses		14,201		17,140
Professional fees		14,174		17,577
Impairment loss		-		-
		83,629		98,746
NET INCOME (LOSS)	$	3,069	$	(94,652	)
Net income (loss) allocated to general partner	$	31	$	(947	)
Net income (loss) allocated to limited partners	$	3,038	$	(93,705	)
Net income (loss) per BAC	$	-	$	(0.05	)

* Includes $79,000 and $-, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-34

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 22
	2014			2013
Income
Interest income	$	309		$	561
Miscellaneous		5,683			5,683
		5,992			6,244
Share of income (losses) from operating limited partnerships *		-			318,670
Expenses and loss
Fund management fee		59,070			104,481
Amortization		-			-
General and administrative expenses		17,461			22,085
Professional fees		27,939			24,638
Impairment loss		-			-
		104,470			151,204
NET INCOME (LOSS)	$	(98,478	)	$	173,710
Net income (loss) allocated to general partner	$	(985	)	$	1,737
Net income (loss) allocated to limited partners	$	(97,493	)	$	171,973
Net income (loss) per BAC	$	(0.04	)	$	0.07

* Includes $- and $318,670, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-35

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 23
	2014			2013
Income
Interest income	$	265		$	349
Miscellaneous		-			68,066
		265			68,415
Share of income (losses) from operating limited partnerships *		-			82,930
Expenses and loss
Fund management fee		84,219			98,414
Amortization		-			-
General and administrative expenses		20,445			23,856
Professional fees		21,064			21,395
Impairment loss		-			-
		125,728			143,665
NET INCOME (LOSS)	$	(125,463	)	$	7,680
Net income (loss) allocated to general partner	$	(1,255	)	$	77
Net income (loss) allocated to limited partners	$	(124,208	)	$	7,603
Net income (loss) per BAC	$	(0.04	)	$	-

* Includes $- and $82,930, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-36

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 24
	2014			2013
Income
Interest income	$	1,625		$	1,025
Miscellaneous		14,568			19,253
		16,193			20,278
Share of income (losses) from operating limited partnerships *		1,630,062			1,793,701
Expenses and loss
Fund management fee		(19,566	)		104,844
Amortization		-			-
General and administrative expenses		16,697			19,400
Professional fees		23,429			23,867
Impairment loss		-			-
		20,560			148,111
NET INCOME (LOSS)	$	1,625,695		$	1,665,868
Net income (loss) allocated to general partner	$	16,257		$	16,659
Net income (loss) allocated to limited partners	$	1,609,438		$	1,649,209
Net income (loss) per BAC	$	0.74		$	0.76

* Includes $1,630,062 and $1,793,701, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-37

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 25
	2014			2013
Income
Interest income	$	5,136		$	1,490
Miscellaneous		13,092			25,450
		18,228			26,940
Share of income (losses) from operating limited partnerships *		-			3,096,620
Expenses and loss
Fund management fee		37,896			32,033
Amortization		-			-
General and administrative expenses		19,704			21,601
Professional fees		20,307			21,867
Impairment loss		-			-
		77,907			75,501
NET INCOME (LOSS)	$	(59,679	)	$	3,048,059
Net income (loss) allocated to general partner	$	(597	)	$	30,481
Net income (loss) allocated to limited partners	$	(59,082	)	$	3,017,578
Net income (loss) per BAC	$	(0.02	)	$	1.00

* Includes $- and $3,096,620, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-38

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 26
	2014		2013
Income
Interest income	$	2,062	$	1,346
Miscellaneous		19,909		41,069
		21,971		42,415
Share of income (losses) from operating limited partnerships *		2,801,657		2,007,273
Expenses and loss
Fund management fee		20,694		205,800
Amortization		-		-
General and administrative expenses		25,174		28,005
Professional fees		40,997		37,510
Impairment loss		-		-
		86,865		271,315
NET INCOME (LOSS)	$	2,736,763	$	1,778,373
Net income (loss) allocated to general partner	$	27,368	$	17,784
Net income (loss) allocated to limited partners	$	2,709,395	$	1,760,589
Net income (loss) per BAC	$	0.68	$	0.44

* Includes $2,801,657 and $2,007,273, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-39

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 27
	2014		2013
Income
Interest income	$	1,996	$	797
Miscellaneous		49,915		64,656
		51,911		65,453
Share of income (losses) from operating limited partnerships *		2,508,394		582,228
Expenses and loss
Fund management fee		126,621		126,174
Amortization		-		65,391
General and administrative expenses		17,208		19,132
Professional fees		30,802		20,560
Impairment loss		-		-
		174,631		231,257
NET INCOME (LOSS)	$	2,385,674	$	416,424
Net income (loss) allocated to general partner	$	23,857	$	4,164
Net income (loss) allocated to limited partners	$	2,361,817	$	412,260
Net income (loss) per BAC	$	0.96	$	0.17

* Includes $2,508,394 and $582,228, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-40

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 28
	2014		2013
Income
Interest income	$	1,648	$	1,121
Miscellaneous		256,704		299,127
		258,352		300,248
Share of income (losses) from operating limited partnerships *		939,495		53,550
Expenses and loss
Fund management fee		156,842		157,026
Amortization		-		-
General and administrative expenses		21,422		24,006
Professional fees		27,279		27,245
Impairment loss		-		-
		205,543		208,277
NET INCOME (LOSS)	$	992,304	$	145,521
Net income (loss) allocated to general partner	$	9,923	$	1,455
Net income (loss) allocated to limited partners	$	982,381	$	144,066
Net income (loss) per BAC	$	0.25	$	0.04

* Includes $939,495 and $53,550, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-41

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 29
	2014		2013
Income
Interest income	$	386	$	503
Miscellaneous		18,977		5,900
		19,363		6,403
Share of income (losses) from operating limited partnerships *		344,656		-
Expenses and loss
Fund management fee		247,888		272,387
Amortization		-		-
General and administrative expenses		21,831		25,811
Professional fees		26,121		154,196
Impairment loss		-		-
		295,840		452,394
NET INCOME (LOSS)	$	68,179	$	(445,991	)
Net income (loss) allocated to general partner	$	682	$	(4,460	)
Net income (loss) allocated to limited partners	$	67,497	$	(441,531	)
Net income (loss) per BAC	$	0.02	$	(0.11	)

* Includes $344,656 and $-, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-42

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 30
	2014			2013
Income
Interest income	$	682		$	868
Miscellaneous		2,052			4,365
		2,734			5,233
Share of income (losses) from operating limited partnerships *		-			67,243
Expenses and loss
Fund management fee		135,287			129,592
Amortization		-			-
General and administrative expenses		16,985			20,091
Professional fees		21,420			22,629
Impairment loss		-			-
		173,692			172,312
NET INCOME (LOSS)	$	(170,958	)	$	(99,836	)
Net income (loss) allocated to general partner	$	(1,710	)	$	(998	)
Net income (loss) allocated to limited partners	$	(169,248	)	$	(98,838	)
Net income (loss) per BAC	$	(0.06	)	$	(0.04	)

* Includes $- and $72,943, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-43

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 31
	2014		2013
Income
Interest income	$	750	$	634
Miscellaneous		28,143		12,014
		28,893		12,648
Share of income (losses) from operating limited partnerships *		624,556		48,230
Expenses and loss
Fund management fee		266,630		181,336
Amortization		-		-
General and administrative expenses		22,383		25,030
Professional fees		27,309		28,213
Impairment loss		-		-
		316,322		234,579
NET INCOME (LOSS)	$	337,127	$	(173,701	)
Net income (loss) allocated to general partner	$	3,371	$	(1,737	)
Net income (loss) allocated to limited partners	$	333,756	$	(171,964	)
Net income (loss) per BAC	$	0.08	$	(0.04	)

* Includes $624,556 and $48,230, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-44

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 32
	2014			2013
Income
Interest income	$	26,586		$	1,078
Miscellaneous		25,439			22,800
		52,025			23,878
Share of income (losses) from operating limited partnerships *		3,428			1,449
Expenses and loss
Fund management fee		210,694			227,575
Amortization		-			-
General and administrative expenses		22,092			25,714
Professional fees		19,444			22,592
Impairment loss		-			-
		252,230			275,881
NET INCOME (LOSS)	$	(196,777	)	$	(250,554	)
Net income (loss) allocated to general partner	$	(1,968	)	$	(2,506	)
Net income (loss) allocated to limited partners	$	(194,809	)	$	(248,048	)
Net income (loss) per BAC	$	(0.04	)	$	(0.05	)

* Includes $3,428 and $1,449, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-45

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 33
	2014			2013
Income
Interest income	$	572		$	680
Miscellaneous		6,686			18,943
		7,258			19,623
Share of income (losses) from operating limited partnerships		-			-
Expenses and loss
Fund management fee		107,019			107,019
Amortization		-			-
General and administrative expenses		15,298			18,291
Professional fees		15,029			18,253
Impairment loss		-			-
		137,346			143,563
NET INCOME (LOSS)	$	(130,088	)	$	(123,940	)
Net income (loss) allocated to general partner	$	(1,301	)	$	(1,239	)
Net income (loss) allocated to limited partners	$	(128,787	)	$	(122,701	)
Net income (loss) per BAC	$	(0.05	)	$	(0.05	)

(continued)

F-46

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 34
	2014			2013
Income
Interest income	$	80		$	20
Miscellaneous		65,338			64,547
		65,418			64,567
Share of income (losses) from operating limited partnerships *		176,333			-
Expenses and loss
Fund management fee		239,275			258,242
Amortization		-			-
General and administrative expenses		18,159			21,056
Professional fees		21,424			26,851
Impairment loss		-			-
		278,858			306,149
NET INCOME (LOSS)	$	(37,107	)	$	(241,582	)
Net income (loss) allocated to general partner	$	(371	)	$	(2,416	)
Net income (loss) allocated to limited partners	$	(36,736	)	$	(239,166	)
Net income (loss) per BAC	$	(0.01	)	$	(0.07	)

