10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2015 or

¨   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

      For the transition period from _______ to _______

Commission file number        0-26200

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

(Exact name of registrant as specified in its charter)

Delaware	04-3208648
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts  02108

(Address of principal executive offices)           (Zip Code)

Registrant’s telephone number, including area code (617)624-8900

Securities registered pursuant to Section 12(b) of the Act:

Title of each class - Name of each exchange on which registered

None

Securities registered pursuant to Section 12(g) of the Act:

Title of class

Beneficial Assignee Certificates

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ¨ No x

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ¨ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

DOCUMENTS INCORPORATED BY REFERENCE

None.

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

FORM 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2015

TABLE OF CONTENTS

	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	3
Item 1B.	Unresolved Staff Comments	5
Item 2.	Properties	5
Item 3.	Legal Proceedings	40
Item 4.	Mine Safety Disclosures	40
	PART II
Item 5.	Market for the Fund's Limited Partnership Interests and Related Partner Matters and Issuer Purchases of Partnership Interests	41
Item 6.	Selected Financial Data	42
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	43
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	116
Item 8.	Financial Statements and Supplementary Data	116
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	116
Item 9A.	Controls and Procedures	116
Item 9B.	Other Information	117
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance of the Fund	118
Item 11.	Executive Compensation	120
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters	120
Item 13.	Certain Relationships and Related Transactions, and Director  Independence	121
Item 14.	Principal Accountant Fees and Services	122
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	126
	Signatures	141

PART I

Item 1. Business

Organization

Boston Capital Tax Credit Fund IV L.P. (the "Fund") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of October 5, 1993. Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the Fund’s general partner is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation. John P. Manning is the principal executive officer of C&M Management, Inc. The limited partner of the Fund’s general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc., and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner are assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors are entitled to all the rights and economic benefits of a limited partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, (together with each subsequently filed prospectus, the "Prospectus") were filed with the Securities and Exchange Commission and became effective December 16, 1993, in connection with a public offering (together with each subsequent offering of BACs described herein, the "Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC. On April 18, 1996, a Form S-11, which registered an additional 10,000,000 BACs for sale to the public in one or more series, became effective. On April 2, 1998, a Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, a Form S-11, which registered an additional 8,000,000 BACs for sale to the public, became effective. On July 26, 2000, a Form S-11, which registered an additional 7,500,000 BACs for sale to the public, became effective. On July 23, 2001, a Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 24, 2002, a Form S–11, which registered an additional 7,000,000 BAC’s for sale to the public, became effective. On July 1, 2003, a Form S–11, which registered an additional 7,000,000 BAC’s for sale to the public, became effective. As of March 31, 2015, subscriptions had been received and accepted by the General Partner in 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, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43 Series 44, Series 45 and Series 46 for 83,651,080 BACs in twenty-seven series representing capital contributions of $836,177,880 in the aggregate.

1

Description of Business

The Fund's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships") each of which will own or lease and will operate an apartment complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund invests owns apartment complexes, which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive government assistance. Each apartment complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit"), providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources. Some apartment complexes may also qualify for the historic rehabilitation tax credit under Section 47 of the Code (the "Rehabilitation Tax Credit"). Section 236 (f) (ii) of the National Housing Act, as amended, and Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as tax credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the apartment complexes in which the Fund has invested are receiving their rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the apartment complex, but directly to the individuals. At this time, the Fund is unable to predict whether Congress will continue rent supplement programs payable directly to owners of apartment complexes.

As of March 31, 2015 the Fund had invested in 4 Operating Partnerships on behalf of Series 20, 4 Operating Partnership on behalf of Series 21, 6 Operating Partnerships on behalf of Series 22, 9 Operating Partnerships on behalf of Series 23, 6 Operating Partnerships on behalf of Series 24, 4 Operating Partnerships on behalf of Series 25, 17 Operating Partnerships on behalf of Series 26, 7 Operating Partnerships on behalf of Series 27, 11 Operating Partnerships on behalf of Series 28, 10 Operating Partnerships on behalf of Series 29, 11 Operating Partnerships on behalf of Series 30, 19 Operating Partnerships on behalf of Series 31, 11 Operating Partnerships on behalf of Series 32, 6 Operating Partnerships on behalf of Series 33, 9 Operating Partnerships on behalf of Series 34, 9 Operating Partnerships on behalf of Series 35, 9 Operating Partnerships on behalf of Series 36, 6 Operating Partnerships on behalf of Series 37, 10 Operating Partnerships on behalf of Series 38, 9 Operating Partnerships on behalf of Series 39, 16 Operating Partnerships on behalf of Series 40, 19 Operating Partnerships on behalf of Series 41, 20 Operating Partnerships on behalf of Series 42, 23 Operating Partnerships on behalf of Series 43, 8 Operating Partnerships on behalf of Series 44, 28 Operating Partnerships on behalf of Series 45 and 15 Operating Partnerships on behalf of Series 46. A description of these Operating Partnerships is set forth in Item 2 herein.

2

The business objectives of the Fund are to:
(1)	Provide current tax benefits to investors in the form of Federal Housing Tax Credits and, in limited instances, a small amount of Rehabilitation Tax Credits, which an investor may apply, subject to strict limitations, against the investor's federal income tax liability from active, portfolio and passive income;
(2)	Preserve and protect the Fund's capital and provide capital appreciation and cash distributions through increases in value of the Fund's investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the apartment complexes;
(3)	Provide tax benefits in the form of passive losses which an investor may apply to offset his passive income (if any); and
(4)	Provide cash distributions (except with respect to the Fund's investment in some non-profit Operating Partnerships) from capital transaction proceeds.  The Operating Partnerships intend to hold the apartment complexes for appreciation in value.  The Operating Partnerships may sell the apartment complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

Employees

The Fund does not have any employees. Services are performed by the general partner and its affiliates and agents retained by them.

Item 1A. Risk Factors

As used in this Item 1A, references to “we, “us” and “our” mean the Fund.

An investment in our BACs and our investments in Operating Partnerships are subject to risks. These risks may impact the tax benefits of an investment in our BACs, and the amount of proceeds available for distribution to our limited partners, if any, on liquidation of our investments.

In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business operations.

The ability of limited partners to claim tax losses from their investment in us is limited.

The IRS may audit us or an Operating Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the investors could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in our BACs. Changes in tax laws could also impact the tax benefits from an investment in our BACs and/or the value of the Operating Partnerships. Until the Operating Partnerships have completed a mandatory fifteen year Low Income Housing Tax Credit compliance period, investors are at risk for potential recapture of Low Income Housing Tax Credits that have already been claimed.

3

The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these rules may have adverse consequences for BAC holders.

Noncompliance with applicable tax regulations may result in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Operating Partnerships may be sold at a price which would not result in our realizing cash distributions or proceeds from the transaction. Accordingly, we may be unable to distribute any cash to our investors. Low Income Housing Tax Credits may be the only benefit from an investment in our BACs.

Poor performance of one housing complex, or the real estate market generally, could impair our ability to satisfy our investment objectives.

Each housing complex is subject to mortgage indebtedness. If an Operating Partnership failed to pay its mortgage, it could lose its housing complex in foreclosure. If foreclosure were to occur during the first 15 years of the existence of the Fund, the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of previously claimed Low Income Housing Tax Credits, and a loss of our investment in the housing complex would occur. To the extent the Operating Partnerships receive government financing or operating subsidies, they may be subject to one or more of the following risks:

- difficulties in obtaining rent increases;

- limitations on cash distributions;

- limitations on sales or refinancing of Operating Partnerships;

- limitations on transfers of interests in Operating Partnerships;

- limitations on removal of local general partners;

- limitations on subsidy programs; and

- possible changes in applicable regulations.

The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others.

No trading market for the BACs exists or is expected to develop.

There is currently no active trading market for the BACs. Accordingly, limited partners may be unable to sell their BACs or may have to sell BACs at a discount. Limited partners should consider their BACs to be a long-term investment.

Investors may realize taxable gain on sale or disposition of BACs.

Upon the sale or other taxable disposition of BACs, investors will realize taxable income to the extent that their allocable share of the non-recourse mortgage indebtedness on the apartment complexes, together with the money they receive from the sale of the BACs, is greater than the original cost of their BACs. This realized taxable income is reduced to the extent that investors have suspended passive losses or credits. It is possible that the sale of BACs may not generate enough cash to pay the tax obligations arising from the sale.

Investors may have tax liability in excess of cash.

Investors eventually may be allocated profits for tax purposes which exceed any cash distributed to them. For this tax liability, the investor will have to pay federal income tax without a corresponding cash distribution.

4

Similarly, in the event of a sale or foreclosure of an apartment complex or a sale of BACs, an investor may be allocated taxable income, resulting in tax liability, in excess of any cash distributed to him or her as a result of such event.

Investors may not receive cash if apartment complexes are sold.

There is no assurance that investors will receive any cash distributions from the sale or refinancing of an apartment complex. The price at which an apartment complex is sold may not be large enough to pay the mortgage and other expenses which must be paid at such time. Even if there are net cash proceeds from a sale, expenses such as accrued Fund management fees and unpaid loans will be deducted pursuant to Section 4.02(a) of the Fund Agreement. If any of these events happen, investors will not get all of their investment back, and the only benefit from an investment will be the tax credits received.

The sale or refinancing of the apartment complexes is dependent upon the following material factors:

- The necessity of obtaining the consent of the operating general partners;

- The necessity of obtaining the approval of any governmental agency(ies) providing government assistance to the apartment complex; and

- The uncertainty of the market.

Any sale may occur well after the fifteen-year federal housing tax credit compliance period.

We have insufficient sources of cash to pay our existing liabilities.

We currently do not have sufficient cash resources to satisfy our financial liabilities. Furthermore, we do not anticipate that we will have sufficient available cash to pay our future financial liabilities. Substantially all of our existing liabilities are payable to our general partner and its affiliates. Though the amounts payable to the general partner and its affiliates are contractually currently payable, we do not believe that the general partner or its affiliates will demand immediate payment of these contractual obligations in the near term; however, there can be no assurance that this will be the case. We would be materially adversely affected if the general partner or its affiliates demanded payment in the near term of our existing contractual liabilities or suspended the provision of services to us because of our inability to satisfy these obligations. All monies currently deposited, or that will be deposited in the future, into the Fund's working capital reserves are intended to be utilized to pay our existing and future liabilities.

Item 1B. Unresolved Staff Comments

Not applicable.

Item 2. Properties

The Fund has acquired a limited partnership interest in 306 Operating Partnerships in 27 series, identified in the table set forth below. The apartment complexes owned by the Operating Partnerships are eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each apartment complex which initially complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a designated percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." The Operating Partnerships and the respective apartment complexes are described more fully in the Prospectus. The general partner believes that there is adequate casualty insurance on the properties.

5

Please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.

6

Boston Capital Tax Credit Fund IV L.P. - Series 20

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Concordia Manor I	St. Croix, VI	22	$	1,356,362	8/94	7/95		100	%	$	490,034
Fairoaks Lane Apts.	Rincon, GA	44		1,316,743	7/94	5/95		100	%		339,284
Kristine Apartments	Bakersfield, CA	60		720,694	10/94	10/94		100	%		311,675
Riverview Apartments	Franklinton, LA	47		1,539,147	4/94	10/94		100	%		370,000

7

Boston Capital Tax Credit Fund IV L.P. - Series 21

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Forest Glen at Sully Station	Centreville, VA	119	$	5,031,734	11/94	9/95		100	%	$	2,649,450
Fort Halifax	Winslow, ME	24		932,526	9/94	1/95		100	%		389,085
Havelock Manor Apts.	Havelock, NC	60		1,662,895	12/94	10/95		100	%		347,557
Liveoak Village	Union Springs, AL	24		696,016	10/94	7/95		100	%		176,953

8

Boston Capital Tax Credit Fund IV L.P. - Series 22

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Concordia Manor II	St. Croix, VI	20	$	1,390,624	1/95	11/95		100	%	$	259,444
Concordia Manor III	St. Croix, VI	20		1,363,483	2/95	12/95		100	%		264,007
Drakes Branch Elderly	Drakes Branch, VA	32		1,159,183	1/95	6/95		100	%		232,722
Elks Towers Apartments	Litchfield, IL	27		551,964	10/95	12/96		100	%		756,656
Kingsway Apartments	Swedsboro, NJ	36		1,346,033	7/95	11/01		100	%		384,585
The Birches	Old Orchard Beach, ME	88		2,695,134	1/95	3/96		100	%		1,514,512

9

Boston Capital Tax Credit Fund IV L.P. - Series 23

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Concordia Manor II	St. Croix, VI	20	$	1,390,624	1/95	11/95		100	%	$	259,445
Concordia Manor III	St. Croix, VI	20		1,363,483	2/95	12/95		100	%		264,007
Colonna House	Hempstead, NY	37		493,619	5/95	5/95		100	%		1,551,605
Great Pines Apts.	Hurleyville, NY	26		1,035,357	7/95	12/95		100	%		340,835
Ithaca Apts. I	Ithaca, MI	28		469,026	11/95	7/95		100	%		164,008
La Pensione K Apts.	Sacramento, CA	129		1,937,151	9/95	12/96		100	%		2,650,580
Mid City Apartments	Jersey City, NJ	58		2,219,350	9/95	6/94		100	%		113,679
The Birches	Old Orchard Beach, ME	88		2,695,134	1/95	3/96		100	%		1,399,532
Village Woods Est.	Kansas City, KS	45		1,458,813	5/95	12/95		100	%		1,704,928

10

Boston Capital Tax Credit Fund IV L.P. - Series 24

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Autumn Ridge Apartments	Shenandoah, VA	34	$	1,436,736	7/96	1/97		100	%	$	319,466
Hillridge Apts	Los Lunas, NM	38		215,000	8/96	6/96		100	%		1,466,007
New Hilltop Apartments	Laurens, SC	72		1,385,341	11/95	11/95		100	%		450,039
Northfield Housing, L.P.	Jackson, MS	5		89,412	12/96	9/96		100	%		217,266
Shadowcreek Apartments	Overton, NV	24		1,142,182	6/96	9/96		100	%		361,320
Woodlands Apartments	Elko, NV	24		1,140,266	11/95	9/95		100	%		269,867

11

Boston Capital Tax Credit Fund IV L.P. - Series 25

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Dunlap Acres	West Point, MS	50	$	695,008	9/96	4/96		100	%	$	522,160
Hannah Heights Apts.	Ethel, MS	28		756,966	6/96	12/96		100	%		321,584
Heartland Green Cave	Horse Cave, KY	24		778,223	5/96	11/96		100	%		270,132
Shannon Rentals	Shannon, MS	48		1,168,248	4/96	1/97		100	%		324,990

12

Boston Capital Tax Credit Fund IV L.P. - Series 26

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Academy Apts.	West Point, VA	32	$	1,086,110	4/97	3/98		100	%	$	263,722
Brookhaven Apts.	Shrevport, LA	35		939,204	2/97	1/97		100	%		726,113
Butler Estates	Leesville, LA	10		128,811	8/96	10/96		100	%		129,311
Devonshire II Apts.	London, OH	28		655,590	1/97	12/96		100	%		182,070
Devonshire West Apts.	W. Jefferson, OH	19		444,139	1/97	1/97		100	%		126,983
Hanover Apts.	Ashland, VA	40		1,188,921	11/97	4/98		100	%		295,538
Holly Heights Apts.	Bowling Green, KY	30		891,772	5/97	8/97		100	%		362,738
Lauderdale County Properties	Meriden, MS	48		762,944	12/98	5/99		100	%		444,136
Maxton Green Apts.	Maxton, NC	32		855,448	9/96	12/96		100	%		263,281
Mason Manor Apts.	Mason, TN	24		865,651	2/96	1/96		100	%		229,775
New Hope Bailey Apts.	De Ridder, LA	40		739,308	8/96	9/96		100	%		758,620

13

Boston Capital Tax Credit Fund IV L.P. - Series 26

PROPERTY PROFILE AS OF MARCH 31, 2015

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Southwind Apts. A LDHA	Jennings, LA	36	$	752,825	8/96	12/96		100	%	$	700,216
T.R. Bobb Apts.	New Iberia, LA	30		624,414	8/96	12/96		100	%		714,504
Timmons-Ville Green Apts.	Timmonsville, SC	32		997,642	10/96	2/97		100	%		292,587
Village Green Apts.	Gloucester, VA	32		1,075,904	4/97	11/97		100	%		296,893
Warrensburg Heights	Warrensburg, MO	28		1,019,739	12/96	11/96		100	%		308,825
Westside Apts.	Salem, AR	29		877,104	8/96	10/96		100	%		265,020

14

Boston Capital Tax Credit Fund IV L.P. - Series 27

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Angelou Court Apts.	New York, NY	23	$	735,520	10/97	8/99		100	%	$	1,791,275
Canisteo Manor	Canisteo, NY	24		872,421	4/98	4/98		100	%		621,857
Forest Glen At Sulluy Station Phase II Atps.	Centreville, VA	119		4,968,595	8/96	6/97		100	%		1,362,808
Magnolia Place Apts.	Gautier, MS	40		500,000	11/97	1/98		100	%		800,027
Northrock Apts.	Topeka, KS	76		1,604,086	5/00	5/00		100	%		610,365
Summer Hill Sr. Apts.	Wayne, NJ	164		6,601,127	11/96	4/98		100	%		2,337,000
Sunday Sun Apts.	Bowling Green, KY	30		666,600	10/96	12/96		100	%		714,938

15

Boston Capital Tax Credit Fund IV L.P. - Series 28

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Chandler Village Apts	Chandler, OK	32	$	835,627	4/97	7/97		100	%	$	255,639
Cottonwood Apts.	Holly Grove, AR	24		789,508	2/97	4/97		100	%		254,856
Fairway Apts. II	Marlette, MI	48		758,396	12/96	3/97		100	%		255,353
Falcon Pointe Apts.	Rosenburg, TX	102		2,589,698	4/98	10/99		100	%		3,782,145
Jackson Place Apts.	Jackson, LA	40		886,908	7/97	10/97		100	%		983,615
Mapelwood Apts.	Winnfield, LA	40		1,062,627	3/98	8/98		100	%		922,119
Southern Villa Apts.	Russellville, KY	32		1,256,757	11/97	4/98		100	%		323,500
Senior Suites of Chicago	Chicago, IL	84		3,875,732	12/97	12/98		100	%		3,208,112
Terraceview Townhomes Apts.	Litchfield MN	22		497,862	7/97	10/97		100	%		726,402
Wellston Village Apts.	Wellston, OK	14		351,483	4/97	8/97		100	%		107,258
Yale Village Apts.	Yale, OK	8		185,496	2/98	7/98		100	%		74,341

16

Boston Capital Tax Credit Fund IV L.P. - Series 29

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
The Arbors	Richmond, VA	85	$	4,197,791	7/97	11/98		83	%	$	2,480,576
Colonial Apts.	Poplarville, MS	16		367,418	10/97	7/97		100	%		86,039
Dogwood Apts.	Appomattox, VA	48		1,273,350	10/98	5/99		100	%		637,151
Emerald Trace Apts.	Ruston, LA	48		1,219,118	8/98	4/99		100	%		1,199,141
Edgewood Apts.	Baker, LA	72		1,292,619	3/97	9/98		100	%		1,856,539
Harbor Pointe Apts.	Benton  Harbor, MI	84		1,232,681	1/99	10/99		100	%		3,209,292
The Lincoln Hotel	San  Diego, CA	41		726,302	2/97	7/97		100	%		697,511
Palmetto Place Apts.	Benton, LA	40		1,204,177	10/98	4/99		100	%		1,153,878
Regency Apts.	Poplarville, MS	16		423,801	10/97	7/97		100	%		102,419
Westfield Apts.	Welsh, LA	40		709,154	11/97	8/98		100	%		918,605

17

Boston Capital Tax Credit Fund IV L.P. - Series 30

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Emerald Trace II Apts	Ruston, LA	24	$	239,602	7/98	12/98		100	%	$	717,594
Farewell Mills Apts.	Lisbon, ME	27		744,117	8/97	3/98		100	%		662,864
Hillside Terrace Apts.	Poughkeepsie, NY	64		1,519,344	4/99	7/00		100	%		542,326
Lakewood Apts.	Clarksville, VA	52		1,460,021	3/98	10/99		100	%		394,349
New River Gardens	Radford, VA	48		1,365,419	10/98	5/99		100	%		637,321
Northgate Apts.	Bryant, AR	20		557,214	4/99	11/99		100	%		834,557
Pine Forest Apts.	Dahlgren, VA	40		1,756,523	3/98	2/99		100	%		503,181
Riverbend Apts.	Swanzey, NH	24		476,358	7/97	2/98		100	%		1,321,798
Trinity Life Gardens	Pueblo, CO	44		834,528	4/99	12/99		100	%		1,952,175
Western Trails Apts.	Council Bluffs, IA	30		779,136	7/98	6/99		100	%		912,827
Whistle Stop Apts.	Gentry, AR	27		613,961	9/97	5/98		100	%		726,507

18

Boston Capital Tax Credit Fund IV L.P. - Series 31

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Canton Manor Apts.	Canton, MS	32	$	723,451	11/97	7/98		100	%	$	271,306
Canton Village Apts.	Canton, MS	42		1,028,494	11/97	7/98		100	%		363,557
Eagles Ridge Terrace	Decatur, TX	89		1,480,649	12/97	5/98		100	%		467,063
Elmwood Apts.	Ellisville, MS	32		540,835	12/97	6/98		100	%		243,483
Giles Apts.	Amelia, VA	16		674,689	3/98	2/99		100	%		183,711
Henderson Terrace Apts.	Bridgeport, TX	24		424,476	11/97	9/98		100	%		120,846
Madison Height Apts.	Canton, MS	80		2,027,811	11/97	7/98		100	%		786,614
Lakeview Court	City of Little Elm, TX	24		362,223	11/97	1/99		100	%		83,390
Mesquite Trails	Jacksboro, TX	35		556,059	11/97	11/98		100	%		193,766
Munjoy South Townhouse Apts.	Portland, ME	140		2,771,210	9/97	10/98		100	%		777,411
Nottoway Manor	Blackstone, VA	28		804,053	3/98	4/99		100	%		214,977
Park Ridge Apts.	McKee, KY	22		829,182	10/97	5/98		100	%		338,464

19

Boston Capital Tax Credit Fund IV L.P. - Series 31

PROPERTY PROFILE AS OF MARCH 31, 2015

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Pilot Point Apts.	Pilot Point, VA	40	$	624,475	11/97	2/99		100	%	$	142,680
Riverbend Apts.	Bedford, ME	28		677,059	10/97	7/98		100	%		1,578,561
Roth Village	Mechanicsburg, PA	61		1,673,892	10/97	9/98		100	%		2,664,992
Royal Estates Apts.	Canton, MS	32		776,469	11/97	7/98		100	%		282,525
Silver Creek Apts.	Flat Rock, MI	112		2,952,704	3/98	8/99		100	%		4,535,381
Springs Manor Apts.	Rawls Spring, MS	32		760,618	12/97	6/98		100	%		328,693
Western Hills Apts.	Ferris, TX	16		374,269	5/00	9/00		100	%	$	91,419

20

Boston Capital Tax Credit Fund IV L.P. - Series 32

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Cogic Village Apts.	Benton Harbor, MI	136	$	2,067,651	4/98	7/99		100	%	$	6,669,762
Courtside Apts.	Cottonwood, AZ	44		691,727	6/98	7/98		100	%		1,667,188
Clear Creek Apts.	N. Manchester, IN	64		1,201,176	7/98	9/99		100	%		2,112,665
Columbia Luxar	Dallas, TX	125		2,934,145	8/98	12/99		100	%		3,947,106
Colony Park Apts.	Pearl, MS	192		7,775,000	6/98	12/99		100	%		2,911,900
Parkside Plaza Apts	New York, NY	39		1,301,477	7/99	5/01		100	%		2,931,239
Pearlwood Apts.	Pearl, MS	40		710,586	2/98	5/98		100	%		745,648
Rose Villa Apts.	Ganado, TX	8		144,445	5/01	11/01		100	%		51,582
Pecan Manor Apts.	Natchitoches, LA	40		707,299	7/98	10/98		100	%		1,501,914
Pineridge Apts.	Franklinton, LA	40		724,676	7/98	1/99		100	%		1,497,889
Sterling Creek Apts.	Independence, MO	48		594,171	5/98	5/00		100	%		1,973,594

21

Boston Capital Tax Credit Fund IV L.P. - Series 33

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Columbia Luxar	Dallas, TX	125	$	2,934,145	8/98	12/99		100	%	$	3,947,106
Foxridge Apts.	Durham, NC	92		2,498,021	3/98	7/99		100	%		3,652,119
Harbor Pointe	Benton Harbor, MI	84		1,232,681	1/99	10/99		100	%		1,157,091
Northrock Apts.	Topeka, KS	76		1,604,086	5/99	5/00		100	%		1,133,534
Stearns-Assisted	Millinocket, ME	20		435,500	12/99	3/01		100	%		675,984
Stonewall Retirement Village	Stonewall, LA	40		1,164,519	7/98	1/99		100	%		1,495,966

22

Boston Capital Tax Credit Fund IV L.P. - Series 34

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Abby Ridge Apts.	Elizabethtown, KY	24	$	302,854	2/00	1/00		100	%	$	1,577,723
Belmont Affordable Housing Two Apts.	Philadelphia, PA	20		252,675	1/99	12/99		100	%		1,829,040
Boerne Creekside Apts.	Boerne,TX	71		1,604,087	11/98	6/00		100	%		2,324,652
Hillside Club Apts.	Bear Creek Township, MI	56		1,362,299	10/98	12/99		100	%		2,097,333
Howard Park Apts	Florida City, FL	16		329,144	4/99	12/99		100	%		681,334
Kerrville Meadows Apts.	Kerrville, TX	72		1,235,381	11/98	4/00		100	%		2,335,827
Northwood Homes	Leitchfield, KY	24		544,395	4/99	6/99		100	%		1,185,712
Romeo Village Apts.	Montour Falls, NY	24		1,001,026	10/98	4/99		100	%		753,362
Washington Courtyards	Houston, TX	74		2,099,955	8/99	8/00		100	%		1,448,573

23

Boston Capital Tax Credit Fund IV L.P. - Series 35

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Autumn Park	Dickson, TN	104	$	3,040,000	4/99	12/99		100	%	$	1,637,797
Columbia Woods Townhomes	Newman, GA	120		3,750,201	10/00	6/02		100	%		1,310,103
Country Walk Apts.	Mulvane, KS	68		1,213,406	12/98	11/99		100	%		1,923,697
Cypress Pointe Retirement Apts.	Casa Grande, AZ	104		1,570,831	4/99	3/00		100	%		2,680,499
Garden Gates Apts. II	New Caney, TX	32		1,099,995	3/99	3/00		100	%		1,067,950
Hillside Terrace Apts.	Poughkeepsie, NY	64		1,519,344	4/99	7/00		100	%		3,977,051
Riverwalk Apt. Homes Phase II	Sheboygan, WI	20		289,193	12/98	7/99		100	%		1,354,092
Washington Courtyards	Houston, TX	74		2,099,955	8/99	8/00		100	%		606,140
Wedgewood Park Apts.	Evans, GA	180		4,451,613	12/99	8/00		100	%		3,551,820

24

Boston Capital Tax Credit Fund IV L.P. - Series 36

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Ashton Ridge	Jackson, MI	144	$	2,359,490	2/00	12/00		100	%	$	1,430,296
Nowata Village	Nowata, OK	28		1,186,157	8/99	2/00		100	%		330,497
Paris Place	Paris, KY	32		1,028,179	6/00	9/00		100	%		930,412
Riverview Bend Apts.	Cystal City, MO	94		2,515,000	11/99	3/00		100	%		1,210,500
Senior Suites Of Chicago Washington Heights	Chicago, IL	85		3,432,849	12/99	11/00		100	%		2,243,090
Valleyview Estates Apts.	Branson West, MO	32		276,321	11/99	5/00		100	%		1,306,789
Wedgewood Park Apts.	Evans, GA	180		4,451,613	12/99	8/00		100	%		3,551,820
Willowbrook Apts.	Lafayette, LA	40		720,007	6/99	9/99		100	%		1,200,789
Wingfield Apts.	Kinder, LA	40		636,483	6/99	7/99		100	%		1,645,817

25

Boston Capital Tax Credit Fund IV L.P. - Series 37

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Ashton Ridge Apts.	Jackson, MS	144	$	2,359,490	02/00	12/00		100	%	$	6,003,938
Baldwin Villas	Pontiac, MI	65		5,113,317	10/99	7/01		100	%		1,678,972
Columbia Woods Townhomes	Newnan, GA	120		3,750,201	10/00	6/02		100	%		3,285,137
Senior Suites of Washington Heights	Chicago, IL	85		3,432,849	12/99	11/00		100	%		2,243,090
Silver Pond Apts.	Wallingford, CT	160		3,010,982	6/00	12/01		100	%		1,563,634
Stearns Assisted Apts.	Millinocket, ME	20		435,500	12/99	3/01		100	%		1,407,173

26

Boston Capital Tax Credit Fund IV L.P. - Series 38

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Andover Crossing Apts.	Andover, KS	80	$	2,212,602	5/00	12/00		100	%	$	1,772,874
Arbors at Eagle Crest Apts.	Mount Pleasant, MI	120		2,150,346	12/00	10/01		100	%		3,512,499
Bristow Place Apts.	Bristow, OK	28		1,174,754	6/01	12/00		100	%		487,648
Columbia Creek Apts.	Woodstock, GA	172		4,749,623	8/01	11/01		100	%		2,795,601
Cushing Place Apts.	Cushing, OK	24		1,046,974	3/00	10/00		100	%		428,559
Hammond Place Apts.	Hammond, LA	40		406,483	3/00	4/00		100	%		1,706,341
Shoreham Apts.	Houston, TX	120		2,938,033	4/00	7/01		100	%		6,138,485
Vanderbilt Apts.	Edna, TX	12		237,298	5/01	10/01		100	%		104,181
Whitley Park Apts.	Whitley City, KY	21		848,731	6/00	6/00		100	%		302,339
Willowbrook II Apts.	Lafayette, LA	40		616,072	3/00	5/00		100	%		1,247,680

27

Boston Capital Tax Credit Fund IV L.P. - Series 39

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Arbors at Eagle Crest Apts.	Mount Pleasant, MI	120	$	2,150,346	12/00	10/01		100	%	$	3,512,499
Arbors at Ironwood Apts.	Mishawaka, IN	88		1,546,701	7/00	9/01		100	%		3,772,295
Austin Acres Apts.	Hopkinsville, KY	32		768,715	11/00	9/01		100	%		1,275,155
Columbia Creek Apts.	Woodstock, GA	172		4,749,623	8/01	11/01		100	%		2,909,708
Daystar Village Apts.	Bowling Green, KY	32		650,526	2/01	1/01		100	%		1,113,443
Hillview Apts.	Leitchfield, KY	34		788,882	5/01	12/01		100	%		327,226
Pine Grove Community	Gouverneur, NY	48		1,033,258	12/00	10/01		100	%		3,077,767
Tally-Ho Apts.	Campti, CA	26		501,105	6/01	12/01		100	%		485,057
Timber Trails Apts.	Pineville, LA	32		731,438	6/01	7/01		100	%		499,829

28

Boston Capital Tax Credit Fund IV L.P. - Series 40

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Arbors @ Ironwood Apts. II	Mishawaka, IN	40	$	765,747	2/01	11/01		100	%	$	1,771,758
Baldwin Villas Apts.	Pontiac, MI	65		5,113,317	8/01	7/01		100	%		344,405
Carlyle Apts.	Aberdeen, SD	44		405,376	2/01	6/01		100	%		1,359,155
Center Place Apts.	Center, TX	32		715,512	08/01	10/01		100	%		428,835
Eagle Lake Gardens Apts.	Azle, TX	60		982,418	10/01	5/02		100	%		666,179
Londontown Homes Apts.	London, KY	24		415,438	2/01	6/01		100	%		1,836,027
Mason's Point Apts.	Hopkinsville, KY	41		1,210,665	06/01	7/02		100	%		1,824,270
Meadowside Apts.	Milo, NY	40		1,550,794	05/01	12/01		100	%		855,372
Northrock Apts. II	Topeka, KS	60		1,858,735	07/01	5/02		100	%		1,838,666
Oakland Apts.	Oakdale, LA	46		1,153,648	2/01	7/01		100	%		767,451
Parkview Apts.	Springfield, MA	25		1,072,910	2/01	2/02		100	%		1,221,510
Sedgewick Sundance Apts.	Sedgewick, KS	24		304,147	09/01	10/01		100	%		1,372,208
Southbrook Humes Apts.	Kily, KY	24		361,231	04/01	11/01		100	%		1,866,896
Shalom Plaza Apts.	Kansas City, MO	126		3,222,236	08/01	11/01		100	%		1,273,119
Springfield Crossing	Springfield, VA	347		24,285,484	6/02	10/01		100	%		718,652
Western Gardens Apts.	Dequincey, LA	48		1,206,455	2/01	7/01		100	%		782,188

29

Boston Capital Tax Credit Fund IV L.P. - Series 41

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Bienville Apts.	Ringhold, LA	32	$	710,075	12/01	11/01		100	%	$	488,488
Breezewood Villas I	Frederiksted, VI	12		954,120	10/01	6/02		100	%		494,361
Cedar Grove Apartments Phase I	Shepherdsville, KY	36		981,436	5/02	7/01		100	%		424,955
Cranberry Cove Apartments	Beckley, WV	28		943,765	5/02	1/02		100	%		514,844
Dawson Square	Thornton, CO	36		1,507,826	7/02	12/03		100	%		605,962
Franklin Green	Franklin Grove, IL	12		309,476	5/02	9/01		100	%		308,576
Harbor Point II Apts.	Benton Township, MI	72		1,437,228	8/01	10/02		100	%		2,295,523
Hollywood Palms Apts.	San Diego, CA	94		6,836,110	3/02	11/02		100	%		1,895,913
Marina Woods Apts.	Halfmoon, NY	32		1,387,733	7/01	4/02		100	%		1,626,221
Marwood Senior Apts.	Upper Marlboro, MD	155		12,148,600	7/01	8/02		100	%		1,385,308
Meadowside Apts.	Milo, NY	40		1,550,794	5/01	12/01		100	%		855,372
Mill Creek Village	Mt. Carroll, IL	12		350,782	5/02	9/01		100	%		264,354
Northline Terrace	Mentoda, IL	24		613,168	5/02	6/01		100	%		545,986
Palisades Park	Fulton, IL	16		451,596	5/02	9/01		100	%		396,066
Red Hill Apts. I	Farmerville, LA	32		765,363	11/01	6/01		100	%		502,692

30

Boston Capital Tax Credit Fund IV L.P. - Series 41

PROPERTY PROFILE AS OF MARCH 31, 2015

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Sandalwood Apartments	Toppenish, WA	20	$	952,407	5/02	7/01		100	%	$	293,983
Southpark Apts. II	Newton, KS	60		1,418,529	9/01	5/02		100	%		2,117,956
Springfield Crossing	Springfield, VA	347		24,285,484	6/02	10/01		100	%		878,352
Sunshine Village Apts.	Elizabethtown, KY	32		719,417	3/02	8/02		100	%		1,277,070

31

Boston Capital Tax Credit Fund IV L.P. - Series 42

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Bellamy Mills Apartments	Dover, NH	30	$	1,275,815	4/02	12/02		100	%	$	2,888,317
Breezewood Villas II	Frederiksted, VI	12		946,367	4/02	3/03		100	%		505,416
Canon Club	Canon City, CO	46		665,388	7/02	12/03		100	%		511,573
Chester Townhouses Phase II	Chester, SC	52		1,904,329	4/06	12/06		100	%		421,158
Clifton Family Housing	Clifton, CO	51		1,791,933	7/02	12/03		100	%		924,532
Dorchester Apartments	Port Huron, MI	131		4,148,101	4/02	8/03		100	%		2,578,034
Harbor Pointe Apartments II	Benton Township, MI	72		1,437,228	4/02	10/02		100	%		1,731,786
Helios Station	Lafayette, CO	30		2,127,611	7/02	12/03		100	%		583,895
Hillridge Apartments	Los Lunas, NM	38		215,000	4/03	6/96		100	%		112,211
Hollywood Palm Apartments	San Diego, CA	94		6,836,110	8/02	11/02		100	%		1,283,388
Lynnelle Landing Apts.	Charleston, WV	56		1,263,628	3/02	9/02		100	%		2,009,976
Marwood Senior Apartments	Upper Marlboro, MD	67		12,148,600	09/04	8/02		100	%		160,174

32

Boston Capital Tax Credit Fund IV L.P. - Series 42

PROPERTY PROFILE AS OF MARCH 31, 2015

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Natchez Place Apartments	Natchez, MS	32	$	755,226	8/02	11/01		100	%	$	554,881
Northfield Housing, LP	Jackson, MS	5		89,412	4/03	12/96		100	%		24,330
Park Plaza IV	West Memphis, AR	24		620,992	6/02	10/02		100	%		1,219,397
Parkhurst Place	Amherst, NH	42		3,298,747	1/02	9/02		100	%		518,876
Strawberry Lane Apts.	Clayton, NY	71		1,657,127	3/02	8/02		100	%		672,589
Sunrise Manor Seniors.	Buena Vista, CO	40		930,728	7/02	12/03		100	%		738,573
Tiffany Square	Lakewood, CO	52		1,649,641	7/02	12/03		100	%		636,566
Wingfield Apartments II	Kinder, LA	42		240,025	8/02	11/01		100	%		1,422,373

33

Boston Capital Tax Credit Fund IV L.P. - Series 43

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Alexander Mill Apartments	Lawrenceville,GA	224	$	11,143,807	12/02	1/03		100	%	$	1,854,189
Aspen Meadows	Aurora, CO	100		3,265,136	9/02	12/03		100	%		1,342,431
Ashbury Park	Aurora, CO	44		2,129,255	9/02	12/03		100	%		728,732
Bohannon Place Apts.	Bowling Green, KY	12		213,174	5/03	10/03		100	%		909,561
Carpenter School	Natchez, MS	38		1,318,081	1/03	12/03		100	%		1,278,002
Charlevoix Apartments	Charlevoix, MI	40		1,153,598	9/02	11/02		100	%		302,357
Chester Townhouses Phase II	Chester, SC	52		1,904,329	4/06	12/06		100	%		226,777
Cloverlane Apartments	Lakeview, MI	24		111,660	9/02	10/02		100	%		356,228
Dorchester Apartments	Port Huron, MI	131		4,148,101	9/02	8/03		100	%		2,578,034
Geneva Sr. Citizen Apts.	Geneva, NY	32		1,398,594	4/03	12/03		100	%		2,035,378
Gilbert Apts.	Corbin, KY	40		647,118	7/03	5/04		100	%		2,780,800
Hollywood Palm Apartments	San Diego, CA	94		6,836,110	12/02	11/02		100	%		2,654,279
Kearney Plaza	Commerce City, CO	51		1,284,546	9/02	12/03		100	%		575,398
Lakewood Apartments	Saranac, MI	24		771,118	9/02	10/02		100	%		475,606
The Landing Apts.	Whitley, KY	24		1,216,675	4/03	6/04		100	%		302,763
Library Square Apts.	Mandan, ND	46		1,923,440	9/03	8/03		100	%		2,752,868

34

Boston Capital Tax Credit Fund IV L.P. - Series 43

PROPERTY PROFILE AS OF MARCH 31, 2015

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Parkside Plaza Apartments	New York, NY	34	$	1,301,477	1/04	5/01		100	%	$	21,847
Parkside Apartments	Coleman, MI	40		699,348	9/02	12/02		100	%		832,371
Riverview Apartments	Blissfield, MI	32		649,280	9/02	2/02		100	%		509,938
Seven Points Apartments	Seven Points, TX	36		883,998	9/02	3/03		100	%		687,978
Sheridan Gardens	Englewood, CO	48		1,682,065	9/02	12/03		100	%		672,657
Stottville Court Apartments	Stockport, NY	28		1,094,574	9/02	5/03		100	%		1,073,805
Strawberry Lake Apts.	Norway, MI	32		797,115	7/03	12/03		100	%		763,285

35

Boston Capital Tax Credit Fund IV L.P. - Series 44

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Alexander Mills Apts.	Lawrenceville, GA	224	$	11,143,807	2/03	1/03		100	%	$	2,266,233
Aurora Village Sr.	Aurora, CO	100		3,855,540	2/03	3/03		100	%		1,526,951
Families First II	W. Memphis, AR	66		2,136,448	5/03	6/04		100	%		2,005,916
Northrock Apts. III	Topeka, KS	32		851,196	6/03	11/03		100	%		1,565,194
Orchard Manor Apts.**	Ukiah, CA	64		6,483,869	10/03	9/03		100	%		2,483,087
Orchard River Apts.**	Ukiah, CA	48		**	10/03	7/03		100	%		**
Oxford Manor Apts.	New Oxford, PA	32		1,245,198	3/03	5/03		100	%		454,862
Post Oak East Apts.	Fort Worth, TX	246		13,013,610	7/04	5/06		100	%		3,874,783
River Gardens Apts.**	Fort Bragg, CA	48		**	10/03	11/03		100	%		**
Villages at Aspen Club	Bealton, VA	30		1,709,559	4/03	10/03		100	%		1,568,815

** 3 properties which make up one Operating Partnership named Orchard River Associates LP with 160 units. Entire mortgage balance and capital contributions paid reported with Orchard Manor Apts.

36

Boston Capital Tax Credit Fund IV L.P. - Series 45

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Baldwin Villas Apts.	Pontiac, MI	65	$	5,113,317	12/03	6/01		100	%	$	106,137
Bartlett Bayou	Pascagoula, MS	48		822,274	7/03	9/05		100	%		2,675,101
Breezewood Villas II	Frederiksted, VI	12		946,367	12/03	3/03		100	%		53,729
Brookside Square	Boykins, VA	32		1,193,198	7/03	8/04		100	%		743,039
Dawn Springs Villa	London, KY	24		468,256	5/05	10/05		100	%		1,099,086
Eastview Family	Watonga, OK	16		614,817	9/04	6/04		100	%		187,429
Fairview Manor	Childress, TX	48		713,800	5/03	3/04		100	%		859,892
Harbor Pt. II Apts.	Benton Township, MI	72		1,437,228	12/03	10/02		100	%		201,369
Heritage Christian Home III	Brighton, NY	12		233,034	1/04	10/03		100	%		721,545
Jefferson House	Lynchburg, VA	101		1,948,215	12/04	7/05		100	%		925,273
Kings Pt. Apts.	Sheridan, CO	50		2,034,154	8/03	12/03		100	%		788,729
La Mirage Apts.	Borger, TX	12		759,910	8/03	10/03		100	%		766,945
Lakeview Station	Shepardsville, KY	28		606,057	7/03	9/03		100	%		1,402,270
Lawrence-ville Manor	Lawrenceville, VA	24		850,349	7/03	8/04		100	%		771,671
Lincoln Apts.	Shinnston, WV	32		638,159	10/03	12/03		100	%		786,619

37

Boston Capital Tax Credit Fund IV L.P. - Series 45

PROPERTY PROFILE AS OF MARCH 31, 2015

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
London Village	London, KY	32	$	519,190	4/05	9/05		100	%	$	2,021,436
Lone Terrace	Lone Grove, OK	32		1,208,641	5/03	1/04		100	%		435,193
Lorie Village	Bowling Green, KY	32		801,577	7/03	11/03		100	%		1,288,510
Marina Woods Apts.	Halfmoon, NY	32		1,387,733	12/03	4/02		100	%		4,435
Mill Race Apts.	Plainwell, MI	32		905,598	6/03	12/03		100	%		347,253
Orchard View Apst.	Farmington, MO	40		691,469	7/03	6/04		100	%		2,226,954
Reese Village	Emporia, VA	40		1,363,529	3/05	11/04		100	%		1,198,088
Ridge Crest Apts.	St. Louis, MO	83		3,238,380	8/03	9/04		100	%		2,020,327
Sulphur Terrace	Sulphur, OK	32		1,182,308	5/03	1/04		100	%		433,759
University Plaza Sr. Complex	Greely, CO	34		982,020	5/03	9/03		100	%		332,128
Valleyview Apts.	Canneyville, KY	24		679,639	12/05	12/04		100	%		488,540
William B. Quarton	Cedar Rapids, IA	28		1,371,739	1/04	7/03		100	%		1,197,000
Willow Oak and Oroville Apartments	Willows, CA	122		4,126,719	07/04	10/03		100	%		1,619,212

38

Boston Capital Tax Credit Fund IV L.P. - Series 46

PROPERTY PROFILE AS OF MARCH 31, 2015

Property Name	Location	Units	Mortgage Balance as of 12/31/14		Acq Date	Const Comp	Qualified Occupancy 3/31/15			Cap Con paid thru 3/31/15
Bartlett Bayou Apartments	Pascagoula, MS	48	$	822,274	7/03	9/05		100	%	$	786,153
Clayton Station Apartments	Munfordville, KY	29		706,399	4/04	9/04		100	%		1,274,486
Deer Meadow Apartments	Tishomingo, OK	24		1,100,597	2/04	3/04		100	%		369,626
Elma Gardens	Elma, WA	36		1,452,728	3/05	1/04		100	%		588,701
Jacksonville Square Apts.	Jacksonville, TX	44		1,037,002	11/03	7/04		100	%		621,519
Kensington Heights Apts.	Kansas City, MO	126		4,356,550	10/03	10/04		100	%		2,375,770
Kimberly Place Apartments	Danbury, CT	117		6,406,525	6/04	4/05		100	%		2,450,732
Linden's Apartments	Shawnee, OK	54		924,591	12/04	2/06		100	%		2,963,132
Ocean East Housing	Portland, ME	32		1,418,816	2/04	6/05		100	%		3,787,273
Panola Apts.	Carthage, TX	32		716,504	12/03	4/04		100	%		461,573
Rosehill Apts.	Topeka, KS	48		2,343,958	12/03	9/04		100	%		2,540,503
Sandy Hill Apartments	Greenville, KY	29		458,457	4/04	10/04		100	%		1,849,164
Saint Martin Apartments	McCombs, MS	40		725,278	8/05	4/06		100	%		1,539,454
Tanglewood Village Apartments	Panama, OK	24		1,137,177	9/04	5/04		100	%		402,649
Wagoner Village	Wagoner, OK	31		945,762	1/04	1/04		100	%		341,377

39

Item 3.	Legal Proceedings
	None.
Item 4.	Mine Safety Disclosures
	Not Applicable

40

PART II

Item	5.	Market for the Fund's Limited Partnership Interests and Related Partner Matters and Issuer Purchases of Partnership Interests
	(a)	Market Information
		The Fund is classified as a limited partnership and does not have common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop.
	(b)	Approximate number of security holders
		As of March 31, 2015, the Fund has 42,113 BAC holders for an aggregate of 83,651,080 BACs, at a subscription price of $10 per BAC, received and accepted.
		The BACs were issued in series. Series 20 consists of 2,271 investors holding 3,866,700 BACs, Series 21 consists of 1,149 investors holding 1,892,700 BACs, Series 22 consists of 1,608 investors holding 2,564,400 BACs, Series 23 consists of 2,097 investors holding 3,336,727 BACs, Series 24 consists of 1,279 investors holding 2,169,878 BACs, Series 25 consists of 1,736 investors holding 3,026,109 BACs, Series 26 consists of 2,275 investors holding 3,995,900 BACs, Series 27 consists of 1,310 investors holding 2,460,700 BACs, Series 28 consists of 2,005 investors holding 4,000,738 BACs, Series 29 consists of 2,200 investors holding 3,991,800 BACs, Series 30 consists of 1,324 investors holding 2,651,000 BACs, Series 31 consists of 2,036 investors holding 4,417,857 BACs, Series 32 consists of 2,224 investors holding 4,754,198 BACs, Series 33 consists of 1,227 investors holding 2,636,533 BACs, Series 34 consists of 1,678 investors holding 3,529,319 BACs, Series 35 consists of 1,656 investors holding 3,300,463 BACs, Series 36 consists of 1,001 investors holding 2,106,838 BACs, Series 37 consists of 1,116 investors holding 2,512,500 BACs, Series 38 consists of 1,182 investors holding 2,543,100 BACs, Series 39 consists of 977 investors holding 2,292,151 BACs, Series 40 consists of 1,088 investors holding 2,630,256 BACs, Series 41 consists of 1,349 investors holding 2,891,626 BACs, Series 42 consists of 1,208 investors holding 2,744,262 BACs, Series 43 consists of 1,631 investors holding 3,637,987 BACs, Series 44 consists of 1,281 investors holding 2,701,973 BACs, Series 45 consists of 1,804 investors holding 4,014,367 BACS and Series 46 consists of 1,401 investors holding 2,980,998 BACS at March 31, 2015
	(c)	Dividend history and restriction
		The Fund has made no distributions of net cash flow to its BAC holders from its inception, October 5, 1993, through March 31, 2015.
		The Fund Agreement provides that profits, losses and credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of profits, losses and credits among BAC holders are made in proportion to the number of BACs held by each BAC holder.