* Includes $176,333 and $-, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-47

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 35
	2014			2013
Income
Interest income	$	300		$	210
Miscellaneous		158,019			69
		158,319			279
Share of income (losses) from operating limited partnerships *		-			10,700
Expenses and loss
Fund management fee		149,479			192,645
Amortization		-			-
General and administrative expenses		17,520			20,449
Professional fees		16,994			27,703
Impairment loss		-			-
		183,993			240,797
NET INCOME (LOSS)	$	(25,674	)	$	(229,818	)
Net income (loss) allocated to general partner	$	(257	)	$	(2,298	)
Net income (loss) allocated to limited partners	$	(25,417	)	$	(227,520	)
Net income (loss) per BAC	$	(0.01	)	$	(0.07	)

* Includes $- and $52,500, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-48

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 36
	2014			2013
Income
Interest income	$	957		$	588
Miscellaneous		23,083			35,148
		24,040			35,736
Share of income (losses) from operating limited partnerships *		-			1,242,272
Expenses and loss
Fund management fee		113,457			53,810
Amortization		-			-
General and administrative expenses		14,409			17,049
Professional fees		17,691			35,162
Impairment loss		-			-
		145,557			106,021
NET INCOME (LOSS)	$	(121,517	)	$	1,171,987
Net income (loss) allocated to general partner	$	(1,215	)	$	11,720
Net income (loss) allocated to limited partners	$	(120,302	)	$	1,160,267
Net income (loss) per BAC	$	(0.06	)	$	0.55

* Includes $- and $1,242,272, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-49

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 37
	2014			2013
Income
Interest income	$	699		$	927
Miscellaneous		24,920			23,092
		25,619			24,019
Share of income (losses) from operating limited partnerships		-			-
Expenses and loss
Fund management fee		184,475			186,346
Amortization		-			-
General and administrative expenses		14,603			17,248
Professional fees		14,024			16,241
Impairment loss		-			-
		213,102			219,835
NET INCOME (LOSS)	$	(187,483	)	$	(195,816	)
Net income (loss) allocated to general partner	$	(1,875	)	$	(1,958	)
Net income (loss) allocated to limited partners	$	(185,608	)	$	(193,858	)
Net income (loss) per BAC	$	(0.07	)	$	(0.08	)

(continued)

F-50

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 38
	2014			2013
Income
Interest income	$	274		$	336
Miscellaneous		69,621			53,597
		69,895			53,933
Share of income (losses) from operating limited partnerships		-			(24,773	)
Expenses and loss
Fund management fee		141,801			133,356
Amortization		-			-
General and administrative expenses		15,289			17,975
Professional fees		15,839			20,897
Impairment loss		-			-
		172,929			172,228
NET INCOME (LOSS)	$	(103,034	)	$	(143,068	)
Net income (loss) allocated to general partner	$	(1,030	)	$	(1,431	)
Net income (loss) allocated to limited partners	$	(102,004	)	$	(141,637	)
Net income (loss) per BAC	$	(0.04	)	$	(0.06	)

(continued)

F-51

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 39
	2014			2013
Income
Interest income	$	302		$	511
Miscellaneous		12,956			13,621
		13,258			14,132
Share of income (losses) from operating limited partnerships		-			(88,925	)
Expenses and loss
Fund management fee		119,052			112,877
Amortization		-			-
General and administrative expenses		14,318			16,783
Professional fees		15,484			18,339
Impairment loss		-			31,426
		148,854			179,425
NET INCOME (LOSS)	$	(135,596	)	$	(254,218	)
Net income (loss) allocated to general partner	$	(1,356	)	$	(2,542	)
Net income (loss) allocated to limited partners	$	(134,240	)	$	(251,676	)
Net income (loss) per BAC	$	(0.06	)	$	(0.11	)

(continued)

F-52

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 40
	2014			2013
Income
Interest income	$	79		$	82
Miscellaneous		8,278			19,238
		8,357			19,320
Share of income (losses) from operating limited partnerships		-			(145,154	)
Expenses and loss
Fund management fee		178,426			175,622
Amortization		-			-
General and administrative expenses		15,797			18,823
Professional fees		22,069			26,763
Impairment loss		-			159,516
		216,292			380,724
NET INCOME (LOSS)	$	(207,935	)	$	(506,558	)
Net income (loss) allocated to general partner	$	(2,079	)	$	(5,066	)
Net income (loss) allocated to limited partners	$	(205,856	)	$	(501,492	)
Net income (loss) per BAC	$	(0.08	)	$	(0.19	)

(continued)

F-53

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 41
	2014			2013
Income
Interest income	$	437		$	512
Miscellaneous		31,030			-
		31,467			512
Share of income (losses) from operating limited partnerships *		52,000			(314,199	)
Expenses and loss
Fund management fee		199,676			215,993
Amortization		-			113,304
General and administrative expenses		19,120			21,299
Professional fees		30,074			28,440
Impairment loss		-			686,802
		248,870			1,065,838
NET INCOME (LOSS)	$	(165,403	)	$	(1,379,525	)
Net income (loss) allocated to general partner	$	(1,654	)	$	(13,795	)
Net income (loss) allocated to limited partners	$	(163,749	)	$	(1,365,730	)
Net income (loss) per BAC	$	(0.06	)	$	(0.47	)

* Includes $52,000 and $-, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-54

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 42
	2014			2013
Income
Interest income	$	392		$	32,726
Miscellaneous		40,591			716
		40,983			33,442
Share of income (losses) from operating limited partnerships		(102,342	)		(378,764	)
Expenses and loss
Fund management fee		185,435			209,045
Amortization		69,160			69,160
General and administrative expenses		20,602			21,755
Professional fees		29,111			29,909
Impairment loss		212,553			1,141,092
		516,861			1,470,961
NET INCOME (LOSS)	$	(578,220	)	$	(1,816,283	)
Net income (loss) allocated to general partner	$	(5,782	)	$	(18,163	)
Net income (loss) allocated to limited partners	$	(572,438	)	$	(1,798,120	)
Net income (loss) per BAC	$	(0.21	)	$	(0.66	)

(continued)

F-55

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 43
	2014			2013
Income
Interest income	$	479		$	52,044
Miscellaneous		35,722			115
		36,201			52,159
Share of income (losses) from operating limited partnerships		(280,816	)		(364,989	)
Expenses and loss
Fund management fee		246,428			268,623
Amortization		66,792			66,792
General and administrative expenses		21,458			23,277
Professional fees		30,652			31,521
Impairment loss		972,475			2,181,276
		1,337,805			2,571,489
NET INCOME (LOSS)	$	(1,582,420	)	$	(2,884,319	)
Net income (loss) allocated to general partner	$	(15,824	)	$	(28,843	)
Net income (loss) allocated to limited partners	$	(1,566,596	)	$	(2,855,476	)
Net income (loss) per BAC	$	(0.43	)	$	(0.78	)

(continued)

F-56

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 44
	2014			2013
Income
Interest income	$	227		$	894
Miscellaneous		4,696			51
		4,923			945
Share of income (losses) from operating limited partnerships		(270,876	)		(340,390	)
Expenses and loss
Fund management fee		224,950			261,770
Amortization		282,800			282,800
General and administrative expenses		21,675			19,326
Professional fees		37,930			45,783
Impairment loss		1,696,224			981,206
		2,263,579			1,590,885
NET INCOME (LOSS)	$	(2,529,532	)	$	(1,930,330	)
Net income (loss) allocated to general partner	$	(25,295	)	$	(19,303	)
Net income (loss) allocated to limited partners	$	(2,504,237	)	$	(1,911,027	)
Net income (loss) per BAC	$	(0.93	)	$	(0.71	)

(continued)

F-57

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 45
	2014			2013
Income
Interest income	$	277		$	878
Miscellaneous		-			51
		277			929
Share of income (losses) from operating limited partnerships *		(665,720	)		(748,455	)
Expenses and loss
Fund management fee		308,117			318,774
Amortization		17,816			17,816
General and administrative expenses		159,624			25,943
Professional fees		40,844			40,419
Impairment loss		2,293,749			2,475,746
		2,820,150			2,878,698
NET INCOME (LOSS)	$	(3,485,593	)	$	(3,626,224	)
Net income (loss) allocated to general partner	$	(34,856	)	$	(36,262	)
Net income (loss) allocated to limited partners	$	(3,450,737	)	$	(3,589,962	)
Net income (loss) per BAC	$	(0.86	)	$	(0.89	)

* Includes $1,044 and $442, respectively, in 2014 and 2013 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-58

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 46
	2014			2013
Income
Interest income	$	450		$	650
Miscellaneous		-			51
		450			701
Share of income (losses) from operating limited partnerships		(917,882	)		(585,312	)
Expenses and loss
Fund management fee		212,997			230,086
Amortization		10,101			18,544
General and administrative expenses		19,020			21,780
Professional fees		24,384			35,149
Impairment loss		1,941,274			2,275,324
		2,207,776			2,580,883
NET INCOME (LOSS)	$	(3,125,208	)	$	(3,165,494	)
Net income (loss) allocated to general partner	$	(31,252	)	$	(31,655	)
Net income (loss) allocated to limited partners	$	(3,093,956	)	$	(3,133,839	)
Net income (loss) per BAC	$	(1.04	)	$	(1.05	)

(see notes to financial statements)

F-59

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2014 and 2013

Total	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(11,386,367	)	$	(7,353,623	)	$	(18,739,990	)
Net income (loss)		(9,193,462	)		(92,862	)		(9,286,324	)
Partners’ capital (deficit), March 31, 2013		(20,579,829	)		(7,446,485	)		(28,026,314	)
Net income (loss)		(4,267,854	)		(43,109	)		(4,310,963	)
Partners’ capital (deficit), March 31, 2014	$	(24,847,683	)	$	(7,489,594	)	$	(32,337,277	)