41

Any distributions of net cash flow or liquidation, sale or refinancing proceeds will be made within 180 days of the end of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by the holder on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.

During the year ended March 31, 1999, the Fund made a return of equity distribution to the Series 27 limited partners in the amount of $275,000. The distribution was the result of certain Operating Partnerships not achieving their projected tax credits.  

During the year ended March 31, 2000 the Fund made a return of equity distribution to the Series 29 limited partners in the amount of $238,040. The distribution was the result of certain Operating Partnerships not achieving their projected tax credits.  

During the year ended March 31, 2006 the Fund made a return of equity distribution to Series 20 limited partners in the amount of $371,349. The distribution was the result of proceeds available from the sale of one Operating Partnership.

During the year ended March 31, 2006, the Fund made a return of equity distribution to the Series 20 and Series 41 limited partners in the amount of $1,860,003 and $138,998, respectively. The distributions were the result of proceeds available from the refinancing of one Operating Partnership.

Item 6. Selected Financial Data

Not Applicable.

42

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A of this Report. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnerships that are returned to fund reserves. These sources of liquidity, along with the Fund’s working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

43

Capital Resources

The Fund offered BACs in the Offering originally declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received and accepted subscriptions for $836,177,880 representing 83,651,080 BACs from investors admitted as BAC holders in Series 20 through 46 of the Fund. On December 19, 2003, the Fund concluded its public offering of BACs.

(Series 20). The Fund commenced offering BACs in Series 20 on January 21, 1994. The Fund received and accepted subscriptions for $38,667,000 representing 3,866,700 BACs from investors admitted as BAC holders in Series 20. Offers and sales of BACs in Series 20 were completed and the last of the BACs in Series 20 were issued by the Fund on June 24, 1994.

During the fiscal year ended March 31, 2015, none of Series 20 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 20 had been used to invest in 24 Operating Partnerships in an aggregate amount of $27,693,970. As of March 31, 2015, 20 of the properties have been disposed of and 4 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 21). The Fund commenced offering BACs in Series 21 on July 5, 1994. The Fund received and accepted subscriptions for $18,927,000 representing 1,892,700 BACs from investors admitted as BAC holders in Series 21. Offers and sales of BACs in Series 21 were completed and the last of the BACs in Series 21 were issued by the Fund on September 30, 1994.

During the fiscal year ended March 31, 2015, none of Series 21 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 21 had been used to invest in 14 Operating Partnerships in an aggregate amount of $13,872,728. As of March 31, 2015, 10 of the properties has been disposed of and 4 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 22). The Fund commenced offering BACs in Series 22 on October 12, 1994. The Fund received and accepted subscriptions for $25,644,000 representing 2,564,400 BACs from investors admitted as BAC holders in Series 22. Offers and sales of BACs in Series 22 were completed and the last of the BACs in Series 22 were issued by the Fund on December 28, 1994.

During the fiscal year ended March 31, 2015, none of Series 22 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 22 had been used to invest in 29 Operating Partnerships in an aggregate amount of $18,758,748 and the Fund had completed payment of all installments of its capital contributions to 27 of the Operating Partnerships. As of March 31, 2015, 23 of the properties have been disposed of and 6 remain. Series 22 has outstanding contributions payable to 2 Operating Partnerships in the amount of $9,352 as of March 31, 2015. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

44

(Series 23). The Fund commenced offering BACs in Series 23 on January 10, 1995. The Fund received and accepted subscriptions for $33,366,000 representing 3,336,727 BACs from investors admitted as BAC holders in Series 23. Offers and Sales of BACs in Series 23 were completed and the last of the BACs in Series 23 were issued by the Fund on June 23, 1995.

During the fiscal year ended March 31, 2015, none of Series 23 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 23 had been used to invest in 22 Operating Partnerships in an aggregate amount of $24,352,278. As of March 31, 2015, 13 of the properties have been disposed of and 9 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 24). The Fund commenced offering BACs in Series 24 on June 9, 1995. The Fund received and accepted subscriptions for $21,697,000 representing 2,169,878 BACs from investors admitted as BAC holders in Series 24. Offers and Sales of BACs in Series 24 were completed and the last of the BACs in Series 24 were issued by the Fund on September 22, 1995.

During the fiscal year ended March 31, 2015, none of Series 24 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 24 had been used to invest in 24 Operating Partnerships in an aggregate amount of $15,796,309. As of March 31, 2015, 18 of the properties have been disposed of and 6 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 25). The Fund commenced offering BACs in Series 25 on September 30, 1995. The Fund received and accepted subscriptions for $30,248,000 representing 3,026,109 BACs from investors admitted as BAC holders in Series 25. Offers and Sales of BACs in Series 25 were completed and the last of the BACs in Series 25 were issued by the Fund on December 29, 1995.

During the fiscal year ended March 31, 2015, none of Series 25 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 25 had been used to invest in 22 Operating Partnerships in an aggregate amount of $22,324,539. As of March 31, 2015, 18 of the properties have been disposed of and 4 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 26). The Fund commenced offering BACs in Series 26 on January 18, 1996. The Fund received and accepted $39,959,000 representing 3,995,900 BACs from investors admitted as BAC holders in Series 26. Offers and sales of BACs in Series 26 were completed and the last of the BACS in Series 26 were issued by the Fund on June 14, 1996.

45

During the fiscal year ended March 31, 2015, none of Series 26 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 26 had been used to invest in 45 Operating Partnerships in an aggregate amount of $29,401,215 and the Fund had completed payment of all installments of its capital contributions to 43 of the Operating Partnerships. As of March 31, 2015, 28 of the properties have been disposed of and 17 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 27). The Fund commenced offering BACs in Series 27 on June 17, 1996. The Fund received and accepted $24,607,000 representing 2,460,700 BACs from investors admitted as BAC holders in Series 27. Offers and sales of BACs in Series 27 were completed and the last of the BACS in Series 27 were issued by the Fund on September 27, 1996.

During the fiscal year ended March 31, 2015, none of Series 27 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 27 had been used to invest in 16 Operating Partnerships in an aggregate amount of $17,881,574 and the Fund had completed payment of all installments of its capital contributions to 14 of the Operating Partnerships. As of March 31, 2015, 9 of the properties have been disposed of and 7 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 28). The Fund commenced offering BACs in Series 28 on September 30, 1996. The Fund received and accepted $39,999,000 representing 4,000,738 BACs from investors admitted as BAC holders in Series 28. Offers and sales of BACs in Series 28 were completed and the last of the BACS in Series 28 were issued by the Fund on January 31, 1997.

During the fiscal year ended March 31, 2015, none of Series 28 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 28 had been used to invest in 26 Operating Partnerships in an aggregate amount of $29,281,983. As of March 31, 2015, 15 of the properties have been disposed of and 11 remain. The Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 29). The Fund commenced offering BACs in Series 29 on February 10, 1997. The Fund received and accepted $39,918,000 representing 3,991,800 BACs from investors admitted as BAC holders in Series 29. Offer and sales of BACs in Series 29 were completed on June 20, 1997.

During the fiscal year ended March 31, 2015, none of Series 29 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 29 had been used to invest in 22 Operating Partnerships in an aggregate amount of $29,137,877. As of March 31, 2015, 12 of the properties has been disposed of and 10 remain. The Fund had completed payment of all installments of its capital contributions to 19 of the Operating Partnerships. Series 29 has 46 outstanding contributions payable to 2 Operating Partnerships in the amount of $8,235 as of March 31, 2015. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

46

(Series 30). The Fund commenced offering BACs in Series 30 on June 23, 1997. The Fund received and accepted $26,490,750 representing 2,651,000 BACs from investors admitted as BAC holders in Series 30. Offer and sales of BACs in Series 30 were completed on September 10, 1997.

During the fiscal year ended March 31, 2015, none of Series 30 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 30 had been used to invest in 20 Operating Partnerships in an aggregate amount of $19,497,869. As of March 31, 2015, 9 of the properties have been disposed of and 11 remain. The Fund had completed payment of all installments of its capital contributions to 16 of the Operating Partnerships. Series 30 has outstanding contributions payable to 2 Operating Partnerships in the amount of $105,139 as of March 31, 2015. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

(Series 31). The Fund commenced offering BACs in Series 31 on September 11, 1997. The Fund had received and accepted $44,057,750 representing 4,417,857 BACs from investors admitted as BAC holders in Series 31. Offer and sales of BACs in Series 31 were completed on January 18, 1998.

During the fiscal year ended March 31, 2015, none of Series 31 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnership. Proceeds from the offer and sale of BACs in Series 31 had been used to invest in 27 Operating Partnerships in an aggregate amount of $32,569,100. As of March 31, 2015, 8 of the properties have been disposed of and 19 remain. The Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. Series 31 has outstanding contributions payable to 4 Operating Partnerships in the amount of $66,294 as of March 31, 2015. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of another Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,294 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

(Series 32). The Fund commenced offering BACs in Series 32 on January 19, 1998. The Fund had received and accepted $47,431,000 representing 4,754,198 BACs from investors admitted as BAC holders in Series 32. Offer and sales of BACs in Series 32 were completed on June 23, 1998. During the fiscal year ended March 31, 2015, $100,590 of Series 32 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnership. As of March 31, 2015, proceeds from the offer and sale of BACs in Series 32 had been used to invest in 17 Operating Partnerships in an aggregate amount of $34,129,677. As of March 31, 2015, 6 of the properties have been disposed of and 11 remain. The Fund had completed payment of all installments of its capital contributions to 16 of the Operating Partnerships. Series 32 has outstanding contributions payable to 1 Operating Partnership in the amount of $1,229 as of March 31, 2015. The remaining contributions will be released when Operating Partnership have achieved the conditions set forth its partnership agreement.

47

During the fiscal year ended March 31, 1999, the Fund had purchased assignments in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. Under the terms of the Assignments of Membership Interests dated December 1, 1998 the series is entitled to certain profits, losses, tax credits, cash flow, proceeds from capital transactions and capital account as defined in the individual Operating Partnership Agreements. The Fund utilized $1,092,847 of Series 32 net offering proceeds to invest in Operating Partnerships for this investment.

(Series 33). The Fund commenced offering BACs in Series 33 on June 22, 1998. The Fund received and accepted $26,362,000 representing 2,636,533 BACs from investors admitted as BAC holders in Series 33. Offer and sales of BACs in Series 33 were completed on September 21, 1998.

During the fiscal year ended March 31, 2015, none of Series 33 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 33 had been used to invest in 10 Operating Partnerships in an aggregate amount of $19,594,100 and the Fund had completed payment of all installments of its capital contributions to 8 of the Operating Partnerships. As of March 31, 2015, 4 of the properties have been disposed of and 6 remain. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of March 31, 2015. The remaining contributions of will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

(Series 34). The Fund commenced offering BACs in Series 34 on September 22, 1998. The Fund had received and accepted $35,273,000 representing 3,529,319 BACs from investors admitted as BAC holders in Series 34. Offer and sales of BACs in Series 34 were completed on February 11, 1999.

During the fiscal year ended March 31, 2015, none of Series 34 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 34 had been used to invest in 14 Operating Partnerships in an aggregate amount of $25,738,978. As of March 31, 2015, 5 of the properties have been disposed of and 9 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 35). The Fund commenced offering BACs in Series 35 on February 22, 1999. The Fund received and accepted $33,002,000 representing 3,300,463 BACs from investors admitted as BAC holders in Series 35. Offer and sales of BACs in Series 35 were completed on June 28, 1999.

During the fiscal year ended March 31, 2015, none of Series 35 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 35 had been used to invest in 11 Operating Partnerships in an aggregate amount of $24,002,391. As of March 31, 2015, 2 of the properties have been disposed of and 9 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

48

(Series 36). The Fund commenced offering BACs in Series 36 on June 22, 1999. The Fund received and accepted $21,068,375 representing 2,106,837 BACs from investors admitted as BAC holders in Series 36. Offer and sales of BACs in Series 36 were completed on September 28, 1999.

During the fiscal year ended March 31, 2015, none of Series 36 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 36 had been used to invest in 11 Operating Partnerships in an aggregate amount of $15,277,041. As of March 31, 2015, 2 of the properties have been disposed of and 9 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 37). The Fund commenced offering BACs in Series 37 on October 29, 1999. The Fund received and accepted $25,125,000 representing 2,512,500 BACs from investors admitted as BAC holders in Series 37. Offer and sales of BACs in Series 37 were completed on January 28, 2000.

During the fiscal year ended March 31, 2015, none of Series 37 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 37 had been used to invest in 7 Operating Partnerships in an aggregate amount of $18,735,142. As of March 31, 2015, 1 of the properties has been disposed of and 6 remain. The Fund had completed payment of all installments of its capital contributions to 6 of the Operating Partnerships. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of March 31, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

(Series 38). The Fund commenced offering BACs in Series 38 on February 1, 2000. The Fund received and accepted $25,431,000 representing 2,543,100 BACs from investors admitted as BAC holders in Series 38. Offer and sales of BACs in Series 38 were completed on July 31, 2000.

During the fiscal year ended March 31, 2015, none of Series 38 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 38 had been used to invest in 10 Operating Partnerships in an aggregate amount of $18,612,287 and the Fund had completed payment of all installments of its capital contributions to the Operating Partnerships.

During the fiscal year ended March 31, 2002, the Fund used $420,296 of Series 38 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 39). The Fund commenced offering BACs in Series 39 on August 1, 2000. The Fund received and accepted $22,921,000 representing 2,292,152 BACs from investors admitted as BAC holders in Series 39. Offer and sales of BACs in Series 39 were completed on January 31, 2001.

During the fiscal year ended March 31, 2015, none of Series 39 net offering proceeds to were used to pay installments of its capital contributions to the Operating Partnership. Proceeds from the offer and sale of BACs in Series 39 had been used to invest in 9 Operating Partnerships in an aggregate amount of $17,115,492, and the Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

49

During the fiscal year ended March 31, 2002, the Fund used $192,987 of Series 39 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 40). The Fund commenced offering BACs in Series 40 on February 1, 2001. The Fund received and accepted $26,269,250 representing 2,630,256 BACs from investors admitted as BAC holders in Series 40. Offer and sales of BACs in Series 40 were completed on July 31, 2001.

During the fiscal year ended March 31, 2015, none of Series 40 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 40 had been used to invest in 16 Operating Partnerships in an aggregate amount of $19,030,772, and the Fund had completed payment of all installments of its capital contributions to 15 of the Operating Partnerships. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of March 31, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

During the fiscal year ended March 31, 2002, the Fund used $578,755 of Series 40 net offering proceeds to acquire 5 limited partnership equity interests in limited liability companies, which are the general partners of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability companies. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 41). The Fund commenced offering BACs in Series 41 on August 1, 2001. The Fund received and accepted $28,916,260 representing 2,891,626 BACs from investors admitted as BAC holders in Series 41. Offer and sales of BACs in Series 41 were completed on January 31, 2002.

During the fiscal year ended March 31, 2015, none of Series 41 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 41 had been used to invest in 23 Operating Partnerships in an aggregate amount of $21,278,631. As of March 31, 2015, 4 of the properties have been disposed of and 19 remain. The Fund had completed payment of all installments of its capital contributions to 22 Operating Partnerships. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of March 31, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

50

During the fiscal year ended March 31, 2002, the Fund used $195,249 of Series 41 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 42). The Fund commenced offering BACs in Series 42 on February 1, 2002. The Fund received and accepted $27,442,620 representing 2,744,262 BACs from investors admitted as BAC holders in Series 42. Offer and sales of BACs in Series 42 were completed on July 31, 2002.

During the fiscal year ended March 31, 2015, none of Series 42 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 42 had been used to invest in 23 Operating Partnerships in an aggregate amount of $20,661,120. As of March 31, 2015, 3 of the properties has been disposed of and 20 remain. The Fund had completed payment of all installments of its capital contributions to 21 Operating Partnerships. Series 42 has outstanding contributions payable to 2 Operating Partnerships in the amount of $73,433 as of March 31, 2015. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $9,757 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

(Series 43). The Fund commenced offering BACs in Series 43 on August 1, 2002. The Fund received and accepted $36,379,870 representing 3,637,987 BACs from investors admitted as BAC holders in Series 43. Offer and sales of BACs in Series 43 were completed on December 31, 2002.

During the fiscal year ended March 31, 2015, $21,847 of Series 43 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 43 had been used to invest in 23 Operating Partnerships in an aggregate amount of $27,400,154, and the Fund had completed payment of all installments of its capital contributions to 21 of the Operating Partnerships. Series 43 has outstanding contributions payable to 2 Operating Partnerships in the amount of $99,265 as of March 31, 2015. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $35,589 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

During the fiscal year ended March 31, 2005, the Fund used $268,451 of Series 43 net offering proceeds to acquire 1 limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. During the fiscal year ended March 31, 2003, the Fund used $805,160 of Series 43 net offering proceeds to acquire 7 limited partnership equity interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability companies. The investments are reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

51

(Series 44). The Fund commenced offering BACs in Series 44 on January 14, 2003. The Fund received and accepted $27,019,730 representing 2,701,973 BACs from investors admitted as BAC holders in Series 44. Offer and sales of BACs in Series 44 were completed on April 30, 2003.

During the fiscal year ended March 31, 2015, $251,962 of Series 44 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 44 had been used to invest in 10 Operating Partnerships in an aggregate amount of $20,248,519. As of March 31, 2015, 2 of the properties have been disposed of and 8 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

During the fiscal year ended March 31, 2004, the Fund used $164,164 of Series 44 net offering proceeds to acquire 1 limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 45). The Fund commenced offering BACs in Series 45 on July 1, 2003. The Fund received and accepted $40,143,670 representing 4,014,367 BACs from investors admitted as BAC holders in Series 45. Offer and sales of BACs in Series 45 were completed on September 16, 2003.

During the fiscal year ended March 31, 2015, none of Series 45 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 45 had been used to invest in 31 Operating Partnerships in an aggregate amount of $30,232,512. As of March 31, 2015, 3 of the properties has been disposed of and 28 remain. The Fund had completed payment of all installments of its capital contributions to 30 of the Operating Partnerships. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of March 31, 2015. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

During the fiscal year ended March 31, 2004, the Fund used $302,862 of Series 45 net offering proceeds to acquire 1 limited partnership equity interest in limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 46). The Fund commenced offering BACs in Series 46 on September 23, 2003. The Fund received and accepted $29,809,980 representing 2,980,998 BACs from investors admitted as BAC holders in Series 46. Offer and sales of BACs in Series 46 were completed on December 19, 2003.

During the fiscal year ended March 31, 2015, none of Series 46 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 46 had been used to invest in 15 Operating Partnerships in an aggregate amount of $22,495,082, and the Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

52

During the fiscal year ended March 31, 2004, the Fund used $228,691 of Series 46 net offering proceeds to acquire 1 limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

Results of Operations

The Fund incurs a fund management fee to the general partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred, net of fees received, for the fiscal years ended March 31, 2015 and 2014 was $3,348,748 and $4,069,465, respectively.

The Fund's investment objectives do not include receipt of significant cash flow distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.

As funds are utilized by the individual series for payment of fund management fees, operating expenses and capital contributions to the Operating Partnerships, it is anticipated that the “cash and cash equivalents” amounts for each series will decrease. As a result of the reduction, it is expected that interest income reported by each series will begin to decrease after the first full year of operations. Occasionally the Fund will make interest-bearing loans to Operating Partnerships against contributions due for release at a later date.

(Series 20). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 4 Operating Partnerships at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $1,275,449 and $329,387, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 20 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $88,834 and $606,391, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

53

In December 2014, the investment general partner transferred its interest in Northfield Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,609,616 and cash proceeds to the investment partnership of $121,186. Of the total proceeds received, $119,686 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In July 2013, the investment general partner transferred its interest in Edison Lane LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $683,032 and cash proceeds to the investment partnership of $84,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $79,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $79,000 as of September 30, 2013.

In July 2013, the investment general partner transferred its interests in Forest Glen Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,259,434 and cash proceeds to the investment partnerships of $107,333 and $53,667 for Series 20 and Series 41, respectively. Of the total proceeds received, $3,333 and $1,667 for Series 20 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $104,000 and $52,000 for Series 20 and Series 41, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $104,000 and $52,000 for Series 20 and Series 41, respectively, as of September 30, 2013.

54

In October 2013, the investment general partner transferred its interest in Ashbury Apartments, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $957,665 and cash proceeds to the investment partnership of $550,000. Of the total proceeds received, $11,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $539,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $539,000 as of December 31, 2013.

In December 2014, the investment general partner transferred its interest in Shady Lane Seniors Apartments, A Louisiana Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $858,917 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Harrisonburg Seniors Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $627,177 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

55

In December 2014, the investment general partner transferred its interest in Coushatta Seniors II Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $659,429 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

(Series 21). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(160,636) and $(60,083), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 21 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(46,655) and $3,069, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In July 2013, the investment general partner transferred its interest in Holly Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $673,765 and cash proceeds to the investment partnership of $84,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $79,000 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $79,000 as of September 30, 2013.

56

(Series 22). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had total of 6 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $398,002 and $377,663, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 22 was $0. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $100,765 and $(98,478), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In January 2013, the investment general partner transferred 50% of its interest in Lake City LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $610,340 and no cash proceeds to the investment partnership. The remaining 50% investment limited partner interest in the Operating Partnership was transferred in February 2014 for the assumption of approximately $610,399 of the remaining outstanding mortgage balance and no cash proceeds to the investment partnership. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership was recorded.

In June 2013, the investment general partner transferred its interest in Roxbury Veterans Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,967,816 and no cash proceeds to the investment partnership. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership was recorded.

57

In December 2014, the investment general partner transferred its interest in Marksville Square Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $883,578 and cash proceeds to the investment partnership of $27,280. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,780 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $24,780 as of December 31, 2014.

In August 2014, the operating general partner of Kimbark 1200 Associates Limited Partnership entered into an agreement to sell the property to a third-party buyer and the transaction closed on December 12, 2014. The sales price of the property was $3,400,000, which included the outstanding mortgage balance of approximately $1,773,796 and cash proceeds to the investment partnerships of $162,866 and $488,596 for Series 22 and Series 23, respectively. Of the total proceeds received by the investment partnerships, $19,500 and $58,500 for Series 22 and Series 23, respectively, represents reporting fees due to an affiliate of the investment partnerships. Of the remaining proceeds, $1,250 and $3,750 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $142,116 and $426,346 for Series 22 and Series 23, respectively, will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $142,116 and $426,346, as of December 31, 2014.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Elks Tower Limited Partnership

(Series 23). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $868,095 and $(459,146), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

58

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 23 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $430,054 and $(125,463), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In August 2014, the operating general partner of Kimbark 1200 Associates Limited Partnership entered into an agreement to sell the property to a third-party buyer and the transaction closed on December 12, 2014. The sales price of the property was $3,400,000, which included the outstanding mortgage balance of approximately $1,773,796 and cash proceeds to the investment partnerships of $162,866 and $488,596 for Series 22 and Series 23, respectively. Of the total proceeds received by the investment partnerships, $19,500 and $58,500 for Series 22 and Series 23, respectively, represents reporting fees due to an affiliate of the investment partnerships. Of the remaining proceeds, $1,250 and $3,750 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $142,116 and $426,346 for Series 22 and Series 23, respectively, will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $142,116 and $426,346, as of December 31, 2014.

Halls Ferry Apartments LP (Riverview Apartments) is a 42-unit complex located in St. Louis, MO.  Despite average physical occupancy of 90% in the third quarter of 2014, the property operated below breakeven due to low economic occupancy caused by a soft rental market and insufficient rental rates. Historically, the operating general partner had continued to fund operating deficits despite the expiration of the operating deficit guarantees and had advanced $146,810 to date. However, in the second quarter of 2014, the operating general partner indicated that he would not continue to support the operations due to financial constraints. As the result, the Operating Partnership was not able to pay its real estate taxes due to cash flow shortfalls.  In August 2014, the investment general partner has been notified that the collector of the City of St. Louis has filed a lawsuit against the property and that lender had issued a notice of default due to delinquent real estate taxes. The lender promptly initiated a foreclosure action and the foreclosure sale occurred on August 29, 2014. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Halls Ferry Apartments LP. A foreclosure sale occurring in 2014 would not result in any recapture or penalties because the property is beyond the compliance period. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the Operating Partnership has been recorded as of September 30, 2014.

59

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Colonna Redevelopment Company

Village Woods Estates, L.P.

(Series 24). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $85,154 and $(758,537), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014 Investments in Operating Partnerships for Series 24 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014 the net income (loss) of the Series was $191,861 and $1,625,695, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and  cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively.  Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale.  Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively will be paid to BCAMLP for expenses related to the sale, which include third party legal costs.  The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, respectively, were returned to cash reserves.  The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership’s cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves.

60

In September 2013, the investment general partner transferred its interest in Elm Street Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,577,900 and no cash proceeds to the investment partnership. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

In March 2013, the operating general partner of Lake Apartments I LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $446,821 and cash proceeds to the investment partnership of $338,016. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $301,516 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $301,516 as of September 30, 2013.

In July 2013, the investment general partner transferred its interest in Brooks Summit Apartments, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,060,799 and cash proceeds to the investment partnership of $126,000. Of the total proceeds received, $2,240 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $118,760 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $118,760 as of September 30, 2013.

61

In July 2013, the operating general partner of Century East IV, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner] and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $483,585 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $24,330, which were returned to the cash reserves held by Series 24.

In July 2013, the operating general partner of Century East V, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner] and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $478,552 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $41,056, which were returned to the cash reserves held by Series 24.

62

In March 2014, the investment general partner transferred its interest in Pahrump Valley Investors, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,308,661 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $1,600 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,400 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,400 as of March 31, 2014. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within six (6) years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

New Hilltop Apartments, A Limited Partnership

(Series 25). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(87,990) and $(34,447), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 25 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $1,261,858 and $(59,679), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In January 2013, the investment general partner transferred 50% of its interest in Rose Square LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $185,416 and no cash proceeds to the investment partnership. The remaining 50% investment limited partner interest in the Operating Partnership was transferred in February 2014 for the assumption of approximately $185,416 of the remaining outstanding mortgage balance and no cash proceeds to the investment partnership. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership was recorded.

63

In February 2013, the operating general partner of Century East II Apartments, Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on March 28, 2013. The sales price of the property was $1,380,000, which included the outstanding mortgage balance of approximately $1,043,783 and cash proceeds to the investment partnership of $626,889. Of the total proceeds received by the investment partnership, $3,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $618,889 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $618,889 as of March 31, 2013. As the proceeds from the sale were not received until April 2013 a receivable for the gain on the sale was recorded as of March 31, 2013.

In October 2014, the investment general partner transferred its interest in Dublin Housing Associates, Phase II to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $633,541 and cash proceeds to the investment partnership of $78,529. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $73,529 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $73,529 as of December 31, 2014.

64

In April 2014, the investment general partner transferred its interest in Hurricane Hills, LC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $790,385 and cash proceeds to the investment partnership of $1,225,624. Of the total proceeds received, $4,029 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,221,595 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,221,595 as of June 30, 2014.

(Series 26). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(1,053,955) and $846,152, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 26 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $557,776 and $2,736,763, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In November 2014 the investment general partner transferred its interest in M.B. Apartments Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $742,608 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $27,292 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 will paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $208 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $208 as of December 31, 2014.

65

In March 2013, the operating general partner of Lake Apartments IV LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $490,926 and cash proceeds to the investment partnership of $184,675. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $148,175 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $148,175 as of September 30, 2013.

In March 2013, the operating general partner of Lake Apartments V LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $482,917 and cash proceeds to the investment partnership of $332,003. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $295,503 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $295,503 as of September 30, 2013.

66

In November 2012, the investment general partners of Series 26, Series 32 and Series 45 transferred 50% of their respective interests in 200 East Avenue Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,118,291 and cash proceeds to the investment partnerships of $1,772, $1,449 and $5,442 for Series 26, Series 32 and Series 45, respectively. Of the total proceeds received $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $1,772, $1,449 and $442 were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The remaining 50% investment limited partner interests in the Operating Partnership was transferred in December 2013 for the assumption of approximately $4,118,291 of the remaining outstanding mortgage balance and cash proceeds of $4,191, $3,428 and $1,044 which were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,772, $1,449 and $442 for Series 26, Series 32 and Series 45, respectively, as of December 31, 2012. An additional gain on for the remaining 50% transfer of $4,191, $3,428 and $1,044 for Series 26, Series 32 and Series 45, respectively, was recorded as of December 31, 2013.

In July 2013, the operating general partner of Calgory Apartments I, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $454,702 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by -Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $69,787, which were returned to the cash reserves held by Series 26.

In July 2013, the operating general partner of Calgory Apartments II, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $475,078 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $31,859, which were returned to the cash reserves held by Series 26.

67

In July 2013, the operating general partner of Calgory Apartments III, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $444,996 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $31,590, which were returned to the cash reserves held by Series 26.

In August 2013, the operating general partner of Country Edge Apartments LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on October 1, 2013. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $776,729 and cash proceeds to the investment partnership of $475,000. Of the total proceeds received by the investment partnership, $2,250 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $467,750 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $467,750 as of December 31, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $66,802, which were returned to the cash reserves held by Series 26.

68

In January 2015, the investment general partner transferred their respective interests in Jackson Bond, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,500,000 and cash proceeds to the investment partnerships of $34,325 and $67,229 for Series 26 and Series 32, respectively. Of the total proceeds received, $507 and $993 for Series 26 and Series 32, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $33,818 and $66,236 for Series 26 and Series 32, respectively, were returned to cash reserves held by Series 26 and Series 32, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $33,818 and $66,236 for Series 26 and Series 32, respectively as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $1,127 and $2,257 for Series 26 and Series 32, respectively, was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In February 2014, the operating general partner of East Park Apartments II, LP approved an agreement to sell the property to a third party buyer to and the transaction closed in June 2014. The sales price for the property is $850,000, which includes the outstanding mortgage balance of approximately $395,000 and cash proceeds to the investment partnership of $275,000. Of the proceeds received by the investment partnership, $34,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $235,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $235,500 as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $36,272, which were returned to the cash reserves held by Series 26.

69

In February 2014, the operating general partner of Grandview Apartments, LP approved an agreement to sell the property to a third party buyer and the transaction closed in June 2014. The sales price for the property is $1,700,000, which includes the outstanding mortgage balance of approximately $880,000 and cash proceeds to the investment partnership of $200,000. Of the proceeds received by the investment partnership, $34,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $160,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $160,500 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $166 was recorded as gain on the sale of the Operating Partnership as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $24,534, which were returned to the cash reserves held by Series 26.

In August 2014, the investment general partner transferred its interest in Grayson Manor Village to an entity affiliated to the operating general partner for its assumption of the outstanding mortgage balance of approximately $911,170 and cash proceeds to the investment partnership of $80,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $75,000 as of September 30, 2014.

70

In August 2014, the investment general partner transferred its interest in Powell Valley Village to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $537,427 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $1,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $11,000 as of September 30, 2014.

In March 2015, the investment general partner transferred its interest in V.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,076,922 and cash proceeds to the investment partnership of $72,000. Of the total proceeds received, $3,000 will be to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $69,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $69,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015.

In May 2015, the investment general partner transferred its interest in Butler Estates, A LDHA to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $221,740 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 26.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

71

Beckwood Manor One Limited Partnership

Butler Estates, A L.D.H.A.

Southwind Apartments, A L.D.H.A.

T.R. Bobb Apartments Partnership, A L.D.H.A.

Warrensburg Heights, L.P.

(Series 27). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(1,215,854) and $864,203, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 27 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $49,734 and $2,385,674, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In March 2013, the operating general partner of Lake Apartments II LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $478,993 and cash proceeds to the investment partnership of $345,019. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $308,519 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $308,519 as of September 30, 2013.

72

In December 2014 the investment general partner transferred its interest in Kiehl Partners, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,493,472 and cash proceeds to the investment partnerships of $5,124 and $142,187 for Series 27 and Series 29, respectively. Of the total proceeds received, $696 and $19,304 for Series 27 and Series 29, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $52 and $1,448 for Series 27 and Series 29, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,376 and $121,435 for Series 27 and Series 29, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,376 and $121,435 for Series 27 and Series 29, respectively, as of December 31, 2014.

In August 2014, the investment general partner transferred its interest in C.R. Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,847,909 and cash proceeds to the investment partnership of $15,000. The proceeds received of $15,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded. However, equity outstanding for the Operating Partnership in the amount of $1,338 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

In October 2013, the investment general partner of Series 27 and Series 28 transferred their respective interests in Randolph Village Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,748,497 and cash proceeds to the investment partnerships of $2,200,250 and $893,301 for Series 27 and Series 28, respectively. Of the total proceeds received of $9,375 and $3,806 for Series 27 and Series 28, respectively, represents reporting fees due to an affiliate of the investment partnership. The remaining proceeds of approximately $2,190,875 and $889,495 for Series 27 and Series 28, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,190,875 and $889,495 for Series 27 and Series 28, respectively, as of December 31, 2013.

73

In December 2013, the investment general partner transferred its interest in Pear Village to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $472,820 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $1,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,000 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,000 as of December 31, 2013.

In June 2014, the investment general partner transferred its interest in AHAB Project I, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $389,876 and cash proceeds to the investment partnership of $235,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $230,000 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $230,000 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $2,182 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Angelou Court

(Series 28). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(4,456,750) and $(484,058), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

74

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 28 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $6,008,855 and $992,304, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

In January 2015, the investment general partner transferred its interest in 1374 Boston Road Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $176,311 and cash proceeds to the investment partnership of $500,000. Of the total proceeds received, $22,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $472,600 were returned to cash reserves held by Series 28 The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $472,600 as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $6,000 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In May 2013, the investment general partner transferred 49% of its interest in Sumner House LP to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $122,500. Of the total proceeds received, $65,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $50,000 were returned to cash reserves held by Series 28. The remaining 51% investment limited partner interest in the Operating Partnership was transferred on June 30, 2014 for cash proceeds of $133,450, which were returned to the cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $50,000 as of June 30, 2013, and $133,450 as of June 30, 2014.

75

In October 2013, the investment general partner of Series 27 and Series 28 transferred their respective interests in Randolph Village Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,748,497 and cash proceeds to the investment partnerships of $2,200,250 and $893,301 for Series 27 and Series 28, respectively. Of the total proceeds received of $9,375 and $3,806 for Series 27 and Series 28, respectively, represents reporting fees due to an affiliate of the investment partnership. The remaining proceeds of approximately $2,190,875 and $889,495 for Series 27 and Series 28, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,190,875 and $889,495 for Series 27 and Series 28, respectively, as of December 31, 2013.

In April 2014, the investment general partner transferred its interest in Pin Oak Elderly Associates LP to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $8,275,570 and cash proceeds to the investment partnership of $4,582,400. Of the total proceeds received, $17,628 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,966 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $4,560,806 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,560,806 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $25,000 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

76

In April 2014, the investment general partner transferred its interest in Sand Lane Manor Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $650,168 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $22,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of June 30, 2014.

In August 2014, the investment general partner transferred its interest in Neighborhood Restorations VII to an entity affiliated with the operating general partner resulting in cash proceeds to the investment partnership of $535,000. There was no existing mortgage debt encumbering the property. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $531,500 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $531,500 as of September 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $9,968 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

In December 2014 the investment general partner transferred its interest in Blanchard Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $842,985 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

77

In December 2014 the investment general partner transferred its interest in Bienville III Apartments, A Louisiana Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $896,580 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interests in Athens Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,061,229 and cash proceeds to the investment partnerships of $42,585 and $32,125 for Series 28 and Series 32, respectively. Of the total proceeds received, $5,700 and $4,300 for Series 28 and Series 32, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $855 and $645 for Series 28 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,030 and $27,180 for Series 28 and Series 32, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,030 and $27,180 for Series 28 and Series 32, respectively, as of December 31, 2014.

In June 2015, the investment general partner transferred its interest in Fort Bend NHC, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,589,698 and cash proceeds to the investment partnership of $1,200,000. Of the total proceeds received, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,197,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

78

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Jackson Place Apartments, L.P.

Maplewood Apartments Partnership, A LA Partnership

(Series 29). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 99.2% and 99.2%, respectively. The series had a total of 10 properties at March 31, 2014, 9 of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $2,810,845 and $(4,231,109), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 29 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $44,840 and $68,179, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee.

In December 2013, the operating general partner of Collins Housing LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 4, 2013. The sales price of the property was $678,600, which included the outstanding mortgage balance of approximately $624,600 and cash proceeds to the investment partnership of $54,000. Of the total proceeds received by the investment partnership, $1,452 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $47,548 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $47,548 as of December 31, 2013. An additional gain of $1,962 was recorded on the sale as of December 31, 2013.

79

Lombard Partners, LP (Lombard Heights Apts.) was a 24 unit family property located in Springfield, Missouri. It was sold at a foreclosure sale on July 31, 2008. As a result of the foreclosure, the operating partnership lost remaining credits of $47,840 and experienced recapture and interest penalties of $199,516. This represented a loss of tax credits, and recapture and interest penalties of $12 and $49, respectively, per 1,000 BACs. Since the foreclosure sale, the investment general partner has pursued legal action against the operating general partner and guarantors in an effort to recover a portion of the lost tax credits, recapture costs and interest penalties. Counsel for the investment general partner initially needed to resolve jurisdictional issues which ultimately allowed pursuit of the guarantors in Massachusetts. After much legal maneuvering in 2009 thru early 2011, a Massachusetts court approved a damages judgment of $389,043, plus legal costs and interest of $29,726.

As a follow up to the judgment rendered by the Massachusetts court, counsel for the investment general partner filed a motion “in aid of judgment” in mid-April 2011 requesting that the court authorize him to depose the defendants regarding their current financial situation and their ability to pay the aforementioned judgment. In late December 2011, the attorney for the operating general partner and the guarantors filed a motion to quash the aforementioned deposition. This motion was subsequently withdrawn by the attorney for the guarantors on January 12, 2012. On February 28, 2012, new counsel for the operating general partner filed a motion in Missouri to quash the deposition and to stay enforcement of the Massachusetts judgment. On March 1, 2012, the Missouri Court approved the aforementioned motion. This sent the case back to the Massachusetts court to correct the original judgment. On May 21, 2012, the Massachusetts court denied the operating general partner’s motion for relief from judgment and amended the judgment previously entered. At the end of the second quarter of 2012, counsel for the investment general partner was notified by counsel for the operating general partner that it intends to file an appeal of the May 21, 2012 ruling. On June 20, 2012, the Missouri court lifted its stay and authorized commencement of post-judgment discovery.

Counsel for the investment general partner took a deposition from the operating general partner on August 8, 2012 in an effort to ascertain whether the operating general partner has the financial capacity to pay the judgment and penalties that have been awarded to date. Based on information revealed during the deposition, it appeared that the operating general partner had been depleting its assets via transfers of assets to various family members. Counsel for the investment general partner filed a petition in Missouri Circuit Court on October 30, 2012 arguing that the aforementioned asset transfers were fraudulent, notifying the transferees that the assets they received from the guarantors were transferred to them fraudulently, and requesting that the subject transfers be voided. In late December 2012, the guarantors filed a motion with the court denying that the conveyance of assets was fraudulent. Counsel for the investment general partner responded in early January 2013 by requesting documentation on the asset transfers and explanations from the guarantors as to why the transfers were not fraudulent in nature under the Missouri Uniform Fraudulent Transfer Act. The defendant filed an appeal of the judgment in Massachusetts Court on January 22, 2013. On March 7, 2013, counsel for the investment general partner filed its appeal brief with the Massachusetts Court. The Appellate Court Hearing was held on September 17, 2013. On February 27, 2014, the Appellate Court ruled in favor of the plaintiff (i.e. the investment limited partner) and re-affirmed the March 30, 2011 judgment. With this favorable ruling from the Massachusetts appellate judge, counsel for the plaintiff filed a motion in Missouri Court in October 2014 to record the aforementioned judgment and lift the stay. On January 6, 2015, the defendant’s counsel confirmed that it was not contesting the judgment and motion to lift the stay. Consequently, the judgement and order to lift the stay were finally approved by the Missouri Court in late February 2015. As a result, the defendant began to provide piecemeal information on its current financial situation to the investment general partner in March and early April 2015. As of March 31, 2015, the investment general partner has not determined whether the guarantors have the financial wherewithal to pay the judgement amount.

80

In December 2014, the investment general partner transferred its interest in Bryson Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $304,849 and cash proceeds to the investment partnership of $41,978. Of the total proceeds received, $1,719 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,759 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,759 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Northfield Apartments III Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,250,000 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $13,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Kiehl Partners, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,493,472 and cash proceeds to the investment partnerships of $5,124 and $142,187 for Series 27 and Series 29, respectively. Of the total proceeds received, $696 and $19,304 for Series 27 and Series 29, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $52 and $1,448 for Series 27 and Series 29, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,376 and $121,435 for Series 27 and Series 29, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,376 and $121,435 for Series 27 and Series 29, respectively, as of December 31, 2014.

81

In August 2013, the investment general partner transferred its interest in Barrington Cove, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,962,630 and cash proceeds to the investment partnership of $100. The proceeds of $100 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $100 as of September 30, 2013.

In December 2013, the operating general partner of Lutkin Bayou Apartments, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 4, 2013. The sales price of the property was $852,474, which included the outstanding mortgage balance of approximately $762,474 and cash proceeds to the investment partnership of $90,000. Of the total proceeds received by the investment partnership, $917 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $84,083 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $84,083 as of December 31, 2013.

82

In December 2013, the investment general partner transferred its interest in Northway Drive, Ltd. to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,189,577 and cash proceeds to the investment partnership of $222,963. Of the total proceeds received, $4,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $210,963 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $210,963 as of December 31, 2013.

In December 2014, the investment general partner transferred its interest in Jackson Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,755,000 and cash proceeds to the investment partnership of $3,000. Of the total proceeds received, $1,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Rhome Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,667 and cash proceeds to the investment partnership of $113,221. Of the total proceeds received, $1,175 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $109,546 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $109,546 as of December 31, 2014.

83

In December 2014 the investment general partner transferred its interest in Jacksboro Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $478,389 and cash proceeds to the investment partnership of $3,125. Of the total proceeds received, $625 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Glenbrook Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $394,599 and cash proceeds to the investment partnership of $13,453. Of the total proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,753 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $9,753 as of December 31, 2014.

In February 2015, the operating general partner of Forest Hill Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 29, 2015. The sales price of the property was $5,200,000, which included the outstanding mortgage balance of approximately $4,223,181 and cash proceeds to the investment partnership of $158,500. Of the total proceeds received by the investment partnership, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $153,500 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Edgewood Apartments Partnership, A Louisiana Partnership

Westfield Apartments Partnership, A Louisiana Partnership

84

(Series 30). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(529,484) and $(747,789), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships

for Series 30 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(935) and $(170,958), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In December 2014 the investment general partner transferred its interest in Nocona Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $592,788 and cash proceeds to the investment partnership of $35,230. Of the total proceeds received, $11,100 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,630 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $21,630 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Madison Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,454,045 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $46,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

85

In December 2014, the investment general partner transferred its interest in Graham Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,228,988 and cash proceeds to the investment partnership of $3,975. Of the total proceeds received, $1,475 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Bowie Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,020 and cash proceeds to the investment partnership of $3,425. Of the total proceeds received, $925 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In March 2015, the investment general partner transferred its interest in F.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $840,102 and cash proceeds to the investment partnership of $54,000. Of the total proceeds received, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $51,000 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $51,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $22,257 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

86

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Bellwood Four Limited Partnership

JMC Limited Liability Company

Linden Partners II, L.L.C.

(Series 31). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(2,605,161) and $(2,146,613), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships

for Series 31 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $2,566,425 and $337,127, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In November 2013, the investment general partner transferred its interest in Brittney Square Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $651,868 and cash proceeds to the investment partnership of $20,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,000 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $15,000 as of December 31, 2013.

87

In January 2014, the investment general partner transferred its interest in Double Springs Manor II, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $263,863 and cash proceeds to the investment partnership of $100,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $95,000 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $95,000 as of March 31, 2014.

In December 2014, the investment general partner transferred its interest in Windsor Park Partners Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $6,500,000 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 31. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In March 2014, the investment general partner transferred its interest in Hurricane Hills II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $548,850 and cash proceeds to the investment partnership of $516,813. Of the total proceeds received, $2,257 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $514,556 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $514,556 as of March 31, 2014.

88

In December 2014, the investment general partner transferred its interest in Cleveland Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,415,234 and cash proceeds to the investment partnership of $205,201. Of the total proceeds received, $16,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $187,701 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $187,701 as of December 31, 2014.

The operating general partner of Level Creek Partners, L.P. entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on March 18, 2015. The sales price of the property was $16,005,000, which included the outstanding mortgage balance of approximately $11,301,146 and cash proceeds to the investment partnership of $2,660,062. Of the total proceeds received by the investment partnership, $2,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,652,562 will be returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $2,652,562 as of March 31, 2015.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Canton Housing Four Limited Partnership

Canton Housing One Limited Partnership

Canton Housing Three Limited Partnership

Canton Housing Two Limited Partnership

Mesquite Trails Apartments

89

Riverbend Housing Associates, LP

Seagraves Apartments, L.P., A Texas Limited Partnership

Sencit Hampden Associates L.P.

(Series 32). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(1,789,880) and $(734,411), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 32 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(149,466) and $(196,777), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In November 2012, the investment general partners of Series 26, Series 32 and Series 45 transferred 50% of their respective interests in 200 East Avenue Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,118,291 and cash proceeds to the investment partnerships of $1,772, $1,449 and $5,442 for Series 26, Series 32 and Series 45, respectively. Of the total proceeds received $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $1,772, $1,449 and $442 were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The remaining 50% investment limited partner interests in the Operating Partnership was transferred in December 2013 for the assumption of approximately $4,118,291 of the remaining outstanding mortgage balance and cash proceeds of $4,191, $3,428 and $1,044 which were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,772, $1,449 and $442 for Series 26, Series 32 and Series 45, respectively, as of December 31, 2012. An additional gain on for the remaining 50% transfer of $4,191, $3,428 and $1,044 for Series 26, Series 32 and Series 45, respectively, was recorded as of December 31, 2013.

90

In September 2014, the investment general partner transferred its interest in Chardonnay Limited Partnership to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $15,000. The mortgage has been paid off. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,000 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $12,000 as of September 30, 2014.

In December 2014, the investment general partner transferred its interests in Athens Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,061,229 and cash proceeds to the investment partnerships of $42,585 and $32,125 for Series 28 and Series 32, respectively. Of the total proceeds received, $5,700 and $4,300 for Series 28 and Series 32, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $855 and $645 for Series 28 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,030 and $27,180 for Series 28 and Series 32, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,030 and $27,180 for Series 28 and Series 32, respectively, as of December 31, 2014.

In January 2015, the investment general partner transferred their respective interests in Jackson Bond, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,500,000 and cash proceeds to the investment partnerships of $34,325 and $67,229 for Series 26 and Series 32, respectively. Of the total proceeds received, $507 and $993 for Series 26 and Series 32, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $33,818 and $66,236 for Series 26 and Series 32, respectively, were returned to cash reserves held by Series 26 and Series 32, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $33,818 and $66,236 for Series 26 and Series 32, respectively as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $1,127 and $2,257 for Series 26 and Series 32, respectively, was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

91

Parkside Plaza LP, (Parkside Apartments) consists of 35 family units located in Harlem, New York. The property operated below breakeven in 2014 due to high maintenance expenses. The investment limited partner will continue to work with Winn Management and the operating general partner to improve operations. The operating general partner’s operating deficit guarantee expired in June 2007. The fifteen year low income housing tax credit compliance period expires on December 31, 2015.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Cogic Village LDHA Limited Partnership

Indiana Development Limited Partnership

Pyramid Four Limited Partnership

(Series 33). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(650,953) and $(664,216), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships

for Series 33 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the

Series was $(32,528) and $(130,088), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In January 2015, the investment general partners transferred its interest in Merchants Court, LLP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,231,808 and cash proceeds to the investment partnerships of $41,722 and $81,278 for Series 33 and Series 34, respectively. Of the total proceeds received, $41,213 and $80,287 for Series 33 and Series 34, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $509 and $991 for Series 33 and Series 34, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 33 and Series 34, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

92

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property in Millinocket, ME. The property operated below breakeven in 2014 due to high maintenance and utility expenses. The 2014 audit was issued with a Going Concern. The investment limited partner will continue to work with management and the operating general partner to improve operations. The operating general partner’s operating deficit guarantee is unlimited in time and amount. The operating general partner advanced $50,000 to the Partnership in 2014 to fund the deficit. The 15-year low income housing tax credit compliance period with respect to Stearns Assisted Housing Associates expires on December 31, 2015.

In January 2015, the investment general partner transferred its interest in Southaven Partners I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,670,000 and cash proceeds to the investment partnerships of $53,220 and $504,062 for Series 33 and Series 34, respectively. Of the total proceeds received, $141 and $1,335 for Series 33 and Series 34, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $53,079 and $502,727 for Series 33 and Series 34, respectively, were returned to cash reserves held by Series 33 and Series 34, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $53,079 and $502,727 for Series 33 and Series 34, respectively, as of March 31, 2015.

In June 2015, the investment general partner transferred its interest in NHC Partnership 5, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,472,725 and cash proceeds to the investment partnership of $1,100,000. Of the total proceeds received, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,097,000 were returned to cash reserves held by Series 33. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

(Series 34). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

93

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(2,138,035) and $(1,285,664), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014 Investments in Operating Partnerships for Series 34 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the Series was $359,261 and $(37,107), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

In January 2015, the investment general partner transferred its interest in HWY. 18 Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,555,229 and cash proceeds to the investment partnerships of $8,837 and $19,002 for Series 34 and Series 37, respectively. Of the total proceeds received, $8,361 and $17,978 for Series 34 and Series 37, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $476 and $1,024 for Series 34 and Series 37, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 34 and Series 37, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

In January 2015, the investment general partners transferred its interest in Merchants Court, LLP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,231,808 and cash proceeds to the investment partnerships of $41,722 and $81,278 for Series 33 and Series 34, respectively. Of the total proceeds received, $41,213 and $80,287 for Series 33 and Series 34, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $509 and $991 for Series 33 and Series 34, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 33 and Series 34, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

94

In March 2014, the investment general partner transferred its interest in Allison Limited, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $401,637 and cash proceeds to the investment partnership of $180,000. Of the total proceeds received $667 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $176,333 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $176,333 as of March 31, 2014.

In January 2015, the investment general partner transferred its interest in Southaven Partners I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,670,000 and cash proceeds to the investment partnerships of $53,220 and $504,062 for Series 33 and Series 34, respectively. Of the total proceeds received, $141 and $1,335 for Series 33 and Series 34, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $53,079 and $502,727 for Series 33 and Series 34, respectively, were returned to cash reserves held by Series 33 and Series 34, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $53,079 and $502,727 for Series 33 and Series 34, respectively, as of March 31, 2015.

In April 2015, the investment general partner transferred its interest in Howard Park, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $400,000 and cash proceeds to the investment partnership of $42,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,000 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

95

Belmont Affordable Housing II, L.P.

RHP 96-I, L.P.

(Series 35). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $(807,933) and $(871,956), respectively, in passive tax income

(losses) that were passed through to the investors, and also provided $0.00 and $0.02, respectively, in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 35 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(196,280) and $(25,674), respectively. The major components of these amounts are the miscellaneous income and the fund management fee.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner’s operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

In January 2015, the investment general partner transferred its interest in Ashton Cove, Limited Partnership to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,397,813 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 35. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

96

In March 2015, the operating general partner of Mulvane Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 7, 2015. The sales price of the property was $2,800,000, which included the outstanding mortgage balance of approximately $1,186,526 and cash proceeds to the investment partnership of $865,000. Of the total proceeds received by the investment partnership, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $860,000 were returned to cash reserves held by Series 35. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

(Series 36). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $(707,500) and $2,476,650, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 36 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(100,022) and $(121,517), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

In March 2012, the operating general partner of Aloha Housing LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 21, 2012. The sales price of the property was $5,500,000, which included the outstanding mortgage balance of approximately $1,749,703, a seller’s note equal to $750,000 (which the investment limited partnership has a 50% ownership interest), and cash proceeds to the investment partnership of $1,324,272. Of the total proceeds received by the investment partnership, $77,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,242,272 were returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. The buyer executed a Post Transfer Compliance and Indemnity Agreement indemnifying Series 36 in the event of recapture. Note that the operating general partner wired an additional $131,000 from its share of the net sale proceeds to the investment general partner to be held as security for the Post Transfer Compliance and Indemnity Agreement. The $131,000 will be returned to the operating general partner approximately three years after the expiration of the compliance period assuming there is no event of recapture. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $1,242,272 as of December 31, 2012. In April 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash accounts in the amount of $25,054, which were returned to the cash reserves held by Series 36.

97

Wingfield Apartments Limited Partnership (Wingfield Apartments) is a 40-unit family property in Kinder, LA. The property continues to perform below breakeven due to high operating expenses and low occupancy. The investment general partner will continue to work with the operating general partner and management company to improve occupancy and reduce operating costs. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Nowata Village, Limited Partnership

(Series 37). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(957,445) and $(520,690), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 37 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(157,664) and $(187,483), respectively. The major components of these amounts are the miscellaneous income and the fund management fee.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner’s operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

98

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property in Millinocket, ME. The property operated below breakeven in 2014 due to high maintenance and utility expenses. The 2014 audit was issued with a Going Concern. The investment general partner will continue to work with management and the operating general partner to improve operations. The operating general partner’s operating deficit guarantee is unlimited in time and amount. The operating general partner advanced $50,000 to the Operating Partnership in 2014 to fund the deficit. The 15-year low income housing tax credit compliance period with respect to Stearns Assisted Housing Associates expires on December 31, 2015.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the “First Settlement Agreement”) with the lender resulting in a new mortgage note (the “New Note”) being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the “Second Settlement Agreement”) with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a “confession judgment” issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner.

From inception through December 31, 2014, the operating general partner has provided operating deficit advances to Baldwin Villas totaling $1,324,340. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the first quarter of 2015, this sales program had not commenced. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $188,224 is equivalent to recapture and interest of $75 per 1,000 BACs. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015.

99

In January 2015, the investment general partner transferred its interest in HWY. 18 Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,555,229 and cash proceeds to the investment partnerships of $8,837 and $19,002 for Series 34 and Series 37, respectively. Of the total proceeds received, $8,361 and $17,978 for Series 34 and Series 37, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $476 and $1,024 for Series 34 and Series 37, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 34 and Series 37, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

(Series 38). As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(536,626) and $(520,434), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 38 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(120,423) and $(103,034), respectively. The major components of these amounts are the miscellaneous income and the fund management fee.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family property in Woodstock, GA. Due to high operating expenses and high debt service payments the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs. The mortgage cannot be refinanced because of a high prepayment penalty. The operating general partner’s operating deficit guaranty has expired but they continue to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

(Series 39). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

100

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $(584,306) and $(652,293), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 39 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(112,061) and $(135,596), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family property in Woodstock, GA. Due to high operating expenses and high debt service payments the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs. The mortgage cannot be refinanced because of a high prepayment penalty. The operating general partner’s operating deficit guaranty has expired but they continue to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

In November 2014, the investment general partner transferred 50% of its interest in Gouverneur Senior Housing Associates, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $529,091 and cash proceeds to the investment partnership of $34,999. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,999 were returned to cash reserves held by Series 39. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in December 2015 for the assumption of approximately $592,091 of the remaining outstanding mortgage balance and nominal consideration. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $29,999 as of December 31, 2014.

(Series 40). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $(771,819) and $(1,071,449), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

101

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 40 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(209,771) and $(207,935), respectively. The major components of these amounts are the miscellaneous income and the fund management fee.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the “First Settlement Agreement”) with the lender resulting in a new mortgage note (the “New Note”) being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the “Second Settlement Agreement”) with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a “confession judgment” issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner.

From inception through December 31, 2014, the operating general partner has provided operating deficit advances to Baldwin Villas totaling $1,324,340. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the first quarter of 2015, this sales program had not commenced. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $38,594 is equivalent to recapture and interest of $15 per 1,000 BACs. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015.

102

Center Place Apartments II Limited Partnership (Center Place Apartments) is a 32-unit family property in Center, TX. The property continues to perform just below breakeven due to high operating expenses and low occupancy. The investment general partner will work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Sedgwick Sundance Apartments, Limited Partnership (Sedgwick - Sundance Apartments) is a 24-unit senior property in Sedgwick, Kansas. Due to insufficient rental rates and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and its affiliated management company to monitor and improve operations. The operating general partner continues to advance funds and accrue management fees to fund the deficit. The operating deficit guarantee remains in place through the end of the tax credit compliance period. The low income housing tax credit compliance period expires on December 31, 2016.

Oakland Partnership (Oakland Apartments) is a 46-unit family property in Oakdale, LA. The property continues to perform just below breakeven due to low occupancy. The investment general partner continues to work with the operating general partner and the management company to improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Western Gardens Partnership (Western Gardens Apartments) is a 48-unit family property in Dequincey, LA. The property continues to perform below breakeven due to high operating expenses. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Arbors at Ironwood II LP (Arbors at Ironwood Apartments II) is a 40-unit family property in Mishawaka, IN. The property began operating below breakeven in 2012 due to increased operating expenses. High maintenance expenses have been an issue due to the age of the property. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs and improve operations. The operating general partner’s operating deficit guarantee has expired. The mortgage, property taxes, and insurance are current as of December 31, 2014. The 15-year low income housing tax credit compliance period with respect to Arbors at Ironwood II, L.P. expires on December 31, 2016.

Capitol Five Limited Partnership (Mason’s Points Apartments) is a 41-unit family property in Hopkinsville, Kentucky. Due to low occupancy and increased operating expenses, the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Capitol Five Limited Partnership expires on December 31, 2016.

(Series 41) As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

103

For the tax years ended December 31, 2014 and 2013, the series, in total, generated $(400,579) and $(952,620), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 and $0.02, respectively, in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 41 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For years ended March 31, 2015 and 2014, the net income (loss) of the series was $(246,035) and $(165,403), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village) is a 12-unit family property in Mt. Carroll, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mt. Carroll, LP expires on December 31,2016.

Rural Housing Partners of Mendota, LP (Northline Terrace) is a 24-unit family property in Mendota, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mendota, LP expires on December 31, 2016.

Rural Housing Partners of Franklin Grove, LP (Franklin Green) is a 12-unit family property in Franklin Grove, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Franklin Grove, LP expires on December 31, 2016.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) owns a 28-unit property located in Beckley, West Virginia. Through the first quarter of 2015, the property operated slightly below breakeven due to high operating expenses. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Cranberry Cove, LP expires on December 31, 2016.

104

In July 2013, the investment general partner transferred its interests in Forest Glen Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,259,434 and cash proceeds to the investment partnerships of $107,333 and $53,667 for Series 20 and Series 41, respectively. Of the total proceeds received, $3,333 and $1,667 for Series 20 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $104,000 and $52,000 for Series 20 and Series 41, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $104,000 and $52,000 for Series 20 and Series 41, respectively, as of September 30, 2013.

Red Hill Apartments I Partnership (Red Hill Apartments I) is a 32-unit family property in Farmerville, LA. Due to high operating expenses, property manager turnover, and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Red Hill Apartments I Partnership, A L.P. expires on December 31, 2015.

(Series 42). As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $(429,225) and $(794,476), respectively, in passive tax income (losses) that were passed through to the investors, and and also provided $0.07 and $0.18, respectively, in tax credits per BAC to the investors.

As of March 31, 2015 and 2014 Investments in Operating Partnerships for Series 42 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014 the net income (loss) of the series was $(56,734) and $(578,220), respectively. The major components of these amounts are the Fund's share of loss from Operating Partnerships, the fund management fee and impairment losses.

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and  cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively.  Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale.  Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively will be paid to BCAMLP for expenses related to the sale, which include third party legal costs.  The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, respectively, were returned to cash reserves.  The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership’s cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves.

105

Wingfield Apartments Partnership II, LP (Wingfield Apartments II) is a 42-unit elderly property in Kinder, LA. The property continues to perform below breakeven due to high operating expenses and low occupancy. The investment general partner will work with the operating general partner and the management company to increase occupancy and reduce operating costs. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2016.

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) owns a 56-unit property located in Charleston, West Virginia. First quarter financials were not provided by the operating general partner; however, the physical occupancy at the property was 95% as of March 31, 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Lynnelle Landing Limited Partnership expires on December 31, 2017.

Natchez Place Apartments II, LP (Natchez Place Apartments) is a 32-unit property located in Natchez, Louisiana. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs and improve occupancy. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Natchez Place Apartments II, LP expires on December 31, 2016.

(Series 43) As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties as of March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $211,222 and $(1,202,969), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.10 and $0.49, respectively, in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 43 was $0 and $178,330, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

106

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(634,723) and $(1,582,420), respectively. The major components of these amounts are the Fund's share of loss from Operating Partnerships, the fund management fee, impairment loss, and amortization of acquisition costs.

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, Mississippi. The property continues to operate below breakeven as well as under-funding the replacement reserve account due to low rental rates. The investment limited partner will continue to work with the operating general partner to improve operations. The mortgage, real estate taxes, insurance, and account payables are all current. The operating deficit guarantee expired in December 2014. The low income housing tax credit compliance period expires on December 31, 2017.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located approximately 30 miles northeast of Atlanta, in Lawrenceville, GA. Alexander Mills has operated below breakeven every year since 2005 as a result of lower than projected rents and economic occupancy. The first mortgage loan matures on September 1, 2015. The investment general partner continues to work with the operating general partner on improving operations. Due to the improving economy in 2014 and the first quarter of 2015 in the Atlanta metro area, the resulting positive impact on Alexander Mills’ operations, and the low interest rate environment in the first quarter of 2015, the investment general partner now believes there is a good probability that the first mortgage loan will be able to be refinanced late in the second or early third quarter of 2015 before the loan matures without new capital being required to pay for the costs of the refinancing or to bridge a refinancing gap. Note that the operating general partner initiated the loan application for the refinancing in the first quarter of 2015. The operating deficit guaranty expired at the end of June 2008 and the compliance period ends on December 21, 2017. If the subject refinancing does not occur, the investment general partner and the operating general partner do not believe the existing lender will extend the maturity date of the current mortgage loan resulting in a default in the third quarter of 2015 and an expeditious foreclosure action by the loan servicer. If foreclosure and resulting recapture occurs in 2015, the operating partnership would have no remaining future tax credits to lose; however, it would incur recapture and interest penalty costs of $644,248, equivalent to approximately $177 per 1,000 BACs.

Bohannon Place, Limited (Bohannon Place Apartments) is a 12-unit family property in Bowling Green, KY. Due to a bed bug issue that caused low occupancy and increased maintenance expense in 2012 and 2013, the property operated below breakeven. Sustained 100% occupancy levels in 2014 resulted in the property operating above breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee expired on July 31, 2014. The 15-year low income housing tax credit compliance period with respect to Bohannon Place, LP expires on December 31, 2017.

Parkside Plaza LP, (Parkside Apartments) consists of 35 family units located in Harlem, New York. The property operated below breakeven in 2014 due to high maintenance expenses. The investment limited partner will continue to work with Winn Management and the operating general partner to improve operations. The operating general partner’s operating deficit guarantee expired in June 2007. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

107

(Series 44) As of March 31, 2015 and 2014, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $(1,150,739) and $(2,531,177), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.24 and $0.67, respectively, in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 44 was $0. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(359,371) and $(2,529,532), respectively. The major components of these amounts are the Fund's share of loss from Operating Partnerships, the fund management fee, impairment losses and amortization of acquisition costs.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the “Servicer”). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $27,710, and incurred recapture and interest penalty costs of $59,646, equivalent to approximately $10 and $22 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

108

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located approximately 30 miles northeast of Atlanta, in Lawrenceville, GA. Alexander Mills has operated below breakeven every year since 2005 as a result of lower than projected rents and economic occupancy. The first mortgage loan matures on September 1, 2015. The investment general partner continues to work with the operating general partner on improving operations. Due to the improving economy in 2014 and the first quarter of 2015 in the Atlanta metro area, the resulting positive impact on Alexander Mills’ operations, and the low interest rate environment in the first quarter of 2015, the investment general partner now believes there is a good probability that the first mortgage loan will be able to be refinanced late in the second or early third quarter of 2015 before the loan matures without new capital being required to pay for the costs of the refinancing or to bridge a refinancing gap. Note that the operating general partner initiated the loan application for the refinancing in the first quarter of 2015. The operating deficit guaranty expired at the end of June 2008 and the compliance period ends on December 21, 2017. If the subject refinancing does not occur, the investment general partner and the operating general partner do not believe the existing lender will extend the maturity date of the current mortgage loan resulting in a default in the third quarter of 2015 and an expeditious foreclosure action by the loan servicer. If foreclosure and resulting recapture occurs in 2015, the operating partnership would have no remaining future tax credits to lose; however, it would incur recapture and interest penalty costs of $787,439, equivalent to approximately $291 per 1,000 BACs.

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. In September 2013, the court-appointed receiver for the Operating Partnership entered into an agreement to sell the property to a third-party buyer for $1,173,000; the sale transaction closed on November 26, 2013. After payment of the outstanding real estate taxes, the remaining proceeds of $210,000 were paid to the first mortgage lender. There were no cash proceeds to the investment partnership. The buyer agreed to operate the property in accordance with the land use and regulatory agreement as well as Section 42 of the Tax Code; therefore, resulting in no tax credit recapture or interest penalties for the investment limited partner stemming from the sale. The investment limited partners will; however, lose federal tax credits in 2013 and 2014 totaling $30,660 and $131,253, respectively, in addition to the recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Despite the sale of the property, the low income housing tax credit compliance period for the tax credits received remains unchanged and will expire on December 31, 2018.

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family house development located in West Memphis, AR. Due to low occupancy, deferred maintenance, high operating expenses and high debt service, the partnership operates below breakeven. The operating general partner, whose operating deficit guarantee has expired, provides limited oversight of property operations. For the most part, it is the third party property management company and the investment general partner who are directing property operations. Beginning in the fourth quarter of 2013 and continuing through March 31, 2015, the investment limited partner has advanced $119,754 from fund reserves to Families First II to finance operating deficits. The 15-year low income housing tax credit compliance period for Families First II expires on December 31, 2018.

109

(Series 45) As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 28 properties as of March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $18,124 and $(1,460,815), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.01 and $0.74, respectively, in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 45 was $838,105 and $2,004,492, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(1,442,530) and $(3,485,593), respectively. The major components of these amounts are the Fund's share of loss from Operating Partnerships, the fund management fee, and impairment losses.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the “First Settlement Agreement”) with the lender resulting in a new mortgage note (the “New Note”) being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the “Second Settlement Agreement”) with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a “confession judgment” issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner.

110

From inception through December 31, 2014, the operating general partner has provided operating deficit advances to Baldwin Villas totaling $1,324,340. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the first quarter of 2015, this sales program had not commenced. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $11,329 is equivalent to recapture and interest of $3 per 1,000 BACs. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the “Servicer”). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $742,037, and incur recapture and interest penalty costs of $1,597,239, equivalent to approximately $185 and $398 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership’s investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

111

In November 2012, the investment general partners of Series 26, Series 32 and Series 45 transferred 50% of their respective interests in 200 East Avenue Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,118,291 and cash proceeds to the investment partnerships of $1,772, $1,449 and $5,442 for Series 26, Series 32 and Series 45, respectively. Of the total proceeds received $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $1,772, $1,449 and $442 were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The remaining 50% investment limited partner interests in the Operating Partnership was transferred in December 2013 for the assumption of approximately $4,118,291 of the remaining outstanding mortgage balance and cash proceeds of $4,191, $3,428 and $1,044 which were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,772, $1,449 and $442 for Series 26, Series 32 and Series 45, respectively, as of December 31, 2012. An additional gain on for the remaining 50% transfer of $4,191, $3,428 and $1,044 for Series 26, Series 32 and Series 45, respectively, was recorded as of December 31, 2013.

Farmington Associates I, L.P. (Orchard View Apartments) is a 40-unit family property in Farmington, MO. The property has low economic occupancy due to new competition in the immediate area. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. The property is operating at breakeven due to high vacancy, high utility expenses, and insufficient rental rates. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations in conjunction with The Virginia Housing Development Authority workout plan. The operating general partner’s has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

(Series 46) As of March 31, 2015 and 2014 the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties as of March 31, 2015, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2014 and 2013 the series, in total, generated $(1,422,698) and $(1,374,629), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.73 and $0.97, respectively, in tax credits per BAC to the investors.

As of March 31, 2015 and 2014, Investments in Operating Partnerships for Series 46 was $960,613 and $3,145,879, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

112

For the years ended March 31, 2015 and 2014, the net income (loss) of the series was $(2,374,424) and $(3,125,208), respectively. The major components of these amounts are the Fund's share of loss from Operating Partnerships, the fund management fee and impairment loss.

Agent Kensington LP (Kensington Heights Apartments) is a 126-unit senior property in Kansas City, MO.  Due to high operating expenses resulting from a bed bug issue that has been on and off since 2010, the property operated below breakeven in 2013 and 2014. Expenses have decreased in 2015, and the property is operating above breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. Although the operating deficit guarantee has expired, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Agent Kensington, LP expires on December 31, 2018.

Rosehill Place of Topeka, L.L.C. (Rosehill Apartments) owns a 48-unit senior apartment complex in Topeka, Kansas.  Due to burdensome debt service and elevated maintenance costs related to flooring work on an off-line unit the property operated below breakeven during the first quarter of 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee expired at the end of May 2008. The 15-year low income housing tax credit compliance period with respect to Rosehill Place of Topeka, LLC expires on December 31, 2018.

Deer Meadow Apartments, LP (Deer Meadow Apartments) is a 24-unit property in Tishomingo, OK. Due to fluctuating low occupancy and high operating expenses in 2014, the property operated below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee expired on January 1, 2009. The 15-year low income housing tax credit compliance period with respect to Deer Meadow Apartments, LP expires on December 31, 2018.

Jacksonville Square Ltd (Jacksonville Square Apartments) is a 44-unit family property in Jacksonville, TX. The property continues to perform below breakeven due to high operating expenses and low occupancy. The investment general partner continues to work with the operating general partner and the management company to reduce operating cost and increase occupancy. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property continues to perform just below breakeven due to low occupancy and high operating expenses. The investment general partner continues to work with the operating general partner and the management company to monitor and improve operations. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2015.

Off Balance Sheet Arrangements

None.

113

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund’s financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund’s investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

The main reason an impairment losses typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended March 31, 2015 and 2014. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment losses has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

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. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors.  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 will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE. 

114

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Partnership invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations.  However, management does not consolidate the Partnership’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities.  The Partnership currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of 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 Partnership’s balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss.  The Partnership’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Partnership.

Recent Accounting Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

115

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not Applicable

Item 8. Financial Statements and Supplementary Data

The information required by this item is contained in Part IV, Item 15 of this Annual Report on Form 10-K.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None

Item 9A. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, the Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15, with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund’s Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the disclosure controls and procedures with respect to each series individually, as well as the Fund as a whole, were adequate and effective in timely alerting them to material information relating to any series or the Fund as a whole required to be included in the Fund’s periodic SEC filings.

(b) Management's Annual Report on Internal Control over Financial Reporting

Management of the Fund is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) of each series individually, as well as the Fund as a whole. The Fund’s internal control system over financial reporting is designed to provide reasonable assurance to the Fund’s management regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Due to inherent limitations, an internal control system over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

116

The Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates IV LLC, assessed the effectiveness of the internal controls and procedures over financial reporting with respect to each series individually, as well as the Fund as a whole, as of March 31, 2015. In making this assessment, the Fund's management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework. Based on this assessment, management believes that, as of March 31, 2015, its internal control over financial reporting with respect to each series individually, as well as the Fund as a whole was effective.

(c) Changes in Internal Controls

There were no changes in the Fund management's internal control over financial reporting that occurred during the quarter ended March 31, 2015 that materially affected, or are reasonably likely to materially affect, the Fund management's internal control over financial reporting.

Item 9B. Other Information

Not Applicable

117

PART III

Item 10. Directors, Executive Officers and Corporate Governance of the Fund

(a), (b), (c), (d) and (e)

The Fund has no directors or executives officers of its own. The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston Capital")) with principal responsibility for the Partnership's affairs.

John P. Manning, age 66, is co-founder, and since 1974 has been the President and Chief Executive Officer, of Boston Capital Corporation. As co-founder and CEO of Boston Capital, Mr. Manning’s primary responsibilities include strategic planning, business development and the continued oversight of newopportunities.In addition to his responsibilities at Boston Capital Corporation, Mr. Manning is a proactive leader in the multifamily real estate industry. He served in 1990 as a member of the Mitchell-Danforth Task Force, which reviewed and suggested reforms to the Low Income Housing Tax Credit program. He was the founding President of the Affordable Housing Tax Credit Coalition and is a former member of the board of the National Leased Housing Association. During the 1980s, he served as a member of the Massachusetts Housing Policy Committee as an appointee of the Governor of Massachusetts. In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee on the critical role of the private sector in the success of the Low Income Housing Tax Credit. In 1996, President Clinton appointed him to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton appointed Mr. Manning to the President’s Export Council, the premiere committee comprised of major corporate CEOs that advise the President on matters of foreign trade and commerce. In 2003, he was appointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing. Mr. Manning sits on the Board of Directors of the John F. Kennedy Presidential Library in Boston where he serves as Chairman of the Distinguished Visitors Program. He is also on the Board of Directors of the Beth Israel Deaconess Medical Center in Boston. Mr. Manning is a graduate of Boston College.

Mr. Manning is the managing member of Boston Associates. Mr. Manning is also the principal of Boston Capital Corporation. While Boston Capital is not a direct subsidiary of Boston Capital Corporation, each of the entities is under the common control of Mr. Manning.

Jeffrey H. Goldstein, age 53, is Chief Operating Officer and has been the Director of Real Estate of Boston Capital Corporation since 1996. He directs Boston Capital Corporation’s comprehensive real estate services, which include all aspects of origination, underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsible for the financial and operational areas of Boston Capital Corporation and assists in the design and implementation of business development and strategic planning objectives. Mr. Goldstein previously served as the Director of the Asset Management division as well as the head of the dispositions and troubled assets group. Utilizing his 16 years experience in the real estate syndication and development industry, Mr. Goldstein has been instrumental in the diversification and expansion of Boston Capital Corporation’s businesses. Prior to joining Boston Capital Corporation in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where he was responsible for placing debt on all new construction projects and debt structure for existing apartment properties. Prior to that, he served as Manager for Homeowner Financial Services, a financial consulting firm for residential and commercial properties, and worked as an analyst responsible for budgeting and forecasting for the New York City Council Finance Division. He graduated from the University of Colorado and received his MBA from Northeastern University.

118

Kevin P. Costello, age 68, is Executive Vice President and has been the Director of Institutional Investing of Boston Capital Corporation since 1992 and serves on the firm’s Executive Committee. He is responsible for all corporate investment activity and has spent over 20 years in the real estate syndication and investment business. Mr. Costello’s prior responsibilities at Boston Capital Corporation have involved the management of the Acquisitions Department and the structuring and distribution of conventional and tax credit private placements. Prior to joining Boston Capital Corporation in 1987, he held positions with First Winthrop, Reynolds Securities and Bache & Company. Mr. Costello graduated from Stonehill College and received his MBA with honors from Rutgers’ Graduate School of Business Administration.

Marc N. Teal, age 51, has been Chief Financial Officer of Boston Capital Corporation since May2003. Mr. Teal previously served as Senior Vice President and Director of Accounting and prior to that served as Vice President of Partnership Accounting. He has been with Boston Capital Corporation since 1990. In his current role as CFO he oversees all of the accounting, financial reporting, SEC reporting, budgeting, audit, tax and compliance for Boston Capital Corporation, its affiliated entities and all Boston Capital Corporation sponsored programs. Additionally, Mr. Teal is responsible for maintaining all banking and borrowing relationships of Boston Capital Corporation and treasury management of all working capital reserves. He also oversees Boston Capital Corporation’s information and technology areas, including the strategic planning for Boston Capital Corporation and its affiliaties. Prior to joining Boston Capital in 1990, Mr. Teal was a Senior Accountant for Cabot, Cabot & Forbes, a multifaceted real estate company, and prior to that was a Senior Accountant for Liberty Real Estate Corp. He received a Bachelor of Science Accountancy from Bentley College and a Masters in Finance from Suffolk University.

(f) Involvement in certain legal proceedings.

None.

(g) Promoters and control persons.

None.

(h) and (i) The Fund has no directors or executive officers and accordingly has no audit committee and no audit committee financial expert. The Fund is not a listed issuer as defined in Regulation 10A-3 promulgated under the Securities Exchange Act of 1934.

The general partner of the Fund, Boston Capital Associates IV LP, has adopted a Code of Ethics which applies to the Principal Executive Officer and Principal Financial Officer of C&M Management, Inc. The Code of Ethics will be provided without charge to any person who requests it. Such request should be directed to, Marc N. Teal, Boston Capital Corp., One Boston Place, Boston, MA 02108.

119

Item 11. Executive Compensation

(a), (b), (c), (d) and (e)

The Fund has no officers or directors and no compensation committee. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the general partner and its affiliates for the following fees during the 2015 fiscal year:

1.     An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the Operating Partnerships, less the amount of reporting fees received, has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fees charged to operations for the year ended March 31, 2015 was $3,348,748.

2.    The Fund has reimbursed or accrued as a payable to an affiliate of the general partner a total of $306,602 for amounts charged to operations during the year ended March 31, 2015. The reimbursement is for items like postage, printing, travel, and overhead allocations.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters

(a) Security ownership of certain beneficial owners.

As of March 31, 2015, 83,651,080 BACs had been issued. The following Series are known to have an investor, Everest Housing, 199 South Los Robles Ave. Suite 200, Pasadena, CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.

Series 21	6.11%
Series 22	8.66%
Series 23	6.73%
Series 26	8.57%
Series 27	9.24%
Series 28	6.28%
Series 32	5.91%
Series 41	9.68%
Series 42	6.82%
Series 43	7.35%
Series 44	7.33%
Series 45	5.27%
Series 46	7.08%

As of March 31, 2015, 83,651,080 BACs had been issued. The following Series are known to have an investor, Summit Venture, P.O. Box 47638, Phoenix, AZ 85068, with holdings in excess of 5% of the total outstanding BACs in the series.

Series 20	6.44%
Series 25	6.89%

120

As of March 31, 2015, 83,651,080 BACs had been issued. The following Series are known to have an investor, David Lesser, 199 S Los Robles Ave Suite 200, Pasadena CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.

Series 33	6.81%
Series 34	7.75%
Series 35	6.64%
Series 36	5.40%
Series 37	7.35%
Series 38	7.79%
Series 39	7.42%
Series 40	5.31%

(b) Security ownership of management.

The general partner has a 1% interest in all profits, losses, credits and distributions of the Fund.

(c) Changes in control.

There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. There is a provision in the Fund’s Partnership Agreement which allows, under certain circumstances, the ability to change control.

The Fund has no compensation plans under which interests in the Fund are authorized for issuance.

Item 13. Certain Relationships and Related Transactions, and Director Independence

(a) Transactions with related persons

The Fund has no officers or directors. However, under the terms of the Prospectus, various kinds of compensation and fees are payable to the general partner and its affiliates during the organization and operation of the Fund. Additionally, the general partner will receive distributions from the Fund if there is cash available for distribution or residual proceeds as defined in the Fund Agreement. See Note B of Notes to Financial Statements in Item 15 of this Annual Report on Form 10-K for amounts accrued or paid to the general partner and its affiliates for the period April 1, 1995 through March 31, 2015.

(b) Review, Approval or Ratification of transactions with related persons.

The Fund’s response to Item 13(a) is incorporated herein by reference.

(c) Promoters and certain control persons.

Not applicable.

(d) Independence.

The Fund has no directors.

121

Item 14.	Principal Accountant Fees and Services
	Fees paid to the Fund’s independent auditors for fiscal year 2015 were comprised of the following:

Fee Type	Ser. 20		Ser. 21		Ser. 22		Ser. 23		Ser. 24
Audit Fees	$	13,149	$	9,599	$	12,174	$	11,424	$	15,674
Audit Related Fees		-		-		-		-		-
Tax Fees		5,020		3,970		5,020		5,020		5,440
All Other Fees		1,553		788		1,100		1,428		879
Total	$	19,722	$	14,357	$	18,294	$	17,872	$	21,993

Fee Type	Ser. 25		Ser. 26		Ser. 27		Ser. 28		Ser. 29
Audit Fees	$	10,399	$	23,449	$	13,949	$	16,174	$	17,724
Audit Related Fees		-		-		-		-		-
Tax Fees		4,390		9,640		5,440		7,120		7,120
All Other Fees		1,184		1,555		895		1,377		1,504
Total	$	15,973	$	34,644	$	20,284	$	24,671	$	26,348

Fee Type	Ser. 30		Ser. 31		Ser. 32		Ser. 33		Ser. 34
Audit Fees	$	13,424	$	18,749	$	13,599	$	10,224	$	12,799
Audit Related Fees		-		-		-		-		-
Tax Fees		6,070		7,960		5,860		4,390		4,810
All Other Fees		906		1,395		1,524		833		1,145
Total	$	20,400	$	28,104	$	20,983	$	15,447	$	18,754

122

Item 14.	Principal Accountant Fees and Services - continued
	Fees paid to the Fund’s independent auditors for fiscal year 2015 were comprised of the following:

Fee Type	Ser. 35		Ser. 36		Ser. 37		Ser. 38		Ser. 39
Audit Fees	$	11,024	$	10,624	$	9,824	$	11,024	$	10,624
Audit Related Fees		-		-		-		-		-
Tax Fees		4,810		4,810		4,180		4,810		4,600
All Other Fees		1,130		689		760		792		667
Total	$	16,964	$	16,123	$	14,764	$	16,626	$	15,891

Fee Type	Ser. 40		Ser. 41		Ser. 42		Ser. 43		Ser. 44
Audit Fees	$	13,424	$	15,599	$	15,424	$	16,224	$	12,174
Audit Related Fees		-		-		1,750		3,500		1,400
Tax Fees		6,070		6,910		7,120		7,540		5,230
All Other Fees		742		915		815		1,111		867
Total	$	20,236	$	23,424	$	25,109	$	28,375	$	19,671

Fee Type	Ser. 45		Ser. 46
Audit Fees	$	20,174	$	13,024
Audit Related Fees		9,100		5,250
Tax Fees		9,010		5,860
All Other Fees		1,231		960
Total	$	39,515	$	25,094

123

Item 14.	Principal Accountant Fees and Services - continued
	Fees paid to the Fund’s independent auditors for fiscal year 2014 were comprised of the following:

Fee Type	Ser. 20		Ser. 21		Ser. 22		Ser. 23		Ser. 24
Audit Fees	$	12,072	$	9,672	$	20,772	$	14,922	$	16,672
Audit Related Fees		-		-		-		-		-
Tax Fees		5,305		4,075		6,740		5,715		6,330
All Other Fees		-		-		-		-		-
Total	$	17,377	$	13,747	$	27,512	$	20,637	$	23,002

Fee Type	Ser. 25		Ser. 26		Ser. 27		Ser. 28		Ser. 29
Audit Fees	$	14,422	$	29,472	$	14,372	$	18,522	$	15,122
Audit Related Fees		-		-		-		-		-
Tax Fees		4,895		10,840		5,715		7,970		6,945
All Other Fees		-		-		-		-		-
Total	$	19,317	$	40,312	$	20,087	$	26,492	$	22,067

Fee Type	Ser. 30		Ser. 31		Ser. 32		Ser. 33		Ser. 34
Audit Fees	$	14,622	$	17,672	$	13,272	$	10,322	$	12,872
Audit Related Fees		-		-		-		-		-
Tax Fees		6,125		7,970		5,715		4,280		5,510
All Other Fees		-		-		-		-		-
Total	$	20,747	$	25,642	$	18,987	$	14,602	$	18,382

124

Item 14.	Principal Accountant Fees and Services - continued
	Fees paid to the Fund’s independent auditors for fiscal year 2014 were comprised of the following:

Fee Type	Ser. 35		Ser. 36		Ser. 37		Ser. 38		Ser. 39
Audit Fees	$	11,672	$	12,222	$	9,522	$	10,722	$	9,922
Audit Related Fees		-		-		-		-		650
Tax Fees		4,895		4,895		4,075		4,690		4,485
All Other Fees		-		-		-		-		-
Total	$	16,567	$	17,117	$	13,597	$	15,412	$	15,057

Fee Type	Ser. 40		Ser. 41		Ser. 42		Ser. 43		Ser. 44
Audit Fees	$	13,122	$	14,722	$	16,072	$	15,922	$	10,722
Audit Related Fees		2,600		4,875		3,900		5,850		1,950
Tax Fees		5,920		6,740		7,150		7,355		5,100
All Other Fees		-		-		-		-		750
Total	$	21,642	$	26,337	$	27,122	$	29,127	$	18,522

Fee Type	Ser. 45		Ser. 46
Audit Fees	$	19,273	$	12,727
Audit Related Fees		8,775		4,875
Tax Fees		8,790		5,715
All Other Fees		-		-
Total	$	36,838	$	23,317

Audit Committee

The Fund has no Audit Committee. All audit services and any permitted non-audit services performed by the Fund’s independent auditors are pre-approved by C&M Management, Inc.

125

PART IV

Item 15.	Exhibits and Financial Statement Schedules
(a) 1 & 2	Financial Statements and Financial Statement Schedules; Filed herein as Exhibit 13
	Boston Capital Tax Credit IV L.P.; filed herein as Exhibit 13

Report of Independent Registered Public Accounting Firm

Balance Sheets, March 31, 2015 and 2014

Statements of Operations for the years ended March 31, 2015 and 2014

Statements of Changes in Partners' Capital (Deficit) for the years ended March 31, 2015 and 2014

Statements of Cash Flows for the years ended March 31, 2015 and 2014

Notes to Financial Statements, March 31, 2015 and 2014

	Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.
(b) 1	Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)

Exhibit No. 3 - Organization Documents.

a. Certificate of Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporated by reference from Exhibit 3 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993).

Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.

a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporated by reference from Exhibit 4 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993).

Exhibit No. 10 - Material contracts.

a. Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993).

Exhibit No. 13 - Financial Statements.

a. Financial Statement of Boston Capital Tax Credit Fund IV L.P.; Filed herein

126

Exhibit No. 28 - Additional exhibits.

a. Agreement of Limited Partnership of Better Homes for Havelock Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).

b. Agreement of Limited Partnership of Cynthiana Properties Limited (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).

c. Agreement of Limited Partnership of North Hampton Place Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 13, 1995).

d. Agreement of Limited Partnership of Brook Summitt Apartments, LP (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 29, 1996).

e. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

f. Agreement of Limited Partnership of Smith House II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

g. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 11, 1997).

h. Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 14, 1997).

i. Agreement of Limited Partnership of 352 Lenox Associates, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

j. Agreement of Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

127

k. Agreement of Limited Partnership of Hurricane Hills, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

l. Agreement of Limited Partnership of Main Everett Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

m. Agreement of Limited Partnership of Mokapoke Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

n. Agreement of Limited Partnership of Autumn Ridge L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

o. Agreement of Limited Partnership of Century East Apartments II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

p. Agreement of Limited Partnership of Coolidge-Pinal II Associates (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

q. Agreement of Limited Partnership of Dublin Housing Associates Phase II (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

r. Agreement of Limited Partnership of East Park Apartments II Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

s. Agreement of Limited Partnership of Edenfield Place Apartments, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

t. Agreement of Limited Partnership of Ethel Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

u. Agreement of Limited Partnership of Los Lunas Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

v. Agreement of Limited Partnership of New Devonshire West, Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

128

w. Agreement of Limited Partnership of Northfield Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

x. Agreement of Limited Partnership of Ohio Investors Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

y. Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

z. Agreement of Limited Partnership of Overton Associates Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

aa. Agreement of Limited Partnership of Pahrump Valley Investors (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

ab. Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

ac. Agreement of Limited Partnership of Shannon Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

ad. Agreement of Limited Partnership of Sutton Place Apartments (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

ae. Agreement of Limited Partnership of West Point Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

af. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

ag. Agreement of Limited Partnership of Laurelwood Park Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

ah. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

129

ai. Agreement of Limited Partnership of Roxbury Housing Veterans Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

aj. Agreement of Limited Partnership of Elm Street Associates, L.P. (Incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 7, 1997.)

ak. Agreement of Limited Partnership of Brookhaven Apartments Partnership (Incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on May 21, 1997.)

al. Agreement of Limited Partnership of Maple Limited Partnership (Incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 16, 1997.)

am. Agreement of Limited Partnership of Byam Limited Partnership (Incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

an. Agreement of Limited Partnership of Harbor Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

ao. Agreement of Limited Partnership of Bradley Phase II Limited Partnership (Incorporated by Reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

ap. Agreement of Limited Partnership of Butler Street/Hanover Towers Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

aq. Agreement of Limited Partnership of Bradley Phase I Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

ar. Agreement of Limited Partnership of 1374 Boston Road Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 5, 1997.)

as. Agreement of Limited Partnership of Centenary Housing Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 5, 1997.)

at. Agreement of Limited Partnership of Lake Apartments II Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 5, 1997.)

130

au. Agreement of Limited Partnership of AHAB Project One, LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 8, 1997.)

av. Agreement of Limited Partnership of Grandview Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 23, 1998.)

aw. Agreement of Limited Partnership of Angelou Associates, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 23, 1998.)

ax. Agreement of Limited Partnership of Country Edge Apartments I Limited Partnership(Incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 24, 1998.)

ay. Agreement of Limited Partnership of Sumner House Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 27, 1998.)

az. Agreement of Limited Partnership of Magnolia Place Apartments Partnerships (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.)

ba. Agreement of Limited Partnership of Edgewood Apartments Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.)

bb. Agreement of Limited Partnership of Harrisonville Heights L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.)

bc. Agreement of Limited Partnership of Neighborhood Restorations Limited Partnership VII (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.)

bd. Agreement of Limited Partnership of Escher SRO Project, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on May 1, 1998.)

be. Agreement of Limited Partnership of Silver Creek/MHT Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on June 30, 1999.)

bf. Agreement of Limited Partnership of Meridian Housing Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on June 30, 1999.)

131

bg. Agreement of Limited Partnership of Southaven Partners I, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange on July 27, 1999.)

bh. Agreement of Limited Partnership of Athens Partners, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 27, 1999.)

bi. Agreement of Limited Partnership of Pearl Partners, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on November 30, 1999.)

bj. Agreement of Limited Partnership of Harbor Pointe/MHT Limited Dividend Housing Association Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on December 28, 1999.)

bk. Agreement of Limited Partnership of Level Creek Partners, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on December 29, 1999.)

bl. Agreement of Limited Partnership of Lake City Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on February 3, 2000.)

bm. Agreement of Limited Partnership of Pine Ridge Apartments Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange on on February 9, 2000.)

bn. Agreement of Limited Partnership of Pecan Manor Apartments Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on February 10, 2000.)

bo. Agreement of Limited Partnership of Pyramid Four Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on February 16, 2000.)

bp. Agreement of Limited Partnership of Lombard Partners, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 26, 2000.)

bq. Agreement of Limited Partnership of Belmont Affordable Housing II LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on September 29, 2000.)

br. Agreement of Limited Partnership of Jackson Bond LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on September 29, 2000.)