Series 20	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,431,851	)	$	(325,829	)	$	(1,757,680	)
Net income (loss)		(130,717	)		(1,320	)		(132,037	)
Partners’ capital (deficit), March 31, 2013		(1,562,568	)		(327,149	)		(1,889,717	)
Net income (loss)		600,327			6,064			606,391
Partners’ capital (deficit), March 31, 2014	$	(962,241	)	$	(321,085	)	$	(1,283,326	)

Series 21	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,003,039	)	$	(173,718	)	$	(1,176,757	)
Net income (loss)		(93,705	)		(947	)		(94,652	)
Partners’ capital (deficit), March 31, 2013		(1,096,744	)		(174,665	)		(1,271,409	)
Net income (loss)		3,038			31			3,069
Partners’ capital (deficit), March 31, 2014	$	(1,093,706	)	$	(174,634	)	$	(1,268,340	)

Series 22	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(2,630,189	)	$	(247,864	)	$	(2,878,053	)
Net income (loss)		171,973			1,737			173,710
Partners’ capital (deficit), March 31, 2013		(2,458,216	)		(246,127	)		(2,704,343	)
Net income (loss)		(97,493	)		(985	)		(98,478	)
Partners’ capital (deficit), March 31, 2014	$	(2,555,709	)	$	(247,112	)	$	(2,802,821	)

(continued)

F-60

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2014 and 2013

Series 23	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(2,005,642	)	$	(307,983	)	$	(2,313,625	)
Net income (loss)		7,603			77			7,680
Partners’ capital (deficit), March 31, 2013		(1,998,039	)		(307,906	)		(2,305,945	)
Net income (loss)		(124,208	)		(1,255	)		(125,463	)
Partners’ capital (deficit), March 31, 2014	$	(2,122,247	)	$	(309,161	)	$	(2,431,408	)

Series 24	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(2,194,512	)	$	(209,336	)	$	(2,403,848	)
Net income (loss)		1,649,209			16,659			1,665,868
Partners’ capital (deficit), March 31, 2013		(545,303	)		(192,677	)		(737,980	)
Net income (loss)		1,609,438			16,257			1,625,695
Partners’ capital (deficit), March 31, 2014	$	1,064,135		$	(176,420	)	$	887,715

Series 25	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(175,254	)	$	(261,815	)	$	(437,069	)
Net income (loss)		3,017,578			30,481			3,048,059
Partners’ capital (deficit), March 31, 2013		2,842,324			(231,334	)		2,610,990
Net income (loss)		(59,082	)		(597	)		(59,679	)
Partners’ capital (deficit), March 31, 2014	$	2,783,242		$	(231,931	)	$	2,551,311

Series 26	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,650,695	)	$	(360,364	)	$	(2,011,059	)
Net income (loss)		1,760,589			17,784			1,778,373
Partners’ capital (deficit), March 31, 2013		109,894			(342,580	)		(232,686	)
Net income (loss)		2,709,395			27,368			2,736,763
Partners’ capital (deficit), March 31, 2014	$	2,819,289		$	(315,212	)	$	2,504,077

(continued)

F-61

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2014 and 2013

Series 27	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,575,720	)	$	(224,449	)	$	(1,800,169	)
Net income (loss)		412,260			4,164			416,424
Partners’ capital (deficit), March 31, 2013		(1,163,460	)		(220,285	)		(1,383,745	)
Net income (loss)		2,361,817			23,857			2,385,674
Partners’ capital (deficit), March 31, 2014	$	1,198,357		$	(196,428	)	$	1,001,929

Series 28	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,016,310	)	$	(357,486	)	$	(1,373,796	)
Net income (loss)		144,066			1,455			145,521
Partners’ capital (deficit), March 31, 2013		(872,244	)		(356,031	)		(1,228,275	)
Net income (loss)		982,381			9,923			992,304
Partners’ capital (deficit), March 31, 2014	$	110,137		$	(346,108	)	$	(235,971	)

Series 29	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(2,621,579	)	$	(368,548	)	$	(2,990,127	)
Net income (loss)		(441,531	)		(4,460	)		(445,991	)
Partners’ capital (deficit), March 31, 2013		(3,063,110	)		(373,008	)		(3,436,118	)
Net income (loss)		67,497			682			68,179
Partners’ capital (deficit), March 31, 2014	$	(2,995,613	)	$	(372,326	)	$	(3,367,939	)

Series 30	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,052,981	)	$	(239,986	)	$	(1,292,967	)
Net income (loss)		(98,838	)		(998	)		(99,836	)
Partners’ capital (deficit), March 31, 2013		(1,151,819	)		(240,984	)		(1,392,803	)
Net income (loss)		(169,248	)		(1,710	)		(170,958	)
Partners’ capital (deficit), March 31, 2014	$	(1,321,067	)	$	(242,694	)	$	(1,563,761	)

(continued)

F-62

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2014 and 2013

Series 31	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(2,162,248	)	$	(404,930	)	$	(2,567,178	)
Net income (loss)		(171,964	)		(1,737	)		(173,701	)
Partners’ capital (deficit), March 31, 2013		(2,334,212	)		(406,667	)		(2,740,879	)
Net income (loss)		333,756			3,371			337,127
Partners’ capital (deficit), March 31, 2014	$	(2,000,456	)	$	(403,296	)	$	(2,403,752	)

Series 32	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,901,497	)	$	(429,674	)	$	(2,331,171	)
Net income (loss)		(248,048	)		(2,506	)		(250,554	)
Partners’ capital (deficit), March 31, 2013		(2,149,545	)		(432,180	)		(2,581,725	)
Net income (loss)		(194,809	)		(1,968	)		(196,777	)
Partners’ capital (deficit), March 31, 2014	$	(2,344,354	)	$	(434,148	)	$	(2,778,502	)

Series 33	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,323,565	)	$	(241,430	)	$	(1,564,995	)
Net income (loss)		(122,701	)		(1,239	)		(123,940	)
Partners’ capital (deficit), March 31, 2013		(1,446,266	)		(242,669	)		(1,688,935	)
Net income (loss)		(128,787	)		(1,301	)		(130,088	)
Partners’ capital (deficit), March 31, 2014	$	(1,575,053	)	$	(243,970	)	$	(1,819,023	)

Series 34	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(2,992,453	)	$	(333,651	)	$	(3,326,104	)
Net income (loss)		(239,166	)		(2,416	)		(241,582	)
Partners’ capital (deficit), March 31, 2013		(3,231,619	)		(336,067	)		(3,567,686	)
Net income (loss)		(36,736	)		(371	)		(37,107	)
Partners’ capital (deficit), March 31, 2014	$	(3,268,355	)	$	(336,438	)	$	(3,604,793	)

(continued)

F-63

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2014 and 2013

Series 35	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,424,232	)	$	(299,260	)	$	(1,723,492	)
Net income (loss)		(227,520	)		(2,298	)		(229,818	)
Partners’ capital (deficit), March 31, 2013		(1,651,752	)		(301,558	)		(1,953,310	)
Net income (loss)		(25,417	)		(257	)		(25,674	)
Partners’ capital (deficit), March 31, 2014	$	(1,677,169	)	$	(301,815	)	$	(1,978,984	)

Series 36	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,644,562	)	$	(197,080	)	$	(1,841,642	)
Net income (loss)		1,160,267			11,720			1,171,987
Partners’ capital (deficit), March 31, 2013		(484,295	)		(185,360	)		(669,655	)
Net income (loss)		(120,302	)		(1,215	)		(121,517	)
Partners’ capital (deficit), March 31, 2014	$	(604,597	)	$	(186,575	)	$	(791,172	)

Series 37	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,365,584	)	$	(231,535	)	$	(1,597,119	)
Net income (loss)		(193,858	)		(1,958	)		(195,816	)
Partners’ capital (deficit), March 31, 2013		(1,559,442	)		(233,493	)		(1,792,935	)
Net income (loss)		(185,608	)		(1,875	)		(187,483	)
Partners’ capital (deficit), March 31, 2014	$	(1,745,050	)	$	(235,368	)	$	(1,980,418	)

Series 38	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,003,220	)	$	(230,623	)	$	(1,233,843	)
Net income (loss)		(141,637	)		(1,431	)		(143,068	)
Partners’ capital (deficit), March 31, 2013		(1,144,857	)		(232,054	)		(1,376,911	)
Net income (loss)		(102,004	)		(1,030	)		(103,034	)
Partners’ capital (deficit), March 31, 2014	$	(1,246,861	)	$	(233,084	)	$	(1,479,945	)

(continued)

F-64

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2014 and 2013

Series 39	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(807,409	)	$	(206,582	)	$	(1,013,991	)
Net income (loss)		(251,676	)		(2,542	)		(254,218	)
Partners’ capital (deficit), March 31, 2013		(1,059,085	)		(209,124	)		(1,268,209	)
Net income (loss)		(134,240	)		(1,356	)		(135,596	)
Partners’ capital (deficit), March 31, 2014	$	(1,193,325	)	$	(210,480	)	$	(1,403,805	)

Series 40	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,772,130	)	$	(245,116	)	$	(2,017,246	)
Net income (loss)		(501,492	)		(5,066	)		(506,558	)
Partners’ capital (deficit), March 31, 2013		(2,273,622	)		(250,182	)		(2,523,804	)
Net income (loss)		(205,856	)		(2,079	)		(207,935	)
Partners’ capital (deficit), March 31, 2014	$	(2,479,478	)	$	(252,261	)	$	(2,731,739	)

Series 41	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	(1,078,882	)	$	(262,584	)	$	(1,341,466	)
Net income (loss)		(1,365,730	)		(13,795	)		(1,379,525	)
Partners’ capital (deficit), March 31, 2013		(2,444,612	)		(276,379	)		(2,720,991	)
Net income (loss)		(163,749	)		(1,654	)		(165,403	)
Partners’ capital (deficit), March 31, 2014	$	(2,608,361	)	$	(278,033	)	$	(2,886,394	)

Series 42	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	825,189		$	(235,037	)	$	590,152
Net income (loss)		(1,798,120	)		(18,163	)		(1,816,283	)
Partners’ capital (deficit), March 31, 2013		(972,931	)		(253,200	)		(1,226,131	)
Net income (loss)		(572,438	)		(5,782	)		(578,220	)
Partners’ capital (deficit), March 31, 2014	$	(1,545,369	)	$	(258,982	)	$	(1,804,351	)

(continued)

F-65

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2014 and 2013

Series 43	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	2,882,332		$	(295,655	)	$	2,586,677
Net income (loss)		(2,855,476	)		(28,843	)		(2,884,319	)
Partners’ capital (deficit), March 31, 2013		26,856			(324,498	)		(297,642	)
Net income (loss)		(1,566,596	)		(15,824	)		(1,582,420	)
Partners’ capital (deficit), March 31, 2014	$	(1,539,740	)	$	(340,322	)	$	(1,880,062	)

Series 44	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	3,064,367		$	(208,894	)	$	2,855,473
Net income (loss)		(1,911,027	)		(19,303	)		(1,930,330	)
Partners’ capital (deficit), March 31, 2013		1,153,340			(228,197	)		925,143
Net income (loss)		(2,504,237	)		(25,295	)		(2,529,532	)
Partners’ capital (deficit), March 31, 2014	$	(1,350,897	)	$	(253,492	)	$	(1,604,389	)

Series 45	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	8,038,748		$	(276,035	)	$	7,762,713
Net income (loss)		(3,589,962	)		(36,262	)		(3,626,224	)
Partners’ capital (deficit), March 31, 2013		4,448,786			(312,297	)		4,136,489
Net income (loss)		(3,450,737	)		(34,856	)		(3,485,593	)
Partners’ capital (deficit), March 31, 2014	$	998,049		$	(347,153	)	$	650,896

Series 46	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2012	$	8,636,551		$	(178,159	)	$	8,458,392
Net income (loss)		(3,133,839	)		(31,655	)		(3,165,494	)
Partners’ capital (deficit), March 31, 2013		5,502,712			(209,814	)		5,292,898
Net income (loss)		(3,093,956	)		(31,252	)		(3,125,208	)
Partners’ capital (deficit), March 31, 2014	$	2,408,756		$	(241,066	)	$	2,167,690

(continued)

F-66

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Years ended March 31, 2014 and 2013

	Total
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(4,310,963	)	$	(9,286,324	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(7,643,945	)		(6,320,307	)
Impairment loss		7,116,275			9,932,388
Distributions received from operating limited partnerships		113,637			193,267
Amortization		446,669			633,807
Changes in assets and liabilities
Other assets		(35,657	)		(175,120	)
Accounts payable and accrued expenses		(36,772	)		124,596
Accounts payable - affiliates		(3,133,570	)		(1,189,985	)
Net cash provided by (used in) operating activities		(7,484,326	)		(6,087,678	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(374,399	)		(23,196	)
Proceeds from disposition of operating limited partnerships		10,499,552			8,740,321
Net cash provided by (used in) investing activities		10,125,153			8,717,125
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,640,827			2,629,447
Cash and cash equivalents, beginning		10,156,227			7,526,780
Cash and cash equivalents, ending	$	12,797,054		$	10,156,227
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	902		$	1,776
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	69,485		$	-

(continued)

F-67

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 20
	2014			2013
Cash flows from operating activities
Net income (loss)	$	606,391		$	(132,037	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(722,000	)		(6,402	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(20,000	)		(7,500	)
Accounts payable - affiliates		(539,749	)		(182,010	)
Net cash provided by (used in) operating activities		(675,358	)		(327,949	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		722,000			6,402
Net cash provided by (used in) investing activities		722,000			6,402
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		46,642			(321,547	)
Cash and cash equivalents, beginning		158,143			479,690
Cash and cash equivalents, ending	$	204,785		$	158,143
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-68

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 21
	2014			2013
Cash flows from operating activities
Net income (loss)	$	3,069		$	(94,652	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(79,000	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			(3,000	)
Accounts payable and accrued expenses		5,000			(10,000	)
Accounts payable - affiliates		(20,070	)		(7,920	)
Net cash provided by (used in) operating activities		(91,001	)		(115,572	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		79,000			-
Net cash provided by (used in) investing activities		79,000			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(12,001	)		(115,572	)
Cash and cash equivalents, beginning		128,750			244,322
Cash and cash equivalents, ending	$	116,749		$	128,750
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-69

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 22
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(98,478	)	$	173,710
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(318,670	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			500
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		(26,305	)		(106,926	)
Net cash provided by (used in) operating activities		(124,783	)		(251,386	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			318,670
Net cash provided by (used in) investing activities		-			318,670
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(124,783	)		67,284
Cash and cash equivalents, beginning		223,347			156,063
Cash and cash equivalents, ending	$	98,564		$	223,347
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-70

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 23
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(125,463	)	$	7,680
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(82,930	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		71,819			50,289
Net cash provided by (used in) operating activities		(53,644	)		(24,961	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			82,930
Net cash provided by (used in) investing activities		-			82,930
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(53,644	)		57,969
Cash and cash equivalents, beginning		172,186			114,217
Cash and cash equivalents, ending	$	118,542		$	172,186
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-71

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 24
	2014			2013
Cash flows from operating activities
Net income (loss)	$	1,625,695		$	1,665,868
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(1,630,062	)		(1,793,701	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		3,422			(3,422	)
Accounts payable and accrued expenses		3,000			(5,000	)
Accounts payable - affiliates		(2,468,363	)		(199,408	)
Net cash provided by (used in) operating activities		(2,466,308	)		(335,663	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			(9,999	)
Proceeds from disposition of operating limited partnerships		1,630,062			1,793,701
Net cash provided by (used in) investing activities		1,630,062			1,783,702
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(836,246	)		1,448,039
Cash and cash equivalents, beginning		1,726,961			278,922
Cash and cash equivalents, ending	$	890,715		$	1,726,961
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-72

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 25
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(59,679	)	$	3,048,059
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(3,096,620	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		7,726			(7,726	)
Accounts payable and accrued expenses		(978	)		(15,244	)
Accounts payable - affiliates		-			(914,217	)
Net cash provided by (used in) operating activities		(52,931	)		(985,748	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		618,889			2,477,731
Net cash provided by (used in) investing activities		618,889			2,477,731
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		565,958			1,491,983
Cash and cash equivalents, beginning		1,984,103			492,120
Cash and cash equivalents, ending	$	2,550,061		$	1,984,103
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-73

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 26
	2014			2013
Cash flows from operating activities
Net income (loss)	$	2,736,763		$	1,778,373
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(2,801,657	)		(2,007,273	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		4,363			1,037
Accounts payable and accrued expenses		(2,500	)		2,359
Accounts payable - affiliates		(499,347	)		(2,061,461	)
Net cash provided by (used in) operating activities		(562,378	)		(2,286,965	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			(13,197	)
Proceeds from disposition of operating limited partnerships		2,801,657			2,007,273
Net cash provided by (used in) investing activities		2,801,657			1,994,076
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,239,279			(292,889	)
Cash and cash equivalents, beginning		271,051			563,940
Cash and cash equivalents, ending	$	2,510,330		$	271,051
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-74

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 27
	2014			2013
Cash flows from operating activities
Net income (loss)	$	2,385,674		$	416,424
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(2,508,394	)		(582,228	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			65,391
Changes in assets and liabilities
Other assets		733			-
Accounts payable and accrued expenses		(7,500	)		7,500
Accounts payable - affiliates		(1,559,279	)		(571,566	)
Net cash provided by (used in) operating activities		(1,688,766	)		(664,479	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		2,508,394			582,228
Net cash provided by (used in) investing activities		2,508,394			582,228
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		819,628			(82,251	)
Cash and cash equivalents, beginning		230,059			312,310
Cash and cash equivalents, ending	$	1,049,687		$	230,059
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-75

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 28
	2014			2013
Cash flows from operating activities
Net income (loss)	$	992,304		$	145,521
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(939,495	)		(53,550	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		733			-
Accounts payable and accrued expenses		7,500			(5,070	)
Accounts payable - affiliates		(870,954	)		(83,328	)
Net cash provided by (used in) operating activities		(809,912	)		3,573
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		939,495			53,550
Net cash provided by (used in) investing activities		939,495			53,550
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		129,583			57,123
Cash and cash equivalents, beginning		386,279			329,156
Cash and cash equivalents, ending	$	515,862		$	386,279
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-76

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 29
	2014			2013
Cash flows from operating activities
Net income (loss)	$	68,179		$	(445,991	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(344,656	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		75,854			281,404
Net cash provided by (used in) operating activities		(200,623	)		(164,587	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		342,694			-
Net cash provided by (used in) investing activities		342,694			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		142,071			(164,587	)
Cash and cash equivalents, beginning		82,084			246,671
Cash and cash equivalents, ending	$	224,155		$	82,084
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-77

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 30
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(170,958	)	$	(99,836	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(67,243	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			(5,700	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		155,148			65,063
Net cash provided by (used in) operating activities		(15,810	)		(107,716	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			72,943
Net cash provided by (used in) investing activities		-			72,943
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(15,810	)		(34,773	)
Cash and cash equivalents, beginning		269,758			304,531
Cash and cash equivalents, ending	$	253,948		$	269,758
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-78

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 31
	2014			2013
Cash flows from operating activities
Net income (loss)	$	337,127		$	(173,701	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(624,556	)		(48,230	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		2,257			-
Accounts payable - affiliates		279,204			222,463
Net cash provided by (used in) operating activities		(5,968	)		532
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		624,556			48,230
Net cash provided by (used in) investing activities		624,556			48,230
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		618,588			48,762
Cash and cash equivalents, beginning		233,992			185,230
Cash and cash equivalents, ending	$	852,580		$	233,992
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-79