132

bs. Agreement of Limited Partnership of Fort Bend NHC, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on September 29, 2000.)

bt. Agreement of Limited Partnership of Breezewood II, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on October 30, 2002.)

bu. Agreement of Limited Partnership of Wingfield Apartments II L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on November 12, 2002.)

bv. Agreement of Limited Partnership of Natchez Place Apartments L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on November 13, 2002.)

bw. Agreement of Limited Partnership of Rural Housing Partners of Mendota LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on December 30, 2002.)

bx. Agreement of Limited Partnership of Springfield Metro (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

by. Agreement of Limited Partnership of Rural Housing Partners of Mt. Carroll LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

bz. Agreement of Limited Partnership of Meadowside Associates (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

ca. Agreement of Limited Partnership of Los Lunas Apts. LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

cb. Agreement of Limited Partnership of Edna Vanderbilt (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

cc. Agreement of Limited Partnership of Hawthorne Assoc. LP (Incorporated by reference from registrants current report on form 8-K as filed Eith the Securities and Exchange Commission on January 21, 2003.)

cd. Agreement of Limited Partnership of Rural Housing Partners of Franklin Grove LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

133

ce. Agreement of Limited Partnership of Rural Housing Partners of Fulton LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

cf. Agreement of Limited Partnership of Heritage Two LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

cg. Agreement of Limited Partnership of Parkhurst Place (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

ch. Agreement of Limited Partnership of Hattiesburg Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

ci. Agreement of Limited Partnership of 1374 Boston Road LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cj. Agreement of Limited Partnership of 200 East Avenue Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

ck. Agreement of Limited Partnership of Casa Rosa Apartments (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cl. Agreement of Limited Partnership of Lake Apartments II LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cm. Agreement of Limited Partnership of Northrock Housing Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cn. Agreement of Limited Partnership of AHAB Project One LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

co. Agreement of Limited Partnership of Randolph Village Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cp. Agreement of Limited Partnership of Sr. Suites Chicago Austin LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

134

cq. Agreement of Limited Partnership of Clubview Partners LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cr. Agreement of Limited Partnership of Edgewood Apartments Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cs. Agreement of Limited Partnership of Harbor Pointe/MHT LDHA LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

ct. Agreement of Limited Partnership of Lombard Partners LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cu. Agreement of Limited Partnership of Millwood Park LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cv. Agreement of Limited Partnership of Hillside Terrace Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cw. Agreement of Limited Partnership of San Angelo Bent Tree Apts. LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cx. Agreement of Limited Partnership of Montfort Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cy. Agreement of Limited Partnership of Summerdale Partners LP II (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cz. Agreement of Limited Partnership of Seagraves Apartments LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

da. Agreement of Limited Partnership of FFLM Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

db. Agreement of Limited Partnership of COGIC Village LDHA LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

135

dc. Agreement of Limited Partnership of FFLM Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dd. Agreement of Limited Partnership of FFLM Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

de. Agreement of Limited Partnership of Pyramid Four Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

df. Agreement of Limited Partnership of 200 East Avenue Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dg. Agreement of Limited Partnership of Parkside Plaza LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dh. Agreement of Limited Partnership of Granada Rose LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

di. Agreement of Limited Partnership of Northrock Housing Assoc. LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dj. Agreement of Limited Partnership of Southaven Partners I LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dk. Agreement of Limited Partnership of Howard Park Ltd (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dl. Agreement of Limited Partnership of Washington Courtyards LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dm. Agreement of Limited Partnership of Highway Partners 18 LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dn. Agreement of Limited Partnership of Wedgewood Park LP (Incorporated by reference from registrants current report on form 8-K as filed filed with the Securities and Exchange Commission on March 31, 2003.)

do. Agreement of Limited Partnership of Washington Courtyards LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

136

dp. Agreement of Limited Partnership of Annadale Housing Partners (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dq. Agreement of Limited Partnership of Ashton Ridge LDHA LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dr. Agreement of Limited Partnership of FAH Silver Pond LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

ds. Agreement of Limited Partnership of Ashton Ridge LDHA LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dt. Agreement of Limited Partnership of Aldine Westfield Apts., LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

du. Agreement of Limited Partnership of Arbors at Eagle Crest LDHA LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dv. Agreement of Limited Partnership of KC Shalom Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dw. Agreement of Limited Partnership of Breeze Cove Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dx. Agreement of Limited Partnership of DS Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dy. Agreement of Limited Partnership of CC Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dz. Agreement of Limited Partnership of TS Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

ea. Agreement of Limited Partnership of Carpenter School I Elderly Apts. LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

eb. Agreement of Limited Partnership of Lyceum Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

137

ec. Agreement of Limited Partnership of New Shinnston I LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

ed. Agreement of Limited Partnership of Lyceum Housing Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2004.)

ee. Agreement of Limited Partnership of New Shinniston I Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2004.)

ef. Agreement of Limited Partnership of Gilbert Apartments Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.)

eg. Agreement of Limited Partnership of HS Housing Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.)

eh. Agreement of Limited Partnership of SM Housing Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.)

ei. Agreement of Limited Partnership of CT Housing Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.)

ej. Agreement of Limited Partnership of North Fort Aspen Plus Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26,2004.)

ek. Agreement of Limited Partnership of Strawberry Lake Apartments Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.)

el. Agreement of Limited Partnership of Byam Village Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 28, 2004.)

em. Agreement of Limited Partnership of Kiehl Partners Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 28, 2004.)

en. Agreement of Limited Partnership of Trinity Life Gardens Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 29,2004.)

138

eo. Agreement of Limited Partnership of Athens Partners, LP Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on May 3, 2004.)

ep. Agreement of Limited Partnership of San Diego/Fox Hollow Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on June 1, 2004.)

eq. Agreement of Limited Partnership of Elma Gardens of Grays Harbor Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 2, 2004.)

er. Agreement of Limited Partnership of Kimberly Danbury Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 2, 2004.)

es. Agreement of Limited Partnership of Tanglewood Village Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 4, 2004.)

et. Agreement of Limited Partnership of Portland Ocean East I Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 24, 2005.)

eu. Agreement of Limited Partnership of Clayton Station Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 24, 2005.)

ev. Agreement of Limited Partnership of Deer Meadows Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 24, 2005.)

139

Exhibit No. 31 Certification 302

a. Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein

b. Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein

Exhibit No. 32 Certification 906

a. Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein

b. Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein

Exhibit No. 101

The following materials from the Boston Capital Tax Credit Fund IV L.P. Annual Report on Form 10-K for the year ended March 31, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Changes in Partners' Capital (Deficit), (iv) the Statements of Cash Flows and (v) related notes, filed herein

140

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Boston Capital Tax Credit Fund IV L.P.
	By:	Boston Capital Associates IV L.P. General Partner
	By:	BCA Associates Limited Partnership General Partner
	By:	C&M Management, Inc. General Partner
Date: June 25, 2015		By:	/s/ John P. Manning
			John P. Manning

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:
June 25, 2015	/s/ John P. Manning	Director, President (Principal
	John P. Manning	Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
June 25, 2015	/s/ Marc N. Teal	Sr. Vice President,
	Marc N. Teal	Chief Financial Officer (Principal Accounting and Financial Officer) C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.

141

EX-13

Exhibit 13

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, 2015 AND 2014

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, 2015 and 2014, 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, 2015. 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, 2015 and 2014, 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, 2015, in conformity with accounting principles generally accepted in the United States of America.

/s/CohnReznick LLP

COHNREZNICK LLP

Bethesda, Maryland

June 25, 2015

F-3

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

March 31, 2015 and 2014

	Total
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,798,718		$	5,328,701
OTHER ASSETS
Cash and cash equivalents		23,720,352			12,797,054
Notes receivable		22,790			22,790
Deferred acquisition costs, net of accumulated amortization		-			200,376
Other assets		412,350			180,417
	$	25,954,210		$	18,529,338
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	182,339		$	160,120
Accounts payable - affiliates		52,101,042			50,042,235
Capital contributions payable		587,465			664,260
		52,870,846			50,866,615
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 issued and 83,569,146 and 83,626,246 outstanding at March 31, 2015 and 2014, respectively.		(19,481,250	)		(24,847,683	)
General partner		(7,435,386	)		(7,489,594	)
		(26,916,636	)		(32,337,277	)
	$	25,954,210		$	18,529,338

(continued)

F-4

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 20
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		310,195			204,785
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	310,195		$	204,785
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,504,687			1,488,111
Capital contributions payable		-			-
		1,504,687			1,488,111
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 issued and 3,857,700 and 3,864,700 outstanding at March 31, 2015 and 2014, respectively.		(874,295	)		(962,241	)
General partner		(320,197	)		(321,085	)
		(1,194,492	)		(1,283,326	)
	$	310,195		$	204,785

(continued)

F-5

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 21
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		127,394			116,749
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		3,000			3,000
	$	130,394		$	119,749
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	5,000		$	5,000
Accounts payable - affiliates		1,440,389			1,383,089
Capital contributions payable		-			-
		1,445,389			1,388,089
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, 2015 and 2014		-			-
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 1,888,200 outstanding at March 31, 2015 and 2014, respectively.		(1,139,894	)		(1,093,706	)
General partner		(175,101	)		(174,634	)
		(1,314,995	)		(1,268,340	)
	$	130,394		$	119,749

(continued)

F-6

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 22
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		117,048			98,564
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	117,048		$	98,564
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,809,752			2,892,033
Capital contributions payable		9,352			9,352
		2,819,104			2,901,385
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 issued and 2,560,800 and 2,561,400 outstanding at March 31, 2015 and 2014, respectively.		(2,455,952	)		(2,555,709	)
General partner		(246,104	)		(247,112	)
		(2,702,056	)		(2,802,821	)
	$	117,048		$	98,564

(continued)

F-7

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 23
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		205,359			118,542
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	205,359		$	118,542
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,206,713			2,549,950
Capital contributions payable		-			-
		2,206,713			2,549,950
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 issued and 3,333,227 and 3,336,227 outstanding at March 31, 2015 and 2014, respectively.		(1,696,494	)		(2,122,247	)
General partner		(304,860	)		(309,161	)
		(2,001,354	)		(2,431,408	)
	$	205,359		$	118,542

(continued)

F-8

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 24
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		1,005,871			890,715
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		80,040			-
	$	1,085,911		$	890,715
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	6,335		$	3,000
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		6,335			3,000
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 issued and 2,162,378 and 2,168,878 outstanding at March 31, 2015 and 2014, respectively.		1,254,077			1,064,135
General partner		(174,501	)		(176,420	)
		1,079,576			887,715
	$	1,085,911		$	890,715

(continued)

F-9

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 25
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		3,811,919			2,550,061
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		1,250			1,250
	$	3,813,169		$	2,551,311
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 issued and 3,024,509 and 3,025,609 outstanding at March 31, 2015 and 2014, respectively.		4,032,481			2,783,242
General partner		(219,312	)		(231,931	)
		3,813,169			2,551,311
	$	3,813,169		$	2,551,311

(continued)

F-10

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 26
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		3,013,320			2,510,330
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		69,000			-
	$	3,082,320		$	2,510,330
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	20,467		$	4,960
Accounts payable - affiliates		-			-
Capital contributions payable		-			1,293
		20,467			6,253
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 issued and 3,990,700 and 3,995,200 outstanding at March 31, 2015 and 2014 , respectively.		3,371,487			2,819,289
General partner		(309,634	)		(315,212	)
		3,061,853			2,504,077
	$	3,082,320		$	2,510,330

(continued)

F-11

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 27
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		1,051,663			1,049,687
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			6,500
	$	1,051,663		$	1,056,187
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		-			44,238
Capital contributions payable		-			10,020
		-			54,258
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 issued and 2,459,700 and 2,460,700 outstanding at March 31, 2015 and 2014 , respectively.		1,247,594			1,198,357
General partner		(195,931	)		(196,428	)
		1,051,663			1,001,929
	$	1,051,663		$	1,056,187

(continued)

F-12

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 28
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		5,774,634			515,862
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		1,250			2,817
	$	5,775,884		$	518,679
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	3,000		$	7,500
Accounts payable - affiliates		-			706,182
Capital contributions payable		-			40,968
		3,000			754,650
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 issued and 3,998,738 and 3,999,738 outstanding at March 31, 2015 and 2014, respectively.		6,058,903			110,137
General partner		(286,019	)		(346,108	)
		5,772,884			(235,971	)
	$	5,775,884		$	518,679

(continued)

F-13

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 29
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		501,274			224,155
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	501,274		$	224,155
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,500		$	-
Accounts payable - affiliates		3,814,638			3,583,859
Capital contributions payable		8,235			8,235
		3,824,373			3,592,094
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 issued and 3,989,500 and 3,991,300 outstanding at March 31, 2015 and 2014, respectively.		(2,951,221	)		(2,995,613	)
General partner		(371,878	)		(372,326	)
		(3,323,099	)		(3,367,939	)
	$	501,274		$	224,155

(continued)

F-14

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 30
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		322,775			253,948
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		51,500			500
	$	374,275		$	254,448
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,833,832			1,690,813
Capital contributions payable		105,139			127,396
		1,938,971			1,818,209
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 issued and 2,643,000 and 2,651,000 outstanding at March 31, 2015 and 2014, respectively.		(1,321,993	)		(1,321,067	)
General partner		(242,703	)		(242,694	)
		(1,564,696	)		(1,563,761	)
	$	374,275		$	254,448

(continued)

F-15

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 31
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		3,106,480			852,580
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		25,000			25,000
	$	3,131,480		$	877,580
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	2,257
Accounts payable - affiliates		2,902,513			3,212,781
Capital contributions payable		66,294			66,294
		2,968,807			3,281,332
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 issued and 4,409,757 and 4,415,757 outstanding at March 31, 2015 and 2014, respectively.		540,305			(2,000,456	)
General partner		(377,632	)		(403,296	)
		162,673			(2,403,752	)
	$	3,131,480		$	877,580

(continued)

F-16

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 32
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		354,807			310,949
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	354,807		$	310,949
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	993		$	-
Accounts payable - affiliates		3,280,553			3,085,965
Capital contributions payable		1,229			3,486
		3,282,775			3,089,451
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 issued and 4,748,198 and 4,751,198 outstanding at March 31, 2015 and 2014, respectively.		(2,492,325	)		(2,344,354	)
General partner		(435,643	)		(434,148	)
		(2,927,968	)		(2,778,502	)
	$	354,807		$	310,949

(continued)

F-17

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 33
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		281,704			194,920
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	281,704		$	194,920
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	4,053		$	3,403
Accounts payable - affiliates		2,060,048			1,941,386
Capital contributions payable		69,154			69,154
		2,133,255			2,013,943
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, 2015 and 2014		-			-
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, 2015 and 2014.		(1,607,256	)		(1,575,053	)
General partner		(244,295	)		(243,970	)
		(1,851,551	)		(1,819,023	)
	$	281,704		$	194,920

(continued)

F-18

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 34
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		838,027			299,036
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	838,027		$	299,036
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	5,802		$	3,000
Accounts payable - affiliates		4,077,757			3,900,829
Capital contributions payable		-			-
		4,083,559			3,903,829
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 issued and 3,523,219 and 3,528,319 outstanding at March 31, 2015 and 2014, respectively.		(2,912,687	)		(3,268,355	)
General partner		(332,845	)		(336,438	)
		(3,245,532	)		(3,604,793	)
	$	838,027		$	299,036

(continued)

F-19

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 35
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		231,626			278,190
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	231,626		$	278,190
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,500		$	-
Accounts payable - affiliates		2,405,390			2,257,174
Capital contributions payable		-			-
		2,406,890			2,257,174
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 issued and 3,295,763 and 3,298,763 outstanding at March 31, 2015 and 2014, respectively.		(1,871,486	)		(1,677,169	)
General partner		(303,778	)		(301,815	)
		(2,175,264	)		(1,978,984	)
	$	231,626		$	278,190

(continued)

F-20

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 36
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		430,583			448,179
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	430,583		$	448,179
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	131,000		$	131,000
Accounts payable - affiliates		1,190,777			1,108,351
Capital contributions payable		-			-
		1,321,777			1,239,351
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,838 issued and 2,102,504 and 2,104,504 outstanding at March 31, 2015 and 2014, respectively.		(703,619	)		(604,597	)
General partner		(187,575	)		(186,575	)
		(891,194	)		(791,172	)
	$	430,583		$	448,179

(continued)

F-21

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 37
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		345,467			305,167
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	345,467		$	305,167
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,024		$	-
Accounts payable - affiliates		2,344,087			2,147,147
Capital contributions payable		138,438			138,438
		2,483,549			2,285,585
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 at March 31, 2015 and 2014 issued and outstanding		(1,901,137	)		(1,745,050	)
General partner		(236,945	)		(235,368	)
		(2,138,082	)		(1,980,418	)
	$	345,467		$	305,167

(continued)

F-22

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 38
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		280,864			236,887
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	280,864		$	236,887
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,881,232			1,716,832
Capital contributions payable		-			-
		1,881,232			1,716,832
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 at March 31, 2015 and 2014 issued and outstanding		(1,366,080	)		(1,246,861	)
General partner		(234,288	)		(233,084	)
		(1,600,368	)		(1,479,945	)
	$	280,864		$	236,887

(continued)

F-23

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 39
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		166,118			144,094
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	166,118		$	144,094
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,681,984			1,547,899
Capital contributions payable		-			-
		1,681,984			1,547,899
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,151 issued and 2,291,151 and 2,292,151 outstanding at March 31, 2015 and 2014, respectively.		(1,304,265	)		(1,193,325	)
General partner		(211,601	)		(210,480	)
		(1,515,866	)		(1,403,805	)
	$	166,118		$	144,094

(continued)

F-24

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 40
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		97,731			96,711
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	97,731		$	96,711
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		3,039,139			2,828,348
Capital contributions payable		102			102
		3,039,241			2,828,450
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 issued and 2,628,756 and 2,630,256 outstanding at March 31, 2015 and 2014, respectively.		(2,687,151	)		(2,479,478	)
General partner		(254,359	)		(252,261	)
		(2,941,510	)		(2,731,739	)
	$	97,731		$	96,711

(continued)

F-25

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 41
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		158,957			167,428
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		1,218			1,218
	$	160,175		$	168,646
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		3,292,504			3,054,940
Capital contributions payable		100			100
		3,292,604			3,055,040
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 at March 31, 2015 and 2014 issued and outstanding		(2,851,936	)		(2,608,361	)
General partner		(280,493	)		(278,033	)
		(3,132,429	)		(2,886,394	)
	$	160,175		$	168,646

(continued)

F-26

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 42
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		420,023			266,762
Notes receivable		22,790			22,790
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		90,963			51,003
	$	533,776		$	340,555
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	1,665		$	-
Accounts payable - affiliates		2,319,763			2,071,473
Capital contributions payable		73,433			73,433
		2,394,861			2,144,906
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 at March 31, 2015 and 2014 issued and outstanding		(1,601,536	)		(1,545,369	)
General partner		(259,549	)		(258,982	)
		(1,861,085	)		(1,804,351	)
	$	533,776		$	340,555

(continued)

F-27

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 43
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	178,330
OTHER ASSETS
Cash and cash equivalents		354,147			303,384
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			200,376
Other assets		85,341			85,341
	$	439,488		$	767,431
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,855,008			2,548,228
Capital contributions payable		99,265			99,265
		2,954,273			2,647,493
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 at March 31, 2015 and 2014 issued and outstanding		(2,168,116	)		(1,539,740	)
General partner		(346,669	)		(340,322	)
		(2,514,785	)		(1,880,062	)
	$	439,488		$	767,431

(continued)

F-28

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 44
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		9,744			38,362
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	9,744		$	38,362
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,973,504			1,642,751
Capital contributions payable		-			-
		1,973,504			1,642,751
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,973 at March 31, 2015 and 2014 issued and outstanding		(1,706,674	)		(1,350,897	)
General partner		(257,086	)		(253,492	)
		(1,963,760	)		(1,604,389	)
	$	9,744		$	38,362

(continued)

F-29

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 45
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	838,105		$	2,004,492
OTHER ASSETS
Cash and cash equivalents		147,398			126,153
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	985,503		$	2,130,645
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,760,413			1,463,025
Capital contributions payable		16,724			16,724
		1,777,137			1,479,749
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 at March 31, 2015 and 2014 issued and outstanding		(430,056	)		998,049
General partner		(361,578	)		(347,153	)
		(791,634	)		650,896
	$	985,503		$	2,130,645

(continued)

F-30

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2015 and 2014

	Series 46
	2015			2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	960,613		$	3,145,879
OTHER ASSETS
Cash and cash equivalents		255,224			194,854
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		3,788			3,788
	$	1,219,625		$	3,344,521
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,426,359			1,176,831
Capital contributions payable		-			-
		1,426,359			1,176,831
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, 2015 and 2014		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 issued and 2,979,998 and 2,980,998 outstanding at March 31, 2015 and 2014, respectively.		58,076			2,408,756
General partner		(264,810	)		(241,066	)
		(206,734	)		2,167,690
	$	1,219,625		$	3,344,521

(see notes to financial statements)

F-31

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS

Years ended March 31, 2015 and 2014

	Total
	2015		2014
Income
Interest income	$	45,767	$	47,997
Miscellaneous		629,169		923,483
		674,936		971,480
Share of income (losses) from operating limited partnerships *		11,837,639		7,643,945
Expenses and loss
Fund management fee		3,348,748		4,069,465
Amortization		66,792		446,669
General and administrative expenses		456,119		644,311
Professional fees		626,646		649,668
Impairment loss		2,593,629		7,116,275
		7,091,934		12,926,388
NET INCOME (LOSS)	$	5,420,641	$	(4,310,963	)
Net income (loss) allocated to general partner	$	54,208	$	(43,109	)
Net income (loss) allocated to limited partners	$	5,366,433	$	(4,267,854	)
Net income (loss) per BAC	$	0.06	$	(0.05	)

* Includes $12,941,795 and $9,882,625, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 20
	2015			2014
Income
Interest income	$	492		$	701
Miscellaneous		64			689
		556			1,390
Share of income (losses) from operating limited partnerships *		70,580			722,000
Expenses and loss
Fund management fee		(56,541	)		77,349
Amortization		-			-
General and administrative expenses		19,121			21,816
Professional fees		19,722			17,834
Impairment loss		-			-
		(17,698	)		116,999
NET INCOME (LOSS)	$	88,834		$	606,391
Net income (loss) allocated to general partner	$	888		$	6,064
Net income (loss) allocated to limited partners	$	87,946		$	600,327
Net income (loss) per BAC	$	0.02		$	0.16

* Includes $70,580 and $722,000, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 21
	2015			2014
Income
Interest income	$	330		$	326
Miscellaneous		859			7,372
		1,189			7,698
Share of income (losses) from operating limited partnerships *		-			79,000
Expenses and loss
Fund management fee		20,249			55,254
Amortization		-			-
General and administrative expenses		13,238			14,201
Professional fees		14,357			14,174
Impairment loss		-			-
		47,844			83,629
NET INCOME (LOSS)	$	(46,655	)	$	3,069
Net income (loss) allocated to general partner	$	(467	)	$	31
Net income (loss) allocated to limited partners	$	(46,188	)	$	3,038
Net income (loss) per BAC	$	(0.02	)	$	-

* Includes $- and $79,000, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 22
	2015		2014
Income
Interest income	$	143	$	309
Miscellaneous		284		5,683
		427		5,992
Share of income (losses) from operating limited partnerships *		166,896		-
Expenses and loss
Fund management fee		32,524		59,070
Amortization		-		-
General and administrative expenses		15,740		17,461
Professional fees		18,294		27,939
Impairment loss		-		-
		66,558		104,470
NET INCOME (LOSS)	$	100,765	$	(98,478	)
Net income (loss) allocated to general partner	$	1,008	$	(985	)
Net income (loss) allocated to limited partners	$	99,757	$	(97,493	)
Net income (loss) per BAC	$	0.04	$	(0.04	)

* Includes $166,896 and $-, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 23
	2015			2014
Income
Interest income	$	194		$	265
Miscellaneous		7,590			-
		7,784			265
Share of income (losses) from operating limited partnerships *		426,346			-
Expenses and loss
Fund management fee		(32,141	)		84,219
Amortization		-			-
General and administrative expenses		18,345			20,445
Professional fees		17,872			21,064
Impairment loss		-			-
		4,076			125,728
NET INCOME (LOSS)	$	430,054		$	(125,463	)
Net income (loss) allocated to general partner	$	4,301		$	(1,255	)
Net income (loss) allocated to limited partners	$	425,753		$	(124,208	)
Net income (loss) per BAC	$	0.13		$	(0.04	)

* Includes $426,346 and $-, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 24
	2015			2014
Income
Interest income	$	2,514		$	1,625
Miscellaneous		3,890			14,568
		6,404			16,193
Share of income (losses) from operating limited partnerships *		207,327			1,630,062
Expenses and loss
Fund management fee		(19,728	)		(19,566	)
Amortization		-			-
General and administrative expenses		15,838			16,697
Professional fees		25,760			23,429
Impairment loss		-			-
		21,870			20,560
NET INCOME (LOSS)	$	191,861		$	1,625,695
Net income (loss) allocated to general partner	$	1,919		$	16,257
Net income (loss) allocated to limited partners	$	189,942		$	1,609,438
Net income (loss) per BAC	$	0.09		$	0.74

* Includes $207,327 and $1,630,062, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 25
	2015		2014
Income
Interest income	$	10,568	$	5,136
Miscellaneous		10,178		13,092
		20,746		18,228
Share of income (losses) from operating limited partnerships *		1,295,124		-
Expenses and loss
Fund management fee		19,401		37,896
Amortization		-		-
General and administrative expenses		17,700		19,704
Professional fees		16,911		20,307
Impairment loss		-		-
		54,012		77,907
NET INCOME (LOSS)	$	1,261,858	$	(59,679	)
Net income (loss) allocated to general partner	$	12,619	$	(597	)
Net income (loss) allocated to limited partners	$	1,249,239	$	(59,082	)
Net income (loss) per BAC	$	0.41	$	(0.02	)

* Includes $1,295,124 and $-, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 26
	2015		2014
Income
Interest income	$	5,148	$	2,062
Miscellaneous		4,649		19,909
		9,797		21,971
Share of income (losses) from operating limited partnerships *		647,125		2,801,657
Expenses and loss
Fund management fee		41,257		20,694
Amortization		-		-
General and administrative expenses		22,307		25,174
Professional fees		35,582		40,997
Impairment loss		-		-
		99,146		86,865
NET INCOME (LOSS)	$	557,776	$	2,736,763
Net income (loss) allocated to general partner	$	5,578	$	27,368
Net income (loss) allocated to limited partners	$	552,198	$	2,709,395
Net income (loss) per BAC	$	0.14	$	0.68

* Includes $647,125 and $2,801,657, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 27
	2015		2014
Income
Interest income	$	3,558	$	1,996
Miscellaneous		8,514		49,915
		12,072		51,911
Share of income (losses) from operating limited partnerships *		237,896		2,508,394
Expenses and loss
Fund management fee		140,938		126,621
Amortization		-		-
General and administrative expenses		16,136		17,208
Professional fees		43,160		30,802
Impairment loss		-		-
		200,234		174,631
NET INCOME (LOSS)	$	49,734	$	2,385,674
Net income (loss) allocated to general partner	$	497	$	23,857
Net income (loss) allocated to limited partners	$	49,237	$	2,361,817
Net income (loss) per BAC	$	0.02	$	0.96

* Includes $237,896 and $2,508,394, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 28
	2015		2014
Income
Interest income	$	14,044	$	1,648
Miscellaneous		264,302		256,704
		278,346		258,352
Share of income (losses) from operating limited partnerships *		5,854,818		939,495
Expenses and loss
Fund management fee		79,376		156,842
Amortization		-		-
General and administrative expenses		19,324		21,422
Professional fees		25,609		27,279
Impairment loss		-		-
		124,309		205,543
NET INCOME (LOSS)	$	6,008,855	$	992,304
Net income (loss) allocated to general partner	$	60,089	$	9,923
Net income (loss) allocated to limited partners	$	5,948,766	$	982,381
Net income (loss) per BAC	$	1.49	$	0.25

* Includes $5,854,818 and $939,495, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 29
	2015		2014
Income
Interest income	$	704	$	386
Miscellaneous		1,700		18,977
		2,404		19,363
Share of income (losses) from operating limited partnerships *		278,493		344,656
Expenses and loss
Fund management fee		183,052		247,888
Amortization		-		-
General and administrative expenses		20,216		21,831
Professional fees		32,789		26,121
Impairment loss		-		-
		236,057		295,840
NET INCOME (LOSS)	$	44,840	$	68,179
Net income (loss) allocated to general partner	$	448	$	682
Net income (loss) allocated to limited partners	$	44,392	$	67,497
Net income (loss) per BAC	$	0.01	$	0.02

* Includes $278,493 and $344,656, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 30
	2015			2014
Income
Interest income	$	677		$	682
Miscellaneous		1,522			2,052
		2,199			2,734
Share of income (losses) from operating limited partnerships *		94,887			-
Expenses and loss
Fund management fee		61,708			135,287
Amortization		-			-
General and administrative expenses		15,913			16,985
Professional fees		20,400			21,420
Impairment loss		-			-
		98,021			173,692
NET INCOME (LOSS)	$	(935	)	$	(170,958	)
Net income (loss) allocated to general partner	$	(9	)	$	(1,710	)
Net income (loss) allocated to limited partners	$	(926	)	$	(169,248	)
Net income (loss) per BAC	$	-		$	(0.06	)

* Includes $94,887 and $-, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 31
	2015		2014
Income
Interest income	$	1,279	$	750
Miscellaneous		928		28,143
		2,207		28,893
Share of income (losses) from operating limited partnerships *		2,840,263		624,556
Expenses and loss
Fund management fee		227,575		266,630
Amortization		-		-
General and administrative expenses		20,366		22,383
Professional fees		28,104		27,309
Impairment loss		-		-
		276,045		316,322
NET INCOME (LOSS)	$	2,566,425	$	337,127
Net income (loss) allocated to general partner	$	25,664	$	3,371
Net income (loss) allocated to limited partners	$	2,540,761	$	333,756
Net income (loss) per BAC	$	0.58	$	0.08

* Includes $2,840,263 and $624,556, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 32
	2015			2014
Income
Interest income	$	421		$	26,586
Miscellaneous		16,778			25,439
		17,199			52,025
Share of income (losses) from operating limited partnerships *		107,673			3,428
Expenses and loss
Fund management fee		233,246			210,694
Amortization		-			-
General and administrative expenses		20,109			22,092
Professional fees		20,983			19,444
Impairment loss		-			-
		274,338			252,230
NET INCOME (LOSS)	$	(149,466	)	$	(196,777	)
Net income (loss) allocated to general partner	$	(1,495	)	$	(1,968	)
Net income (loss) allocated to limited partners	$	(147,971	)	$	(194,809	)
Net income (loss) per BAC	$	(0.03	)	$	(0.04	)

* Includes $107,673 and $3,428, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 33
	2015			2014
Income
Interest income	$	529		$	572
Miscellaneous		2,777			6,686
		3,306			7,258
Share of income (losses) from operating limited partnerships *		53,079			-
Expenses and loss
Fund management fee		59,029			107,019
Amortization		-			-
General and administrative expenses		14,437			15,298
Professional fees		15,447			15,029
Impairment loss		-			-
		88,913			137,346
NET INCOME (LOSS)	$	(32,528	)	$	(130,088	)
Net income (loss) allocated to general partner	$	(325	)	$	(1,301	)
Net income (loss) allocated to limited partners	$	(32,203	)	$	(128,787	)
Net income (loss) per BAC	$	(0.01	)	$	(0.05	)

* Includes $53,079 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

(continued) 

F-46

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 34
	2015		2014
Income
Interest income	$	493	$	80
Miscellaneous		18,332		65,338
		18,825		65,418
Share of income (losses) from operating limited partnerships *		502,727		176,333
Expenses and loss
Fund management fee		126,065		239,275
Amortization		-		-
General and administrative expenses		17,187		18,159
Professional fees		19,039		21,424
Impairment loss		-		-
		162,291		278,858
NET INCOME (LOSS)	$	359,261	$	(37,107	)
Net income (loss) allocated to general partner	$	3,593	$	(371	)
Net income (loss) allocated to limited partners	$	355,668	$	(36,736	)
Net income (loss) per BAC	$	0.10	$	(0.01	)

* Includes $502,727 and $176,333, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 35
	2015			2014
Income
Interest income	$	339		$	300
Miscellaneous		10,324			158,019
		10,663			158,319
Share of income (losses) from operating limited partnerships		-			-
Expenses and loss
Fund management fee		173,231			149,479
Amortization		-			-
General and administrative expenses		16,748			17,520
Professional fees		16,964			16,994
Impairment loss		-			-
		206,943			183,993
NET INCOME (LOSS)	$	(196,280	)	$	(25,674	)
Net income (loss) allocated to general partner	$	(1,963	)	$	(257	)
Net income (loss) allocated to limited partners	$	(194,317	)	$	(25,417	)
Net income (loss) per BAC	$	(0.06	)	$	(0.01	)

(continued)

F-48

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 36
	2015			2014
Income
Interest income	$	1,117		$	957
Miscellaneous		21,885			23,083
		23,002			24,040
Share of income (losses) from operating limited partnerships *		25,054			-
Expenses and loss
Fund management fee		118,401			113,457
Amortization		-			-
General and administrative expenses		13,554			14,409
Professional fees		16,123			17,691
Impairment loss		-			-
		148,078			145,557
NET INCOME (LOSS)	$	(100,022	)	$	(121,517	)
Net income (loss) allocated to general partner	$	(1,000	)	$	(1,215	)
Net income (loss) allocated to limited partners	$	(99,022	)	$	(120,302	)
Net income (loss) per BAC	$	(0.05	)	$	(0.06	)

* Includes $25,054 and $-, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 37
	2015			2014
Income
Interest income	$	657		$	699
Miscellaneous		24,632			24,920
		25,289			25,619
Share of income (losses) from operating limited partnerships		-			-
Expenses and loss
Fund management fee		153,440			184,475
Amortization		-			-
General and administrative expenses		13,828			14,603
Professional fees		15,685			14,024
Impairment loss		-			-
		182,953			213,102
NET INCOME (LOSS)	$	(157,664	)	$	(187,483	)
Net income (loss) allocated to general partner	$	(1,577	)	$	(1,875	)
Net income (loss) allocated to limited partners	$	(156,087	)	$	(185,608	)
Net income (loss) per BAC	$	(0.06	)	$	(0.07	)

(continued)

F-50

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 38
	2015			2014
Income
Interest income	$	291		$	274
Miscellaneous		55,454			69,621
		55,745			69,895
Share of income (losses) from operating limited partnerships		-			-
Expenses and loss
Fund management fee		145,085			141,801
Amortization		-			-
General and administrative expenses		14,457			15,289
Professional fees		16,626			15,839
Impairment loss		-			-
		176,168			172,929
NET INCOME (LOSS)	$	(120,423	)	$	(103,034	)
Net income (loss) allocated to general partner	$	(1,204	)	$	(1,030	)
Net income (loss) allocated to limited partners	$	(119,219	)	$	(102,004	)
Net income (loss) per BAC	$	(0.05	)	$	(0.04	)

(continued)

F-51

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 39
	2015			2014
Income
Interest income	$	316		$	302
Miscellaneous		11,975			12,956
		12,291			13,258
Share of income (losses) from operating limited partnerships *		29,999			-
Expenses and loss
Fund management fee		125,063			119,052
Amortization		-			-
General and administrative expenses		13,397			14,318
Professional fees		15,891			15,484
Impairment loss		-			-
		154,351			148,854
NET INCOME (LOSS)	$	(112,061	)	$	(135,596	)
Net income (loss) allocated to general partner	$	(1,121	)	$	(1,356	)
Net income (loss) allocated to limited partners	$	(110,940	)	$	(134,240	)
Net income (loss) per BAC	$	(0.05	)	$	(0.06	)

* Includes $29,999 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

(continued) 

F-52

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 40
	2015			2014
Income
Interest income	$	78		$	79
Miscellaneous		10,726			8,278
		10,804			8,357
Share of income (losses) from operating limited partnerships		-			-
Expenses and loss
Fund management fee		185,409			178,426
Amortization		-			-
General and administrative expenses		14,930			15,797
Professional fees		20,236			22,069
Impairment loss		-			-
		220,575			216,292
NET INCOME (LOSS)	$	(209,771	)	$	(207,935	)
Net income (loss) allocated to general partner	$	(2,098	)	$	(2,079	)
Net income (loss) allocated to limited partners	$	(207,673	)	$	(205,856	)
Net income (loss) per BAC	$	(0.08	)	$	(0.08	)

(continued)

F-53

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 41
	2015			2014
Income
Interest income	$	459		$	437
Miscellaneous		14,436			31,030
		14,895			31,467
Share of income (losses) from operating limited partnerships *		-			52,000
Expenses and loss
Fund management fee		219,433			199,676
Amortization		-			-
General and administrative expenses		16,613			19,120
Professional fees		24,884			30,074
Impairment loss		-			-
		260,930			248,870
NET INCOME (LOSS)	$	(246,035	)	$	(165,403	)
Net income (loss) allocated to general partner	$	(2,460	)	$	(1,654	)
Net income (loss) allocated to limited partners	$	(243,575	)	$	(163,749	)
Net income (loss) per BAC	$	(0.08	)	$	(0.06	)

* Includes $- and $52,000, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 42
	2015			2014
Income
Interest income	$	373		$	392
Miscellaneous		50,424			40,591
		50,797			40,983
Share of income (losses) from operating limited partnerships *		103,508			(102,342	)
Expenses and loss
Fund management fee		163,766			185,435
Amortization		-			69,160
General and administrative expenses		16,143			20,602
Professional fees		31,130			29,111
Impairment loss		-			212,553
		211,039			516,861
NET INCOME (LOSS)	$	(56,734	)	$	(578,220	)
Net income (loss) allocated to general partner	$	(567	)	$	(5,782	)
Net income (loss) allocated to limited partners	$	(56,167	)	$	(572,438	)
Net income (loss) per BAC	$	(0.02	)	$	(0.21	)

* Includes $103,508 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

(continued)

F-55

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 43
	2015			2014
Income
Interest income	$	427		$	479
Miscellaneous		62,080			35,722
		62,507			36,201
Share of income (losses) from operating limited partnerships		(47,235	)		(280,816	)
Expenses and loss
Fund management fee		268,035			246,428
Amortization		66,792			66,792
General and administrative expenses		18,606			21,458
Professional fees		28,375			30,652
Impairment loss		268,187			972,475
		649,995			1,337,805
NET INCOME (LOSS)	$	(634,723	)	$	(1,582,420	)
Net income (loss) allocated to general partner	$	(6,347	)	$	(15,824	)
Net income (loss) allocated to limited partners	$	(628,376	)	$	(1,566,596	)
Net income (loss) per BAC	$	(0.17	)	$	(0.43	)

(continued)

F-56

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 44
	2015			2014
Income
Interest income	$	16		$	227
Miscellaneous		584			4,696
		600			4,923
Share of income (losses) from operating limited partnerships		(118,343	)		(270,876	)
Expenses and loss
Fund management fee		206,520			224,950
Amortization		-			282,800
General and administrative expenses		14,832			21,675
Professional fees		20,276			37,930
Impairment loss		-			1,696,224
		241,628			2,263,579
NET INCOME (LOSS)	$	(359,371	)	$	(2,529,532	)
Net income (loss) allocated to general partner	$	(3,594	)	$	(25,295	)
Net income (loss) allocated to limited partners	$	(355,777	)	$	(2,504,237	)
Net income (loss) per BAC	$	(0.13	)	$	(0.93	)

(continued)

F-57

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 45
	2015			2014
Income
Interest income	$	104		$	277
Miscellaneous		24,282			-
		24,386			277
Share of income (losses) from operating limited partnerships *		(239,227	)		(665,720	)
Expenses and loss
Fund management fee		247,550			308,117
Amortization		-			17,816
General and administrative expenses		20,371			159,624
Professional fees		40,950			40,844
Impairment loss		918,818			2,293,749
		1,227,689			2,820,150
NET INCOME (LOSS)	$	(1,442,530	)	$	(3,485,593	)
Net income (loss) allocated to general partner	$	(14,425	)	$	(34,856	)
Net income (loss) allocated to limited partners	$	(1,428,105	)	$	(3,450,737	)
Net income (loss) per BAC	$	(0.36	)	$	(0.86	)

* Includes $- and $1,044, respectively, in 2015 and 2014 from gain 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, 2015 and 2014

	Series 46
	2015			2014
Income
Interest income	$	496		$	450
Miscellaneous		-			-
		496			450
Share of income (losses) from operating limited partnerships		(699,351	)		(917,882	)
Expenses and loss
Fund management fee		226,805			212,997
Amortization		-			10,101
General and administrative expenses		16,663			19,020
Professional fees		25,477			24,384
Impairment loss		1,406,624			1,941,274
		1,675,569			2,207,776
NET INCOME (LOSS)	$	(2,374,424	)	$	(3,125,208	)
Net income (loss) allocated to general partner	$	(23,744	)	$	(31,252	)
Net income (loss) allocated to limited partners	$	(2,350,680	)	$	(3,093,956	)
Net income (loss) per BAC	$	(0.79	)	$	(1.04	)

(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, 2015 and 2014

Total	Limited partners			General partner			Total
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	)
Net income (loss)		5,366,433			54,208			5,420,641
Partners’ capital (deficit), March 31, 2015	$	(19,481,250	)	$	(7,435,386	)	$	(26,916,636	)

Series 20	Limited partners			General partner			Total
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	)
Net income (loss)		87,946			888			88,834
Partners’ capital (deficit), March 31, 2015	$	(874,295	)	$	(320,197	)	$	(1,194,492	)

Series 21	Limited partners			General partner			Total
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	)
Net income (loss)		(46,188	)		(467	)		(46,655	)
Partners’ capital (deficit), March 31, 2015	$	(1,139,894	)	$	(175,101	)	$	(1,314,995	)

Series 22	Limited partners			General partner			Total
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	)
Net income (loss)		99,757			1,008			100,765
Partners’ capital (deficit), March 31, 2015	$	(2,455,952	)	$	(246,104	)	$	(2,702,056	)

(continued)

F-60

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2015 and 2014

Series 23	Limited partners			General partner			Total
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	)
Net income (loss)		425,753			4,301			430,054
Partners’ capital (deficit), March 31, 2015	$	(1,696,494	)	$	(304,860	)	$	(2,001,354	)

Series 24	Limited partners			General partner			Total
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
Net income (loss)		189,942			1,919			191,861
Partners’ capital (deficit), March 31, 2015	$	1,254,077		$	(174,501	)	$	1,079,576

Series 25	Limited partners			General partner			Total
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
Net income (loss)		1,249,239			12,619			1,261,858
Partners’ capital (deficit), March 31, 2015	$	4,032,481		$	(219,312	)	$	3,813,169

Series 26	Limited partners		General partner			Total
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
Net income (loss)		552,198		5,578			557,776
Partners’ capital (deficit), March 31, 2015	$	3,371,487	$	(309,634	)	$	3,061,853

(continued)

F-61

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2015 and 2014

Series 27	Limited partners			General partner			Total
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
Net income (loss)		49,237			497			49,734
Partners’ capital (deficit), March 31, 2015	$	1,247,594		$	(195,931	)	$	1,051,663

Series 28	Limited partners			General partner			Total
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	)
Net income (loss)		5,948,766			60,089			6,008,855
Partners’ capital (deficit), March 31, 2015	$	6,058,903		$	(286,019	)	$	5,772,884

Series 29	Limited partners			General partner			Total
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	)
Net income (loss)		44,392			448			44,840
Partners’ capital (deficit), March 31, 2015	$	(2,951,221	)	$	(371,878	)	$	(3,323,099	)

Series 30	Limited partners			General partner			Total
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	)
Net income (loss)		(926	)		(9	)		(935	)
Partners’ capital (deficit), March 31, 2015	$	(1,321,993	)	$	(242,703	)	$	(1,564,696	)

(continued)

F-62

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2015 and 2014

Series 31	Limited partners			General partner			Total
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	)
Net income (loss)		2,540,761			25,664			2,566,425
Partners’ capital (deficit), March 31, 2015	$	540,305		$	(377,632	)	$	162,673

Series 32	Limited partners			General partner			Total
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	)
Net income (loss)		(147,971	)		(1,495	)		(149,466	)
Partners’ capital (deficit), March 31, 2015	$	(2,492,325	)	$	(435,643	)	$	(2,927,968	)

Series 33	Limited partners			General partner			Total
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	)
Net income (loss)		(32,203	)		(325	)		(32,528	)
Partners’ capital (deficit), March 31, 2015	$	(1,607,256	)	$	(244,295	)	$	(1,851,551	)

Series 34	Limited partners			General partner			Total
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	)
Net income (loss)		355,668			3,593			359,261
Partners’ capital (deficit), March 31, 2015	$	(2,912,687	)	$	(332,845	)	$	(3,245,532	)

(continued)

F-63

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2015 and 2014

Series 35	Limited partners			General partner			Total
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	)
Net income (loss)		(194,317	)		(1,963	)		(196,280	)
Partners’ capital (deficit), March 31, 2015	$	(1,871,486	)	$	(303,778	)	$	(2,175,264	)

Series 36	Limited partners			General partner			Total
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	)
Net income (loss)		(99,022	)		(1,000	)		(100,022	)
Partners’ capital (deficit), March 31, 2015	$	(703,619	)	$	(187,575	)	$	(891,194	)

Series 37	Limited partners			General partner			Total
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	)
Net income (loss)		(156,087	)		(1,577	)		(157,664	)
Partners’ capital (deficit), March 31, 2015	$	(1,901,137	)	$	(236,945	)	$	(2,138,082	)

Series 38	Limited partners			General partner			Total
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	)
Net income (loss)		(119,219	)		(1,204	)		(120,423	)
Partners’ capital (deficit), March 31, 2015	$	(1,366,080	)	$	(234,288	)	$	(1,600,368	)

(continued)

F-64

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2015 and 2014

Series 39	Limited partners			General partner			Total
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	)
Net income (loss)		(110,940	)		(1,121	)		(112,061	)
Partners’ capital (deficit), March 31, 2015	$	(1,304,265	)	$	(211,601	)	$	(1,515,866	)

Series 40	Limited partners			General partner			Total
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	)
Net income (loss)		(207,673	)		(2,098	)		(209,771	)
Partners’ capital (deficit), March 31, 2015	$	(2,687,151	)	$	(254,359	)	$	(2,941,510	)

Series 41	Limited partners			General partner			Total
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	)
Net income (loss)		(243,575	)		(2,460	)		(246,035	)
Partners’ capital (deficit), March 31, 2015	$	(2,851,936	)	$	(280,493	)	$	(3,132,429	)

Series 42	Limited partners			General partner			Total
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	)
Net income (loss)		(56,167	)		(567	)		(56,734	)
Partners’ capital (deficit), March 31, 2015	$	(1,601,536	)	$	(259,549	)	$	(1,861,085	)

(continued)

F-65

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2015 and 2014

Series 43	Limited partners			General partner			Total
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	)
Net income (loss)		(628,376	)		(6,347	)		(634,723	)
Partners’ capital (deficit), March 31, 2015	$	(2,168,116	)	$	(346,669	)	$	(2,514,785	)

Series 44	Limited partners			General partner			Total
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	)
Net income (loss)		(355,777	)		(3,594	)		(359,371	)
Partners’ capital (deficit), March 31, 2015	$	(1,706,674	)	$	(257,086	)	$	(1,963,760	)

Series 45	Limited partners			General partner			Total
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
Net income (loss)		(1,428,105	)		(14,425	)		(1,442,530	)
Partners’ capital (deficit), March 31, 2015	$	(430,056	)	$	(361,578	)	$	(791,634	)

Series 46	Limited partners			General partner			Total
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
Net income (loss)		(2,350,680	)		(23,744	)		(2,374,424	)
Partners’ capital (deficit), March 31, 2015	$	58,076		$	(264,810	)	$	(206,734	)

(see notes to financial statements)

F-66

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Years ended March 31, 2015 and 2014

	Total
	2015			2014
Cash flows from operating activities
Net income (loss)	$	5,420,641		$	(4,310,963	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(11,837,639	)		(7,643,945	)
Impairment loss		2,593,629			7,116,275
Distributions received from operating limited partnerships		103,773			113,637
Amortization		66,792			446,669
Changes in assets and liabilities
Other assets		(136,424	)		(35,657	)
Accounts payable and accrued expenses		22,219			(36,772	)
Accounts payable - affiliates		2,058,807			(3,133,570	)
Net cash provided by (used in) operating activities		(1,708,202	)		(7,484,326	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			(374,399	)
Proceeds from disposition of operating limited partnerships		12,631,500			10,499,552
Net cash provided by (used in) investing activities		12,631,500			10,125,153
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		10,923,298			2,640,827
Cash and cash equivalents, beginning		12,797,054			10,156,227
Cash and cash equivalents, ending	$	23,720,352		$	12,797,054
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
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	6,500		$	69,485

(continued)