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 32
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(196,777	)	$	(250,554	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(3,428	)		(1,449	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			(22,577	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		270,411			181,115
Net cash provided by (used in) operating activities		70,206			(93,465	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(100,590	)		-
Proceeds from disposition of operating limited partnerships		3,428			1,449
Net cash provided by (used in) investing activities		(97,162	)		1,449
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(26,956	)		(92,016	)
Cash and cash equivalents, beginning		337,905			429,921
Cash and cash equivalents, ending	$	310,949		$	337,905
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	69,485		$	-

(continued)

F-80

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 33
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(130,088	)	$	(123,940	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		123,408			48,408
Net cash provided by (used in) operating activities		(6,680	)		(75,532	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(6,680	)		(75,532	)
Cash and cash equivalents, beginning		201,600			277,132
Cash and cash equivalents, ending	$	194,920		$	201,600
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-81

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 34
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(37,107	)	$	(241,582	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(176,333	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		3,000			-
Accounts payable - affiliates		269,332			290,756
Net cash provided by (used in) operating activities		58,892			49,174
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		176,333			-
Net cash provided by (used in) investing activities		176,333			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		235,225			49,174
Cash and cash equivalents, beginning		63,811			14,637
Cash and cash equivalents, ending	$	299,036		$	63,811
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-82

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 35
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(25,674	)	$	(229,818	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(10,700	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			(41,800	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		202,082			213,030
Net cash provided by (used in) operating activities		176,408			(69,288	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			52,500
Net cash provided by (used in) investing activities		-			52,500
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		176,408			(16,788	)
Cash and cash equivalents, beginning		101,782			118,570
Cash and cash equivalents, ending	$	278,190		$	101,782
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-83

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 36
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(121,517	)	$	1,171,987
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(1,242,272	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			131,000
Accounts payable - affiliates		(867,520	)		(25,551	)
Net cash provided by (used in) operating activities		(989,037	)		35,164
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			1,242,272
Net cash provided by (used in) investing activities		-			1,242,272
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(989,037	)		1,277,436
Cash and cash equivalents, beginning		1,437,216			159,780
Cash and cash equivalents, ending	$	448,179		$	1,437,216
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-84

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 37
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(187,483	)	$	(195,816	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		204,864			104,864
Net cash provided by (used in) operating activities		17,381			(90,952	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		17,381			(90,952	)
Cash and cash equivalents, beginning		287,786			378,738
Cash and cash equivalents, ending	$	305,167		$	287,786
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-85

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 38
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(103,034	)	$	(143,068	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			24,773
Impairment loss		-			-
Distributions received from operating limited partnerships		-			5,260
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		164,400			64,400
Net cash provided by (used in) operating activities		61,366			(48,635	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		61,366			(48,635	)
Cash and cash equivalents, beginning		175,521			224,156
Cash and cash equivalents, ending	$	236,887		$	175,521
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-86

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 39
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(135,596	)	$	(254,218	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of  (income) losses from operating limited partnerships		-			88,925
Impairment loss		-			31,426
Distributions received from operating limited partnerships		-			7,601
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		136,800			86,800
Net cash provided by (used in) operating activities		1,204			(39,466	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,204			(39,466	)
Cash and cash equivalents, beginning		142,890			182,356
Cash and cash equivalents, ending	$	144,094		$	142,890
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-87

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 40
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(207,935	)	$	(506,558	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			145,154
Impairment loss		-			159,516
Distributions received from operating limited partnerships		-			2,650
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		212,501			209,632
Net cash provided by (used in) operating activities		4,566			10,394
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,566			10,394
Cash and cash equivalents, beginning		92,145			81,751
Cash and cash equivalents, ending	$	96,711		$	92,145
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-88

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 41
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(165,403	)	$	(1,379,525	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(52,000	)		314,199
Impairment loss		-			686,802
Distributions received from operating limited partnerships		-			4,901
Amortization		-			113,304
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		185,732			213,068
Net cash provided by (used in) operating activities		(31,671	)		(47,251	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		52,000			-
Net cash provided by (used in) investing activities		52,000			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		20,329			(47,251	)
Cash and cash equivalents, beginning		147,099			194,350
Cash and cash equivalents, ending	$	167,428		$	147,099
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-89

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 42
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(578,220	)	$	(1,816,283	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		102,342			378,764
Impairment loss		212,553			1,141,092
Distributions received from operating limited partnerships		2,505			46,454
Amortization		69,160			69,160
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		198,700			99,240
Net cash provided by (used in) operating activities		7,040			(81,573	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		7,040			(81,573	)
Cash and cash equivalents, beginning		259,722			341,295
Cash and cash equivalents, ending	$	266,762		$	259,722
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-90

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 43
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(1,582,420	)	$	(2,884,319	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		280,816			364,989
Impairment loss		972,475			2,181,276
Distributions received from operating limited partnerships		48,527			47,654
Amortization		66,792			66,792
Changes in assets and liabilities
Other assets		(12,240	)		(39,885	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		306,780			281,780
Net cash provided by (used in) operating activities		80,730			18,287
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(21,847	)		-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		(21,847	)		-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		58,883			18,287
Cash and cash equivalents, beginning		244,501			226,214
Cash and cash equivalents, ending	$	303,384		$	244,501
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-91

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 44
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(2,529,532	)	$	(1,930,330	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		270,876			340,390
Impairment loss		1,696,224			981,206
Distributions received from operating limited partnerships		-			12,037
Amortization		282,800			282,800
Changes in assets and liabilities
Other assets		(40,394	)		(48,759	)
Accounts payable and accrued expenses		(21,551	)		21,551
Accounts payable - affiliates		289,848			259,700
Net cash provided by (used in) operating activities		(51,729	)		(81,405	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(251,962	)		-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		(251,962	)		-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(303,691	)		(81,405	)
Cash and cash equivalents, beginning		342,053			423,458
Cash and cash equivalents, ending	$	38,362		$	342,053
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	902		$	1,776
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-92

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 45
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(3,485,593	)	$	(3,626,224	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		665,720			748,455
Impairment loss		2,293,749			2,475,746
Distributions received from operating limited partnerships		41,988			50,617
Amortization		17,816			17,816
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(5,000	)		5,000
Accounts payable - affiliates		321,606			140,862
Net cash provided by (used in) operating activities		(149,714	)		(187,728	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		1,044			442
Net cash provided by (used in) investing activities		1,044			442
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(148,670	)		(187,286	)
Cash and cash equivalents, beginning		274,823			462,109
Cash and cash equivalents, ending	$	126,153		$	274,823
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-93

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2014 and 2013

	Series 46
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(3,125,208	)	$	(3,165,494	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		917,882			585,312
Impairment loss		1,941,274			2,275,324
Distributions received from operating limited partnerships		20,617			16,093
Amortization		10,101			18,544
Changes in assets and liabilities
Other assets		-			(3,788	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		249,528			149,528
Net cash provided by (used in) operating activities		14,194			(124,481	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		14,194			(124,481	)
Cash and cash equivalents, beginning		180,660			305,141
Cash and cash equivalents, ending	$	194,854		$	180,660
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-		$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-94

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS

March 31, 2014 and 2013

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

F-95

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The BACs issued and outstanding in each series as of March 31, 2014 and 2013 are as follows:

	Issued				Outstanding
	2014		2013		2014		2013
Series 20		3,866,700		3,866,700		3,864,700		3,865,700
Series 21		1,892,700		1,892,700		1,888,200		1,890,700
Series 22		2,564,400		2,564,400		2,561,400		2,564,400
Series 23		3,336,727		3,336,727		3,336,227		3,336,727
Series 24		2,169,878		2,169,878		2,168,878		2,169,878
Series 25		3,026,109		3,026,109		3,025,609		3,025,609
Series 26		3,995,900		3,995,900		3,995,200		3,995,200
Series 27		2,460,700		2,460,700		2,460,700		2,460,700
Series 28		4,000,738		4,000,738		3,999,738		4,000,238
Series 29		3,991,800		3,991,800		3,991,300		3,991,800
Series 30		2,651,000		2,651,000		2,651,000		2,651,000
Series 31		4,417,857		4,417,857		4,415,757		4,417,857
Series 32		4,754,198		4,754,198		4,751,198		4,753,698
Series 33		2,636,533		2,636,533		2,635,533		2,635,533
Series 34		3,529,319		3,529,319		3,528,319		3,529,319
Series 35		3,300,463		3,300,463		3,298,763		3,300,463
Series 36		2,106,838		2,106,838		2,104,504		2,106,838
Series 37		2,512,500		2,512,500		2,512,500		2,512,500
Series 38		2,543,100		2,543,100		2,543,100		2,543,100
Series 39		2,292,151		2,292,151		2,292,151		2,292,151
Series 40		2,630,256		2,630,256		2,630,256		2,630,256
Series 41		2,891,626		2,891,626		2,891,626		2,891,626
Series 42		2,744,262		2,744,262		2,744,262		2,744,262
Series 43		3,637,987		3,637,987		3,637,987		3,637,987
Series 44		2,701,973		2,701,973		2,701,973		2,701,973
Series 45		4,014,367		4,014,367		4,014,367		4,014,367
Series 46		2,980,998		2,980,998		2,980,998		2,980,998
		83,651,080		83,651,080		83,626,246		83,644,880

F-96

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

Investments in Operating Limited Partnerships

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

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the Fund recorded a valuation allowance of $571,985 and $571,905 as of March 31, 2014 and 2013, respectively.

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. Impairment losses have been recognized for the years ended March 31, 2014 and 2013 of $7,116,275 and $9,932,388, respectively.