F-67

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 20
	2015			2014
Cash flows from operating activities
Net income (loss)	$	88,834		$	606,391
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(70,580	)		(722,000	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(20,000	)
Accounts payable - affiliates		16,576			(539,749	)
Net cash provided by (used in) operating activities		34,830			(675,358	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		70,580			722,000
Net cash provided by (used in) investing activities		70,580			722,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		105,410			46,642
Cash and cash equivalents, beginning		204,785			158,143
Cash and cash equivalents, ending	$	310,195		$	204,785
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, 2015 and 2014

	Series 21
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(46,655	)	$	3,069
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		-			-
Accounts payable and accrued expenses		-			5,000
Accounts payable - affiliates		57,300			(20,070	)
Net cash provided by (used in) operating activities		10,645			(91,001	)
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		10,645			(12,001	)
Cash and cash equivalents, beginning		116,749			128,750
Cash and cash equivalents, ending	$	127,394		$	116,749
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, 2015 and 2014

	Series 22
	2015			2014
Cash flows from operating activities
Net income (loss)	$	100,765		$	(98,478	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(166,896	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		(82,281	)		(26,305	)
Net cash provided by (used in) operating activities		(148,412	)		(124,783	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		166,896			-
Net cash provided by (used in) investing activities		166,896			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		18,484			(124,783	)
Cash and cash equivalents, beginning		98,564			223,347
Cash and cash equivalents, ending	$	117,048		$	98,564
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, 2015 and 2014

	Series 23
	2015			2014
Cash flows from operating activities
Net income (loss)	$	430,054		$	(125,463	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(426,346	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		(343,237	)		71,819
Net cash provided by (used in) operating activities		(339,529	)		(53,644	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		426,346			-
Net cash provided by (used in) investing activities		426,346			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		86,817			(53,644	)
Cash and cash equivalents, beginning		118,542			172,186
Cash and cash equivalents, ending	$	205,359		$	118,542
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, 2015 and 2014

	Series 24
	2015			2014
Cash flows from operating activities
Net income (loss)	$	191,861		$	1,625,695
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(207,327	)		(1,630,062	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			3,422
Accounts payable and accrued expenses		3,335			3,000
Accounts payable - affiliates		-			(2,468,363	)
Net cash provided by (used in) operating activities		(12,131	)		(2,466,308	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		127,287			1,630,062
Net cash provided by (used in) investing activities		127,287			1,630,062
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		115,156			(836,246	)
Cash and cash equivalents, beginning		890,715			1,726,961
Cash and cash equivalents, ending	$	1,005,871		$	890,715
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, 2015 and 2014

	Series 25
	2015			2014
Cash flows from operating activities
Net income (loss)	$	1,261,858		$	(59,679	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(1,295,124	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			7,726
Accounts payable and accrued expenses		-			(978	)
Accounts payable - affiliates		-			-
Net cash provided by (used in) operating activities		(33,266	)		(52,931	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		1,295,124			618,889
Net cash provided by (used in) investing activities		1,295,124			618,889
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,261,858			565,958
Cash and cash equivalents, beginning		2,550,061			1,984,103
Cash and cash equivalents, ending	$	3,811,919		$	2,550,061
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, 2015 and 2014

	Series 26
	2015			2014
Cash flows from operating activities
Net income (loss)	$	557,776		$	2,736,763
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(647,125	)		(2,801,657	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			4,363
Accounts payable and accrued expenses		15,507			(2,500	)
Accounts payable - affiliates		-			(499,347	)
Net cash provided by (used in) operating activities		(73,842	)		(562,378	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		576,832			2,801,657
Net cash provided by (used in) investing activities		576,832			2,801,657
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		502,990			2,239,279
Cash and cash equivalents, beginning		2,510,330			271,051
Cash and cash equivalents, ending	$	3,013,320		$	2,510,330
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, 2015 and 2014

	Series 27
	2015			2014
Cash flows from operating activities
Net income (loss)	$	49,734		$	2,385,674
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(237,896	)		(2,508,394	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			733
Accounts payable and accrued expenses		-			(7,500	)
Accounts payable - affiliates		(44,238	)		(1,559,279	)
Net cash provided by (used in) operating activities		(232,400	)		(1,688,766	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		234,376			2,508,394
Net cash provided by (used in) investing activities		234,376			2,508,394
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,976			819,628
Cash and cash equivalents, beginning		1,049,687			230,059
Cash and cash equivalents, ending	$	1,051,663		$	1,049,687
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.	$	6,500		$	-

(continued)

F-75

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2015 and 2014

	Series 28
	2015			2014
Cash flows from operating activities
Net income (loss)	$	6,008,855		$	992,304
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(5,854,818	)		(939,495	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		1,567			733
Accounts payable and accrued expenses		(4,500	)		7,500
Accounts payable - affiliates		(706,182	)		(870,954	)
Net cash provided by (used in) operating activities		(555,078	)		(809,912	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		5,813,850			939,495
Net cash provided by (used in) investing activities		5,813,850			939,495
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,258,772			129,583
Cash and cash equivalents, beginning		515,862			386,279
Cash and cash equivalents, ending	$	5,774,634		$	515,862
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, 2015 and 2014

	Series 29
	2015			2014
Cash flows from operating activities
Net income (loss)	$	44,840		$	68,179
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(278,493	)		(344,656	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		1,500			-
Accounts payable - affiliates		230,779			75,854
Net cash provided by (used in) operating activities		(1,374	)		(200,623	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		278,493			342,694
Net cash provided by (used in) investing activities		278,493			342,694
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		277,119			142,071
Cash and cash equivalents, beginning		224,155			82,084
Cash and cash equivalents, ending	$	501,274		$	224,155
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, 2015 and 2014

	Series 30
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(935	)	$	(170,958	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(94,887	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		143,019			155,148
Net cash provided by (used in) operating activities		47,197			(15,810	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		21,630			-
Net cash provided by (used in) investing activities		21,630			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		68,827			(15,810	)
Cash and cash equivalents, beginning		253,948			269,758
Cash and cash equivalents, ending	$	322,775		$	253,948
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, 2015 and 2014

	Series 31
	2015			2014
Cash flows from operating activities
Net income (loss)	$	2,566,425		$	337,127
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(2,840,263	)		(624,556	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(2,257	)		2,257
Accounts payable - affiliates		(310,268	)		279,204
Net cash provided by (used in) operating activities		(586,363	)		(5,968	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		2,840,263			624,556
Net cash provided by (used in) investing activities		2,840,263			624,556
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,253,900			618,588
Cash and cash equivalents, beginning		852,580			233,992
Cash and cash equivalents, ending	$	3,106,480		$	852,580
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, 2015 and 2014

	Series 32
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(149,466	)	$	(196,777	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(107,673	)		(3,428	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		993			-
Accounts payable - affiliates		194,588			270,411
Net cash provided by (used in) operating activities		(61,558	)		70,206
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			(100,590	)
Proceeds from disposition of operating limited partnerships		105,416			3,428
Net cash provided by (used in) investing activities		105,416			(97,162	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		43,858			(26,956	)
Cash and cash equivalents, beginning		310,949			337,905
Cash and cash equivalents, ending	$	354,807		$	310,949
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, 2015 and 2014

	Series 33
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(32,528	)	$	(130,088	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(53,079	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		650			-
Accounts payable - affiliates		118,662			123,408
Net cash provided by (used in) operating activities		33,705			(6,680	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		53,079			-
Net cash provided by (used in) investing activities		53,079			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		86,784			(6,680	)
Cash and cash equivalents, beginning		194,920			201,600
Cash and cash equivalents, ending	$	281,704		$	194,920
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, 2015 and 2014

	Series 34
	2015			2014
Cash flows from operating activities
Net income (loss)	$	359,261		$	(37,107	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(502,727	)		(176,333	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		2,802			3,000
Accounts payable - affiliates		176,928			269,332
Net cash provided by (used in) operating activities		36,264			58,892
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		502,727			176,333
Net cash provided by (used in) investing activities		502,727			176,333
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		538,991			235,225
Cash and cash equivalents, beginning		299,036			63,811
Cash and cash equivalents, ending	$	838,027		$	299,036
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, 2015 and 2014

	Series 35
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(196,280	)	$	(25,674	)
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		1,500			-
Accounts payable - affiliates		148,216			202,082
Net cash provided by (used in) operating activities		(46,564	)		176,408
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		(46,564	)		176,408
Cash and cash equivalents, beginning		278,190			101,782
Cash and cash equivalents, ending	$	231,626		$	278,190
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, 2015 and 2014

	Series 36
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(100,022	)	$	(121,517	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(25,054	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		82,426			(867,520	)
Net cash provided by (used in) operating activities		(42,650	)		(989,037	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		25,054			-
Net cash provided by (used in) investing activities		25,054			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(17,596	)		(989,037	)
Cash and cash equivalents, beginning		448,179			1,437,216
Cash and cash equivalents, ending	$	430,583		$	448,179
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, 2015 and 2014

	Series 37
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(157,664	)	$	(187,483	)
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		1,024			-
Accounts payable - affiliates		196,940			204,864
Net cash provided by (used in) operating activities		40,300			17,381
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		40,300			17,381
Cash and cash equivalents, beginning		305,167			287,786
Cash and cash equivalents, ending	$	345,467		$	305,167
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, 2015 and 2014

	Series 38
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(120,423	)	$	(103,034	)
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		164,400			164,400
Net cash provided by (used in) operating activities		43,977			61,366
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		43,977			61,366
Cash and cash equivalents, beginning		236,887			175,521
Cash and cash equivalents, ending	$	280,864		$	236,887
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, 2015 and 2014

	Series 39
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(112,061	)	$	(135,596	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(29,999	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		134,085			136,800
Net cash provided by (used in) operating activities		(7,975	)		1,204
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		29,999			-
Net cash provided by (used in) investing activities		29,999			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		22,024			1,204
Cash and cash equivalents, beginning		144,094			142,890
Cash and cash equivalents, ending	$	166,118		$	144,094
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, 2015 and 2014

	Series 40
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(209,771	)	$	(207,935	)
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		210,791			212,501
Net cash provided by (used in) operating activities		1,020			4,566
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		1,020			4,566
Cash and cash equivalents, beginning		96,711			92,145
Cash and cash equivalents, ending	$	97,731		$	96,711
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, 2015 and 2014

	Series 41
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(246,035	)	$	(165,403	)
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	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		237,564			185,732
Net cash provided by (used in) operating activities		(8,471	)		(31,671	)
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		(8,471	)		20,329
Cash and cash equivalents, beginning		167,428			147,099
Cash and cash equivalents, ending	$	158,957		$	167,428
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, 2015 and 2014

	Series 42
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(56,734	)	$	(578,220	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(103,508	)		102,342
Impairment loss		-			212,553
Distributions received from operating limited partnerships		-			2,505
Amortization		-			69,160
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		1,665			-
Accounts payable - affiliates		248,290			198,700
Net cash provided by (used in) operating activities		89,713			7,040
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		63,548			-
Net cash provided by (used in) investing activities		63,548			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		153,261			7,040
Cash and cash equivalents, beginning		266,762			259,722
Cash and cash equivalents, ending	$	420,023		$	266,762
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, 2015 and 2014

	Series 43
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(634,723	)	$	(1,582,420	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		47,235			280,816
Impairment loss		268,187			972,475
Distributions received from operating limited partnerships		16,140			48,527
Amortization		66,792			66,792
Changes in assets and liabilities
Other assets		(19,648	)		(12,240	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		306,780			306,780
Net cash provided by (used in) operating activities		50,763			80,730
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		50,763			58,883
Cash and cash equivalents, beginning		303,384			244,501
Cash and cash equivalents, ending	$	354,147		$	303,384
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, 2015 and 2014

	Series 44
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(359,371	)	$	(2,529,532	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		118,343			270,876
Impairment loss		-			1,696,224
Distributions received from operating limited partnerships		-			-
Amortization		-			282,800
Changes in assets and liabilities
Other assets		(118,343	)		(40,394	)
Accounts payable and accrued expenses		-			(21,551	)
Accounts payable - affiliates		330,753			289,848
Net cash provided by (used in) operating activities		(28,618	)		(51,729	)
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		(28,618	)		(303,691	)
Cash and cash equivalents, beginning		38,362			342,053
Cash and cash equivalents, ending	$	9,744		$	38,362
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
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, 2015 and 2014

	Series 45
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(1,442,530	)	$	(3,485,593	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		239,227			665,720
Impairment loss		918,818			2,293,749
Distributions received from operating limited partnerships		8,342			41,988
Amortization		-			17,816
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(5,000	)
Accounts payable - affiliates		297,388			321,606
Net cash provided by (used in) operating activities		21,245			(149,714	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			1,044
Net cash provided by (used in) investing activities		-			1,044
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		21,245			(148,670	)
Cash and cash equivalents, beginning		126,153			274,823
Cash and cash equivalents, ending	$	147,398		$	126,153
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, 2015 and 2014

	Series 46
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(2,374,424	)	$	(3,125,208	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		699,351			917,882
Impairment loss		1,406,624			1,941,274
Distributions received from operating limited partnerships		79,291			20,617
Amortization		-			10,101
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		249,528			249,528
Net cash provided by (used in) operating activities		60,370			14,194
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		60,370			14,194
Cash and cash equivalents, beginning		194,854			180,660
Cash and cash equivalents, ending	$	255,224		$	194,854
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.	$	-		$	-

(see notes to financial statements)

F-94

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS

March 31, 2015 and 2014

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, 2015 and 2014

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

The BACs issued and outstanding in each series as of March 31, 2015 and 2014 are as follows:

	Issued				Outstanding
	2015		2014		2015		2014
Series 20		3,866,700		3,866,700		3,857,700		3,864,700
Series 21		1,892,700		1,892,700		1,888,200		1,888,200
Series 22		2,564,400		2,564,400		2,560,800		2,561,400
Series 23		3,336,727		3,336,727		3,333,227		3,336,227
Series 24		2,169,878		2,169,878		2,162,378		2,168,878
Series 25		3,026,109		3,026,109		3,024,509		3,025,609
Series 26		3,995,900		3,995,900		3,990,700		3,995,200
Series 27		2,460,700		2,460,700		2,459,700		2,460,700
Series 28		4,000,738		4,000,738		3,998,738		3,999,738
Series 29		3,991,800		3,991,800		3,989,500		3,991,300
Series 30		2,651,000		2,651,000		2,643,000		2,651,000
Series 31		4,417,857		4,417,857		4,409,757		4,415,757
Series 32		4,754,198		4,754,198		4,748,198		4,751,198
Series 33		2,636,533		2,636,533		2,635,533		2,635,533
Series 34		3,529,319		3,529,319		3,523,219		3,528,319
Series 35		3,300,463		3,300,463		3,295,763		3,298,763
Series 36		2,106,838		2,106,838		2,102,504		2,104,504
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		2,291,151		2,292,151
Series 40		2,630,256		2,630,256		2,628,756		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		2,979,998		2,980,998
		83,651,080		83,651,080		83,569,146		83,626,246

F-96

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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 $709,402 and $571,985 as of March 31, 2015 and 2014, 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, 2015 and 2014 of $2,593,629 and $7,116,275, 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, 2015 and 2014

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.

Recent Accounting Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

F-98

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 and 2014, an impairment loss of $133,584 and $1,139,623, respectively, was recorded and the lives of the remaining acquisition costs were reassessed.

Accumulated amortization as of March 31, 2015 and 2014, as well as the March 31, 2015 and 2014 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Acquisition Costs Impairment		Acquisition Costs Impairment		Remaining Life Acquistion Costs
	2015		2014		2015		2014		Years
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		-		-		-		-		-
Series 34		-		-		-		-		-
Series 35		-		-		-		-		-
Series 36		-		-		-		-		-
Series 37		-		-		-		-		-
Series 38		-		-		-		-		-
Series 39		-		-		-		-		-
Series 40		-		-		-		-		-
Series 41		-		-		-		-		-
Series 42		-		-		-		207,482		-
Series 43		-		133,584		133,584		-		-
Series 44		-		-		-		848,390		-
Series 45		-		-		-		53,446		-
Series 46		-		-		-		30,305		-
	$	-	$	133,584	$	133,584	$	1,139,623

F-99

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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 2011 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, 2015 and 2014

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, 2015 and 2014 are as follows:

	2015		2014
Series 20		3,862,950		3,865,450
Series 21		1,888,200		1,890,075
Series 22		2,561,250		2,563,650
Series 23		3,335,477		3,336,602
Series 24		2,167,253		2,169,628
Series 25		3,025,334		3,025,609
Series 26		3,994,075		3,995,200
Series 27		2,460,450		2,460,700
Series 28		3,999,488		4,000,113
Series 29		3,990,850		3,991,675
Series 30		2,649,000		2,651,000
Series 31		4,414,257		4,417,332
Series 32		4,750,448		4,753,240
Series 33		2,635,533		2,635,533
Series 34		3,527,044		3,529,069
Series 35		3,298,013		3,300,038
Series 36		2,104,004		2,106,255
Series 37		2,512,500		2,512,500
Series 38		2,543,100		2,543,100
Series 39		2,291,901		2,292,151
Series 40		2,629,881		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		2,980,748		2,980,998
		83,611,971		83,640,389

F-101

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 and 2014

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2015 and 2014, 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, 2015 and 2014, are as follows:

	2015
	Gross Fund Management Fee		Asset Management and Reporting Fee		Fund Management Fee net of Asset Management and Reporting Fee
Series 20	$	66,576	$	123,117	$	(56,541	)
Series 21		57,300		37,051		20,249
Series 22		59,835		27,311		32,524
Series 23		83,109		115,250		(32,141	)
Series 24		64,002		83,730		(19,728	)
Series 25		27,661		8,260		19,401
Series 26		152,491		111,234		41,257
Series 27		163,014		22,076		140,938
Series 28		173,354		93,978		79,376
Series 29		230,779		47,727		183,052
Series 30		143,019		81,311		61,708
Series 31		294,288		66,713		227,575
Series 32		256,588		23,342		233,246
Series 33		118,662		59,633		59,029
Series 34		226,928		100,863		126,065
Series 35		198,216		24,985		173,231
Series 36		132,480		14,079		118,401
Series 37		196,940		43,500		153,440
Series 38		164,400		19,315		145,085
Series 39		134,085		9,022		125,063
Series 40		200,016		14,607		185,409
Series 41		237,564		18,131		219,433
Series 42		248,290		84,524		163,766
Series 43		306,780		38,745		268,035
Series 44		254,628		48,108		206,520
Series 45		283,200		35,650		247,550
Series 46		249,528		22,723		226,805
	$	4,723,733	$	1,374,985	$	3,348,748

F-103

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

	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

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, 2015 and 2014, total fund management fees accrued were $50,628,768 and $48,671,049, respectively.

F-104

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The fund management fees paid for the years ended March 31, 2015 and 2014, are as follows:

	2015		2014
Series 20	$	50,000	$	628,402
Series 21		-		79,000
Series 22		142,116		90,375
Series 23		426,346		18,900
Series 24		64,002		2,560,095
Series 25		27,661		47,508
Series 26		152,491		707,356
Series 27		207,252		1,764,059
Series 28		879,536		1,148,270
Series 29		-		231,631
Series 30		-		-
Series 31		604,556		50,000
Series 32		62,000		1,449
Series 33		-		-
Series 34		50,000		-
Series 35		50,000		-
Series 36		50,054		1,000,000
Series 37		-		-
Series 38		-		-
Series 39		-		-
Series 40		-		-
Series 41		-		52,000
Series 42		-		50,000
Series 43		-		-
Series 44		-		-
Series 45		-		50,442
Series 46		-		-
	$	2,766,014	$	8,479,487

F-105

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 and 2014, are as follows:

	2015		2014
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		133,578
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		220,455		220,455
Series 40		370,404		359,629
Series 41		359,757		359,757
Series 42		221,615		221,615
Series 43		-		-
Series 44		88,620		12,495
Series 45		23,185		8,997
Series 46		-		-
	$	1,472,274	$	1,371,186

During the year ended March 31, 2015, $10,775, $76,125 and $14,188 for 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, 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. 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, 2015 and 2014

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

During the years ended March 31, 2015 and 2014, 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:

	2015		2014
Series 20	$	11,573	$	13,320
Series 21		8,823		10,180
Series 22		10,045		11,792
Series 23		11,378		13,081
Series 24		10,985		11,458
Series 25		11,555		12,154
Series 26		14,657		16,057
Series 27		11,275		11,979
Series 28		12,468		14,353
Series 29		12,872		14,663
Series 30		11,064		12,284
Series 31		13,474		15,196
Series 32		12,697		14,268
Series 33		9,883		11,031
Series 34		11,371		12,736
Series 35		10,999		12,216
Series 36		9,543		10,822
Series 37		9,561		10,690
Series 38		10,049		11,184
Series 39		9,468		10,889
Series 40		10,775		12,485
Series 41		11,646		14,228
Series 42		11,625		16,252
Series 43		12,922		15,570
Series 44		10,125		12,495
Series 45		14,188		17,433
Series 46		11,581		13,750
	$	306,602	$	352,566

Accounts payable - affiliates at March 31, 2015 and 2014 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, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2015 and 2014, 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, 2015 and 2014 by series are as follows:

	2015		2014
Series 20		4		8
Series 21		4		4
Series 22		6		8
Series 23		9		11
Series 24		6		7
Series 25		4		6
Series 26		17		24
Series 27		7		10
Series 28		11		19
Series 29		10		17
Series 30		11		16
Series 31		19		22
Series 32		11		14
Series 33		6		8
Series 34		9		12
Series 35		9		10
Series 36		9		9
Series 37		6		7
Series 38		10		10
Series 39		9		9
Series 40		16		16
Series 41		19		19
Series 42		20		21
Series 43		23		23
Series 44		8		8
Series 45		28		28
Series 46		15		15
		306		361

F-108

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year ended March 31, 2015 the Fund disposed of fifty five 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, 2015 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain on Disposition
Series 20		4		-	$	70,580	$	70,580
Series 22		1		1		166,896		166,896
Series 23		1		1		426,346		426,346
Series 24		-		1		127,287		207,327
Series 25		2		-		1,295,124		1,295,124
Series 26		5		2		576,832		647,125
Series 27		3		-		234,376		237,896
Series 28		8		-		5,813,850		5,854,818
Series 29		7		-		278,493		278,493
Series 30		5		-		21,630		94,887
Series 31		2		1		2,840,263		2,840,263
Series 32		3		-		105,416		107,673
Series 33		2		-		53,079		53,079
Series 34		3		-		502,727		502,727
Series 35		1		-		-		-
Series 36		-		-		25,054		25,054
Series 37		1		-		-		-
Series 39		-		-		29,999		29,999
Series 42		-		1		63,548		103,508
Total		48		7	$	12,631,500	$	12,941,795

* Fund proceeds from disposition does not include the following amounts which were due to writeoffs of capital contribution payables of $1,293, $3,520, $40,968, $22,257 and $2,257, for Series 26, Series 27, Series 28, Series 30 and Series 32, respectively. As well as proceeds from disposition recorded as a receivable of $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively.

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.

F-109

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 and 2014, contributions are payable to operating limited partnerships as follows:

	2015		2014
Series 20	$	-	$	-
Series 21		-		-
Series 22		9,352		9,352
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		1,293
Series 27		-		10,020
Series 28		-		40,968
Series 29		8,235		8,235
Series 30		105,139		127,396
Series 31		66,294		66,294
Series 32		1,229		3,486
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		99,265
Series 44		-		-
Series 45		16,724		16,724
Series 46		-		-
	$	587,465	$	664,260

F-110

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	362,424,465		$	1,510,993		$	3,570,455
Acquisition costs of operating limited partnerships		16,569,094			215,748			590,143
Cumulative distributions from operating limited partnerships		(2,828,871	)		(7,394	)		(22,441	)
Cumulative impairment loss in investments in operating limited partnerships		(188,464,989	)		(409,509	)		(118,301	)
Cumulative losses from operating limited partnerships		(185,900,981	)		(1,309,838	)		(4,019,856	)
Investments in operating limited partnerships per balance sheet		1,798,718			-			-

F-111

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(2,042,656	)		-			-
The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(3,535,753	)		-			-
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).		755,788			62,488			221,074
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(77,225,748	)		(878,598	)		(2,591,698	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		1,120,407			6,576			-
Cumulative impairment loss in investments in operating limited partnerships		188,464,989			409,509			118,301
Other		(1,748,455	)		(11,516	)		(171,733	)
Equity per operating limited partnerships’ combined financial statements	$	107,587,290		$	(411,541	)	$	(2,424,056	)

F-112

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	3,263,490		$	8,266,057		$	2,879,744
Acquisition costs of operating limited partnerships		400,455			1,233,111			310,375
Cumulative distributions from operating limited partnerships		-			-			(34,932	)
Cumulative impairment loss in investments in operating limited partnerships		(1,289,080	)		(5,298,843	)		(1,151,381	)
Cumulative losses from operating limited partnerships		(2,374,865	)		(4,200,325	)		(2,003,806	)
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, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(384,587	)		(11,581	)		(30,158	)
The Fund has recorded acquisition costs at March 31, 2015 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).		15,621			10,974			841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,689,653	)		(1,281,140	)		(1,941,970	)
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		1,289,080			5,298,843			1,151,381
Other		(85,707	)		(117,555	)		122,471
Equity per operating limited partnerships’ combined financial statements	$	(1,013,018	)	$	3,871,845		$	(782,295	)

F-114

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	1,438,868		$	6,172,370		$	8,111,853
Acquisition costs of operating limited partnerships		167,460			923,135			1,143,307
Cumulative distributions from operating limited partnerships		(57,503	)		(45,647	)		(14,167	)
Cumulative impairment loss in investments in operating limited partnerships		(1,345,945	)		(1,883,225	)		(4,004,265	)
Cumulative losses from operating limited partnerships		(202,880	)		(5,166,633	)		(5,236,728	)
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, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		-			(51,000	)		(39,446	)
The Fund has recorded acquisition costs at March 31, 2015 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			57,289			195,417
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(273,564	)		(4,399,020	)		(1,526,506	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			171,816			-
Cumulative impairment loss in investments in operating limited partnerships		1,345,945			1,883,225			4,004,265
Other		(56,736	)		(99,200	)		(278,072	)
Equity per operating limited partnerships’ combined financial statements	$	1,046,884		$	(2,496,727	)	$	1,906,454

F-116

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	10,960,734		$	12,349,386		$	9,309,581
Acquisition costs of operating limited partnerships		1,582,064			1,809,414			858,753
Cumulative distributions from operating limited partnerships		(175,027	)		(14,324	)		(29,880	)
Cumulative impairment loss in investments in operating limited partnerships		(4,790,458	)		(5,661,234	)		(4,610,342	)
Cumulative losses from operating limited partnerships		(7,577,313	)		(8,483,242	)		(5,528,112	)
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, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(78,528	)		-			(112,197	)
The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(65,288	)		(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).		64,727			39,537			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,269,083	)		(4,695,617	)		(2,524,000	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			7,039			1,092
Cumulative impairment loss in investments in operating limited partnerships		4,790,458			5,661,234			4,610,342
Other		(151,455	)		(25,793	)		(11,648	)
Equity per operating limited partnerships’ combined financial statements	$	1,290,831		$	390,272		$	1,727,888

F-118

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	13,801,443		$	25,861,866		$	12,019,485
Acquisition costs of operating limited partnerships		1,979,717			3,319,960			950,957
Cumulative distributions from operating limited partnerships		(31,404	)		(101,211	)		(30,285	)
Cumulative impairment loss in investments in operating limited partnerships		(9,196,909	)		(13,359,327	)		(7,924,274	)
Cumulative losses from operating limited partnerships		(6,552,847	)		(15,721,288	)		(5,015,883	)
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, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(47,462	)		(172,318	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2015 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).		56,581			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,913,882	)		(7,152,320	)		(2,003,965	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		8,501			38,357			9,684
Cumulative impairment loss in investments in operating limited partnerships		9,196,909			13,359,327			7,924,274
Other		(38,300	)		306,885			(28,967	)
Equity per operating limited partnerships’ combined financial statements	$	5,184,747		$	5,095,596		$	5,554,365

F-120

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	14,233,556		$	18,025,083		$	13,848,638
Acquisition costs of operating limited partnerships		1,084,495			-			-
Cumulative distributions from operating limited partnerships		(20,308	)		(30,252	)		(116,200	)
Cumulative impairment loss in investments in operating limited partnerships		(8,069,371	)		(9,244,266	)		(7,264,883	)
Cumulative losses from operating limited partnerships		(7,228,372	)		(8,750,565	)		(6,467,555	)
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, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(38,698	)		-			(14,791	)
The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550	)		-			-
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).		(2,231,532	)		(3,920,392	)		(2,224,599	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			78,017			1,370
Cumulative impairment loss in investments in operating limited partnerships		8,069,371			9,244,266			7,264,883
Other		(187,689	)		3,660			(123,183	)
Equity per operating limited partnerships’ combined financial statements	$	5,322,902		$	5,405,551		$	4,903,680

F-122

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	16,191,586		$	18,852,167		$	15,245,900
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	)		(10,557,104	)		(7,444,160	)
Cumulative losses from operating limited partnerships		(8,196,504	)		(7,763,934	)		(7,576,982	)
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, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2015 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).		(6,493,889	)		(4,030,703	)		(4,373,718	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		289,911			59,461			279,219
Cumulative impairment loss in investments in operating limited partnerships		7,792,558			10,557,104			7,444,160
Other		(99,062	)		(381,673	)		(96,276	)
Equity per operating limited partnerships’ combined financial statements	$	1,334,153		$	6,204,189		$	3,253,385

F-124

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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		$	19,462,135
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		(10,641,244	)		(7,024,673	)		(10,714,201	)
Cumulative losses from operating limited partnerships		(8,642,654	)		(10,236,531	)		(8,636,184	)
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, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(25,172	)		(33,807	)		(409,845	)
The Fund has recorded acquisition costs at March 31, 2015 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).		(2,158,206	)		(2,647,711	)		(2,985,744	)
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		10,641,244			7,024,673			10,714,201
Other		(180,236	)		(270,738	)		141,234
Equity per operating limited partnerships’ combined financial statements	$	8,356,441		$	4,073,466		$	7,479,858

F-126

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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		(353,944	)		(49,763	)		(313,429	)
Cumulative impairment loss in investments in operating limited partnerships		(13,508,694	)		(6,482,162	)		(15,650,905	)
Cumulative losses from operating limited partnerships		(12,754,410	)		(9,213,913	)		(8,904,476	)
Investments in operating limited partnerships per balance sheet		-			-			838,105

F-127

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(121,319	)		-			(129,725	)
The Fund has recorded acquisition costs at March 31, 2015 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).		(3,046,309	)		(3,768,065	)		(868,202	)
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		13,508,694			6,482,162			15,650,905
Other		179,574			(46,681	)		(58,263	)
Equity per operating limited partnerships’ combined financial statements	$	10,520,640		$	2,667,416		$	15,456,129

F-128

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2015 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		(199,493	)
Cumulative impairment loss in investments in operating limited partnerships		(13,027,675	)
Cumulative losses from operating limited partnerships		(8,135,285	)
Investments in operating limited partnerships per balance sheet		960,613

F-129

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(7,189	)
The Fund has recorded acquisition costs at March 31, 2015 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).		(335,662	)
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		13,027,675
Other		18,204
Equity per operating limited partnerships’ combined financial statements	$	13,668,235

F-130

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-131

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-132

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-133

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-134

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-135

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-136

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-137

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-138

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-139

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-140

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-141

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-142

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-143

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-144

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-145

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-146

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-147

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-148

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-149

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-150

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	643,136,945	$	3,625,211		$	6,543,920
Land		63,678,550		310,538			1,464,660
Other assets		76,114,588		1,305,760			932,379
	$	782,930,083	$	5,241,509		$	8,940,959
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	545,481,456	$	4,932,946		$	8,323,171
Accounts payable and accrued expenses		25,743,415		145,582			90,011
Other liabilities		80,982,365		166,750			2,429,437
		652,207,236		5,245,278			10,842,619
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		107,587,290		(411,541	)		(2,424,056	)
Other partners		23,135,557		407,772			522,396
		130,722,847		(3,769	)		(1,901,660	)
	$	782,930,083	$	5,241,509		$	8,940,959

F-151

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	6,858,694		$	14,991,634		$	3,832,071
Land		782,898			1,283,705			636,838
Other assets		1,696,904			4,500,833			639,350
	$	9,338,496		$	20,776,172		$	5,108,259
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	8,506,421		$	13,062,557		$	5,408,937
Accounts payable and accrued expenses		168,965			419,421			129,339
Other liabilities		1,209,500			5,674,416			231,749
		9,884,886			19,156,394			5,770,025
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(1,013,018	)		3,871,845			(782,295	)
Other partners		466,628			(2,252,067	)		120,529
		(546,390	)		1,619,778			(661,766	)
	$	9,338,496		$	20,776,172		$	5,108,259

F-152

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25			Series 26			Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,242,898		$	11,024,782		$	18,101,607
Land		203,400			782,964			2,571,668
Other assets		935,602			1,609,839			2,321,795
	$	4,381,900		$	13,417,585		$	22,995,070
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,398,445		$	13,905,526		$	15,948,349
Accounts payable and accrued expenses		75,252			1,381,537			575,840
Other liabilities		28,929			1,204,536			2,764,831
		3,502,626			16,491,599			19,289,020
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,046,884			(2,496,727	)		1,906,454
Other partners		(167,610	)		(577,287	)		1,799,596
		879,274			(3,074,014	)		3,706,050
	$	4,381,900		$	13,417,585		$	22,995,070

F-153

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28			Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	12,132,948		$	15,511,573	$	14,314,945
Land		878,622			971,827		900,248
Other assets		1,439,956			1,705,197		1,466,368
	$	14,451,526		$	18,188,597	$	16,681,561
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	13,090,094		$	12,646,411	$	10,346,223
Accounts payable and accrued expenses		388,547			1,087,589		998,836
Other liabilities		930,687			2,769,167		1,828,521
		14,409,328			16,503,167		13,173,580
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,290,831			390,272		1,727,888
Other partners		(1,248,633	)		1,295,158		1,780,093
		42,198			1,685,430		3,507,981
	$	14,451,526		$	18,188,597	$	16,681,561

F-154

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	21,655,860		$	25,918,816	$	18,707,898
Land		1,740,577			1,976,640		1,715,582
Other assets		3,030,456			3,049,127		1,581,953
	$	26,426,893		$	30,944,583	$	22,005,433
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	20,062,618		$	18,852,353	$	9,868,952
Accounts payable and accrued expenses		613,701			2,727,780		528,672
Other liabilities		1,077,309			1,827,768		981,258
		21,753,628			23,407,901		11,378,882
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,184,747			5,095,596		5,554,365
Other partners		(511,482	)		2,441,086		5,072,186
		4,673,265			7,536,682		10,626,551
	$	26,426,893		$	30,944,583	$	22,005,433

F-155

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	14,281,390	$	29,065,571	$	21,881,907
Land		1,414,016		3,257,482		2,013,180
Other assets		2,002,710		3,087,417		3,134,697
	$	17,698,116	$	35,410,470	$	27,029,784
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	8,731,816	$	19,034,538	$	16,606,099
Accounts payable and accrued expenses		459,165		1,138,581		1,885,310
Other liabilities		3,023,947		7,681,564		698,641
		12,214,928		27,854,683		19,190,050
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,322,902		5,405,551		4,903,680
Other partners		160,286		2,150,236		2,936,054
		5,483,188		7,555,787		7,839,734
	$	17,698,116	$	35,410,470	$	27,029,784

F-156

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37			Series 38			Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	23,225,624		$	20,086,965		$	16,091,929
Land		1,625,738			1,581,706			1,238,488
Other assets		2,122,745			2,310,351			1,849,657
	$	26,974,107		$	23,979,022		$	19,180,074
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	18,102,339		$	16,380,916		$	12,920,594
Accounts payable and accrued expenses		2,242,617			226,126			328,139
Other liabilities		5,906,849			2,851,697			3,036,787
		26,251,805			19,458,739			16,285,520
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,334,153			6,204,189			3,253,385
Other partners		(611,851	)		(1,683,906	)		(358,831	)
		722,302			4,520,283			2,894,554
	$	26,974,107		$	23,979,022		$	19,180,074

F-157

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40			Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	49,669,979		$	60,088,438	$	50,330,678
Land		5,081,041			7,916,005		6,817,765
Other assets		4,338,332			6,109,616		5,917,513
	$	59,089,352		$	74,114,059	$	63,065,956
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	44,624,113		$	58,323,909	$	44,002,008
Accounts payable and accrued expenses		1,510,347			1,502,484		2,864,402
Other liabilities		5,714,179			4,420,076		4,190,623
		51,848,639			64,246,469		51,057,033
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		8,356,441			4,073,466		7,479,858
Other partners		(1,115,728	)		5,794,124		4,529,065
		7,240,713			9,867,590		12,008,923
	$	59,089,352		$	74,114,059	$	63,065,956

F-158

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	54,324,753	$	38,754,799		$	49,851,218
Land		6,704,151		3,130,916			4,314,836
Other assets		5,091,670		3,719,161			6,456,454
	$	66,120,574	$	45,604,876		$	60,622,508
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	46,572,599	$	40,439,227		$	36,837,677
Accounts payable and accrued expenses		1,825,301		760,173			1,224,404
Other liabilities		5,807,116		6,223,095			5,049,307
		54,205,016		47,422,495			43,111,388
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,520,640		2,667,416			15,456,129
Other partners		1,394,918		(4,485,035	)		2,054,991
		11,915,558		(1,817,619	)		17,511,120
	$	66,120,574	$	45,604,876		$	60,622,508

F-159

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	39,020,837
Land		2,363,059
Other assets		3,758,746
	$	45,142,642
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	24,552,618
Accounts payable and accrued expenses		445,294
Other liabilities		3,253,626
		28,251,538
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		13,668,235
Other partners		3,222,869
		16,891,104
	$	45,142,642

F-160

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-161

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-162

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-163

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-164

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-165

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-166

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-167

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-168

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-169

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-170

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	133,809,671		$	1,217,816		$	1,867,952
Interest and other		5,092,623			48,847			7,857
		138,902,294			1,266,663			1,875,809
Expenses
Interest		28,620,800			115,541			490,826
Depreciation and amortization		36,149,060			319,062			318,863
Taxes and insurance		16,948,203			138,980			191,753
Repairs and maintenance		25,528,297			320,889			263,021
Operating expenses		48,235,197			470,123			520,312
Impairment loss		-			-			-
Other expenses		2,884,680			9,439			98,655
		158,366,237			1,374,034			1,883,430
NET INCOME (LOSS)	$	(19,463,943	)	$	(107,371	)	$	(7,621	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(14,509,277	)	$	(71,803	)	$	(28,188	)
Net income (loss) allocated to other partners	$	(4,954,666	)	$	(35,568	)	$	20,567

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	1,919,368		$	4,026,811		$	1,185,807
Interest and other		62,291			131,358			21,856
		1,981,659			4,158,169			1,207,663
Expenses
Interest		313,777			595,453			133,847
Depreciation and amortization		444,060			998,721			354,174
Taxes and insurance		322,692			584,252			121,745
Repairs and maintenance		453,646			901,765			297,226
Operating expenses		637,044			1,486,530			498,805
Impairment loss		-			-			-
Other expenses		66,694			73,654			11,000
		2,237,913			4,640,375			1,416,797
NET INCOME (LOSS)	$	(256,254	)	$	(482,206	)	$	(209,134	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(209,033	)	$	(91,241	)	$	(175,016	)
Net income (loss) allocated to other partners	$	(47,221	)	$	(390,965	)	$	(34,118	)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	855,551		$	2,669,145		$	4,469,724
Interest and other		20,571			84,503			53,695
		876,122			2,753,648			4,523,419
Expenses
Interest		87,463			428,375			929,956
Depreciation and amortization		164,447			697,838			924,307
Taxes and insurance		100,077			372,572			529,607
Repairs and maintenance		173,689			815,668			815,165
Operating expenses		341,298			1,060,538			1,336,544
Impairment loss		-			-			-
Other expenses		10,814			15,500			45,967
		877,788			3,390,491			4,581,546
NET INCOME (LOSS)	$	(1,666	)	$	(636,843	)	$	(58,127	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(51,562	)	$	(600,059	)	$	(259,374	)
Net income (loss) allocated to other partners	$	49,896		$	(36,784	)	$	201,247

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	3,183,563		$	2,898,160		$	3,714,407
Interest and other		71,396			197,710			72,038
		3,254,959			3,095,870			3,786,445
Expenses
Interest		463,092			817,904			372,442
Depreciation and amortization		939,289			721,976			791,658
Taxes and insurance		391,411			428,456			449,833
Repairs and maintenance		533,271			572,581			630,308
Operating expenses		1,418,059			1,156,241			2,111,960
Impairment loss		-			-			-
Other expenses		9,800			36,460			18,054
		3,754,922			3,733,618			4,374,255
NET INCOME (LOSS)	$	(499,963	)	$	(637,748	)	$	(587,810	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(540,340	)	$	(594,731	)	$	(378,697	)
Net income (loss) allocated to other partners	$	40,377		$	(43,017	)	$	(209,113	)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	5,626,027		$	5,204,561		$	3,425,638
Interest and other		127,941			164,924			126,626
		5,753,968			5,369,485			3,552,264
Expenses
Interest		626,969			1,156,200			663,809
Depreciation and amortization		1,302,626			1,794,269			992,997
Taxes and insurance		858,669			660,910			397,900
Repairs and maintenance		1,087,384			873,026			508,567
Operating expenses		2,430,076			1,939,605			1,385,183
Impairment loss		-			-			-
Other expenses		24,182			312,489			140,488
		6,329,906			6,736,499			4,088,944
NET INCOME (LOSS)	$	(575,938	)	$	(1,367,014	)	$	(536,680	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(621,755	)	$	(1,317,109	)	$	(326,229	)
Net income (loss) allocated to other partners	$	45,817		$	(49,905	)	$	(210,451	)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	3,177,735		$	6,331,295		$	4,831,977
Interest and other		202,682			271,268			213,639
		3,380,417			6,602,563			5,045,616
Expenses
Interest		539,486			1,367,800			938,402
Depreciation and amortization		865,727			1,873,876			1,534,818
Taxes and insurance		411,480			918,116			692,211
Repairs and maintenance		553,851			1,073,685			882,040
Operating expenses		1,331,549			2,195,830			1,810,123
Impairment loss		-			-			-
Other expenses		10,300			98,918			157,147
		3,712,393			7,528,225			6,014,741
NET INCOME (LOSS)	$	(331,976	)	$	(925,662	)	$	(969,125	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(402,243	)	$	(579,167	)	$	(567,327	)
Net income (loss) allocated to other partners	$	70,267		$	(346,495	)	$	(401,798	)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	4,713,775		$	4,779,926		$	3,734,564
Interest and other		197,977			179,331			234,097
		4,911,752			4,959,257			3,968,661
Expenses
Interest		1,034,694			918,655			745,647
Depreciation and amortization		1,521,527			1,183,265			1,020,047
Taxes and insurance		805,387			572,145			462,005
Repairs and maintenance		857,626			956,683			680,957
Operating expenses		2,251,017			1,804,257			1,614,834
Impairment loss		-			-			-
Other expenses		159,590			91,774			128,784
		6,629,841			5,526,779			4,652,274
NET INCOME (LOSS)	$	(1,718,089	)	$	(567,522	)	$	(683,613	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,274,223	)	$	(403,406	)	$	(503,080	)
Net income (loss) allocated to other partners	$	(443,866	)	$	(164,116	)	$	(180,533	)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	9,878,718		$	12,178,082		$	10,209,179
Interest and other		447,725			455,280			332,895
		10,326,443			12,633,362			10,542,074
Expenses
Interest		3,028,343			3,421,146			2,332,402
Depreciation and amortization		2,582,120			2,994,036			2,679,560
Taxes and insurance		1,458,206			1,542,802			1,103,980
Repairs and maintenance		1,694,802			2,102,021			2,048,590
Operating expenses		2,771,878			3,274,025			3,265,258
Impairment loss		-			-			-
Other expenses		120,338			335,957			339,194
		11,655,687			13,669,987			11,768,984
NET INCOME (LOSS)	$	(1,329,244	)	$	(1,036,625	)	$	(1,226,910	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(795,406	)	$	(556,039	)	$	(896,588	)
Net income (loss) allocated to other partners	$	(533,838	)	$	(480,586	)	$	(330,322	)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	10,072,737		$	7,520,393		$	8,302,134
Interest and other		452,855			318,360			322,843
		10,525,592			7,838,753			8,624,977
Expenses
Interest		2,221,745			2,132,113			1,477,829
Depreciation and amortization		3,030,459			2,046,094			2,523,338
Taxes and insurance		1,042,600			579,704			1,002,510
Repairs and maintenance		1,973,044			1,352,833			1,991,497
Operating expenses		3,561,520			2,509,667			3,012,417
Impairment loss		-			-			-
Other expenses		148,173			85,953			214,116
		11,977,541			8,706,364			10,221,707
NET INCOME (LOSS)	$	(1,451,949	)	$	(867,611	)	$	(1,596,730	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(693,868	)	$	(645,418	)	$	(912,947	)
Net income (loss) allocated to other partners	$	(758,081	)	$	(222,193	)	$	(683,783	)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,814,626
Interest and other		272,058
		6,086,684
Expenses
Interest		1,266,884
Depreciation and amortization		1,529,906
Taxes and insurance		808,200
Repairs and maintenance		1,114,462
Operating expenses		2,040,504
Impairment loss		-
Other expenses		121,240
		6,881,196
NET INCOME (LOSS)	$	(794,512	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,014,428	)
Net income (loss) allocated to other partners	$	219,916

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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, 2015 and 2014

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-181

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-182

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-183

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-184

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-185

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-186

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-187

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-188

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-189

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-190

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2015 and 2014 consist of advance installments of $22,790 for both years, of capital contributions to operating limited partnerships. The notes are comprised of interest bearing notes at prime + 1.75%. Prime was 3.25% as of March 31, 2015 and 2014. These notes are secured by future installments of capital contributions or paid upon demand. The notes at March 31, 2015 and 2014 by series are as follows:

	2015		2014
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		-		-
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	$	22,790

F-191

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	5,420,641		$	88,834		$	(46,655	)
Operating limited partnership rents received in advance		10,037			-			68
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		1,957,719			16,576			57,300
Other		10,047,309			1,794,570			34,967
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(13,543,112	)		(71,803	)		(28,188	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(5,944,658	)		(42,143	)		(177,003	)
Impairment loss not recognized for tax purposes		2,593,629			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(17,332,242	)		(510,585	)		(1,125	)
Income (loss) for tax return purposes, December 31, 2014	$	(16,790,677	)	$	1,275,449		$	(160,636	)

F-192

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	100,765		$	430,054		$	191,861
Operating limited partnership rents received in advance		-			-			(782	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(82,281	)		(343,237	)		-
Other		818,041			1,538,015			387,925
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(209,033	)		(91,241	)		(175,016	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(57,628	)		(179,565	)		(35,225	)
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		(171,862	)		(485,931	)		(283,609	)
Income (loss) for tax return purposes, December 31, 2014	$	398,002		$	868,095		$	85,154

F-193

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	1,261,858		$	557,776		$	49,734
Operating limited partnership rents received in advance		-			-			9,626
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			-			(44,238	)
Other		87,932			(125,676	)		753,365
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(51,562	)		(600,059	)		(259,374	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(75,791	)		(225,709	)		(114,847	)
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		(1,310,427	)		(660,287	)		(1,610,120	)
Income (loss) for tax return purposes, December 31, 2014	$	(87,990	)	$	(1,053,955	)	$	(1,215,854	)

F-194

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	6,008,855		$	44,840		$	(935	)
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(706,182	)		230,779			143,019
Other		(2,404,086	)		3,736,436			32,998
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(540,340	)		(594,731	)		(378,697	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(81,811	)		(244,689	)		(194,560	)
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		(6,733,186	)		(361,790	)		(131,309	)
Income (loss) for tax return purposes, December 31, 2014	$	(4,456,750	)	$	2,810,845		$	(529,484	)

F-195

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	2,566,425		$	(149,466	)	$	(32,528	)
Operating limited partnership rents received in advance		3,903			9,964			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(310,268	)		194,588			118,662
Other		(998,553	)		(201,893	)		(160,568	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(621,755	)		(1,317,109	)		(326,229	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(377,130	)		(208,093	)		(126,770	)
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		(2,867,783	)		(117,871	)		(123,520	)
Income (loss) for tax return purposes, December 31, 2014	$	(2,605,161	)	$	(1,789,880	)	$	(650,953	)

F-196

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	359,261		$	(196,280	)	$	(100,022	)
Operating limited partnership rents received in advance		-			1,011			(18,119	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		176,928			148,216			82,426
Other		(1,485,680	)		143,386			143,779
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(402,243	)		(579,167	)		(567,327	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(164,441	)		(311,392	)		(131,187	)
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		(621,860	)		(13,707	)		(117,050	)
Income (loss) for tax return purposes, December 31, 2014	$	(2,138,035	)	$	(807,933	)	$	(707,500	)

F-197

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(157,664	)	$	(120,423	)	$	(112,061	)
Operating limited partnership rents received in advance		5,911			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		196,940			164,400			134,085
Other		564,376			299,285			292,863
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,274,223	)		(403,406	)		(503,080	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(173,483	)		(394,067	)		(309,689	)
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		(119,302	)		(82,415	)		(86,424	)
Income (loss) for tax return purposes, December 31, 2014	$	(957,445	)	$	(536,626	)	$	(584,306	)

F-198

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(209,771	)	$	(246,035	)	$	(56,734	)
Operating limited partnership rents received in advance		1,970			-			94
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		200,016			237,564			248,290
Other		346,713			564,224			813,094
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(795,406	)		(556,039	)		(896,588	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(203,812	)		(302,876	)		(285,271	)
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		(111,529	)		(97,417	)		(252,110	)
Income (loss) for tax return purposes, December 31, 2014	$	(771,819	)	$	(400,579	)	$	(429,225	)

F-199

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(634,723	)	$	(359,371	)	$	(1,442,530	)
Operating limited partnership rents received in advance		194			1,663			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		306,780			254,628			283,200
Other		1,366,368			112,456			1,456,407
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(666,281	)		(645,418	)		(673,720	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(338,918	)		(487,779	)		(247,030	)
Impairment loss not recognized for tax purposes		268,187			-			918,818
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(90,385	)		(26,918	)		(277,021	)
Income (loss) for tax return purposes, December 31, 2014	$	211,222		$	(1,150,739	)	$	18,124

F-200

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(2,374,424	)
Operating limited partnership rents received in advance		(5,466	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		249,528
Other		136,565
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(315,077	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(453,749	)
Impairment loss not recognized for tax purposes		1,406,624
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(66,699	)
Income (loss) for tax return purposes, December 31, 2014	$	(1,422,698	)

F-201

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 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-202

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-203

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-204

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-205

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-206

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-207

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-208

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-209

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-210

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-211

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2014	$	55,728,106		$	(1,258,685	)	$	(1,905,152	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		77,225,748			878,598			2,591,698
Impairment loss in investment in operating limited partnerships		(188,464,989	)		(409,509	)		(118,301	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2015		(755,788	)		(62,488	)		(221,074	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		57,087,374			281,467			(347,171	)
Investments in operating limited partnerships - as reported	$	1,798,718		$	-		$	-

F-212

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2014	$	(1,832,001	)	$	1,497,353		$	(821,383	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,689,653			1,281,140			1,941,970
Impairment loss in investment in operating limited partnerships		(1,289,080	)		(5,298,843	)		(1,151,381	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2015		(15,621	)		(10,974	)		(841	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,223,512			2,531,324			31,635
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-213

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited  partnerships - tax return December 31, 2014	$	(60,435	)	$	(5,205,435	)	$	(1,656,389	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		273,564			4,399,020			1,526,506
Impairment loss in investment in operating limited partnerships		(1,345,945	)		(1,883,225	)		(4,004,265	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2015		(31,239	)		(57,289	)		(195,417	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,164,055			2,746,929			4,329,565
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-214

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2014	$	318,909		$	(914,109	)	$	526,482
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,269,083			4,695,617			2,524,000
Impairment loss in investment in operating limited partnerships		(4,790,458	)		(5,661,234	)		(4,610,342	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2015		(64,727	)		(39,537	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,267,193			1,919,263			1,559,860
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-215

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2014	$	(2,844,166	)	$	4,667,100		$	3,976,255
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,913,882			7,152,320			2,003,965
Impairment loss in investment in operating limited partnerships		(9,196,909	)		(13,359,327	)		(7,924,274	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2015		(56,581	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		8,183,774			1,355,794			1,944,054
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-216

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2014	$	1,329,494		$	3,492,380		$	3,631,292
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,231,532			3,920,392			2,224,599
Impairment loss in investment in operating limited partnerships		(8,069,371	)		(9,244,266	)		(7,264,883	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2015		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		4,508,345			1,831,494			1,408,992
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-217

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2014	$	1,183,098		$	5,783,115		$	4,215,944
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,493,889			4,030,703			4,373,718
Impairment loss in investment in operating limited partnerships		(7,792,558	)		(10,557,104	)		(7,444,160	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2015		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		115,571			743,286			(1,145,502	)
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-218

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2014	$	6,586,470		$	455,172		$	5,161,301
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,158,206			2,647,711			2,985,744
Impairment loss in investment in operating limited partnerships		(10,641,244	)		(7,024,673	)		(10,714,201	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2015		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,896,568			3,921,790			2,567,156
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-219

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2014	$	7,950,660		$	366,227		$	12,261,848
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,046,309			3,768,065			868,202
Impairment loss in investment in operating limited partnerships		(13,508,694	)		(6,482,162	)		(15,650,905	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2015		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,511,725			2,347,870			3,358,960
Investments in operating limited partnerships - as reported	$	-		$	-		$	838,105

F-220

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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, 2015 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2014	$	8,822,761
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		335,662
Impairment loss in investment in operating limited partnerships		(13,027,675	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2015		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		4,829,865
Investments in operating limited partnerships - as reported	$	960,613

F-221

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-222

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-223

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-224

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-225

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-226

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-227

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-228

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-229

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-230

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

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-231

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2015 and 2014

NOTE F - CASH EQUIVALENTS

Cash equivalents of $23,664,318and $12,772,584 as of March 31, 2015 and 2014, respectively, include money market accounts with interest rates ranging from 0.10% to 0.35% 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, 2015.