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

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

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

F-97

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

Investments in Operating Limited Partnerships (Continued)

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

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

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

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

F-98

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

Deferred Acquisition Costs

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2014 and 2013, an impairment loss of $1,139,623 and $147,078, respectively, was recorded and the lives of the remaining acquisition costs were reassessed.

Accumulated amortization as of March 31, 2014 and 2013, as well as the March 31, 2014 and 2013 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Acquisition Costs Impairment		Acquisition Costs Impairment		Remaining Life Acquistion Costs
	2014		2013		2014		2013		Years
Series 20	$	-	$	-	$	-	$	-		-
Series 21		-		-		-		-		-
Series 22		-		-		-		-		-
Series 23		-		-		-		-		-
Series 24		-		-		-		-		-
Series 25		-		-		-		-		-
Series 26		-		-		-		-		-
Series 27		-		261,567		-		-		-
Series 28		-		-		-		-		-
Series 29		-		-		-		-		-
Series 30		-		-		-		-		-
Series 31		-		-		-		-		-
Series 32		-		-		-		-		-
Series 33		-		-		-		-		-
Series 34		-		-		-		-		-
Series 35		-		-		-		-		-
Series 36		-		-		-		-		-
Series 37		-		-		-		-		-
Series 38		-		-		-		-		-
Series 39		-		-		-		-		-
Series 40		-		-		-		-		-
Series 41		-		-		-		113,304		-
Series 42		-		69,160		207,482		-		-
Series 43		133,584		66,792		-		-		3
Series 44		-		1,131,199		848,390		-		-
Series 45		-		17,816		53,446		-		-
Series 46		-		-		30,305		33,774		-
	$	133,584	$	1,546,534	$	1,139,623	$	147,078

The annual amortization for deferred acquisition costs for the years 2015, 2016 and 2017 are estimated to be $66,792.

F-99

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

Income Taxes

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The funds’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2010 remain open.

Cash and Cash Equivalents

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

Fiscal Year

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

F-100

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

Net Loss Per Beneficial Assignee Certificate Unit

Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 2014 and 2013 are as follows:

	2014		2013
Series 20		3,865,450		3,865,700
Series 21		1,890,075		1,890,700
Series 22		2,563,650		2,564,400
Series 23		3,336,602		3,336,727
Series 24		2,169,628		2,169,878
Series 25		3,025,609		3,025,609
Series 26		3,995,200		3,995,667
Series 27		2,460,700		2,460,700
Series 28		4,000,113		4,000,238
Series 29		3,991,675		3,991,800
Series 30		2,651,000		2,651,000
Series 31		4,417,332		4,417,857
Series 32		4,753,240		4,753,698
Series 33		2,635,533		2,636,200
Series 34		3,529,069		3,529,319
Series 35		3,300,038		3,300,463
Series 36		2,106,255		2,106,838
Series 37		2,512,500		2,512,500
Series 38		2,543,100		2,543,100
Series 39		2,292,151		2,292,151
Series 40		2,630,256		2,630,256
Series 41		2,891,626		2,891,626
Series 42		2,744,262		2,744,262
Series 43		3,637,987		3,637,987
Series 44		2,701,973		2,701,973
Series 45		4,014,367		4,014,367
Series 46		2,980,998		2,980,998
		83,640,389		83,646,014

F-101

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

Use of Estimates

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

F-102

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2014 and 2013, the Fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Services, Inc. (BCS), Boston Capital Holdings Limited Partnership (BCHLP) and Boston Capital Asset Management Limited Partnership (BCAM), as follows:

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2014 and 2013, are as follows:

	2014
	Gross Fund Management Fee		Asset Management and Reporting Fee		Fund Management Fee net of Asset Management and Reporting Fee
Series 20	$	88,653	$	11,304	$	77,349
Series 21		58,930		3,676		55,254
Series 22		64,070		5,000		59,070
Series 23		90,719		6,500		84,219
Series 24		91,732		111,298		(19,566	)
Series 25		47,508		9,612		37,896
Series 26		208,009		187,315		20,694
Series 27		204,780		78,159		126,621
Series 28		277,316		120,474		156,842
Series 29		307,485		59,597		247,888
Series 30		155,148		19,861		135,287
Series 31		329,204		62,574		266,630
Series 32		271,860		61,166		210,694
Series 33		123,408		16,389		107,019
Series 34		256,596		17,321		239,275
Series 35		202,082		52,603		149,479
Series 36		132,480		19,023		113,457
Series 37		204,864		20,389		184,475
Series 38		164,400		22,599		141,801
Series 39		136,800		17,748		119,052
Series 40		200,016		21,590		178,426
Series 41		237,732		38,056		199,676
Series 42		248,700		63,265		185,435
Series 43		306,780		60,352		246,428
Series 44		277,353		52,403		224,950
Series 45		363,051		54,934		308,117
Series 46		249,528		36,531		212,997
	$	5,299,204	$	1,229,739	$	4,069,465

F-103

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

	2013
	Gross Fund Management Fee		Asset Management and Reporting Fee		Fund Management Fee net of Asset Management and Reporting Fee
Series 20	$	105,990	$	10,885	$	95,105
Series 21		67,080		3,051		64,029
Series 22		121,368		16,887		104,481
Series 23		113,039		14,625		98,414
Series 24		122,334		17,490		104,844
Series 25		76,550		44,517		32,033
Series 26		286,205		80,405		205,800
Series 27		229,434		103,260		126,174
Series 28		298,447		141,421		157,026
Series 29		331,404		59,017		272,387
Series 30		163,063		33,471		129,592
Series 31		345,693		164,357		181,336
Series 32		281,115		53,540		227,575
Series 33		123,408		16,389		107,019
Series 34		274,896		16,654		258,242
Series 35		213,030		20,385		192,645
Series 36		154,061		100,251		53,810
Series 37		204,864		18,518		186,346
Series 38		164,400		31,044		133,356
Series 39		136,800		23,923		112,877
Series 40		200,016		24,394		175,622
Series 41		238,068		22,075		215,993
Series 42		249,240		40,195		209,045
Series 43		306,780		38,157		268,623
Series 44		284,700		22,930		261,770
Series 45		365,862		47,088		318,774
Series 46		249,528		19,442		230,086
	$	5,707,375	$	1,184,371	$	4,523,004

All fund management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2014 and 2013, total fund management fees accrued were $48,671,049 and $51,851,332, respectively.

F-104

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The fund management fees paid for the years ended March 31, 2014 and 2013, are as follows:

	2014		2013
Series 20	$	628,402	$	288,000
Series 21		79,000		75,000
Series 22		90,375		228,294
Series 23		18,900		62,750
Series 24		2,560,095		321,742
Series 25		47,508		990,767
Series 26		707,356		2,347,666
Series 27		1,764,059		801,000
Series 28		1,148,270		381,775
Series 29		231,631		50,000
Series 30		-		98,000
Series 31		50,000		123,230
Series 32		1,449		100,000
Series 33		-		75,000
Series 34		-		-
Series 35		-		-
Series 36		1,000,000		50,000
Series 37		-		100,000
Series 38		-		100,000
Series 39		-		50,000
Series 40		-		-
Series 41		52,000		25,000
Series 42		50,000		150,000
Series 43		-		25,000
Series 44		-		25,000
Series 45		50,442		225,000
Series 46		-		100,000
	$	8,479,487	$	6,793,224

F-105

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

An affiliate of the general partner of the Fund has advanced funds to pay some operating expenses of the fund, and to make advances and/or loans to operating limited partnerships. These advances are included in accounts payable to affiliates. The total advances as of March 31, 2014 and 2013, are as follows:

	2014		2013
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		-		-
Series 28		-		-
Series 29		-		-
Series 30		-		-
Series 31		-		-
Series 32		-		-
Series 33		54,660		54,660
Series 34		133,578		120,842
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		220,455		220,455
Series 40		359,629		347,144
Series 41		359,757		359,757
Series 42		221,615		221,615
Series 43		-		-
Series 44		12,495		-
Series 45		8,997		-
Series 46		-		-
	$	1,371,186	$	1,324,473

During the year ended March 31, 2014, $12,736, $12,485, $12,495 and $8,997, for Series 34, Series 40, Series 44 and Series 45, respectively, was advanced to the Fund by an affiliate of the general partner. During the year ended March 31, 2013, $15,860 and $9,616, for Series 34 and Series 40, respectively, was advanced to the Fund by an affiliate of the general partner. During the year ended March 31, 2013, $129,612 for Series 36 was paid by the Fund to an affiliate of the general partner. All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

F-106

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

During the years ended March 31, 2014 and 2013, general and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and/or Boston Capital Asset Management Limited Partnership were charged to each series’ operations as follows:

	2014		2013
Series 20	$	13,320	$	17,507
Series 21		10,180		13,730
Series 22		11,792		16,241
Series 23		13,081		17,016
Series 24		11,458		15,169
Series 25		12,154		15,813
Series 26		16,057		20,672
Series 27		11,979		15,320
Series 28		14,353		18,266
Series 29		14,663		18,633
Series 30		12,284		15,721
Series 31		15,196		19,021
Series 32		14,268		18,156
Series 33		11,031		14,425
Series 34		12,736		16,326
Series 35		12,216		15,766
Series 36		10,822		14,157
Series 37		10,690		14,016
Series 38		11,184		14,561
Series 39		10,889		13,938
Series 40		12,485		15,451
Series 41		14,228		17,001
Series 42		16,252		17,940
Series 43		15,570		18,219
Series 44		12,495		15,173
Series 45		17,433		20,278
Series 46		13,750		17,065
	$	352,566	$	445,581

Accounts payable - affiliates at March 31, 2014 and 2013 represents general and administrative expenses, fund management fees, and commissions which are payable to Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.

F-107

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

F-108

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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.