NOTE H - SUBSEQUENT EVENTS

Subsequent to March 31, 2015, the Fund has entered into agreements to either sell or transfer its interests in eight operating limited partnerships, all of which closed by June 2015. 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 $3,420,500. The gain on the dispositions of these operating limited partnerships was $3,394,500 and was recognized in the first quarter of the fiscal year ended 2016.

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

EX-31.A

Exhibit 31.a

I, John P. Manning, certify that:

1. I have reviewed this annual report on Form 10-K of Boston Capital Tax Credit Fund IV L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  June 25, 2015	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

EX-31.B

Exhibit 31.b

I, Marc Teal, certify that:

1. I have reviewed this annual report on Form 10-K of Boston Capital Tax Credit Fund IV L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  June 25, 2015	/s/ Marc N. Teal
	Marc N. Teal Principal Financial Officer

EX-32.A

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Boston Capital Tax Credit Fund IV L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John P. Manning, Principal Executive Officer of the general partner of the general partner of the Fund’s general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
June 25, 2015	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.B

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Boston Capital Tax Credit Fund IV L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Marc N. Teal, Principal Financial Officer of the general partner of the general partner of the Fund’s general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
June 25, 2015	/s/ Marc N. Teal
	Marc. N. Teal
	Principal Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

XML

NOTES RECEIVABLE (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 22,790	$ 22,790
Series Twenty [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Twenty One [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Twenty Two [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Twenty Three [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Twenty Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Twenty Five [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Twenty Six [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Twenty Seven [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Twenty Eight [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Twenty Nine [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty One [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty Two [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty Three [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty Five [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty Six [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty Seven [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty Eight [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Thirty Nine [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Forty [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Forty One [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Forty Two [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	22,790	22,790
Series Forty Three [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Forty Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Forty Five [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	0	0
Series Forty Six [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 0	$ 0

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 1)		12 Months Ended
		Mar. 31, 2015 USD ($) Number		Mar. 31, 2014 USD ($) Number
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		48		23
Sale of Underlying Operating Partnership		7		15
Partnership Proceeds from Disposition | $		$ 12,631,500	[1]	$ 10,499,552	[2]
Gain on Disposition | $		$ 12,941,795		$ 9,882,625
Series Twenty [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		4		3
Sale of Underlying Operating Partnership		0		0
Partnership Proceeds from Disposition | $		$ 70,580	[1]	$ 722,000	[2]
Gain on Disposition | $		70,580		$ 722,000
Series Twenty One [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred				1
Sale of Underlying Operating Partnership				0
Partnership Proceeds from Disposition | $		0		$ 79,000	[2]
Gain on Disposition | $		$ 0		$ 79,000
Series Twenty Two [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		1		2
Sale of Underlying Operating Partnership		1		0
Partnership Proceeds from Disposition | $		$ 166,896	[1]	$ 0	[2]
Gain on Disposition | $		$ 166,896		0
Series Twenty Three [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		1
Sale of Underlying Operating Partnership		1
Partnership Proceeds from Disposition | $		$ 426,346	[1]	0
Gain on Disposition | $		$ 426,346		$ 0
Series Twenty Four [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		0		3
Sale of Underlying Operating Partnership		1		3
Partnership Proceeds from Disposition | $		$ 127,287	[1]	$ 1,630,062	[2]
Gain on Disposition | $		$ 207,327		$ 1,630,062
Series Twenty Five [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		2		1
Sale of Underlying Operating Partnership		0		0
Partnership Proceeds from Disposition | $		$ 1,295,124	[1]	$ 618,889	[2]
Gain on Disposition | $		$ 1,295,124		$ 0
Series Twenty Six [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		5		1
Sale of Underlying Operating Partnership		2		6
Partnership Proceeds from Disposition | $		$ 576,832	[1]	$ 2,801,657	[2]
Gain on Disposition | $		$ 647,125		$ 2,801,657
Series Twenty Seven [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		3		2
Sale of Underlying Operating Partnership		0		1
Partnership Proceeds from Disposition | $		$ 234,376	[1]	$ 2,508,394	[2]
Gain on Disposition | $		$ 237,896		$ 2,508,394
Series Twenty Eight [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		8		1
Sale of Underlying Operating Partnership		0		0
Partnership Proceeds from Disposition | $		$ 5,813,850	[1]	$ 939,495	[2]
Gain on Disposition | $		$ 5,854,818		$ 939,495
Series Twenty Nine [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		7		2
Sale of Underlying Operating Partnership		0		2
Partnership Proceeds from Disposition | $		$ 278,493	[1]	$ 342,694	[2]
Gain on Disposition | $		$ 278,493		344,656
Series Thirty [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		5
Sale of Underlying Operating Partnership		0
Partnership Proceeds from Disposition | $		$ 21,630	[1]	0
Gain on Disposition | $		$ 94,887		$ 0
Series Thirty One [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		2		3
Sale of Underlying Operating Partnership		1		0
Partnership Proceeds from Disposition | $		$ 2,840,263	[1]	$ 624,556	[2]
Gain on Disposition | $		$ 2,840,263		$ 624,556
Series Thirty Two [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		3		1
Sale of Underlying Operating Partnership		0		0
Partnership Proceeds from Disposition | $		$ 105,416	[1]	$ 3,428	[2]
Gain on Disposition | $		$ 107,673		3,428
Series Thirty Three [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		2
Sale of Underlying Operating Partnership		0
Partnership Proceeds from Disposition | $		$ 53,079	[1]	0
Gain on Disposition | $		$ 53,079		$ 0
Series Thirty Four [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		3		1
Sale of Underlying Operating Partnership		0		0
Partnership Proceeds from Disposition | $		$ 502,727	[1]	$ 176,333	[2]
Gain on Disposition | $		$ 502,727		176,333
Series Thirty Five [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		1
Sale of Underlying Operating Partnership		0
Partnership Proceeds from Disposition | $		$ 0	[1]	0
Gain on Disposition | $		$ 0
Series Thirty Six [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		0
Sale of Underlying Operating Partnership		0
Partnership Proceeds from Disposition | $		$ 25,054	[1]	0
Gain on Disposition | $		$ 25,054		0
Series Thirty Seven [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		1
Sale of Underlying Operating Partnership		0
Partnership Proceeds from Disposition | $		$ 0	[1]	0
Gain on Disposition | $		$ 0
Series Thirty Nine [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		0
Sale of Underlying Operating Partnership		0
Partnership Proceeds from Disposition | $		$ 29,999	[1]	0
Gain on Disposition | $		29,999		$ 0
Series Forty One [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred				1
Sale of Underlying Operating Partnership				0
Partnership Proceeds from Disposition | $		0		$ 52,000	[2]
Gain on Disposition | $		$ 0		$ 52,000
Series Fourty Two [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred		0
Sale of Underlying Operating Partnership		1
Partnership Proceeds from Disposition | $	[1]	$ 63,548
Gain on Disposition | $		103,508
Series Forty Four [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred				0
Sale of Underlying Operating Partnership				2
Partnership Proceeds from Disposition | $		0		$ 0	[2]
Gain on Disposition | $				$ 0
Series Forty Five [Member]
Dispositions By Series [Line Items]
Operating Partnership Interest Transferred				1
Sale of Underlying Operating Partnership				1
Partnership Proceeds from Disposition | $		0		$ 1,044	[2]
Gain on Disposition | $		$ 0		$ 1,044

[1] Fund proceeds from disposition does not include the following amounts which were due to writeoffs of capital contribution payables of $1,293, $3,520, $40,968, $22,257 and $2,257, for Series 26, Series 27, Series 28, Series 30 and Series 32, respectively. As well as proceeds from disposition recorded as a receivable of $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively.

[2] 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.

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - shares	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	83,611,971	83,640,389
Series Twenty [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	3,862,950	3,865,450
Series Twenty One [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	1,888,200	1,890,075
Series Twenty Two [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,561,250	2,563,650
Series Twenty Three [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	3,335,477	3,336,602
Series Twenty Four [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,167,253	2,169,628
Series Twenty Five [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	3,025,334	3,025,609
Series Twenty Six [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	3,994,075	3,995,200
Series Twenty Seven [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,460,450	2,460,700
Series Twenty Eight [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	3,999,488	4,000,113
Series Twenty Nine [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	3,990,850	3,991,675
Series Thirty [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,649,000	2,651,000
Series Thirty One [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	4,414,257	4,417,332
Series Thirty Two [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	4,750,448	4,753,240
Series Thirty Three [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,635,533	2,635,533
Series Thirty Four [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	3,527,044	3,529,069
Series Thirty Five [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	3,298,013	3,300,038
Series Thirty Six [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,104,004	2,106,255
Series Thirty Seven [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,512,500	2,512,500
Series Thirty Eight [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,543,100	2,543,100
Series Thirty Nine [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,291,901	2,292,151
Series Forty [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,629,881	2,630,256
Series Forty One [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,891,626	2,891,626
Series Forty Two [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,744,262	2,744,262
Series Forty Three [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	3,637,987	3,637,987
Series Forty Four [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,701,973	2,701,973
Series Forty Five [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	4,014,367	4,014,367
Series Forty Six [Member]
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Line Items]
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	2,980,748	2,980,998

XML

RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Details 1) - USD ($)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	$ 55,728,106		$ 76,082,802
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	77,225,748		87,884,506
Impairment loss in investment in operating limited partnerships	(188,464,989)		(216,038,394)
Historic tax credits - cumulative	978,267		978,267
Less share of loss	(755,788)		(1,117,450)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	57,087,374		57,538,970
Investments in operating limited partnerships - as reported	1,798,718		5,328,701
Series Twenty [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	(1,258,685)		(2,870,528)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	878,598		3,054,043
Impairment loss in investment in operating limited partnerships	(409,509)		(1,333,677)
Historic tax credits - cumulative	570,617		570,617
Less share of loss	(62,488)		(90,622)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	281,467		670,167
Investments in operating limited partnerships - as reported	0		0
Series Twenty One [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	(1,905,152)		(1,734,996)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,591,698		2,584,152
Impairment loss in investment in operating limited partnerships	(118,301)		(118,301)
Historic tax credits - cumulative	0		0
Less share of loss	(221,074)		(221,074)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	(347,171)		(509,781)
Investments in operating limited partnerships - as reported	0		0
Series Twenty Two [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	(1,832,001)		(2,216,485)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,689,653		1,708,122
Impairment loss in investment in operating limited partnerships	(1,289,080)		(1,618,823)
Historic tax credits - cumulative	223,537		223,537
Less share of loss	(15,621)		(25,824)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,223,512		1,929,473
Investments in operating limited partnerships - as reported	0		0
Series Twenty Three [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	1,497,353		656,490
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,281,140		2,436,164
Impairment loss in investment in operating limited partnerships	(5,298,843)		(6,353,837)
Historic tax credits - cumulative	0		0
Less share of loss	(10,974)		(54,934)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	2,531,324		3,316,117
Investments in operating limited partnerships - as reported	0		0
Series Twenty Four [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	(821,383)		(911,837)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,941,970		2,148,403
Impairment loss in investment in operating limited partnerships	(1,151,381)		(1,636,215)
Historic tax credits - cumulative	0		0
Less share of loss	(841)		(841)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	31,635		400,490
Investments in operating limited partnerships - as reported	0		0
Series Twenty Five [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	(60,435)		1,280,497
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	273,564		467,648
Impairment loss in investment in operating limited partnerships	(1,345,945)		(3,245,521)
Historic tax credits - cumulative	0		0
Less share of loss	(31,239)		(31,239)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,164,055		1,528,615
Investments in operating limited partnerships - as reported	0		0
Series Twenty Six [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	(5,205,435)		(3,510,773)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,399,020		5,296,972
Impairment loss in investment in operating limited partnerships	(1,883,225)		(4,338,427)
Historic tax credits - cumulative	0		0
Less share of loss	(57,289)		(114,788)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	2,746,929		2,667,016
Investments in operating limited partnerships - as reported	0		0
Series Twenty Seven [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	(1,656,389)		(1,806,555)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,526,506		1,965,626
Impairment loss in investment in operating limited partnerships	(4,004,265)		(4,558,902)
Historic tax credits - cumulative	0		0
Less share of loss	(195,417)		(204,661)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	4,329,565		4,604,492
Investments in operating limited partnerships - as reported	0		0
Series Twenty Eight [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	318,909		8,721,367
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,269,083		4,221,023
Impairment loss in investment in operating limited partnerships	(4,790,458)		(16,476,882)
Historic tax credits - cumulative	0		0
Less share of loss	(64,727)		(79,180)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,267,193		3,613,672
Investments in operating limited partnerships - as reported	0		0
Series Twenty Nine [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	(914,109)		(3,533,205)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,695,617		7,179,789
Impairment loss in investment in operating limited partnerships	(5,661,234)		(5,875,856)
Historic tax credits - cumulative	0		0
Less share of loss	(39,537)		(204,728)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,919,263		2,434,000
Investments in operating limited partnerships - as reported	0		0
Series Thirty [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	526,482		1,088,370
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,524,000		3,318,142
Impairment loss in investment in operating limited partnerships	(4,610,342)		(6,613,997)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,559,860		2,207,485
Investments in operating limited partnerships - as reported	0		0
Series Thirty One [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	(2,844,166)		(75,435)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,913,882		7,965,109
Impairment loss in investment in operating limited partnerships	(9,196,909)		(11,182,057)
Historic tax credits - cumulative	0		0
Less share of loss	(56,581)		(89,559)
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	8,183,774		3,381,942
Investments in operating limited partnerships - as reported	0		0
Series Thirty Two [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	4,667,100		6,429,738
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	7,152,320		6,317,426
Impairment loss in investment in operating limited partnerships	(13,359,327)		(14,763,087)
Historic tax credits - cumulative	184,113		184,113
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,355,794		1,831,810
Investments in operating limited partnerships - as reported	0		0
Series Thirty Three [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	3,976,255		4,589,822
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,003,965		2,659,844
Impairment loss in investment in operating limited partnerships	(7,924,274)		(9,162,728)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,944,054		1,913,062
Investments in operating limited partnerships - as reported	0		0
Series Thirty Four [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	1,329,494		3,558,773
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,231,532		5,821,899
Impairment loss in investment in operating limited partnerships	(8,069,371)		(10,625,803)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	4,508,345		1,245,131
Investments in operating limited partnerships - as reported	0		0
Series Thirty Five [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	3,492,380		4,244,912
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,920,392		3,511,421
Impairment loss in investment in operating limited partnerships	(9,244,266)		(11,273,719)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,831,494	$ (2,252,067)	3,517,386
Investments in operating limited partnerships - as reported	0		0
Series Thirty Six [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	3,631,292		4,233,303
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,224,599		1,659,966
Impairment loss in investment in operating limited partnerships	(7,264,883)		(7,246,265)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,408,992	$ 120,529	1,352,996
Investments in operating limited partnerships - as reported	0		0
Series Thirty Seven [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	1,183,098		2,065,352
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	6,493,889		6,441,485
Impairment loss in investment in operating limited partnerships	(7,792,558)		(7,792,558)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	115,571		(714,279)
Investments in operating limited partnerships - as reported	0		0
Series Thirty Eight [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	5,783,115		6,284,314
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,030,703		3,627,297
Impairment loss in investment in operating limited partnerships	(10,557,104)		(10,527,541)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	743,286		615,930
Investments in operating limited partnerships - as reported	0		0
Series Thirty Nine [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	4,215,944		4,738,394
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,373,718		3,876,967
Impairment loss in investment in operating limited partnerships	(7,444,160)		(7,438,510)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	(1,145,502)		(1,176,851)
Investments in operating limited partnerships - as reported	0		0
Series Forty [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	6,586,470		7,248,337
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,158,206		1,365,798
Impairment loss in investment in operating limited partnerships	(10,641,244)		(10,639,800)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	1,896,568		2,025,665
Investments in operating limited partnerships - as reported	0		0
Series Forty One [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	455,172		768,256
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,647,711		2,219,955
Impairment loss in investment in operating limited partnerships	(7,024,673)		(7,005,127)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	3,921,790		4,016,916
Investments in operating limited partnerships - as reported	0		0
Series Forty Two [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	5,161,301		5,533,010
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,985,744		2,319,513
Impairment loss in investment in operating limited partnerships	(10,714,201)		(10,428,111)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	2,567,156		2,575,588
Investments in operating limited partnerships - as reported	0		0
Series Forty Three [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	7,950,660		7,665,048
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,046,309		2,380,028
Impairment loss in investment in operating limited partnerships	(13,508,694)		(13,050,566)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	2,511,725		3,183,820
Investments in operating limited partnerships - as reported	0		178,330
Series Forty Four [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	366,227		1,396,639
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,768,065		3,122,647
Impairment loss in investment in operating limited partnerships	(6,482,162)		(6,453,489)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	2,347,870		1,934,203
Investments in operating limited partnerships - as reported	0		0
Series Forty Five [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	12,261,848		12,010,027
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	868,202		194,482
Impairment loss in investment in operating limited partnerships	(15,650,905)		(14,657,544)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	3,358,960		4,457,527
Investments in operating limited partnerships - as reported	838,105		2,004,492
Series Forty Six [Member]
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	8,822,761		10,229,967
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	335,662		20,585
Impairment loss in investment in operating limited partnerships	(13,027,675)		(11,621,051)
Historic tax credits - cumulative	0		0
Less share of loss	0		0
Operating limited partnership impairment loss not recognized for tax purposes	0		0
Other	4,829,865		4,516,378
Investments in operating limited partnerships - as reported	$ 960,613		$ 3,145,879

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 5) - USD ($)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Revenue
Rent	$ 133,809,671		$ 162,298,910
Interest and other	5,092,623		6,084,629
Operating Partnerships Revenues	138,902,294		168,383,539
Expenses
Interest	28,620,800		33,387,199
Depreciation and amortization	36,149,060		47,293,084
Taxes and insurance	16,948,203		20,872,713
Repairs and maintenance	25,528,297		28,630,757
Operating expenses	48,235,197		59,311,990
Impairment loss	0		0
Other expenses	2,884,680		4,093,159
Operating Partnerships Total Expenses	158,366,237		193,588,902
NET INCOME (LOSS)	(19,463,943)		(25,205,363)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(14,509,277)	[1]	(18,485,088)	[2]
Net income (loss) allocated to other partners	(4,954,666)		(6,720,275)
Series Twenty [Member]
Revenue
Rent	1,217,816		2,237,679
Interest and other	48,847		86,946
Operating Partnerships Revenues	1,266,663		2,324,625
Expenses
Interest	115,541		373,068
Depreciation and amortization	319,062		693,878
Taxes and insurance	138,980		273,220
Repairs and maintenance	320,889		596,259
Operating expenses	470,123		969,622
Impairment loss	0		0
Other expenses	9,439		56,738
Operating Partnerships Total Expenses	1,374,034		2,962,785
NET INCOME (LOSS)	(107,371)		(638,160)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(71,803)	[1]	(366,227)	[2]
Net income (loss) allocated to other partners	(35,568)		(271,933)
Series Twenty One [Member]
Revenue
Rent	1,867,952		1,824,069
Interest and other	7,857		15,179
Operating Partnerships Revenues	1,875,809		1,839,248
Expenses
Interest	490,826		522,766
Depreciation and amortization	318,863		326,104
Taxes and insurance	191,753		179,613
Repairs and maintenance	263,021		253,968
Operating expenses	520,312		603,582
Impairment loss	0		0
Other expenses	98,655		45,815
Operating Partnerships Total Expenses	1,883,430		1,931,848
NET INCOME (LOSS)	(7,621)		(92,600)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(28,188)	[1]	(98,321)	[2]
Net income (loss) allocated to other partners	20,567		5,721
Series Twenty Two [Member]
Revenue
Rent	1,919,368		2,477,250
Interest and other	62,291		73,964
Operating Partnerships Revenues	1,981,659		2,551,214
Expenses
Interest	313,777		496,594
Depreciation and amortization	444,060		558,497
Taxes and insurance	322,692		382,939
Repairs and maintenance	453,646		629,883
Operating expenses	637,044		777,142
Impairment loss	0		0
Other expenses	66,694		73,572
Operating Partnerships Total Expenses	2,237,913		2,918,627
NET INCOME (LOSS)	(256,254)		(367,413)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(209,033)	[1]	(264,711)	[2]
Net income (loss) allocated to other partners	(47,221)		(102,702)
Series Twenty Three [Member]
Revenue
Rent	4,026,811		4,435,882
Interest and other	131,358		163,448
Operating Partnerships Revenues	4,158,169		4,599,330
Expenses
Interest	595,453		795,239
Depreciation and amortization	998,721		1,158,287
Taxes and insurance	584,252		644,328
Repairs and maintenance	901,765		944,241
Operating expenses	1,486,530		1,743,795
Impairment loss	0		0
Other expenses	73,654		76,533
Operating Partnerships Total Expenses	4,640,375		5,362,423
NET INCOME (LOSS)	(482,206)		(763,093)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(91,241)	[1]	(361,723)	[2]
Net income (loss) allocated to other partners	(390,965)		(401,370)
Series Twenty Four [Member]
Revenue
Rent	1,185,807		1,636,612
Interest and other	21,856		30,368
Operating Partnerships Revenues	1,207,663		1,666,980
Expenses
Interest	133,847		245,476
Depreciation and amortization	354,174		503,096
Taxes and insurance	121,745		217,169
Repairs and maintenance	297,226		351,054
Operating expenses	498,805		640,559
Impairment loss	0		0
Other expenses	11,000		23,919
Operating Partnerships Total Expenses	1,416,797		1,981,273
NET INCOME (LOSS)	(209,134)		(314,293)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(175,016)	[1]	(241,279)	[2]
Net income (loss) allocated to other partners	(34,118)		(73,014)
Series Twenty Five [Member]
Revenue
Rent	855,551		1,262,550
Interest and other	20,571		22,841
Operating Partnerships Revenues	876,122		1,285,391
Expenses
Interest	87,463		171,813
Depreciation and amortization	164,447		246,603
Taxes and insurance	100,077		125,928
Repairs and maintenance	173,689		238,246
Operating expenses	341,298		443,788
Impairment loss	0		0
Other expenses	10,814		20,949
Operating Partnerships Total Expenses	877,788		1,247,327
NET INCOME (LOSS)	(1,666)		38,064
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(51,562)	[1]	(43,041)	[2]
Net income (loss) allocated to other partners	49,896		81,105
Series Twenty Six [Member]
Revenue
Rent	2,669,145		4,790,165
Interest and other	84,503		169,267
Operating Partnerships Revenues	2,753,648		4,959,432
Expenses
Interest	428,375		716,630
Depreciation and amortization	697,838		1,466,667
Taxes and insurance	372,572		672,261
Repairs and maintenance	815,668		1,143,771
Operating expenses	1,060,538		1,868,618
Impairment loss	0		0
Other expenses	15,500		123,014
Operating Partnerships Total Expenses	3,390,491		5,990,961
NET INCOME (LOSS)	(636,843)		(1,031,529)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(600,059)	[1]	(842,204)	[2]
Net income (loss) allocated to other partners	(36,784)		(189,325)
Series Twenty Seven [Member]
Revenue
Rent	4,469,724		6,040,191
Interest and other	53,695		158,902
Operating Partnerships Revenues	4,523,419		6,199,093
Expenses
Interest	929,956		1,151,459
Depreciation and amortization	924,307		1,673,915
Taxes and insurance	529,607		669,786
Repairs and maintenance	815,165		973,244
Operating expenses	1,336,544		1,840,267
Impairment loss	0		0
Other expenses	45,967		195,226
Operating Partnerships Total Expenses	4,581,546		6,503,897
NET INCOME (LOSS)	(58,127)		(304,804)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(259,374)	[1]	(277,730)	[2]
Net income (loss) allocated to other partners	201,247		(27,074)
Series Twenty Eight [Member]
Revenue
Rent	3,183,563		7,997,536
Interest and other	71,396		191,608
Operating Partnerships Revenues	3,254,959		8,189,144
Expenses
Interest	463,092		994,517
Depreciation and amortization	939,289		2,111,756
Taxes and insurance	391,411		973,644
Repairs and maintenance	533,271		1,506,121
Operating expenses	1,418,059		2,953,257
Impairment loss	0		0
Other expenses	9,800		167,721
Operating Partnerships Total Expenses	3,754,922		8,707,016
NET INCOME (LOSS)	(499,963)		(517,872)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(540,340)	[1]	(953,311)	[2]
Net income (loss) allocated to other partners	40,377		435,439
Series Twenty Nine [Member]
Revenue
Rent	2,898,160		6,399,091
Interest and other	197,710		279,731
Operating Partnerships Revenues	3,095,870		6,678,822
Expenses
Interest	817,904		1,216,242
Depreciation and amortization	721,976		2,078,912
Taxes and insurance	428,456		952,282
Repairs and maintenance	572,581		991,855
Operating expenses	1,156,241		2,645,977
Impairment loss	0		0
Other expenses	36,460		96,260
Operating Partnerships Total Expenses	3,733,618		7,981,528
NET INCOME (LOSS)	(637,748)		(1,302,706)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(594,731)	[1]	(1,065,191)	[2]
Net income (loss) allocated to other partners	(43,017)		(237,515)
Series Thirty [Member]
Revenue
Rent	3,714,407		5,127,821
Interest and other	72,038		170,948
Operating Partnerships Revenues	3,786,445		5,298,769
Expenses
Interest	372,442		551,540
Depreciation and amortization	791,658		1,202,369
Taxes and insurance	449,833		609,014
Repairs and maintenance	630,308		1,071,737
Operating expenses	2,111,960		2,573,560
Impairment loss	0		0
Other expenses	18,054		61,971
Operating Partnerships Total Expenses	4,374,255		6,070,191
NET INCOME (LOSS)	(587,810)		(771,422)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(378,697)	[1]	(621,294)	[2]
Net income (loss) allocated to other partners	(209,113)		(150,128)
Series Thirty One [Member]
Revenue
Rent	5,626,027		9,574,095
Interest and other	127,941		473,966
Operating Partnerships Revenues	5,753,968		10,048,061
Expenses
Interest	626,969		1,133,836
Depreciation and amortization	1,302,626		2,678,740
Taxes and insurance	858,669		1,450,339
Repairs and maintenance	1,087,384		1,457,335
Operating expenses	2,430,076		3,634,252
Impairment loss	0		0
Other expenses	24,182		647,743
Operating Partnerships Total Expenses	6,329,906		11,002,245
NET INCOME (LOSS)	(575,938)		(954,184)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(621,755)	[1]	(1,155,732)	[2]
Net income (loss) allocated to other partners	45,817		201,548
Series Thirty Two [Member]
Revenue
Rent	5,204,561		6,508,476
Interest and other	164,924		219,944
Operating Partnerships Revenues	5,369,485		6,728,420
Expenses
Interest	1,156,200		1,258,641
Depreciation and amortization	1,794,269		2,463,661
Taxes and insurance	660,910		845,962
Repairs and maintenance	873,026		1,009,687
Operating expenses	1,939,605		2,495,964
Impairment loss	0		0
Other expenses	312,489		481,906
Operating Partnerships Total Expenses	6,736,499		8,555,821
NET INCOME (LOSS)	(1,367,014)		(1,827,401)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(1,317,109)	[1]	(1,433,129)	[2]
Net income (loss) allocated to other partners	(49,905)		(394,272)
Series Thirty Three [Member]
Revenue
Rent	3,425,638		6,345,248
Interest and other	126,626		258,319
Operating Partnerships Revenues	3,552,264		6,603,567
Expenses
Interest	663,809		1,154,157
Depreciation and amortization	992,997		2,147,969
Taxes and insurance	397,900		894,942
Repairs and maintenance	508,567		731,636
Operating expenses	1,385,183		2,880,503
Impairment loss	0		0
Other expenses	140,488		166,042
Operating Partnerships Total Expenses	4,088,944		7,975,249
NET INCOME (LOSS)	(536,680)		(1,371,682)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(326,229)	[1]	(566,103)	[2]
Net income (loss) allocated to other partners	(210,451)		(805,579)
Series Thirty Four [Member]
Revenue
Rent	3,177,735		7,029,164
Interest and other	202,682		280,275
Operating Partnerships Revenues	3,380,417		7,309,439
Expenses
Interest	539,486		1,042,365
Depreciation and amortization	865,727		2,602,919
Taxes and insurance	411,480		1,040,409
Repairs and maintenance	553,851		975,500
Operating expenses	1,331,549		3,358,381
Impairment loss	0		0
Other expenses	10,300		71,056
Operating Partnerships Total Expenses	3,712,393		9,090,630
NET INCOME (LOSS)	(331,976)		(1,781,191)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(402,243)	[1]	(1,227,938)	[2]
Net income (loss) allocated to other partners	70,267		(553,253)
Series Thirty Five [Member]
Revenue
Rent	6,331,295		6,475,964
Interest and other	271,268		198,981
Operating Partnerships Revenues	6,602,563		6,674,945
Expenses
Interest	1,367,800		1,402,582
Depreciation and amortization	1,873,876		2,005,105
Taxes and insurance	918,116		860,037
Repairs and maintenance	1,073,685		1,064,089
Operating expenses	2,195,830		2,314,187
Impairment loss	0		0
Other expenses	98,918		70,908
Operating Partnerships Total Expenses	7,528,225		7,716,908
NET INCOME (LOSS)	(925,662)		(1,041,963)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(579,167)	[1]	(688,552)	[2]
Net income (loss) allocated to other partners	(346,495)		(353,411)
Series Thirty Six [Member]
Revenue
Rent	4,831,977		4,744,459
Interest and other	213,639		125,527
Operating Partnerships Revenues	5,045,616		4,869,986
Expenses
Interest	938,402		958,450
Depreciation and amortization	1,534,818		1,518,135
Taxes and insurance	692,211		660,902
Repairs and maintenance	882,040		697,438
Operating expenses	1,810,123		1,835,337
Impairment loss	0		0
Other expenses	157,147		75,054
Operating Partnerships Total Expenses	6,014,741		5,745,316
NET INCOME (LOSS)	(969,125)		(875,330)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(567,327)	[1]	(489,323)	[2]
Net income (loss) allocated to other partners	(401,798)		(386,007)
Series Thirty Seven [Member]
Revenue
Rent	4,713,775		5,733,586
Interest and other	197,977		234,903
Operating Partnerships Revenues	4,911,752		5,968,489
Expenses
Interest	1,034,694		1,033,729
Depreciation and amortization	1,521,527		2,115,278
Taxes and insurance	805,387		965,919
Repairs and maintenance	857,626		924,582
Operating expenses	2,251,017		2,758,869
Impairment loss	0		0
Other expenses	159,590		138,964
Operating Partnerships Total Expenses	6,629,841		7,937,341
NET INCOME (LOSS)	(1,718,089)		(1,968,852)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(1,274,223)	[1]	(1,423,309)	[2]
Net income (loss) allocated to other partners	(443,866)		(545,543)
Series Thirty Eight [Member]
Revenue
Rent	4,779,926		4,541,271
Interest and other	179,331		181,334
Operating Partnerships Revenues	4,959,257		4,722,605
Expenses
Interest	918,655		969,147
Depreciation and amortization	1,183,265		1,180,606
Taxes and insurance	572,145		576,518
Repairs and maintenance	956,683		792,059
Operating expenses	1,804,257		1,772,891
Impairment loss	0		0
Other expenses	91,774		107,940
Operating Partnerships Total Expenses	5,526,779		5,399,161
NET INCOME (LOSS)	(567,522)		(676,556)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(403,406)	[1]	(447,771)	[2]
Net income (loss) allocated to other partners	(164,116)		(228,785)
Series Thirty Nine [Member]
Revenue
Rent	3,734,564		3,579,382
Interest and other	234,097		223,143
Operating Partnerships Revenues	3,968,661		3,802,525
Expenses
Interest	745,647		762,859
Depreciation and amortization	1,020,047		1,044,496
Taxes and insurance	462,005		450,988
Repairs and maintenance	680,957		616,711
Operating expenses	1,614,834		1,611,348
Impairment loss	0		0
Other expenses	128,784		144,684
Operating Partnerships Total Expenses	4,652,274		4,631,086
NET INCOME (LOSS)	(683,613)		(828,561)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(503,080)	[1]	(594,093)	[2]
Net income (loss) allocated to other partners	(180,533)		(234,468)
Series Forty [Member]
Revenue
Rent	9,878,718		9,759,272
Interest and other	447,725		432,340
Operating Partnerships Revenues	10,326,443		10,191,612
Expenses
Interest	3,028,343		3,077,212
Depreciation and amortization	2,582,120		2,580,262
Taxes and insurance	1,458,206		1,426,929
Repairs and maintenance	1,694,802		1,443,089
Operating expenses	2,771,878		2,649,473
Impairment loss	0		0
Other expenses	120,338		119,822
Operating Partnerships Total Expenses	11,655,687		11,296,787
NET INCOME (LOSS)	(1,329,244)		(1,105,175)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(795,406)	[1]	(726,480)	[2]
Net income (loss) allocated to other partners	(533,838)		(378,695)
Series Forty One [Member]
Revenue
Rent	12,178,082		12,055,887
Interest and other	455,280		466,528
Operating Partnerships Revenues	12,633,362		12,522,415
Expenses
Interest	3,421,146		3,476,503
Depreciation and amortization	2,994,036		2,982,256
Taxes and insurance	1,542,802		1,463,591
Repairs and maintenance	2,102,021		1,907,833
Operating expenses	3,274,025		2,996,818
Impairment loss	0		0
Other expenses	335,957		287,945
Operating Partnerships Total Expenses	13,669,987		13,114,946
NET INCOME (LOSS)	(1,036,625)		(592,531)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(556,039)	[1]	(621,885)	[2]
Net income (loss) allocated to other partners	(480,586)		29,354
Series Forty Two [Member]
Revenue
Rent	10,209,179		10,535,566
Interest and other	332,895		338,914
Operating Partnerships Revenues	10,542,074		10,874,480
Expenses
Interest	2,332,402		2,513,476
Depreciation and amortization	2,679,560		2,809,331
Taxes and insurance	1,103,980		1,142,938
Repairs and maintenance	2,048,590		1,901,477
Operating expenses	3,265,258		3,268,203
Impairment loss	0		0
Other expenses	339,194		294,006
Operating Partnerships Total Expenses	11,768,984		11,929,431
NET INCOME (LOSS)	(1,226,910)		(1,054,951)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(896,588)	[1]	(894,568)	[2]
Net income (loss) allocated to other partners	(330,322)		(160,383)
Series Forty Three [Member]
Revenue
Rent	10,072,737		9,974,760
Interest and other	452,855		393,335
Operating Partnerships Revenues	10,525,592		10,368,095
Expenses
Interest	2,221,745		2,280,961
Depreciation and amortization	3,030,459		3,048,910
Taxes and insurance	1,042,600		1,004,171
Repairs and maintenance	1,973,044		1,927,314
Operating expenses	3,561,520		3,343,630
Impairment loss	0		0
Other expenses	148,173		193,811
Operating Partnerships Total Expenses	11,977,541		11,798,797
NET INCOME (LOSS)	(1,451,949)		(1,430,702)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(693,868)	[1]	(816,218)	[2]
Net income (loss) allocated to other partners	(758,081)		(614,484)
Series Forty Four [Member]
Revenue
Rent	7,520,393		7,332,990
Interest and other	318,360		261,044
Operating Partnerships Revenues	7,838,753		7,594,034
Expenses
Interest	2,132,113		2,169,441
Depreciation and amortization	2,046,094		2,040,636
Taxes and insurance	579,704		552,748
Repairs and maintenance	1,352,833		1,391,438
Operating expenses	2,509,667		2,418,295
Impairment loss	0		0
Other expenses	85,953		95,028
Operating Partnerships Total Expenses	8,706,364		8,667,586
NET INCOME (LOSS)	(867,611)		(1,073,552)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(645,418)	[1]	(602,519)	[2]
Net income (loss) allocated to other partners	(222,193)		(471,033)
Series Forty Five [Member]
Revenue
Rent	8,302,134		8,074,526
Interest and other	322,843		311,152
Operating Partnerships Revenues	8,624,977		8,385,678
Expenses
Interest	1,477,829		1,550,152
Depreciation and amortization	2,523,338		2,509,590
Taxes and insurance	1,002,510		1,047,218
Repairs and maintenance	1,991,497		1,790,623
Operating expenses	3,012,417		2,837,621
Impairment loss	0		0
Other expenses	214,116		207,293
Operating Partnerships Total Expenses	10,221,707		9,942,497
NET INCOME (LOSS)	(1,596,730)		(1,556,819)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(912,947)	[1]	(723,969)	[2]
Net income (loss) allocated to other partners	(683,783)		(832,850)
Series Forty Six [Member]
Revenue
Rent	5,814,626		5,805,418
Interest and other	272,058		321,722
Operating Partnerships Revenues	6,086,684		6,127,140
Expenses
Interest	1,266,884		1,368,344
Depreciation and amortization	1,529,906		1,545,106
Taxes and insurance	808,200		788,918
Repairs and maintenance	1,114,462		1,299,567
Operating expenses	2,040,504		2,076,051
Impairment loss	0		0
Other expenses	121,240		49,239
Operating Partnerships Total Expenses	6,881,196		7,127,225
NET INCOME (LOSS)	(794,512)		(1,000,085)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(1,014,428)	[1]	(938,467)	[2]
Net income (loss) allocated to other partners	$ 219,916		$ (61,618)

[1] Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 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.

[2] 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.

XML

RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2015 and 2014, 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, 2015 and 2014, are as follows:

	2015
	Gross Fund Management Fee		Asset Management and Reporting Fee		Fund Management Fee net of Asset Management and Reporting Fee
Series 20	$	66,576	$	123,117	$	(56,541)
Series 21		57,300		37,051		20,249
Series 22		59,835		27,311		32,524
Series 23		83,109		115,250		(32,141)
Series 24		64,002		83,730		(19,728)
Series 25		27,661		8,260		19,401
Series 26		152,491		111,234		41,257
Series 27		163,014		22,076		140,938
Series 28		173,354		93,978		79,376
Series 29		230,779		47,727		183,052
Series 30		143,019		81,311		61,708
Series 31		294,288		66,713		227,575
Series 32		256,588		23,342		233,246
Series 33		118,662		59,633		59,029
Series 34		226,928		100,863		126,065
Series 35		198,216		24,985		173,231
Series 36		132,480		14,079		118,401
Series 37		196,940		43,500		153,440
Series 38		164,400		19,315		145,085
Series 39		134,085		9,022		125,063
Series 40		200,016		14,607		185,409
Series 41		237,564		18,131		219,433
Series 42		248,290		84,524		163,766
Series 43		306,780		38,745		268,035
Series 44		254,628		48,108		206,520
Series 45		283,200		35,650		247,550
Series 46		249,528		22,723		226,805
	$	4,723,733	$	1,374,985	$	3,348,748

	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

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, 2015 and 2014, total fund management fees accrued were $50,628,768 and $48,671,049, respectively.

The fund management fees paid for the years ended March 31, 2015 and 2014, are as follows:

	2015		2014
Series 20	$	50,000	$	628,402
Series 21		-		79,000
Series 22		142,116		90,375
Series 23		426,346		18,900
Series 24		64,002		2,560,095
Series 25		27,661		47,508
Series 26		152,491		707,356
Series 27		207,252		1,764,059
Series 28		879,536		1,148,270
Series 29		-		231,631
Series 30		-		-
Series 31		604,556		50,000
Series 32		62,000		1,449
Series 33		-		-
Series 34		50,000		-
Series 35		50,000		-
Series 36		50,054		1,000,000
Series 37		-		-
Series 38		-		-
Series 39		-		-
Series 40		-		-
Series 41		-		52,000
Series 42		-		50,000
Series 43		-		-
Series 44		-		-
Series 45		-		50,442
Series 46		-		-
	$	2,766,014	$	8,479,487

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, 2015 and 2014, are as follows:

	2015		2014
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		133,578
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		220,455		220,455
Series 40		370,404		359,629
Series 41		359,757		359,757
Series 42		221,615		221,615
Series 43		-		-
Series 44		88,620		12,495
Series 45		23,185		8,997
Series 46		-		-
	$	1,472,274	$	1,371,186

During the year ended March 31, 2015, $10,775, $76,125 and $14,188 for 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, 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. 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.

During the years ended March 31, 2015 and 2014, 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:

	2015		2014
Series 20	$	11,573	$	13,320
Series 21		8,823		10,180
Series 22		10,045		11,792
Series 23		11,378		13,081
Series 24		10,985		11,458
Series 25		11,555		12,154
Series 26		14,657		16,057
Series 27		11,275		11,979
Series 28		12,468		14,353
Series 29		12,872		14,663
Series 30		11,064		12,284
Series 31		13,474		15,196
Series 32		12,697		14,268
Series 33		9,883		11,031
Series 34		11,371		12,736
Series 35		10,999		12,216
Series 36		9,543		10,822
Series 37		9,561		10,690
Series 38		10,049		11,184
Series 39		9,468		10,889
Series 40		10,775		12,485
Series 41		11,646		14,228
Series 42		11,625		16,252
Series 43		12,922		15,570
Series 44		10,125		12,495
Series 45		14,188		17,433
Series 46		11,581		13,750
	$	306,602	$	352,566

Accounts payable - affiliates at March 31, 2015 and 2014 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.