F-109

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

F-110

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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			-			-

F-111

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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	)

F-112

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-113

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 22			Series 23			Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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	)

F-114

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-115

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25			Series 26			Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-116

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-117

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28			Series 29			Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-118

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-119

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31			Series 32			Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-120

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-121

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35			Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-122

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-123

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 37			Series 38			Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-124

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-125

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 40			Series 41			Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-126

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

F-127

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-128

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

F-129

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-130

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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			-			-

F-131

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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	)

F-132

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-133

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 22			Series 23			Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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	)

F-134

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-135

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25			Series 26			Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-136

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-137

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28			Series 29			Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-138

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-139

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31			Series 32			Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-140

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-141

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35			Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-142

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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		-			-			-

F-143

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 37			Series 38			Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-144

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

F-145

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 40			Series 41			Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-146

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

F-147

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-148

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

F-149

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 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

F-150

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

F-151

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-152

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-153

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-154

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-155

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-156

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-157

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-158

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-159

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-160

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS

	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

F-161

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-162

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-163

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-164

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-165

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-166

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-167

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-168

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-169

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	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

F-170

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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.

F-171

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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

	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.

F-172

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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

	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.

F-173

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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

	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.

F-174

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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

	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.

F-175

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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

	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.

F-176

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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

	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.

F-177

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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

	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.

F-178

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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

	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.

F-179

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 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

	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.

F-180

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-181

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-182

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-183

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-184

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-185

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-186

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-187

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-188

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-189

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	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.

F-190

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2014 and 2013 consist of advance installments of $22,790and $69,698, respectively, of capital contributions to operating limited partnerships. The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from 3.00% to prime + 1.00%. Prime was 3.25% as of March 31, 2014 and 2013. These notes are secured by future installments of capital contributions or paid upon demand. The notes at March 31, 2014 and 2013 by series are as follows:

	2014		2013
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		-		-
Series 28		-		-
Series 29		-		-
Series 30		-		-
Series 31		-		-
Series 32		-		46,908
Series 33		-		-
Series 34		-		-
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		-		-
Series 40		-		-
Series 41		-		-
Series 42		22,790		22,790
Series 43		-		-
Series 44		-		-
Series 45		-		-
Series 46		-		-
	$	22,790	$	69,698

F-191

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(4,310,963	)	$	606,391		$	3,069
Operating limited partnership rents received in advance		(6,007	)		-			(17	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(3,180,283	)		(539,749	)		(20,070	)
Other		14,775,748			992,434			316,382
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(16,299,042	)		(366,227	)		(98,321	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(6,231,944	)		(74,539	)		(177,554	)
Impairment loss not recognized for tax purposes		7,116,275			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(10,529,310	)		(288,923	)		(83,572	)
Income (loss) for tax return purposes, December 31, 2013	$	(18,665,526	)	$	329,387		$	(60,083	)

F-192

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(98,478	)	$	(125,463	)	$	1,625,695
Operating limited partnership rents received in advance		-			-			2,879
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(26,305	)		71,819			(2,468,363	)
Other		972,788			197,451			1,989,051
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(264,711	)		(361,723	)		(241,279	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(69,076	)		(227,036	)		(30,246	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(136,555	)		(14,194	)		(1,636,274	)
Income (loss) for tax return purposes, December 31, 2013	$	377,663		$	(459,146	)	$	(758,537	)

F-193

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(59,679	)	$	2,736,763		$	2,385,674
Operating limited partnership rents received in advance		-			(449	)		136
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(499,347	)		(1,559,279	)
Other		593,391			3,879,632			1,619,880
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(43,041	)		(842,204	)		(277,730	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(138,555	)		(214,874	)		(181,302	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(386,563	)		(4,213,369	)		(1,123,176	)
Income (loss) for tax return purposes, December 31, 2013	$	(34,447	)	$	846,152		$	864,203

F-194

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	992,304		$	68,179		$	(170,958	)
Operating limited partnership rents received in advance		(50	)		(3,627	)		7,664
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(870,954	)		75,854			155,148
Other		863,713			(2,703,508	)		80,092
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(953,311	)		(1,065,191	)		(621,294	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(222,830	)		(294,360	)		(176,205	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(292,930	)		(308,456	)		(22,236	)
Income (loss) for tax return purposes, December 31, 2013	$	(484,058	)	$	(4,231,109	)	$	(747,789	)

F-195

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	337,127		$	(196,777	)	$	(130,088	)
Operating limited partnership rents received in advance		-			(2,419	)		(466	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		279,204			270,411			123,408
Other		(565,343	)		899,882			78,067
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,155,732	)		(1,433,129	)		(566,103	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(444,727	)		(208,100	)		(140,906	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(597,142	)		(64,279	)		(28,128	)
Income (loss) for tax return purposes, December 31, 2013	$	(2,146,613	)	$	(734,411	)	$	(664,216	)

F-196

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(37,107	)	$	(25,674	)	$	(121,517	)
Operating limited partnership rents received in advance		(3,831	)		15,521			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		256,596			202,082			(867,520	)
Other		121,042			135,633			4,218,381
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,227,938	)		(688,552	)		(489,323	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(177,657	)		(254,172	)		(158,926	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(216,769	)		(256,794	)		(104,445	)
Income (loss) for tax return purposes, December 31, 2013	$	(1,285,664	)	$	(871,956	)	$	2,476,650

F-197

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(187,483	)	$	(103,034	)	$	(135,596	)
Operating limited partnership rents received in advance		(18,883	)		(6,905	)		(6,903	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		204,864			164,400			136,800
Other		1,190,800			358,421			337,442
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,423,309	)		(447,771	)		(594,093	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(189,389	)		(396,454	)		(286,803	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(97,290	)		(89,091	)		(103,140	)
Income (loss) for tax return purposes, December 31, 2013	$	(520,690	)	$	(520,434	)	$	(652,293	)

F-198

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(207,935	)	$	(165,403	)	$	(578,220	)
Operating limited partnership rents received in advance		2,625			(702	)		(1,127	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		200,016			185,732			198,700
Other		(20,535	)		175,191			508,920
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(726,480	)		(621,885	)		(792,226	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(202,424	)		(294,646	)		(288,776	)
Impairment loss not recognized for tax purposes		-			-			212,553
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(116,716	)		(230,907	)		(54,300	)
Income (loss) for tax return purposes, December 31, 2013	$	(1,071,449	)	$	(952,620	)	$	(794,476	)

F-199

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(1,582,420	)	$	(2,529,532	)	$	(3,485,593	)
Operating limited partnership rents received in advance		(908	)		2,360			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		306,780			277,353			312,609
Other		65,862			(1,448,171	)		(251,745	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(547,642	)		(372,037	)		(57,205	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(317,839	)		(341,059	)		(243,079	)
Impairment loss not recognized for tax purposes		972,475			1,696,224			2,293,749
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(99,277	)		183,685			(29,551	)
Income (loss) for tax return purposes, December 31, 2013	$	(1,202,969	)	$	(2,531,177	)	$	(1,460,815	)

F-200

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2014 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(3,125,208	)
Operating limited partnership rents received in advance		9,095
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		249,528
Other		170,595
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(20,585	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(480,410	)
Impairment loss not recognized for tax purposes		1,941,274
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(118,918	)
Income (loss) for tax return purposes, December 31, 2013	$	(1,374,629	)

F-201

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(9,286,324	)	$	(132,037	)	$	(94,652	)
Operating limited partnership rents received in advance		27,748			(9,847	)		20,766
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(1,085,849	)		(182,010	)		(7,920	)
Other		5,372,512			1,187,690			954,139
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(20,689,989	)		(220,356	)		(86,888	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(6,562,753	)		(88,946	)		(176,857	)
Impairment loss not recognized for tax purposes		9,932,388			-			-
Operating limited partnership impairment loss not recognized for tax purposes		3,255,938			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(10,320,275	)		(633,924	)		(108,953	)
Income (loss) for tax return purposes, December 31, 2012	$	(29,356,604	)	$	(79,430	)	$	499,635

F-202

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	173,710		$	7,680		$	1,665,868
Operating limited partnership rents received in advance		-			-			(995	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(106,926	)		50,289			(199,408	)
Other		482,776			(7,338	)		1,435,560
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(159,268	)		(178,090	)		(428,611	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(82,051	)		(221,153	)		(79,286	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(193,569	)		(78,968	)		(1,789,948	)
Income (loss) for tax return purposes, December 31, 2012	$	114,672		$	(427,580	)	$	603,180

F-203

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	3,048,059		$	1,778,373		$	416,424
Operating limited partnership rents received in advance		-			-			(26	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(914,217	)		(2,061,461	)		(571,566	)
Other		1,257,686			(2,342,668	)		(468,704	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(130,543	)		(900,257	)		(262,813	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(93,726	)		(384,543	)		(303,209	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(4,074,777	)		(667,681	)		(793,118	)
Income (loss) for tax return purposes, December 31, 2012	$	(907,518	)	$	(4,578,237	)	$	(1,983,012	)

F-204

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	145,521		$	(445,991	)	$	(99,836	)
Operating limited partnership rents received in advance		(203	)		7,127			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(83,328	)		281,404			65,063
Other		(532,107	)		34,138			548,253
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(888,944	)		(1,439,168	)		(680,994	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(279,724	)		(362,360	)		(174,505	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(88,847	)		45,923			(94,152	)
Income (loss) for tax return purposes, December 31, 2012	$	(1,727,632	)	$	(1,878,927	)	$	(436,171	)

F-205

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(173,701	)	$	(250,554	)	$	(123,940	)
Operating limited partnership rents received in advance		(2,488	)		(112	)		498
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		222,463			181,115			48,408
Other		445,811			515,613			52,777
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(2,070,330	)		(1,389,322	)		(615,022	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(472,089	)		(230,122	)		(149,574	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(47,842	)		(99,306	)		(29,581	)
Income (loss) for tax return purposes, December 31, 2012	$	(2,098,176	)	$	(1,272,688	)	$	(816,434	)

F-206

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(241,582	)	$	(229,818	)	$	1,171,987
Operating limited partnership rents received in advance		3,672			-			1,032
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		274,896			213,030			104,061
Other		1,201,511			(406,637	)		483,466
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,312,415	)		(767,266	)		(478,049	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(189,537	)		(275,425	)		(147,886	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(71,194	)		(148,045	)		(918,088	)
Income (loss) for tax return purposes, December 31, 2012	$	(334,649	)	$	(1,614,161	)	$	216,523

F-207

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(195,816	)	$	(143,068	)	$	(254,218	)
Operating limited partnership rents received in advance		(512	)		3,332			2,031
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		104,864			64,400			86,800
Other		309,920			139,501			138,327
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,554,735	)		(446,193	)		(607,980	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(170,075	)		(388,648	)		(269,222	)
Impairment loss not recognized for tax purposes		-			-			31,426
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(92,399	)		(135,875	)		(94,884	)
Income (loss) for tax return purposes, December 31, 2012	$	(1,598,753	)	$	(906,551	)	$	(967,720	)

F-208

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(506,558	)	$	(1,379,525	)	$	(1,816,283	)
Operating limited partnership rents received in advance		1,336			583			880
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		200,016			213,068			99,240
Other		236,679			167,716			53,575
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(419,385	)		(333,869	)		(527,871	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(193,586	)		(244,603	)		(249,496	)
Impairment loss not recognized for tax purposes		159,516			686,802			1,141,092
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(130,421	)		(21,986	)		(51,368	)
Income (loss) for tax return purposes, December 31, 2012	$	(652,403	)	$	(911,814	)	$	(1,350,231	)

F-209

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(2,884,319	)	$	(1,930,330	)	$	(3,626,224	)
Operating limited partnership rents received in advance		674			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		281,780			259,700			140,862
Other		(245,073	)		(491,708	)		352,267
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(134,805	)		(4,133,937	)		(522,878	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(211,864	)		(334,458	)		(349,757	)
Impairment loss not recognized for tax purposes		2,181,276			981,206			2,475,746
Operating limited partnership impairment loss not recognized for tax purposes		-			3,255,938			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(58,003	)		256,128			(120,732	)
Income (loss) for tax return purposes, December 31, 2012	$	(1,070,334	)	$	(2,137,461	)	$	(1,650,716	)

F-210

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2013 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(3,165,494	)
Operating limited partnership rents received in advance		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		149,528
Other		(130,658	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(440,051	)
Impairment loss not recognized for tax purposes		2,275,324
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(78,665	)
Income (loss) for tax return purposes, December 31, 2012	$	(1,390,016	)

F-211

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2013	$	76,082,802		$	(2,870,528	)	$	(1,734,996	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		87,884,506			3,054,043			2,584,152
Impairment loss in investment in operating limited partnerships		(216,038,394	)		(1,333,677	)		(118,301	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2014		(1,117,450	)		(90,622	)		(221,074	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		57,538,970			670,167			(509,781	)
Investments in operating limited partnerships - as reported	$	5,328,701		$	-		$	-

F-212

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2013	$	(2,216,485	)	$	656,490		$	(911,837	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,708,122			2,436,164			2,148,403
Impairment loss in investment in operating limited partnerships		(1,618,823	)		(6,353,837	)		(1,636,215	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2014		(25,824	)		(54,934	)		(841	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,929,473			3,316,117			400,490
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-213

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2013	$	1,280,497		$	(3,510,773	)	$	(1,806,555	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		467,648			5,296,972			1,965,626
Impairment loss in investment in operating limited partnerships		(3,245,521	)		(4,338,427	)		(4,558,902	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2014		(31,239	)		(114,788	)		(204,661	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,528,615			2,667,016			4,604,492
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-214

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2013	$	8,721,367		$	(3,533,205	)	$	1,088,370
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,221,023			7,179,789			3,318,142
Impairment loss in investment in operating limited partnerships		(16,476,882	)		(5,875,856	)		(6,613,997	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2014		(79,180	)		(204,728	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		3,613,672			2,434,000			2,207,485
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-215

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2013	$	(75,435	)	$	6,429,738		$	4,589,822
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		7,965,109			6,317,426			2,659,844
Impairment loss in investment in operating limited partnerships		(11,182,057	)		(14,763,087	)		(9,162,728	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2014		(89,559	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		3,381,942			1,831,810			1,913,062
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-216

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2013	$	3,558,773		$	4,244,912		$	4,233,303
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,821,899			3,511,421			1,659,966
Impairment loss in investment in operating limited partnerships		(10,625,803	)		(11,273,719	)		(7,246,265	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2014		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,245,131			3,517,386			1,352,996
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-217

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2013	$	2,065,352		$	6,284,314		$	4,738,394
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,441,485			3,627,297			3,876,967
Impairment loss in investment in operating limited partnerships		(7,792,558	)		(10,527,541	)		(7,438,510	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2014		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		(714,279	)		615,930			(1,176,851	)
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-218

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2013	$	7,248,337		$	768,256		$	5,533,010
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,365,798			2,219,955			2,319,513
Impairment loss in investment in operating limited partnerships		(10,639,800	)		(7,005,127	)		(10,428,111	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2014		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,025,665			4,016,916			2,575,588
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-219

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2013	$	7,665,048		$	1,396,639		$	12,010,027
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,380,028			3,122,647			194,482
Impairment loss in investment in operating limited partnerships		(13,050,566	)		(6,453,489	)		(14,657,544	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2014		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		3,183,820			1,934,203			4,457,527
Investments in operating limited partnerships - as reported	$	178,330		$	-		$	2,004,492

F-220

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2014 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2013	$	10,229,967
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		20,585
Impairment loss in investment in operating limited partnerships		(11,621,051	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2014		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		4,516,378
Investments in operating limited partnerships - as reported	$	3,145,879

F-221

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2012	$	95,791,218		$	(2,702,097	)	$	(1,709,448	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		83,929,078			2,747,749			2,799,954
Impairment loss in investment in operating limited partnerships		(226,099,776	)		(1,648,785	)		(118,301	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2013		(1,326,821	)		(86,256	)		(219,339	)
Operating limited partnership impairment loss not recognized for tax purposes		3,256,264			-			-
Other		57,077,708			1,118,772			(752,866	)
Investments in operating limited partnerships - as reported	$	13,605,938		$	-		$	-

F-222

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2012	$	(2,855,486	)	$	1,047,798		$	(1,087,314	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,729,559			2,074,441			3,181,496
Impairment loss in investment in operating limited partnerships		(1,725,087	)		(6,344,121	)		(2,395,773	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2013		(25,824	)		(54,934	)		(37,933	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,653,301			3,276,816			339,524
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-223

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2012	$	1,546,192		$	(3,672,336	)	$	(458,437	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		476,326			6,192,769			2,149,024
Impairment loss in investment in operating limited partnerships		(3,403,453	)		(5,322,693	)		(6,453,941	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2013		(31,239	)		(114,788	)		(266,164	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,412,174			2,917,048			5,029,518
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-224

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2012	$	9,982,115		$	878,137		$	1,798,113
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,317,018			7,193,417			2,714,894
Impairment loss in investment in operating limited partnerships		(16,711,233	)		(10,932,738	)		(6,609,159	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2013		(99,756	)		(265,241	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		3,511,856			3,126,425			2,096,152
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-225

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2012	$	2,105,367		$	7,183,259		$	5,219,230
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		7,706,614			5,680,810			2,093,741
Impairment loss in investment in operating limited partnerships		(14,021,758	)		(14,759,194	)		(9,101,023	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2013		(125,347	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		4,335,124			1,711,012			1,788,052
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-226

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2012	$	4,847,738		$	5,042,852		$	667,274
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,593,961			2,825,313			1,170,643
Impairment loss in investment in operating limited partnerships		(11,601,216	)		(11,273,719	)		(7,216,579	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2013		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,159,517			3,405,554			5,378,662
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-227

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2012	$	2,510,968		$	6,780,035		$	5,291,296
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,018,176			3,181,015			3,282,894
Impairment loss in investment in operating limited partnerships		(8,855,671	)		(10,498,790	)		(7,420,197	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2013		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,326,527			537,740			(1,153,993	)
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-228

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2012	$	8,209,133		$	1,583,326		$	6,214,105
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		639,318			1,480,788			1,497,482
Impairment loss in investment in operating limited partnerships		(10,596,325	)		(6,968,657	)		(10,059,798	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2013		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,747,874			3,904,543			2,458,129
Investments in operating limited partnerships - as reported	$	-		$	-		$	109,918

F-229

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2012	$	8,778,167		$	3,800,040		$	13,291,628
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,834,207			6,568,883			778,586
Impairment loss in investment in operating limited partnerships		(11,853,725	)		(8,041,733	)		(12,456,025	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2013		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			3,256,264			-
Other		2,709,259			(4,504,236	)		3,339,358
Investments in operating limited partnerships - as reported	$	1,467,908		$	1,079,218		$	4,953,547

F-230

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2013 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2012	$	11,499,563
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-
Impairment loss in investment in operating limited partnerships		(9,710,082	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2013		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		4,205,866
Investments in operating limited partnerships - as reported	$	5,995,347

F-231

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2014 and 2013

NOTE F - CASH EQUIVALENTS

Cash equivalents of $12,772,584 and $10,128,188 as of March 31, 2014 and 2013, respectively, include money market accounts with interest rates ranging from 0.10% to 0.45% per annum.

NOTE G - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to its balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2014.

NOTE H - SUBSEQUENT EVENTS

Subsequent to March 31, 2014, the Fund has entered into agreements to either sell or transfer its interests in six operating limited partnerships, all of which closed by June 2014. The sales price and other terms for the disposition of the operating limited partnerships has been determined. The proceeds received for the operating limited partnerships were $6,543,024. The gain on the sale of these operating limited partnerships was $6,430,401 and was recognized in the first quarter of the fiscal year ended 2015.

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS

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

F-232