XML

CASH EQUIVALENTS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash and Cash Equivalents [Line Items]
Cash Equivalents	$ 23,664,318	$ 12,772,584
Money Market Accounts Interest Rate Minimum	0.10%
Money Market Accounts Interest Rate Maximum	0.35%

XML

RELATED PARTY TRANSACTIONS (Details 2) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	$ 1,472,274	$ 1,371,186
Series Twenty [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Twenty One [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Twenty Two [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Twenty Three [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Twenty Four [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Twenty Five [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Twenty Six [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Twenty Seven [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Twenty Eight [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Twenty Nine [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Thirty [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Thirty One [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Thirty Two [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Thirty Three [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	54,660	54,660
Series Thirty Four [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	133,578	133,578
Series Thirty Five [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Thirty Six [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Thirty Seven [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Thirty Eight [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Thirty Nine [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	220,455	220,455
Series Forty [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	370,404	359,629
Series Forty One [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	359,757	359,757
Series Forty Two [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	221,615	221,615
Series Forty Three [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Forty Four [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	88,620	12,495
Series Forty Five [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	23,185	8,997
Series Forty Six [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	$ 0	$ 0

XML

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Partnership Management Fees Paid [Line Items]
Fund management fees paid	$ 2,766,014	$ 8,479,487
Series Twenty [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	50,000	628,402
Series Twenty One [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	79,000
Series Twenty Two [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	142,116	90,375
Series Twenty Three [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	426,346	18,900
Series Twenty Four [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	64,002	2,560,095
Series Twenty Five [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	27,661	47,508
Series Twenty Six [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	152,491	707,356
Series Twenty Seven [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	207,252	1,764,059
Series Twenty Eight [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	879,536	1,148,270
Series Twenty Nine [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	231,631
Series Thirty [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	0
Series Thirty One [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	604,556	50,000
Series Thirty Two [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	62,000	1,449
Series Thirty Three [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	0
Series Thirty Four [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	50,000	0
Series Thirty Five [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	50,000	0
Series Thirty Six [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	50,054	1,000,000
Series Thirty Seven [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	0
Series Thirty Eight [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	0
Series Thirty Nine [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	0
Series Forty [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	0
Series Forty One [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	52,000
Series Forty Two [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	50,000
Series Forty Three [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	0
Series Forty Four [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	0
Series Forty Five [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	0	50,442
Series Forty Six [Member]
Partnership Management Fees Paid [Line Items]
Fund management fees paid	$ 0	$ 0

XML

SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member]	12 Months Ended
	Mar. 31, 2015 USD ($)
Subsequent Event [Line Items]
Estimated Cash Proceeds To Operating Partnership	$ 3,420,500
Estimated Gain On The Sale Of The Operating Partnerships	$ 3,394,500

XML

RELATED PARTY TRANSACTIONS (Details 3) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	$ 306,602	$ 352,566
Series Twenty [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	11,573	13,320
Series Twenty One [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	8,823	10,180
Series Twenty Two [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	10,045	11,792
Series Twenty Three [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	11,378	13,081
Series Twenty Four [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	10,985	11,458
Series Twenty Five [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	11,555	12,154
Series Twenty Six [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	14,657	16,057
Series Twenty Seven [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	11,275	11,979
Series Twenty Eight [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	12,468	14,353
Series Twenty Nine [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	12,872	14,663
Series Thirty [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	11,064	12,284
Series Thirty One [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	13,474	15,196
Series Thirty Two [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	12,697	14,268
Series Thirty Three [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	9,883	11,031
Series Thirty Four [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	11,371	12,736
Series Thirty Five [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	10,999	12,216
Series Thirty Six [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	9,543	10,822
Series Thirty Seven [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	9,561	10,690
Series Thirty Eight [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	10,049	11,184
Series Thirty Nine [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	9,468	10,889
Series Forty [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	10,775	12,485
Series Forty One [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	11,646	14,228
Series Forty Two [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	11,625	16,252
Series Forty Three [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	12,922	15,570
Series Forty Four [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	10,125	12,495
Series Forty Five [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	14,188	17,433
Series Forty Six [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	$ 11,581	$ 13,750

XML

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Percentage Of Annual Management Fee	0.50%
Accrued Management Fees	$ 50,628,768	$ 48,671,049
Series Thirty Four [Member]
Related Party Transaction [Line Items]
Proceeds from Collection of Advance From An Affiliate		12,736
Series Forty [Member]
Related Party Transaction [Line Items]
Proceeds from Collection of Advance From An Affiliate	10,775	12,485
Series Forty Four [Member]
Related Party Transaction [Line Items]
Proceeds from Collection of Advance From An Affiliate	76,125	12,495
Series Forty Five [Member]
Related Party Transaction [Line Items]
Proceeds from Collection of Advance From An Affiliate	$ 14,188	$ 8,997

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

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.

The BACs issued and outstanding in each series as of March 31, 2015 and 2014 are as follows:

	Issued				Outstanding
	2015		2014		2015		2014
Series 20		3,866,700		3,866,700		3,857,700		3,864,700
Series 21		1,892,700		1,892,700		1,888,200		1,888,200
Series 22		2,564,400		2,564,400		2,560,800		2,561,400
Series 23		3,336,727		3,336,727		3,333,227		3,336,227
Series 24		2,169,878		2,169,878		2,162,378		2,168,878
Series 25		3,026,109		3,026,109		3,024,509		3,025,609
Series 26		3,995,900		3,995,900		3,990,700		3,995,200
Series 27		2,460,700		2,460,700		2,459,700		2,460,700
Series 28		4,000,738		4,000,738		3,998,738		3,999,738
Series 29		3,991,800		3,991,800		3,989,500		3,991,300
Series 30		2,651,000		2,651,000		2,643,000		2,651,000
Series 31		4,417,857		4,417,857		4,409,757		4,415,757
Series 32		4,754,198		4,754,198		4,748,198		4,751,198
Series 33		2,636,533		2,636,533		2,635,533		2,635,533
Series 34		3,529,319		3,529,319		3,523,219		3,528,319
Series 35		3,300,463		3,300,463		3,295,763		3,298,763
Series 36		2,106,838		2,106,838		2,102,504		2,104,504
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		2,291,151		2,292,151
Series 40		2,630,256		2,630,256		2,628,756		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		2,979,998		2,980,998
		83,651,080		83,651,080		83,569,146		83,626,246

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 $709,402 and $571,985 as of March 31, 2015 and 2014, 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, 2015 and 2014 of $2,593,629 and $7,116,275, 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.

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.

Recent Accounting Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

Deferred Acquisition Costs

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2015 and 2014, an impairment loss of $133,584 and $1,139,623, respectively, was recorded and the lives of the remaining acquisition costs were reassessed.

Accumulated amortization as of March 31, 2015 and 2014, as well as the March 31, 2015 and 2014 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Acquisition Costs Impairment		Acquisition Costs Impairment		Remaining Life Acquistion Costs
	2015		2014		2015		2014		Years
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		-		-		-		-		-
Series 34		-		-		-		-		-
Series 35		-		-		-		-		-
Series 36		-		-		-		-		-
Series 37		-		-		-		-		-
Series 38		-		-		-		-		-
Series 39		-		-		-		-		-
Series 40		-		-		-		-		-
Series 41		-		-		-		-		-
Series 42		-		-		-		207,482		-
Series 43		-		133,584		133,584		-		-
Series 44		-		-		-		848,390		-
Series 45		-		-		-		53,446		-
Series 46		-		-		-		30,305		-
	$	-	$	133,584	$	133,584	$	1,139,623

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 2011 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.

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, 2015 and 2014 are as follows:

	2015		2014
Series 20		3,862,950		3,865,450
Series 21		1,888,200		1,890,075
Series 22		2,561,250		2,563,650
Series 23		3,335,477		3,336,602
Series 24		2,167,253		2,169,628
Series 25		3,025,334		3,025,609
Series 26		3,994,075		3,995,200
Series 27		2,460,450		2,460,700
Series 28		3,999,488		4,000,113
Series 29		3,990,850		3,991,675
Series 30		2,649,000		2,651,000
Series 31		4,414,257		4,417,332
Series 32		4,750,448		4,753,240
Series 33		2,635,533		2,635,533
Series 34		3,527,044		3,529,069
Series 35		3,298,013		3,300,038
Series 36		2,104,004		2,106,255
Series 37		2,512,500		2,512,500
Series 38		2,543,100		2,543,100
Series 39		2,291,901		2,292,151
Series 40		2,629,881		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		2,980,748		2,980,998
		83,611,971		83,640,389

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. 

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details) - Number	Mar. 31, 2015	Mar. 31, 2014
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	306	361
Series Twenty [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	4	8
Series Twenty One [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	4	4
Series Twenty Two [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	6	8
Series Twenty Three [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	9	11
Series Twenty Four [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	6	7
Series Twenty Five [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	4	6
Series Twenty Six [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	17	24
Series Twenty Seven [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	7	10
Series Twenty Eight [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	11	19
Series Twenty Nine [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	10	17
Series Thirty [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	11	16
Series Thirty One [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	19	22
Series Thirty Two [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	11	14
Series Thirty Three [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	6	8
Series Thirty Four [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	9	12
Series Thirty Five [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	9	10
Series Thirty Six [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	9	9
Series Thirty Seven [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	6	7
Series Thirty Eight [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	10	10
Series Thirty Nine [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	9	9
Series Forty [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	16	16
Series Forty One [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	19	19
Series Forty Two [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	20	21
Series Forty Three [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	23	23
Series Forty Four [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	8	8
Series Forty Five [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	28	28
Series Forty Six [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	15	15

XML

NOTES RECEIVABLE (Details Textual) - Tax Credit Series [Domain] - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 22,790	$ 22,790
Notes Receivable Interest Rate Terms	prime + 1.75%
Prime Rate	3.25%	3.25%

XML

BALANCE SHEETS - USD ($)	Mar. 31, 2015	Mar. 31, 2014
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$ 1,798,718	$ 5,328,701
OTHER ASSETS
Cash and cash equivalents	23,720,352	12,797,054
Notes receivable	22,790	22,790
Deferred acquisition costs, net of accumulated amortization	0	200,376
Other assets	412,350	180,417
ASSETS	25,954,210	18,529,338
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	182,339	160,120
Accounts payable - affiliates	52,101,042	50,042,235
Capital contributions payable	587,465	664,260
LIABILITIES	52,870,846	50,866,615
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(19,481,250)	(24,847,683)
General partner	(7,435,386)	(7,489,594)
PARTNERS' CAPITAL (DEFICIT)	(26,916,636)	(32,337,277)
Liabilities and Stockholders' Equity	25,954,210	18,529,338
Series Twenty [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	310,195	204,785
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	310,195	204,785
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	1,504,687	1,488,111
Capital contributions payable	0	0
LIABILITIES	1,504,687	1,488,111
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(874,295)	(962,241)
General partner	(320,197)	(321,085)
PARTNERS' CAPITAL (DEFICIT)	(1,194,492)	(1,283,326)
Liabilities and Stockholders' Equity	310,195	204,785
Series Twenty One [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	127,394	116,749
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	3,000	3,000
ASSETS	130,394	119,749
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	5,000	5,000
Accounts payable - affiliates	1,440,389	1,383,089
Capital contributions payable	0	0
LIABILITIES	1,445,389	1,388,089
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,139,894)	(1,093,706)
General partner	(175,101)	(174,634)
PARTNERS' CAPITAL (DEFICIT)	(1,314,995)	(1,268,340)
Liabilities and Stockholders' Equity	130,394	119,749
Series Twenty Two [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	117,048	98,564
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	117,048	98,564
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	2,809,752	2,892,033
Capital contributions payable	9,352	9,352
LIABILITIES	2,819,104	2,901,385
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,455,952)	(2,555,709)
General partner	(246,104)	(247,112)
PARTNERS' CAPITAL (DEFICIT)	(2,702,056)	(2,802,821)
Liabilities and Stockholders' Equity	117,048	98,564
Series Twenty Three [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	205,359	118,542
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	205,359	118,542
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	2,206,713	2,549,950
Capital contributions payable	0	0
LIABILITIES	2,206,713	2,549,950
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,696,494)	(2,122,247)
General partner	(304,860)	(309,161)
PARTNERS' CAPITAL (DEFICIT)	(2,001,354)	(2,431,408)
Liabilities and Stockholders' Equity	205,359	118,542
Series Twenty Four [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	1,005,871	890,715
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	80,040	0
ASSETS	1,085,911	890,715
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	6,335	3,000
Accounts payable - affiliates	0	0
Capital contributions payable	0	0
LIABILITIES	6,335	3,000
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	1,254,077	1,064,135
General partner	(174,501)	(176,420)
PARTNERS' CAPITAL (DEFICIT)	1,079,576	887,715
Liabilities and Stockholders' Equity	1,085,911	890,715
Series Twenty Five [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	3,811,919	2,550,061
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	1,250	1,250
ASSETS	3,813,169	2,551,311
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	4,032,481	2,783,242
General partner	(219,312)	(231,931)
PARTNERS' CAPITAL (DEFICIT)	3,813,169	2,551,311
Liabilities and Stockholders' Equity	3,813,169	2,551,311
Series Twenty Six [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	3,013,320	2,510,330
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	69,000	0
ASSETS	3,082,320	2,510,330
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	20,467	4,960
Accounts payable - affiliates	0	0
Capital contributions payable	0	1,293
LIABILITIES	20,467	6,253
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	3,371,487	2,819,289
General partner	(309,634)	(315,212)
PARTNERS' CAPITAL (DEFICIT)	3,061,853	2,504,077
Liabilities and Stockholders' Equity	3,082,320	2,510,330
Series Twenty Seven [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	1,051,663	1,049,687
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	6,500
ASSETS	1,051,663	1,056,187
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	0	44,238
Capital contributions payable	0	10,020
LIABILITIES	0	54,258
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	1,247,594	1,198,357
General partner	(195,931)	(196,428)
PARTNERS' CAPITAL (DEFICIT)	1,051,663	1,001,929
Liabilities and Stockholders' Equity	1,051,663	1,056,187
Series Twenty Eight [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	5,774,634	515,862
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	1,250	2,817
ASSETS	5,775,884	518,679
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	3,000	7,500
Accounts payable - affiliates	0	706,182
Capital contributions payable	0	40,968
LIABILITIES	3,000	754,650
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	6,058,903	110,137
General partner	(286,019)	(346,108)
PARTNERS' CAPITAL (DEFICIT)	5,772,884	(235,971)
Liabilities and Stockholders' Equity	5,775,884	518,679
Series Twenty Nine [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	501,274	224,155
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	501,274	224,155
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	1,500	0
Accounts payable - affiliates	3,814,638	3,583,859
Capital contributions payable	8,235	8,235
LIABILITIES	3,824,373	3,592,094
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,951,221)	(2,995,613)
General partner	(371,878)	(372,326)
PARTNERS' CAPITAL (DEFICIT)	(3,323,099)	(3,367,939)
Liabilities and Stockholders' Equity	501,274	224,155
Series Thirty [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	322,775	253,948
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	51,500	500
ASSETS	374,275	254,448
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	1,833,832	1,690,813
Capital contributions payable	105,139	127,396
LIABILITIES	1,938,971	1,818,209
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,321,993)	(1,321,067)
General partner	(242,703)	(242,694)
PARTNERS' CAPITAL (DEFICIT)	(1,564,696)	(1,563,761)
Liabilities and Stockholders' Equity	374,275	254,448
Series Thirty One [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	3,106,480	852,580
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	25,000	25,000
ASSETS	3,131,480	877,580
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	2,257
Accounts payable - affiliates	2,902,513	3,212,781
Capital contributions payable	66,294	66,294
LIABILITIES	2,968,807	3,281,332
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	540,305	(2,000,456)
General partner	(377,632)	(403,296)
PARTNERS' CAPITAL (DEFICIT)	162,673	(2,403,752)
Liabilities and Stockholders' Equity	3,131,480	877,580
Series Thirty Two [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	354,807	310,949
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	354,807	310,949
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	993	0
Accounts payable - affiliates	3,280,553	3,085,965
Capital contributions payable	1,229	3,486
LIABILITIES	3,282,775	3,089,451
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,492,325)	(2,344,354)
General partner	(435,643)	(434,148)
PARTNERS' CAPITAL (DEFICIT)	(2,927,968)	(2,778,502)
Liabilities and Stockholders' Equity	354,807	310,949
Series Thirty Three [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	281,704	194,920
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	281,704	194,920
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	4,053	3,403
Accounts payable - affiliates	2,060,048	1,941,386
Capital contributions payable	69,154	69,154
LIABILITIES	2,133,255	2,013,943
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,607,256)	(1,575,053)
General partner	(244,295)	(243,970)
PARTNERS' CAPITAL (DEFICIT)	(1,851,551)	(1,819,023)
Liabilities and Stockholders' Equity	281,704	194,920
Series Thirty Four [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	838,027	299,036
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	838,027	299,036
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	5,802	3,000
Accounts payable - affiliates	4,077,757	3,900,829
Capital contributions payable	0	0
LIABILITIES	4,083,559	3,903,829
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,912,687)	(3,268,355)
General partner	(332,845)	(336,438)
PARTNERS' CAPITAL (DEFICIT)	(3,245,532)	(3,604,793)
Liabilities and Stockholders' Equity	838,027	299,036
Series Thirty Five [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	231,626	278,190
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	231,626	278,190
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	1,500	0
Accounts payable - affiliates	2,405,390	2,257,174
Capital contributions payable	0	0
LIABILITIES	2,406,890	2,257,174
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,871,486)	(1,677,169)
General partner	(303,778)	(301,815)
PARTNERS' CAPITAL (DEFICIT)	(2,175,264)	(1,978,984)
Liabilities and Stockholders' Equity	231,626	278,190
Series Thirty Six [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	430,583	448,179
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	430,583	448,179
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	131,000	131,000
Accounts payable - affiliates	1,190,777	1,108,351
Capital contributions payable	0	0
LIABILITIES	1,321,777	1,239,351
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(703,619)	(604,597)
General partner	(187,575)	(186,575)
PARTNERS' CAPITAL (DEFICIT)	(891,194)	(791,172)
Liabilities and Stockholders' Equity	430,583	448,179
Series Thirty Seven [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	345,467	305,167
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	345,467	305,167
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	1,024	0
Accounts payable - affiliates	2,344,087	2,147,147
Capital contributions payable	138,438	138,438
LIABILITIES	2,483,549	2,285,585
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,901,137)	(1,745,050)
General partner	(236,945)	(235,368)
PARTNERS' CAPITAL (DEFICIT)	(2,138,082)	(1,980,418)
Liabilities and Stockholders' Equity	345,467	305,167
Series Thirty Eight [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	280,864	236,887
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	280,864	236,887
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	1,881,232	1,716,832
Capital contributions payable	0	0
LIABILITIES	1,881,232	1,716,832
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,366,080)	(1,246,861)
General partner	(234,288)	(233,084)
PARTNERS' CAPITAL (DEFICIT)	(1,600,368)	(1,479,945)
Liabilities and Stockholders' Equity	280,864	236,887
Series Thirty Nine [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	166,118	144,094
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	166,118	144,094
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	1,681,984	1,547,899
Capital contributions payable	0	0
LIABILITIES	1,681,984	1,547,899
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,304,265)	(1,193,325)
General partner	(211,601)	(210,480)
PARTNERS' CAPITAL (DEFICIT)	(1,515,866)	(1,403,805)
Liabilities and Stockholders' Equity	166,118	144,094
Series Forty [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	97,731	96,711
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	97,731	96,711
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	3,039,139	2,828,348
Capital contributions payable	102	102
LIABILITIES	3,039,241	2,828,450
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,687,151)	(2,479,478)
General partner	(254,359)	(252,261)
PARTNERS' CAPITAL (DEFICIT)	(2,941,510)	(2,731,739)
Liabilities and Stockholders' Equity	97,731	96,711
Series Forty One [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	158,957	167,428
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	1,218	1,218
ASSETS	160,175	168,646
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	3,292,504	3,054,940
Capital contributions payable	100	100
LIABILITIES	3,292,604	3,055,040
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,851,936)	(2,608,361)
General partner	(280,493)	(278,033)
PARTNERS' CAPITAL (DEFICIT)	(3,132,429)	(2,886,394)
Liabilities and Stockholders' Equity	160,175	168,646
Series Forty Two [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	420,023	266,762
Notes receivable	22,790	22,790
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	90,963	51,003
ASSETS	533,776	340,555
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	1,665	0
Accounts payable - affiliates	2,319,763	2,071,473
Capital contributions payable	73,433	73,433
LIABILITIES	2,394,861	2,144,906
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,601,536)	(1,545,369)
General partner	(259,549)	(258,982)
PARTNERS' CAPITAL (DEFICIT)	(1,861,085)	(1,804,351)
Liabilities and Stockholders' Equity	533,776	340,555
Series Forty Three [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	178,330
OTHER ASSETS
Cash and cash equivalents	354,147	303,384
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	200,376
Other assets	85,341	85,341
ASSETS	439,488	767,431
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	2,855,008	2,548,228
Capital contributions payable	99,265	99,265
LIABILITIES	2,954,273	2,647,493
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,168,116)	(1,539,740)
General partner	(346,669)	(340,322)
PARTNERS' CAPITAL (DEFICIT)	(2,514,785)	(1,880,062)
Liabilities and Stockholders' Equity	439,488	767,431
Series Forty Four [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	9,744	38,362
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	9,744	38,362
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	1,973,504	1,642,751
Capital contributions payable	0	0
LIABILITIES	1,973,504	1,642,751
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,706,674)	(1,350,897)
General partner	(257,086)	(253,492)
PARTNERS' CAPITAL (DEFICIT)	(1,963,760)	(1,604,389)
Liabilities and Stockholders' Equity	9,744	38,362
Series Forty Five [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	838,105	2,004,492
OTHER ASSETS
Cash and cash equivalents	147,398	126,153
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	0	0
ASSETS	985,503	2,130,645
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	1,760,413	1,463,025
Capital contributions payable	16,724	16,724
LIABILITIES	1,777,137	1,479,749
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(430,056)	998,049
General partner	(361,578)	(347,153)
PARTNERS' CAPITAL (DEFICIT)	(791,634)	650,896
Liabilities and Stockholders' Equity	985,503	2,130,645
Series Forty Six [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	960,613	3,145,879
OTHER ASSETS
Cash and cash equivalents	255,224	194,854
Notes receivable	0	0
Deferred acquisition costs, net of accumulated amortization	0	0
Other assets	3,788	3,788
ASSETS	1,219,625	3,344,521
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Accounts payable and accrued expenses	0	0
Accounts payable - affiliates	1,426,359	1,176,831
Capital contributions payable	0	0
LIABILITIES	1,426,359	1,176,831
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	58,076	2,408,756
General partner	(264,810)	(241,066)
PARTNERS' CAPITAL (DEFICIT)	(206,734)	2,167,690
Liabilities and Stockholders' Equity	$ 1,219,625	$ 3,344,521

XML

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($)	Total	Limited Partners [Member]	General Partner [Member]	Series Twenty [Member]	Series Twenty [Member] Limited Partners [Member]	Series Twenty [Member] General Partner [Member]	Series Twenty One [Member]	Series Twenty One [Member] Limited Partners [Member]	Series Twenty One [Member] General Partner [Member]	Series Twenty Two [Member]	Series Twenty Two [Member] Limited Partners [Member]	Series Twenty Two [Member] General Partner [Member]	Series Twenty Three [Member]	Series Twenty Three [Member] Limited Partners [Member]	Series Twenty Three [Member] General Partner [Member]	Series Twenty Four [Member]	Series Twenty Four [Member] Limited Partners [Member]	Series Twenty Four [Member] General Partner [Member]	Series Twenty Five [Member]	Series Twenty Five [Member] Limited Partners [Member]	Series Twenty Five [Member] General Partner [Member]	Series Twenty Six [Member]	Series Twenty Six [Member] Limited Partners [Member]	Series Twenty Six [Member] General Partner [Member]	Series Twenty Seven [Member]	Series Twenty Seven [Member] Limited Partners [Member]	Series Twenty Seven [Member] General Partner [Member]	Series Twenty Eight [Member]	Series Twenty Eight [Member] Limited Partners [Member]	Series Twenty Eight [Member] General Partner [Member]	Series Twenty Nine [Member]	Series Twenty Nine [Member] Limited Partners [Member]	Series Twenty Nine [Member] General Partner [Member]	Series Thirty [Member]	Series Thirty [Member] Limited Partners [Member]	Series Thirty [Member] General Partner [Member]	Series Thirty One [Member]	Series Thirty One [Member] Limited Partners [Member]	Series Thirty One [Member] General Partner [Member]	Series Thirty Two [Member]	Series Thirty Two [Member] Limited Partners [Member]	Series Thirty Two [Member] General Partner [Member]	Series Thirty Three [Member]	Series Thirty Three [Member] Limited Partners [Member]	Series Thirty Three [Member] General Partner [Member]	Series Thirty Four [Member]	Series Thirty Four [Member] Limited Partners [Member]	Series Thirty Four [Member] General Partner [Member]	Series Thirty Five [Member]	Series Thirty Five [Member] Limited Partners [Member]	Series Thirty Five [Member] General Partner [Member]	Series Thirty Six [Member]	Series Thirty Six [Member] Limited Partners [Member]	Series Thirty Six [Member] General Partner [Member]	Series Thirty Seven [Member]	Series Thirty Seven [Member] Limited Partners [Member]	Series Thirty Seven [Member] General Partner [Member]	Series Thirty Eight [Member]	Series Thirty Eight [Member] Limited Partners [Member]	Series Thirty Eight [Member] General Partner [Member]	Series Thirty Nine [Member]	Series Thirty Nine [Member] Limited Partners [Member]	Series Thirty Nine [Member] General Partner [Member]	Series Forty [Member]	Series Forty [Member] Limited Partners [Member]	Series Forty [Member] General Partner [Member]	Series Forty One [Member]	Series Forty One [Member] Limited Partners [Member]	Series Forty One [Member] General Partner [Member]	Series Forty Two [Member]	Series Forty Two [Member] Limited Partners [Member]	Series Forty Two [Member] General Partner [Member]	Series Forty Three [Member]	Series Forty Three [Member] Limited Partners [Member]	Series Forty Three [Member] General Partner [Member]	Series Forty Four [Member]	Series Forty Four [Member] Limited Partners [Member]	Series Forty Four [Member] General Partner [Member]	Series Forty Five [Member]	Series Forty Five [Member] Limited Partners [Member]	Series Forty Five [Member] General Partner [Member]	Series Forty Six [Member]	Series Forty Six [Member] Limited Partners [Member]	Series Forty Six [Member] General Partner [Member]
Partners' capital (deficit) at Mar. 31, 2013	$ (28,026,314)	$ (20,579,829)	$ (7,446,485)	$ (1,889,717)	$ (1,562,568)	$ (327,149)	$ (1,271,409)	$ (1,096,744)	$ (174,665)	$ (2,704,343)	$ (2,458,216)	$ (246,127)	$ (2,305,945)	$ (1,998,039)	$ (307,906)	$ (737,980)	$ (545,303)	$ (192,677)	$ 2,610,990	$ 2,842,324	$ (231,334)	$ (232,686)	$ 109,894	$ (342,580)	$ (1,383,745)	$ (1,163,460)	$ (220,285)	$ (1,228,275)	$ (872,244)	$ (356,031)	$ (3,436,118)	$ (3,063,110)	$ (373,008)	$ (1,392,803)	$ (1,151,819)	$ (240,984)	$ (2,740,879)	$ (2,334,212)	$ (406,667)	$ (2,581,725)	$ (2,149,545)	$ (432,180)	$ (1,688,935)	$ (1,446,266)	$ (242,669)	$ (3,567,686)	$ (3,231,619)	$ (336,067)	$ (1,953,310)	$ (1,651,752)	$ (301,558)	$ (669,655)	$ (484,295)	$ (185,360)	$ (1,792,935)	$ (1,559,442)	$ (233,493)	$ (1,376,911)	$ (1,144,857)	$ (232,054)	$ (1,268,209)	$ (1,059,085)	$ (209,124)	$ (2,523,804)	$ (2,273,622)	$ (250,182)	$ (2,720,991)	$ (2,444,612)	$ (276,379)	$ (1,226,131)	$ (972,931)	$ (253,200)	$ (297,642)	$ 26,856	$ (324,498)	$ 925,143	$ 1,153,340	$ (228,197)	$ 4,136,489	$ 4,448,786	$ (312,297)	$ 5,292,898	$ 5,502,712	$ (209,814)
Net income (loss)	(4,310,963)	(4,267,854)	(43,109)	606,391	600,327	6,064	3,069	3,038	31	(98,478)	(97,493)	(985)	(125,463)	(124,208)	(1,255)	1,625,695	1,609,438	16,257	(59,679)	(59,082)	(597)	2,736,763	2,709,395	27,368	2,385,674	2,361,817	23,857	992,304	982,381	9,923	68,179	67,497	682	(170,958)	(169,248)	(1,710)	337,127	333,756	3,371	(196,777)	(194,809)	(1,968)	(130,088)	(128,787)	(1,301)	(37,107)	(36,736)	(371)	(25,674)	(25,417)	(257)	(121,517)	(120,302)	(1,215)	(187,483)	(185,608)	(1,875)	(103,034)	(102,004)	(1,030)	(135,596)	(134,240)	(1,356)	(207,935)	(205,856)	(2,079)	(165,403)	(163,749)	(1,654)	(578,220)	(572,438)	(5,782)	(1,582,420)	(1,566,596)	(15,824)	(2,529,532)	(2,504,237)	(25,295)	(3,485,593)	(3,450,737)	(34,856)	(3,125,208)	(3,093,956)	(31,252)
Partners' capital (deficit) at Mar. 31, 2014	(32,337,277)	(24,847,683)	(7,489,594)	(1,283,326)	(962,241)	(321,085)	(1,268,340)	(1,093,706)	(174,634)	(2,802,821)	(2,555,709)	(247,112)	(2,431,408)	(2,122,247)	(309,161)	887,715	1,064,135	(176,420)	2,551,311	2,783,242	(231,931)	2,504,077	2,819,289	(315,212)	1,001,929	1,198,357	(196,428)	(235,971)	110,137	(346,108)	(3,367,939)	(2,995,613)	(372,326)	(1,563,761)	(1,321,067)	(242,694)	(2,403,752)	(2,000,456)	(403,296)	(2,778,502)	(2,344,354)	(434,148)	(1,819,023)	(1,575,053)	(243,970)	(3,604,793)	(3,268,355)	(336,438)	(1,978,984)	(1,677,169)	(301,815)	(791,172)	(604,597)	(186,575)	(1,980,418)	(1,745,050)	(235,368)	(1,479,945)	(1,246,861)	(233,084)	(1,403,805)	(1,193,325)	(210,480)	(2,731,739)	(2,479,478)	(252,261)	(2,886,394)	(2,608,361)	(278,033)	(1,804,351)	(1,545,369)	(258,982)	(1,880,062)	(1,539,740)	(340,322)	(1,604,389)	(1,350,897)	(253,492)	650,896	998,049	(347,153)	2,167,690	2,408,756	(241,066)
Net income (loss)	5,420,641	5,366,433	54,208	88,834	87,946	888	(46,655)	(46,188)	(467)	100,765	99,757	1,008	430,054	425,753	4,301	191,861	189,942	1,919	1,261,858	1,249,239	12,619	557,776	552,198	5,578	49,734	49,237	497	6,008,855	5,948,766	60,089	44,840	44,392	448	(935)	(926)	(9)	2,566,425	2,540,761	25,664	(149,466)	(147,971)	(1,495)	(32,528)	(32,203)	(325)	359,261	355,668	3,593	(196,280)	(194,317)	(1,963)	(100,022)	(99,022)	(1,000)	(157,664)	(156,087)	(1,577)	(120,423)	(119,219)	(1,204)	(112,061)	(110,940)	(1,121)	(209,771)	(207,673)	(2,098)	(246,035)	(243,575)	(2,460)	(56,734)	(56,167)	(567)	(634,723)	(628,376)	(6,347)	(359,371)	(355,777)	(3,594)	(1,442,530)	(1,428,105)	(14,425)	(2,374,424)	(2,350,680)	(23,744)
Partners' capital (deficit) at Mar. 31, 2015	$ (26,916,636)	$ (19,481,250)	$ (7,435,386)	$ (1,194,492)	$ (874,295)	$ (320,197)	$ (1,314,995)	$ (1,139,894)	$ (175,101)	$ (2,702,056)	$ (2,455,952)	$ (246,104)	$ (2,001,354)	$ (1,696,494)	$ (304,860)	$ 1,079,576	$ 1,254,077	$ (174,501)	$ 3,813,169	$ 4,032,481	$ (219,312)	$ 3,061,853	$ 3,371,487	$ (309,634)	$ 1,051,663	$ 1,247,594	$ (195,931)	$ 5,772,884	$ 6,058,903	$ (286,019)	$ (3,323,099)	$ (2,951,221)	$ (371,878)	$ (1,564,696)	$ (1,321,993)	$ (242,703)	$ 162,673	$ 540,305	$ (377,632)	$ (2,927,968)	$ (2,492,325)	$ (435,643)	$ (1,851,551)	$ (1,607,256)	$ (244,295)	$ (3,245,532)	$ (2,912,687)	$ (332,845)	$ (2,175,264)	$ (1,871,486)	$ (303,778)	$ (891,194)	$ (703,619)	$ (187,575)	$ (2,138,082)	$ (1,901,137)	$ (236,945)	$ (1,600,368)	$ (1,366,080)	$ (234,288)	$ (1,515,866)	$ (1,304,265)	$ (211,601)	$ (2,941,510)	$ (2,687,151)	$ (254,359)	$ (3,132,429)	$ (2,851,936)	$ (280,493)	$ (1,861,085)	$ (1,601,536)	$ (259,549)	$ (2,514,785)	$ (2,168,116)	$ (346,669)	$ (1,963,760)	$ (1,706,674)	$ (257,086)	$ (791,634)	$ (430,056)	$ (361,578)	$ (206,734)	$ 58,076	$ (264,810)

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 3) - USD ($)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$ 362,424,465		$ 435,973,036
Acquisition costs of operating limited partnerships	16,569,094		25,929,137
Cumulative distributions from operating limited partnerships	(2,828,871)		(3,187,008)
Cumulative impairment loss in investments in operating limited partnerships	(188,464,989)		(216,038,394)
Cumulative losses from operating limited partnerships	(185,900,981)		(237,348,070)
Investments in operating limited partnerships per balance sheet	1,798,718		5,328,701
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(2,042,656)		(2,570,666)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(3,535,753)		(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).	755,788		1,117,450
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(77,225,748)		(87,884,506)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	1,120,407		1,300,991
Cumulative impairment loss in investments in operating limited partnerships	188,464,989		216,038,394
Other	(1,748,455)		(2,313,297)
Equity per operating limited partnerships' combined financial statements	107,587,290	$ 107,587,290	126,874,565	$ 126,874,565
Series Twenty [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	1,510,993		5,333,121
Acquisition costs of operating limited partnerships	215,748		719,243
Cumulative distributions from operating limited partnerships	(7,394)		(26,017)
Cumulative impairment loss in investments in operating limited partnerships	(409,509)		(1,333,677)
Cumulative losses from operating limited partnerships	(1,309,838)		(4,692,670)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	62,488		90,622
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(878,598)		(3,054,043)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	6,576		6,576
Cumulative impairment loss in investments in operating limited partnerships	409,509		1,333,677
Other	(11,516)		(41,692)
Equity per operating limited partnerships' combined financial statements	(411,541)	(411,541)	(1,664,860)	(1,664,860)
Series Twenty One [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	3,570,455		3,570,455
Acquisition costs of operating limited partnerships	590,143		590,143
Cumulative distributions from operating limited partnerships	(22,441)		(22,441)
Cumulative impairment loss in investments in operating limited partnerships	(118,301)		(118,301)
Cumulative losses from operating limited partnerships	(4,019,856)		(4,019,856)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	221,074		221,074
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(2,591,698)		(2,584,152)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		0
Cumulative impairment loss in investments in operating limited partnerships	118,301		118,301
Other	(171,733)		(170,410)
Equity per operating limited partnerships' combined financial statements	(2,424,056)	(2,424,056)	(2,415,187)	(2,415,187)
Series Twenty Two [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	3,263,490		3,854,180
Acquisition costs of operating limited partnerships	400,455		455,092
Cumulative distributions from operating limited partnerships	0		0
Cumulative impairment loss in investments in operating limited partnerships	(1,289,080)		(1,618,823)
Cumulative losses from operating limited partnerships	(2,374,865)		(2,690,449)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(384,587)		(384,587)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(157,772)		(157,772)
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).	15,621		25,824
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,689,653)		(1,708,122)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		0
Cumulative impairment loss in investments in operating limited partnerships	1,289,080		1,618,823
Other	(85,707)		(86,354)
Equity per operating limited partnerships' combined financial statements	(1,013,018)	(1,013,018)	(692,188)	(692,188)
Series Twenty Three [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	8,266,057		10,391,895
Acquisition costs of operating limited partnerships	1,233,111		1,552,411
Cumulative distributions from operating limited partnerships	0		0
Cumulative impairment loss in investments in operating limited partnerships	(5,298,843)		(6,353,837)
Cumulative losses from operating limited partnerships	(4,200,325)		(5,590,469)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(11,581)		(11,581)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(62,597)		(62,597)
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).	10,974		54,934
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,281,140)		(2,436,164)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	34,901		34,901
Cumulative impairment loss in investments in operating limited partnerships	5,298,843		6,353,837
Other	(117,555)		(112,531)
Equity per operating limited partnerships' combined financial statements	3,871,845	3,871,845	3,820,799	3,820,799
Series Twenty Four [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	2,879,744		4,404,391
Acquisition costs of operating limited partnerships	310,375		562,541
Cumulative distributions from operating limited partnerships	(34,932)		(34,932)
Cumulative impairment loss in investments in operating limited partnerships	(1,151,381)		(1,636,215)
Cumulative losses from operating limited partnerships	(2,003,806)		(3,295,785)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(30,158)		(30,158)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(91,548)		(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).	841		841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,941,970)		(2,148,403)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	6,688		6,688
Cumulative impairment loss in investments in operating limited partnerships	1,151,381		1,636,215
Other	122,471		128,312
Equity per operating limited partnerships' combined financial statements	(782,295)	(782,295)	(498,053)	(498,053)
Series Twenty Five [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	1,438,868		3,805,566
Acquisition costs of operating limited partnerships	167,460		508,635
Cumulative distributions from operating limited partnerships	(57,503)		(69,547)
Cumulative impairment loss in investments in operating limited partnerships	(1,345,945)		(3,245,521)
Cumulative losses from operating limited partnerships	(202,880)		(999,133)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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		31,239
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(273,564)		(467,648)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		0
Cumulative impairment loss in investments in operating limited partnerships	1,345,945		3,245,521
Other	(56,736)		(66,326)
Equity per operating limited partnerships' combined financial statements	1,046,884	1,046,884	2,742,786	2,742,786
Series Twenty Six [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	6,172,370		11,884,296
Acquisition costs of operating limited partnerships	923,135		1,664,905
Cumulative distributions from operating limited partnerships	(45,647)		(69,380)
Cumulative impairment loss in investments in operating limited partnerships	(1,883,225)		(4,338,427)
Cumulative losses from operating limited partnerships	(5,166,633)		(9,141,394)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(51,000)		(70,440)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(59,837)		(59,837)
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).	57,289		114,788
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(4,399,020)		(5,296,972)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	171,816		187,072
Cumulative impairment loss in investments in operating limited partnerships	1,883,225		4,338,427
Other	(99,200)		(105,757)
Equity per operating limited partnerships' combined financial statements	(2,496,727)	(2,496,727)	(892,719)	(892,719)
Series Twenty Seven [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	8,111,853		10,048,578
Acquisition costs of operating limited partnerships	1,143,307		1,450,069
Cumulative distributions from operating limited partnerships	(14,167)		(14,167)
Cumulative impairment loss in investments in operating limited partnerships	(4,004,265)		(4,558,902)
Cumulative losses from operating limited partnerships	(5,236,728)		(6,925,578)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(39,446)		(286,388)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(449,204)		(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).	195,417		204,661
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,526,506)		(1,965,626)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		0
Cumulative impairment loss in investments in operating limited partnerships	4,004,265		4,558,902
Other	(278,072)		(276,370)
Equity per operating limited partnerships' combined financial statements	1,906,454	1,906,454	1,785,975	1,785,975
Series Twenty Eight [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	10,960,734		23,441,799
Acquisition costs of operating limited partnerships	1,582,064		3,437,921
Cumulative distributions from operating limited partnerships	(175,027)		(553,358)
Cumulative impairment loss in investments in operating limited partnerships	(4,790,458)		(16,476,882)
Cumulative losses from operating limited partnerships	(7,577,313)		(9,849,480)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(78,528)		(233,630)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(65,288)		(665,053)
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).	64,727		79,180
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(3,269,083)		(4,221,023)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		116,284
Cumulative impairment loss in investments in operating limited partnerships	4,790,458		16,476,882
Other	(151,455)		(563,831)
Equity per operating limited partnerships' combined financial statements	1,290,831	1,290,831	10,988,809	10,988,809
Series Twenty Nine [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	12,349,386		20,972,330
Acquisition costs of operating limited partnerships	1,809,414		3,024,114
Cumulative distributions from operating limited partnerships	(14,324)		(20,179)
Cumulative impairment loss in investments in operating limited partnerships	(5,661,234)		(5,875,856)
Cumulative losses from operating limited partnerships	(8,483,242)		(18,100,409)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	0		(83,498)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(596,128)		(596,128)
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).	39,537		204,728
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(4,695,617)		(7,179,789)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	7,039		7,039
Cumulative impairment loss in investments in operating limited partnerships	5,661,234		5,875,856
Other	(25,793)		(91,528)
Equity per operating limited partnerships' combined financial statements	390,272	390,272	(1,863,320)	(1,863,320)
Series Thirty [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	9,309,581		13,904,236
Acquisition costs of operating limited partnerships	858,753		1,439,788
Cumulative distributions from operating limited partnerships	(29,880)		(53,204)
Cumulative impairment loss in investments in operating limited partnerships	(4,610,342)		(6,613,997)
Cumulative losses from operating limited partnerships	(5,528,112)		(8,676,823)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(112,197)		(135,225)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(235,701)		(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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(2,524,000)		(3,318,142)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	1,092		7,712
Cumulative impairment loss in investments in operating limited partnerships	4,610,342		6,613,997
Other	(11,648)		1,847
Equity per operating limited partnerships' combined financial statements	1,727,888	1,727,888	2,934,488	2,934,488
Series Thirty One [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	13,801,443		22,008,435
Acquisition costs of operating limited partnerships	1,979,717		3,165,164
Cumulative distributions from operating limited partnerships	(31,404)		(31,404)
Cumulative impairment loss in investments in operating limited partnerships	(9,196,909)		(11,182,057)
Cumulative losses from operating limited partnerships	(6,552,847)		(13,960,138)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(47,462)		(47,462)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(77,600)		(77,600)
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).	56,581		89,559
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(3,913,882)		(7,965,109)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	8,501		30,562
Cumulative impairment loss in investments in operating limited partnerships	9,196,909		11,182,057
Other	(38,300)		(342,863)
Equity per operating limited partnerships' combined financial statements	5,184,747	5,184,747	2,869,144	2,869,144
Series Thirty Two [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	25,861,866		29,433,847
Acquisition costs of operating limited partnerships	3,319,960		3,834,299
Cumulative distributions from operating limited partnerships	(101,211)		(101,211)
Cumulative impairment loss in investments in operating limited partnerships	(13,359,327)		(14,763,087)
Cumulative losses from operating limited partnerships	(15,721,288)		(18,403,848)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(172,318)		(172,318)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(1,284,335)		(1,284,335)
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(7,152,320)		(6,317,426)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	38,357		38,357
Cumulative impairment loss in investments in operating limited partnerships	13,359,327		14,763,087
Other	306,885		322,700
Equity per operating limited partnerships' combined financial statements	5,095,596	5,095,596	7,350,065	7,350,065
Series Thirty Three [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	12,019,485		14,744,596
Acquisition costs of operating limited partnerships	950,957		1,349,820
Cumulative distributions from operating limited partnerships	(30,285)		(30,285)
Cumulative impairment loss in investments in operating limited partnerships	(7,924,274)		(9,162,728)
Cumulative losses from operating limited partnerships	(5,015,883)		(6,901,403)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(179,468)		(179,468)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(167,193)		(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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(2,003,965)		(2,659,844)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	9,684		9,684
Cumulative impairment loss in investments in operating limited partnerships	7,924,274		9,162,728
Other	(28,967)		(42,784)
Equity per operating limited partnerships' combined financial statements	5,554,365	5,554,365	6,123,123	6,123,123
Series Thirty Four [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	14,233,556		22,921,365
Acquisition costs of operating limited partnerships	1,084,495		2,174,992
Cumulative distributions from operating limited partnerships	(20,308)		(20,308)
Cumulative impairment loss in investments in operating limited partnerships	(8,069,371)		(10,625,803)
Cumulative losses from operating limited partnerships	(7,228,372)		(14,450,246)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(38,698)		(38,698)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(288,550)		(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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(2,231,532)		(5,821,899)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		6,464
Cumulative impairment loss in investments in operating limited partnerships	8,069,371		10,625,803
Other	(187,689)		(274,264)
Equity per operating limited partnerships' combined financial statements	5,322,902	5,322,902	4,201,872	4,201,872
Series Thirty Five [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	18,025,083		20,689,083
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(30,252)		(30,252)
Cumulative impairment loss in investments in operating limited partnerships	(9,244,266)		(11,273,719)
Cumulative losses from operating limited partnerships	(8,750,565)		(9,385,112)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(3,920,392)		(3,511,421)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	78,017		78,017
Cumulative impairment loss in investments in operating limited partnerships	9,244,266		11,273,719
Other	3,660		7,538
Equity per operating limited partnerships' combined financial statements	5,405,551	5,405,551	7,847,853	7,847,853
Series Thirty Six [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	13,848,638		13,848,639
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(116,200)		(116,200)
Cumulative impairment loss in investments in operating limited partnerships	(7,264,883)		(7,246,265)
Cumulative losses from operating limited partnerships	(6,467,555)		(6,486,174)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(14,791)		(14,791)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(2,224,599)		(1,659,966)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	1,370		1,370
Cumulative impairment loss in investments in operating limited partnerships	7,264,883		7,246,265
Other	(123,183)		(99,055)
Equity per operating limited partnerships' combined financial statements	4,903,680	4,903,680	5,473,823	5,473,823
Series Thirty Seven [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	16,191,586		18,424,489
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(202,524)		(202,524)
Cumulative impairment loss in investments in operating limited partnerships	(7,792,558)		(7,792,558)
Cumulative losses from operating limited partnerships	(8,196,504)		(10,429,407)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(155,365)		(155,365)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(6,493,889)		(6,441,485)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	289,911		303,810
Cumulative impairment loss in investments in operating limited partnerships	7,792,558		7,792,558
Other	(99,062)		(57,600)
Equity per operating limited partnerships' combined financial statements	1,334,153	1,334,153	1,441,918	1,441,918
Series Thirty Eight [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	18,852,167		18,852,167
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(531,129)		(531,129)
Cumulative impairment loss in investments in operating limited partnerships	(10,557,104)		(10,527,541)
Cumulative losses from operating limited partnerships	(7,763,934)		(7,793,497)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(4,030,703)		(3,627,297)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	59,461		59,461
Cumulative impairment loss in investments in operating limited partnerships	10,557,104		10,527,541
Other	(381,673)		(328,344)
Equity per operating limited partnerships' combined financial statements	6,204,189	6,204,189	6,631,361	6,631,361
Series Thirty Nine [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	15,245,900		16,699,847
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(224,758)		(224,758)
Cumulative impairment loss in investments in operating limited partnerships	(7,444,160)		(7,438,510)
Cumulative losses from operating limited partnerships	(7,576,982)		(9,036,579)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(4,373,718)		(3,876,967)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	279,219		279,219
Cumulative impairment loss in investments in operating limited partnerships	7,444,160		7,438,510
Other	(96,276)		(82,953)
Equity per operating limited partnerships' combined financial statements	3,253,385	3,253,385	3,757,809	3,757,809
Series Forty [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	19,336,992		19,336,992
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(53,094)		(53,094)
Cumulative impairment loss in investments in operating limited partnerships	(10,641,244)		(10,639,800)
Cumulative losses from operating limited partnerships	(8,642,654)		(8,644,098)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(25,172)		(25,172)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(2,158,206)		(1,365,798)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	78,811		78,811
Cumulative impairment loss in investments in operating limited partnerships	10,641,244		10,639,800
Other	(180,236)		(171,079)
Equity per operating limited partnerships' combined financial statements	8,356,441	8,356,441	9,156,562	9,156,562
Series Forty One [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	17,319,216		17,319,216
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(58,012)		(58,012)
Cumulative impairment loss in investments in operating limited partnerships	(7,024,673)		(7,005,127)
Cumulative losses from operating limited partnerships	(10,236,531)		(10,256,077)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(33,807)		(33,807)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(2,647,711)		(2,219,955)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	1,049		1,049
Cumulative impairment loss in investments in operating limited partnerships	7,024,673		7,005,127
Other	(270,738)		(230,969)
Equity per operating limited partnerships' combined financial statements	4,073,466	4,073,466	4,521,445	4,521,445
Series Forty Two [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	19,462,135		19,690,646
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(111,750)		(111,750)
Cumulative impairment loss in investments in operating limited partnerships	(10,714,201)		(10,428,111)
Cumulative losses from operating limited partnerships	(8,636,184)		(9,150,785)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(409,845)		(409,845)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(2,985,744)		(2,319,513)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	20,012		20,012
Cumulative impairment loss in investments in operating limited partnerships	10,714,201		10,428,111
Other	141,234		194,228
Equity per operating limited partnerships' combined financial statements	7,479,858	7,479,858	7,912,993	7,912,993
Series Forty Three [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	26,617,048		26,617,048
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(353,944)		(337,804)
Cumulative impairment loss in investments in operating limited partnerships	(13,508,694)		(13,050,566)
Cumulative losses from operating limited partnerships	(12,754,410)		(13,050,348)
Investments in operating limited partnerships per balance sheet	0		178,330
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(121,319)		(121,319)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(3,046,309)		(2,380,028)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		0
Cumulative impairment loss in investments in operating limited partnerships	13,508,694		13,050,566
Other	179,574		243,042
Equity per operating limited partnerships' combined financial statements	10,520,640	10,520,640	10,970,591	10,970,591
Series Forty Four [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	15,745,838		15,745,838
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(49,763)		(49,763)
Cumulative impairment loss in investments in operating limited partnerships	(6,482,162)		(6,453,489)
Cumulative losses from operating limited partnerships	(9,213,913)		(9,242,586)
Investments in operating limited partnerships per balance sheet	0		0
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(3,768,065)		(3,122,647)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		0
Cumulative impairment loss in investments in operating limited partnerships	6,482,162		6,453,489
Other	(46,681)		(40,728)
Equity per operating limited partnerships' combined financial statements	2,667,416	2,667,416	3,290,114	3,290,114
Series Forty Five [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	25,706,915		25,706,915
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(313,429)		(305,087)
Cumulative impairment loss in investments in operating limited partnerships	(15,650,905)		(14,657,544)
Cumulative losses from operating limited partnerships	(8,904,476)		(8,739,792)
Investments in operating limited partnerships per balance sheet	838,105		2,004,492
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(129,725)		(129,725)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(868,202)		(194,482)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	23,309		23,309
Cumulative impairment loss in investments in operating limited partnerships	15,650,905		14,657,544
Other	(58,263)		(11,108)
Equity per operating limited partnerships' combined financial statements	15,456,129	15,456,129	16,350,030	16,350,030
Series Forty Six [Member]
Funds Investments In Operating Limited Partnerships [Line Items]
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	22,323,066		22,323,066
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(199,493)		(120,202)
Cumulative impairment loss in investments in operating limited partnerships	(13,027,675)		(11,621,051)
Cumulative losses from operating limited partnerships	(8,135,285)		(7,435,934)
Investments in operating limited partnerships per balance sheet	960,613		3,145,879
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 and 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 and 2013 (see note A).	(7,189)		(7,189)
The Fund has recorded acquisition costs at March 31, 2015 and 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		0
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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(335,662)		(20,585)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	4,594		4,594
Cumulative impairment loss in investments in operating limited partnerships	13,027,675		11,621,051
Other	18,204		(14,418)
Equity per operating limited partnerships' combined financial statements	$ 13,668,235	$ 13,668,235	$ 14,729,332	$ 14,729,332

XML

RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Tables)

12 Months Ended

Mar. 31, 2015

Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract]

Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Table Text Block]

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, 2015 is reconciled as follows:

	Total		Series 20		Series 21
Net income (loss) for financial reporting purposes	$	5,420,641	$	88,834	$	(46,655)
Operating limited partnership rents received in advance		10,037		-		68
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		1,957,719		16,576		57,300
Other		10,047,309		1,794,570		34,967
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(13,543,112)		(71,803)		(28,188)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(5,944,658)		(42,143)		(177,003)
Impairment loss not recognized for tax purposes		2,593,629		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(17,332,242)		(510,585)		(1,125)
Income (loss) for tax return purposes, December 31, 2014	$	(16,790,677)	$	1,275,449	$	(160,636)

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, 2015 is reconciled as follows:

	Series 22		Series 23		Series 24
Net income (loss) for financial reporting purposes	$	100,765	$	430,054	$	191,861
Operating limited partnership rents received in advance		-		-		(782)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(82,281)		(343,237)		-
Other		818,041		1,538,015		387,925
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(209,033)		(91,241)		(175,016)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(57,628)		(179,565)		(35,225)
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		(171,862)		(485,931)		(283,609)
Income (loss) for tax return purposes, December 31, 2014	$	398,002	$	868,095	$	85,154

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, 2015 is reconciled as follows:

	Series 25		Series 26		Series 27
Net income (loss) for financial reporting purposes	$	1,261,858	$	557,776	$	49,734
Operating limited partnership rents received in advance		-		-		9,626
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		-		(44,238)
Other		87,932		(125,676)		753,365
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(51,562)		(600,059)		(259,374)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(75,791)		(225,709)		(114,847)
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		(1,310,427)		(660,287)		(1,610,120)
Income (loss) for tax return purposes, December 31, 2014	$	(87,990)	$	(1,053,955)	$	(1,215,854)

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, 2015 is reconciled as follows:

	Series 28		Series 29		Series 30
Net income (loss) for financial reporting purposes	$	6,008,855	$	44,840	$	(935)
Operating limited partnership rents received in advance		-		-		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(706,182)		230,779		143,019
Other		(2,404,086)		3,736,436		32,998
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(540,340)		(594,731)		(378,697)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(81,811)		(244,689)		(194,560)
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		(6,733,186)		(361,790)		(131,309)
Income (loss) for tax return purposes, December 31, 2014	$	(4,456,750)	$	2,810,845	$	(529,484)

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, 2015 is reconciled as follows:

	Series 31		Series 32		Series 33
Net income (loss) for financial reporting purposes	$	2,566,425	$	(149,466)	$	(32,528)
Operating limited partnership rents received in advance		3,903		9,964		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(310,268)		194,588		118,662
Other		(998,553)		(201,893)		(160,568)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(621,755)		(1,317,109)		(326,229)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(377,130)		(208,093)		(126,770)
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		(2,867,783)		(117,871)		(123,520)
Income (loss) for tax return purposes, December 31, 2014	$	(2,605,161)	$	(1,789,880)	$	(650,953)

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, 2015 is reconciled as follows:

	Series 34		Series 35		Series 36
Net income (loss) for financial reporting purposes	$	359,261	$	(196,280)	$	(100,022)
Operating limited partnership rents received in advance		-		1,011		(18,119)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		176,928		148,216		82,426
Other		(1,485,680)		143,386		143,779
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(402,243)		(579,167)		(567,327)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(164,441)		(311,392)		(131,187)
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		(621,860)		(13,707)		(117,050)
Income (loss) for tax return purposes, December 31, 2014	$	(2,138,035)	$	(807,933)	$	(707,500)

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, 2015 is reconciled as follows:

	Series 37		Series 38		Series 39
Net income (loss) for financial reporting purposes	$	(157,664)	$	(120,423)	$	(112,061)
Operating limited partnership rents received in advance		5,911		-		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		196,940		164,400		134,085
Other		564,376		299,285		292,863
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,274,223)		(403,406)		(503,080)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(173,483)		(394,067)		(309,689)
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		(119,302)		(82,415)		(86,424)
Income (loss) for tax return purposes, December 31, 2014	$	(957,445)	$	(536,626)	$	(584,306)

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, 2015 is reconciled as follows:

	Series 40		Series 41		Series 42
Net income (loss) for financial reporting purposes	$	(209,771)	$	(246,035)	$	(56,734)
Operating limited partnership rents received in advance		1,970		-		94
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		200,016		237,564		248,290
Other		346,713		564,224		813,094
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(795,406)		(556,039)		(896,588)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(203,812)		(302,876)		(285,271)
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		(111,529)		(97,417)		(252,110)
Income (loss) for tax return purposes, December 31, 2014	$	(771,819)	$	(400,579)	$	(429,225)

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, 2015 is reconciled as follows:

	Series 43		Series 44		Series 45
Net income (loss) for financial reporting purposes	$	(634,723)	$	(359,371)	$	(1,442,530)
Operating limited partnership rents received in advance		194		1,663		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		306,780		254,628		283,200
Other		1,366,368		112,456		1,456,407
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(666,281)		(645,418)		(673,720)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(338,918)		(487,779)		(247,030)
Impairment loss not recognized for tax purposes		268,187		-		918,818
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(90,385)		(26,918)		(277,021)
Income (loss) for tax return purposes, December 31, 2014	$	211,222	$	(1,150,739)	$	18,124

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, 2015 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(2,374,424)
Operating limited partnership rents received in advance		(5,466)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		249,528
Other		136,565
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(315,077)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(453,749)
Impairment loss not recognized for tax purposes		1,406,624
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(66,699)
Income (loss) for tax return purposes, December 31, 2014	$	(1,422,698)

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)

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)

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

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)

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)

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

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)

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)

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)

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)

Schedule Of Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Table Text Block]

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Total		Series 20		Series 21
Investments in operating limited partnerships - tax return December 31, 2014	$	55,728,106	$	(1,258,685)	$	(1,905,152)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		77,225,748		878,598		2,591,698
Impairment loss in investment in operating limited partnerships		(188,464,989)		(409,509)		(118,301)
Historic tax credits - cumulative		978,267		570,617		-
Less share of loss - three months ended March 31, 2015		(755,788)		(62,488)		(221,074)
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		57,087,374		281,467		(347,171)
Investments in operating limited partnerships - as reported	$	1,798,718	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 22		Series 23		Series 24
Investments in operating limited partnerships - tax return December 31, 2014	$	(1,832,001)	$	1,497,353	$	(821,383)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,689,653		1,281,140		1,941,970
Impairment loss in investment in operating limited partnerships		(1,289,080)		(5,298,843)		(1,151,381)
Historic tax credits - cumulative		223,537		-		-
Less share of loss - three months ended March 31, 2015		(15,621)		(10,974)		(841)
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		1,223,512		2,531,324		31,635
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 25		Series 26		Series 27
Investments in operating limited partnerships - tax return December 31, 2014	$	(60,435)	$	(5,205,435)	$	(1,656,389)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		273,564		4,399,020		1,526,506
Impairment loss in investment in operating limited partnerships		(1,345,945)		(1,883,225)		(4,004,265)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		(31,239)		(57,289)		(195,417)
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		1,164,055		2,746,929		4,329,565
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 28		Series 29		Series 30
Investments in operating limited partnerships - tax return December 31, 2014	$	318,909	$	(914,109)	$	526,482
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,269,083		4,695,617		2,524,000
Impairment loss in investment in operating limited partnerships		(4,790,458)		(5,661,234)		(4,610,342)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		(64,727)		(39,537)		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		1,267,193		1,919,263		1,559,860
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 31		Series 32		Series 33
Investments in operating limited partnerships - tax return December 31, 2014	$	(2,844,166)	$	4,667,100	$	3,976,255
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,913,882		7,152,320		2,003,965
Impairment loss in investment in operating limited partnerships		(9,196,909)		(13,359,327)		(7,924,274)
Historic tax credits - cumulative		-		184,113		-
Less share of loss - three months ended March 31, 2015		(56,581)		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		8,183,774		1,355,794		1,944,054
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 34		Series 35		Series 36
Investments in operating limited partnerships - tax return December 31, 2014	$	1,329,494	$	3,492,380	$	3,631,292
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,231,532		3,920,392		2,224,599
Impairment loss in investment in operating limited partnerships		(8,069,371)		(9,244,266)		(7,264,883)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		-		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		4,508,345		1,831,494		1,408,992
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 37		Series 38		Series 39
Investments in operating limited partnerships - tax return December 31, 2014	$	1,183,098	$	5,783,115	$	4,215,944
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,493,889		4,030,703		4,373,718
Impairment loss in investment in operating limited partnerships		(7,792,558)		(10,557,104)		(7,444,160)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		-		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		115,571		743,286		(1,145,502)
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 40		Series 41		Series 42
Investments in operating limited partnerships - tax return December 31, 2014	$	6,586,470	$	455,172	$	5,161,301
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,158,206		2,647,711		2,985,744
Impairment loss in investment in operating limited partnerships		(10,641,244)		(7,024,673)		(10,714,201)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		-		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		1,896,568		3,921,790		2,567,156
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 43		Series 44		Series 45
Investments in operating limited partnerships - tax return December 31, 2014	$	7,950,660	$	366,227	$	12,261,848
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,046,309		3,768,065		868,202
Impairment loss in investment in operating limited partnerships		(13,508,694)		(6,482,162)		(15,650,905)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		-		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		2,511,725		2,347,870		3,358,960
Investments in operating limited partnerships - as reported	$	-	$	-	$	838,105

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2014	$	8,822,761
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		335,662
Impairment loss in investment in operating limited partnerships		(13,027,675)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2015		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		4,829,865
Investments in operating limited partnerships - as reported	$	960,613

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	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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

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

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 4) - USD ($)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
ASSETS
Buildings and improvements, net of accumulated depreciation		$ 643,136,945		$ 804,332,315
Land		63,678,550		80,926,445
Other assets		76,114,588		95,869,177
Total Assets		782,930,083		981,127,937
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		545,481,456		695,075,698
Accounts payable and accrued expenses		25,743,415		34,451,133
Other liabilities		80,982,365		102,740,402
Liabilities		652,207,236		832,267,233
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	$ 107,587,290	107,587,290	$ 126,874,565	126,874,565
Other partners		23,135,557		21,986,139
Partners Capital		130,722,847		148,860,704
Liabilities and Stockholders Equity		782,930,083		981,127,937
Series Twenty [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		3,625,211		7,618,706
Land		310,538		599,606
Other assets		1,305,760		1,664,413
Total Assets		5,241,509		9,882,725
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		4,932,946		9,608,148
Accounts payable and accrued expenses		145,582		329,159
Other liabilities		166,750		1,700,962
Liabilities		5,245,278		11,638,269
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(411,541)	(411,541)	(1,664,860)	(1,664,860)
Other partners		407,772		(90,684)
Partners Capital		(3,769)		(1,755,544)
Liabilities and Stockholders Equity		5,241,509		9,882,725
Series Twenty One [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		6,543,920		6,797,230
Land		1,464,660		1,464,660
Other assets		932,379		952,337
Total Assets		8,940,959		9,214,227
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		8,323,171		8,521,356
Accounts payable and accrued expenses		90,011		179,419
Other liabilities		2,429,437		2,440,457
Liabilities		10,842,619		11,141,232
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(2,424,056)	(2,424,056)	(2,415,187)	(2,415,187)
Other partners		522,396		488,182
Partners Capital		(1,901,660)		(1,927,005)
Liabilities and Stockholders Equity		8,940,959		9,214,227
Series Twenty Two [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		6,858,694		9,721,998
Land		782,898		1,344,018
Other assets		1,696,904		1,964,231
Total Assets		9,338,496		13,030,247
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		8,506,421		11,309,139
Accounts payable and accrued expenses		168,965		637,925
Other liabilities		1,209,500		1,055,528
Liabilities		9,884,886		13,002,592
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(1,013,018)	(1,013,018)	(692,188)	(692,188)
Other partners		466,628		719,843
Partners Capital		(546,390)		27,655
Liabilities and Stockholders Equity		9,338,496		13,030,247
Series Twenty Three [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		14,991,634		19,251,212
Land		1,283,705		1,783,889
Other assets		4,500,833		4,399,562
Total Assets		20,776,172		25,434,663
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		13,062,557		16,321,731
Accounts payable and accrued expenses		419,421		4,039,613
Other liabilities		5,674,416		2,446,675
Liabilities		19,156,394		22,808,019
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	3,871,845	3,871,845	3,820,799	3,820,799
Other partners		(2,252,067)		(1,194,155)
Partners Capital		1,619,778		2,626,644
Liabilities and Stockholders Equity		20,776,172		25,434,663
Series Twenty Four [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		3,832,071		5,598,176
Land		636,838		878,838
Other assets		639,350		825,223
Total Assets		5,108,259		7,302,237
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		5,408,937		6,832,986
Accounts payable and accrued expenses		129,339		145,054
Other liabilities		231,749		587,433
Liabilities		5,770,025		7,565,473
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(782,295)	(782,295)	(498,053)	(498,053)
Other partners		120,529		234,817
Partners Capital		(661,766)		(263,236)
Liabilities and Stockholders Equity		5,108,259		7,302,237
Series Twenty Five [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		3,242,898		5,858,313
Land		203,400		467,216
Other assets		935,602		1,144,296
Total Assets		4,381,900		7,469,825
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		3,398,445		4,894,842
Accounts payable and accrued expenses		75,252		76,433
Other liabilities		28,929		47,680
Liabilities		3,502,626		5,018,955
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,046,884	1,046,884	2,742,786	2,742,786
Other partners		(167,610)		(291,916)
Partners Capital		879,274		2,450,870
Liabilities and Stockholders Equity		4,381,900		7,469,825
Series Twenty Six [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		11,024,782		20,816,786
Land		782,964		2,065,095
Other assets		1,609,839		3,147,651
Total Assets		13,417,585		26,029,532
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		13,905,526		22,267,879
Accounts payable and accrued expenses		1,381,537		1,630,172
Other liabilities		1,204,536		2,463,351
Liabilities		16,491,599		26,361,402
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(2,496,727)	(2,496,727)	(892,719)	(892,719)
Other partners		(577,287)		560,849
Partners Capital		(3,074,014)		(331,870)
Liabilities and Stockholders Equity		13,417,585		26,029,532
Series Twenty Seven [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		18,101,607		27,102,078
Land		2,571,668		3,322,343
Other assets		2,321,795		3,457,512
Total Assets		22,995,070		33,881,933
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		15,948,349		24,935,837
Accounts payable and accrued expenses		575,840		742,660
Other liabilities		2,764,831		5,726,429
Liabilities		19,289,020		31,404,926
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,906,454	1,906,454	1,785,975	1,785,975
Other partners		1,799,596		691,032
Partners Capital		3,706,050		2,477,007
Liabilities and Stockholders Equity		22,995,070		33,881,933
Series Twenty Eight [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		12,132,948		31,466,642
Land		878,622		3,621,484
Other assets		1,439,956		3,997,916
Total Assets		14,451,526		39,086,042
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		13,090,094		25,796,598
Accounts payable and accrued expenses		388,547		1,453,624
Other liabilities		930,687		2,659,578
Liabilities		14,409,328		29,909,800
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,290,831	1,290,831	10,988,809	10,988,809
Other partners		(1,248,633)		(1,812,567)
Partners Capital		42,198		9,176,242
Liabilities and Stockholders Equity		14,451,526		39,086,042
Series Twenty Nine [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		15,511,573		30,182,087
Land		971,827		2,304,757
Other assets		1,705,197		4,409,048
Total Assets		18,188,597		36,895,892
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		12,646,411		31,239,682
Accounts payable and accrued expenses		1,087,589		1,548,536
Other liabilities		2,769,167		6,097,567
Liabilities		16,503,167		38,885,785
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	390,272	390,272	(1,863,320)	(1,863,320)
Other partners		1,295,158		(126,573)
Partners Capital		1,685,430		(1,989,893)
Liabilities and Stockholders Equity		18,188,597		36,895,892
Series Thirty [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		14,314,945		20,404,092
Land		900,248		1,352,199
Other assets		1,466,368		2,160,619
Total Assets		16,681,561		23,916,910
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		10,346,223		15,459,775
Accounts payable and accrued expenses		998,836		1,081,455
Other liabilities		1,828,521		2,599,052
Liabilities		13,173,580		19,140,282
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,727,888	1,727,888	2,934,488	2,934,488
Other partners		1,780,093		1,842,140
Partners Capital		3,507,981		4,776,628
Liabilities and Stockholders Equity		16,681,561		23,916,910
Series Thirty One [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		21,655,860		35,608,336
Land		1,740,577		3,396,946
Other assets		3,030,456		6,338,410
Total Assets		26,426,893		45,343,692
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		20,062,618		39,688,783
Accounts payable and accrued expenses		613,701		1,106,942
Other liabilities		1,077,309		4,006,594
Liabilities		21,753,628		44,802,319
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	5,184,747	5,184,747	2,869,144	2,869,144
Other partners		(511,482)		(2,327,771)
Partners Capital		4,673,265		541,373
Liabilities and Stockholders Equity		26,426,893		45,343,692
Series Thirty Two [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		25,918,816		33,741,875
Land		1,976,640		2,860,802
Other assets		3,049,127		4,245,903
Total Assets		30,944,583		40,848,580
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		18,852,353		23,703,737
Accounts payable and accrued expenses		2,727,780		2,774,361
Other liabilities		1,827,768		3,393,544
Liabilities		23,407,901		29,871,642
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	5,095,596	5,095,596	7,350,065	7,350,065
Other partners		2,441,086		3,626,873
Partners Capital		7,536,682		10,976,938
Liabilities and Stockholders Equity		30,944,583		40,848,580
Series Thirty Three [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		18,707,898		31,950,307
Land		1,715,582		3,784,552
Other assets		1,581,953		2,724,574
Total Assets		22,005,433		38,459,433
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		9,868,952		24,765,295
Accounts payable and accrued expenses		528,672		1,068,581
Other liabilities		981,258		2,423,976
Liabilities		11,378,882		28,257,852
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	5,554,365	5,554,365	6,123,123	6,123,123
Other partners		5,072,186		4,078,458
Partners Capital		10,626,551		10,201,581
Liabilities and Stockholders Equity		22,005,433		38,459,433
Series Thirty Four [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		14,281,390		33,437,658
Land		1,414,016		4,280,809
Other assets		2,002,710		4,066,426
Total Assets		17,698,116		41,784,893
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		8,731,816		33,133,023
Accounts payable and accrued expenses		459,165		1,383,505
Other liabilities		3,023,947		5,207,301
Liabilities		12,214,928		39,723,829
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	5,322,902	5,322,902	4,201,872	4,201,872
Other partners		160,286		(2,140,808)
Partners Capital		5,483,188		2,061,064
Liabilities and Stockholders Equity		17,698,116		41,784,893
Series Thirty Five [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		29,065,571		33,687,421
Land		3,257,482		3,572,523
Other assets		3,087,417		3,225,731
Total Assets		35,410,470		40,485,675
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		19,034,538		21,047,359
Accounts payable and accrued expenses		1,138,581		1,053,812
Other liabilities		7,681,564		7,923,562
Liabilities		27,854,683		30,024,733
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	5,405,551	5,405,551	7,847,853	7,847,853
Other partners		2,150,236		2,613,089
Partners Capital		7,555,787		10,460,942
Liabilities and Stockholders Equity		35,410,470		40,485,675
Series Thirty Six [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		21,881,907		23,352,582
Land		2,013,180		2,013,180
Other assets		3,134,697		3,054,336
Total Assets		27,029,784		28,420,098
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		16,606,099		16,988,083
Accounts payable and accrued expenses		1,885,310		1,684,855
Other liabilities		698,641		726,794
Liabilities		19,190,050		19,399,732
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	4,903,680	4,903,680	5,473,823	5,473,823
Other partners		2,936,054		3,546,543
Partners Capital		7,839,734		9,020,366
Liabilities and Stockholders Equity		27,029,784		28,420,098
Series Thirty Seven [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		23,225,624		30,680,540
Land		1,625,738		2,423,561
Other assets		2,122,745		3,153,869
Total Assets		26,974,107		36,257,970
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		18,102,339		27,503,623
Accounts payable and accrued expenses		2,242,617		2,567,356
Other liabilities		5,906,849		6,209,057
Liabilities		26,251,805		36,280,036
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,334,153	1,334,153	1,441,918	1,441,918
Other partners		(611,851)		(1,463,984)
Partners Capital		722,302		(22,066)
Liabilities and Stockholders Equity		26,974,107		36,257,970
Series Thirty Eight [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		20,086,965		21,174,700
Land		1,581,706		1,581,706
Other assets		2,310,351		2,263,552
Total Assets		23,979,022		25,019,958
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		16,380,916		16,706,809
Accounts payable and accrued expenses		226,126		240,064
Other liabilities		2,851,697		2,719,890
Liabilities		19,458,739		19,666,763
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	6,204,189	6,204,189	6,631,361	6,631,361
Other partners		(1,683,906)		(1,278,166)
Partners Capital		4,520,283		5,353,195
Liabilities and Stockholders Equity		23,979,022		25,019,958
Series Thirty Nine [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		16,091,929		17,030,411
Land		1,238,488		1,238,488
Other assets		1,849,657		1,848,616
Total Assets		19,180,074		20,117,515
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		12,920,594		13,180,160
Accounts payable and accrued expenses		328,139		341,876
Other liabilities		3,036,787		2,931,884
Liabilities		16,285,520		16,453,920
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	3,253,385	3,253,385	3,757,809	3,757,809
Other partners		(358,831)		(94,214)
Partners Capital		2,894,554		3,663,595
Liabilities and Stockholders Equity		19,180,074		20,117,515
Series Forty [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		49,669,979		52,009,241
Land		5,081,041		5,081,041
Other assets		4,338,332		4,514,209
Total Assets		59,089,352		61,604,491
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		44,624,113		44,835,269
Accounts payable and accrued expenses		1,510,347		1,667,029
Other liabilities		5,714,179		6,319,795
Liabilities		51,848,639		52,822,093
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	8,356,441	8,356,441	9,156,562	9,156,562
Other partners		(1,115,728)		(374,164)
Partners Capital		7,240,713		8,782,398
Liabilities and Stockholders Equity		59,089,352		61,604,491
Series Forty One [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		60,088,438		62,749,098
Land		7,916,005		7,916,005
Other assets		6,109,616		6,419,595
Total Assets		74,114,059		77,084,698
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		58,323,909		59,205,981
Accounts payable and accrued expenses		1,502,484		1,482,716
Other liabilities		4,420,076		6,264,564
Liabilities		64,246,469		66,953,261
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	4,073,466	4,073,466	4,521,445	4,521,445
Other partners		5,794,124		5,609,992
Partners Capital		9,867,590		10,131,437
Liabilities and Stockholders Equity		74,114,059		77,084,698
Series Forty Two [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		50,330,678		54,155,724
Land		6,817,765		7,059,765
Other assets		5,917,513		6,402,555
Total Assets		63,065,956		67,618,044
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		44,002,008		46,084,051
Accounts payable and accrued expenses		2,864,402		2,745,285
Other liabilities		4,190,623		5,776,778
Liabilities		51,057,033		54,606,114
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	7,479,858	7,479,858	7,912,993	7,912,993
Other partners		4,529,065		5,098,937
Partners Capital		12,008,923		13,011,930
Liabilities and Stockholders Equity		63,065,956		67,618,044
Series Forty Three [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		54,324,753		56,978,000
Land		6,704,151		6,704,151
Other assets		5,091,670		5,412,878
Total Assets		66,120,574		69,095,029
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		46,572,599		47,780,026
Accounts payable and accrued expenses		1,825,301		1,743,541
Other liabilities		5,807,116		6,746,944
Liabilities		54,205,016		56,270,511
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	10,520,640	10,520,640	10,970,591	10,970,591
Other partners		1,394,918		1,853,927
Partners Capital		11,915,558		12,824,518
Liabilities and Stockholders Equity		66,120,574		69,095,029
Series Forty Four [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		38,754,799		40,573,656
Land		3,130,916		3,130,916
Other assets		3,719,161		3,902,028
Total Assets		45,604,876		47,606,600
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		40,439,227		41,159,992
Accounts payable and accrued expenses		760,173		676,387
Other liabilities		6,223,095		6,607,924
Liabilities		47,422,495		48,444,303
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	2,667,416	2,667,416	3,290,114	3,290,114
Other partners		(4,485,035)		(4,127,817)
Partners Capital		(1,817,619)		(837,703)
Liabilities and Stockholders Equity		45,604,876		47,606,600
Series Forty Five [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		49,851,218		51,826,015
Land		4,314,836		4,314,836
Other assets		6,456,454		6,284,278
Total Assets		60,622,508		62,425,129
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		36,837,677		37,037,554
Accounts payable and accrued expenses		1,224,404		1,431,634
Other liabilities		5,049,307		4,603,925
Liabilities		43,111,388		43,073,113
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	15,456,129	15,456,129	16,350,030	16,350,030
Other partners		2,054,991		3,001,986
Partners Capital		17,511,120		19,352,016
Liabilities and Stockholders Equity		60,622,508		62,425,129
Series Forty Six [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		39,020,837		40,559,431
Land		2,363,059		2,363,059
Other assets		3,758,746		3,889,409
Total Assets		45,142,642		46,811,899
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Mortgages and construction loans payable		24,552,618		25,067,980
Accounts payable and accrued expenses		445,294		619,139
Other liabilities		3,253,626		3,053,158
Liabilities		28,251,538		28,740,277
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	$ 13,668,235	13,668,235	$ 14,729,332	14,729,332
Other partners		3,222,869		3,342,290
Partners Capital		16,891,104		18,071,622
Liabilities and Stockholders Equity		$ 45,142,642		$ 46,811,899

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	$ 133,584
Acquisition Costs Impairment	133,584	1,139,623
Series Twenty [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Twenty One [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Twenty Two [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Twenty Three [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Twenty Four [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Twenty Five [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Twenty Six [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Twenty Seven [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Twenty Eight [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Twenty Nine [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty One [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty Two [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty Three [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty Four [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty Five [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty Six [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty Seven [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty Eight [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Thirty Nine [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Forty [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Forty One [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	0
Remaining Life Acquisition Costs (Years)
Series Forty Two [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	207,482
Remaining Life Acquisition Costs (Years)
Series Forty Three [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	133,584
Acquisition Costs Impairment	$ 133,584	0
Remaining Life Acquisition Costs (Years)
Series Forty Four [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	848,390
Remaining Life Acquisition Costs (Years)
Series Forty Five [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	53,446
Remaining Life Acquisition Costs (Years)
Series Forty Six [Member]
Operating Partnerships Valuation Allowance [Line Items]
Accumulated Amortization	$ 0	0
Acquisition Costs Impairment	$ 0	$ 30,305
Remaining Life Acquisition Costs (Years)

XML

STATEMENTS OF CASH FLOWS - USD ($)		12 Months Ended
		Mar. 31, 2015		Mar. 31, 2014
Cash flows from operating activities
Net income (loss)		$ 5,420,641		$ (4,310,963)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[1]	(11,837,639)		(7,643,945)
Impairment loss		2,593,629		7,116,275
Distributions received from operating limited partnerships		103,773		113,637
Amortization		66,792		446,669
Changes in assets and liabilities
Other assets		(136,424)		(35,657)
Accounts payable and accrued expenses		22,219		(36,772)
Accounts payable - affiliates		2,058,807		(3,133,570)
Net cash provided by (used in) operating activities		(1,708,202)		(7,484,326)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		(374,399)
Proceeds from disposition of operating limited partnerships		12,631,500	[2]	10,499,552	[3]
Net cash provided by (used in) investing activities		12,631,500		10,125,153
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		10,923,298		2,640,827
Cash and cash equivalents, beginning		12,797,054		10,156,227
Cash and cash equivalents, ending		23,720,352		12,797,054
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.		0		902
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		6,500		69,485
Series Twenty [Member]
Cash flows from operating activities
Net income (loss)		88,834		606,391
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[4]	(70,580)		(722,000)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		(20,000)
Accounts payable - affiliates		16,576		(539,749)
Net cash provided by (used in) operating activities		34,830		(675,358)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		70,580	[2]	722,000	[3]
Net cash provided by (used in) investing activities		70,580		722,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		105,410		46,642
Cash and cash equivalents, beginning		204,785		158,143
Cash and cash equivalents, ending		310,195		204,785
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Twenty One [Member]
Cash flows from operating activities
Net income (loss)		(46,655)		3,069
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[5]	0		(79,000)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		5,000
Accounts payable - affiliates		57,300		(20,070)
Net cash provided by (used in) operating activities		10,645		(91,001)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		0		79,000	[3]
Net cash provided by (used in) investing activities		0		79,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		10,645		(12,001)
Cash and cash equivalents, beginning		116,749		128,750
Cash and cash equivalents, ending		127,394		116,749
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Twenty Two [Member]
Cash flows from operating activities
Net income (loss)		100,765		(98,478)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[6]	(166,896)		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		(82,281)		(26,305)
Net cash provided by (used in) operating activities		(148,412)		(124,783)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		166,896	[2]	0	[3]
Net cash provided by (used in) investing activities		166,896		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		18,484		(124,783)
Cash and cash equivalents, beginning		98,564		223,347
Cash and cash equivalents, ending		117,048		98,564
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Twenty Three [Member]
Cash flows from operating activities
Net income (loss)		430,054		(125,463)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[7]	(426,346)		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		(343,237)		71,819
Net cash provided by (used in) operating activities		(339,529)		(53,644)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		426,346	[2]	0
Net cash provided by (used in) investing activities		426,346		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		86,817		(53,644)
Cash and cash equivalents, beginning		118,542		172,186
Cash and cash equivalents, ending		205,359		118,542
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Twenty Four [Member]
Cash flows from operating activities
Net income (loss)		191,861		1,625,695
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[8]	(207,327)		(1,630,062)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		3,422
Accounts payable and accrued expenses		3,335		3,000
Accounts payable - affiliates		0		(2,468,363)
Net cash provided by (used in) operating activities		(12,131)		(2,466,308)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		127,287	[2]	1,630,062	[3]
Net cash provided by (used in) investing activities		127,287		1,630,062
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		115,156		(836,246)
Cash and cash equivalents, beginning		890,715		1,726,961
Cash and cash equivalents, ending		1,005,871		890,715
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Twenty Five [Member]
Cash flows from operating activities
Net income (loss)		1,261,858		(59,679)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[9]	(1,295,124)		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		7,726
Accounts payable and accrued expenses		0		(978)
Accounts payable - affiliates		0		0
Net cash provided by (used in) operating activities		(33,266)		(52,931)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		1,295,124	[2]	618,889	[3]
Net cash provided by (used in) investing activities		1,295,124		618,889
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,261,858		565,958
Cash and cash equivalents, beginning		2,550,061		1,984,103
Cash and cash equivalents, ending		3,811,919		2,550,061
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Twenty Six [Member]
Cash flows from operating activities
Net income (loss)		557,776		2,736,763
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[10]	(647,125)		(2,801,657)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		4,363
Accounts payable and accrued expenses		15,507		(2,500)
Accounts payable - affiliates		0		(499,347)
Net cash provided by (used in) operating activities		(73,842)		(562,378)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		576,832	[2]	2,801,657	[3]
Net cash provided by (used in) investing activities		576,832		2,801,657
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		502,990		2,239,279
Cash and cash equivalents, beginning		2,510,330		271,051
Cash and cash equivalents, ending		3,013,320		2,510,330
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Twenty Seven [Member]
Cash flows from operating activities
Net income (loss)		49,734		2,385,674
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[11]	(237,896)		(2,508,394)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		733
Accounts payable and accrued expenses		0		(7,500)
Accounts payable - affiliates		(44,238)		(1,559,279)
Net cash provided by (used in) operating activities		(232,400)		(1,688,766)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		234,376	[2]	2,508,394	[3]
Net cash provided by (used in) investing activities		234,376		2,508,394
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,976		819,628
Cash and cash equivalents, beginning		1,049,687		230,059
Cash and cash equivalents, ending		1,051,663		1,049,687
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		6,500		0
Series Twenty Eight [Member]
Cash flows from operating activities
Net income (loss)		6,008,855		992,304
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[12]	(5,854,818)		(939,495)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		1,567		733
Accounts payable and accrued expenses		(4,500)		7,500
Accounts payable - affiliates		(706,182)		(870,954)
Net cash provided by (used in) operating activities		(555,078)		(809,912)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		5,813,850	[2]	939,495	[3]
Net cash provided by (used in) investing activities		5,813,850		939,495
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,258,772		129,583
Cash and cash equivalents, beginning		515,862		386,279
Cash and cash equivalents, ending		5,774,634		515,862
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Twenty Nine [Member]
Cash flows from operating activities
Net income (loss)		44,840		68,179
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[13]	(278,493)		(344,656)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		1,500		0
Accounts payable - affiliates		230,779		75,854
Net cash provided by (used in) operating activities		(1,374)		(200,623)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		278,493	[2]	342,694	[3]
Net cash provided by (used in) investing activities		278,493		342,694
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		277,119		142,071
Cash and cash equivalents, beginning		224,155		82,084
Cash and cash equivalents, ending		501,274		224,155
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Thirty [Member]
Cash flows from operating activities
Net income (loss)		(935)		(170,958)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[14]	(94,887)		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		143,019		155,148
Net cash provided by (used in) operating activities		47,197		(15,810)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		21,630	[2]	0
Net cash provided by (used in) investing activities		21,630		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		68,827		(15,810)
Cash and cash equivalents, beginning		253,948		269,758
Cash and cash equivalents, ending		322,775		253,948
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Thirty One [Member]
Cash flows from operating activities
Net income (loss)		2,566,425		337,127
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[15]	(2,840,263)		(624,556)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		(2,257)		2,257
Accounts payable - affiliates		(310,268)		279,204
Net cash provided by (used in) operating activities		(586,363)		(5,968)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		2,840,263	[2]	624,556	[3]
Net cash provided by (used in) investing activities		2,840,263		624,556
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,253,900		618,588
Cash and cash equivalents, beginning		852,580		233,992
Cash and cash equivalents, ending		3,106,480		852,580
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Thirty Two [Member]
Cash flows from operating activities
Net income (loss)		(149,466)		(196,777)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[16]	(107,673)		(3,428)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		993		0
Accounts payable - affiliates		194,588		270,411
Net cash provided by (used in) operating activities		(61,558)		70,206
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		(100,590)
Proceeds from disposition of operating limited partnerships		105,416	[2]	3,428	[3]
Net cash provided by (used in) investing activities		105,416		(97,162)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		43,858		(26,956)
Cash and cash equivalents, beginning		310,949		337,905
Cash and cash equivalents, ending		354,807		310,949
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		69,485
Series Thirty Three [Member]
Cash flows from operating activities
Net income (loss)		(32,528)		(130,088)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[17]	(53,079)		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		650		0
Accounts payable - affiliates		118,662		123,408
Net cash provided by (used in) operating activities		33,705		(6,680)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		53,079	[2]	0
Net cash provided by (used in) investing activities		53,079		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		86,784		(6,680)
Cash and cash equivalents, beginning		194,920		201,600
Cash and cash equivalents, ending		281,704		194,920
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Thirty Four [Member]
Cash flows from operating activities
Net income (loss)		359,261		(37,107)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[18]	(502,727)		(176,333)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		2,802		3,000
Accounts payable - affiliates		176,928		269,332
Net cash provided by (used in) operating activities		36,264		58,892
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		502,727	[2]	176,333	[3]
Net cash provided by (used in) investing activities		502,727		176,333
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		538,991		235,225
Cash and cash equivalents, beginning		299,036		63,811
Cash and cash equivalents, ending		838,027		299,036
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Thirty Five [Member]
Cash flows from operating activities
Net income (loss)		(196,280)		(25,674)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		0		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		1,500		0
Accounts payable - affiliates		148,216		202,082
Net cash provided by (used in) operating activities		(46,564)		176,408
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		0	[2]	0
Net cash provided by (used in) investing activities		0		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(46,564)		176,408
Cash and cash equivalents, beginning		278,190		101,782
Cash and cash equivalents, ending		231,626		278,190
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Thirty Six [Member]
Cash flows from operating activities
Net income (loss)		(100,022)		(121,517)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[19]	(25,054)		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		82,426		(867,520)
Net cash provided by (used in) operating activities		(42,650)		(989,037)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		25,054	[2]	0
Net cash provided by (used in) investing activities		25,054		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(17,596)		(989,037)
Cash and cash equivalents, beginning		448,179		1,437,216
Cash and cash equivalents, ending		430,583		448,179
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Thirty Seven [Member]
Cash flows from operating activities
Net income (loss)		(157,664)		(187,483)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		0		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		1,024		0
Accounts payable - affiliates		196,940		204,864
Net cash provided by (used in) operating activities		40,300		17,381
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		0	[2]	0
Net cash provided by (used in) investing activities		0		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		40,300		17,381
Cash and cash equivalents, beginning		305,167		287,786
Cash and cash equivalents, ending		345,467		305,167
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Thirty Eight [Member]
Cash flows from operating activities
Net income (loss)		(120,423)		(103,034)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		0		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		164,400		164,400
Net cash provided by (used in) operating activities		43,977		61,366
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		0		0
Net cash provided by (used in) investing activities		0		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		43,977		61,366
Cash and cash equivalents, beginning		236,887		175,521
Cash and cash equivalents, ending		280,864		236,887
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Thirty Nine [Member]
Cash flows from operating activities
Net income (loss)		(112,061)		(135,596)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[20]	(29,999)		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		134,085		136,800
Net cash provided by (used in) operating activities		(7,975)		1,204
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		29,999	[2]	0
Net cash provided by (used in) investing activities		29,999		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		22,024		1,204
Cash and cash equivalents, beginning		144,094		142,890
Cash and cash equivalents, ending		166,118		144,094
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Forty [Member]
Cash flows from operating activities
Net income (loss)		(209,771)		(207,935)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		0		0
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		210,791		212,501
Net cash provided by (used in) operating activities		1,020		4,566
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		0		0
Net cash provided by (used in) investing activities		0		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,020		4,566
Cash and cash equivalents, beginning		96,711		92,145
Cash and cash equivalents, ending		97,731		96,711
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Forty One [Member]
Cash flows from operating activities
Net income (loss)		(246,035)		(165,403)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[21]	0		(52,000)
Impairment loss		0		0
Distributions received from operating limited partnerships		0		0
Amortization		0		0
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		237,564		185,732
Net cash provided by (used in) operating activities		(8,471)		(31,671)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		0		52,000	[3]
Net cash provided by (used in) investing activities		0		52,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,471)		20,329
Cash and cash equivalents, beginning		167,428		147,099
Cash and cash equivalents, ending		158,957		167,428
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Forty Two [Member]
Cash flows from operating activities
Net income (loss)		(56,734)		(578,220)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[22]	(103,508)		102,342
Impairment loss		0		212,553
Distributions received from operating limited partnerships		0		2,505
Amortization		0		69,160
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		1,665		0
Accounts payable - affiliates		248,290		198,700
Net cash provided by (used in) operating activities		89,713		7,040
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		63,548		0
Net cash provided by (used in) investing activities		63,548		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		153,261		7,040
Cash and cash equivalents, beginning		266,762		259,722
Cash and cash equivalents, ending		420,023		266,762
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Forty Three [Member]
Cash flows from operating activities
Net income (loss)		(634,723)		(1,582,420)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		47,235		280,816
Impairment loss		268,187		972,475
Distributions received from operating limited partnerships		16,140		48,527
Amortization		66,792		66,792
Changes in assets and liabilities
Other assets		(19,648)		(12,240)
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		306,780		306,780
Net cash provided by (used in) operating activities		50,763		80,730
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		(21,847)
Proceeds from disposition of operating limited partnerships		0		0
Net cash provided by (used in) investing activities		0		(21,847)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		50,763		58,883
Cash and cash equivalents, beginning		303,384		244,501
Cash and cash equivalents, ending		354,147		303,384
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Forty Four [Member]
Cash flows from operating activities
Net income (loss)		(359,371)		(2,529,532)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		118,343		270,876
Impairment loss		0		1,696,224
Distributions received from operating limited partnerships		0		0
Amortization		0		282,800
Changes in assets and liabilities
Other assets		(118,343)		(40,394)
Accounts payable and accrued expenses		0		(21,551)
Accounts payable - affiliates		330,753		289,848
Net cash provided by (used in) operating activities		(28,618)		(51,729)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		(251,962)
Proceeds from disposition of operating limited partnerships		0		0	[3]
Net cash provided by (used in) investing activities		0		(251,962)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(28,618)		(303,691)
Cash and cash equivalents, beginning		38,362		342,053
Cash and cash equivalents, ending		9,744		38,362
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.		0		902
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Forty Five [Member]
Cash flows from operating activities
Net income (loss)		(1,442,530)		(3,485,593)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[23]	239,227		665,720
Impairment loss		918,818		2,293,749
Distributions received from operating limited partnerships		8,342		41,988
Amortization		0		17,816
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		(5,000)
Accounts payable - affiliates		297,388		321,606
Net cash provided by (used in) operating activities		21,245		(149,714)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		0		1,044	[3]
Net cash provided by (used in) investing activities		0		1,044
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		21,245		(148,670)
Cash and cash equivalents, beginning		126,153		274,823
Cash and cash equivalents, ending		147,398		126,153
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		0		0
Series Forty Six [Member]
Cash flows from operating activities
Net income (loss)		(2,374,424)		(3,125,208)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		699,351		917,882
Impairment loss		1,406,624		1,941,274
Distributions received from operating limited partnerships		79,291		20,617
Amortization		0		10,101
Changes in assets and liabilities
Other assets		0		0
Accounts payable and accrued expenses		0		0
Accounts payable - affiliates		249,528		249,528
Net cash provided by (used in) operating activities		60,370		14,194
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		0		0
Proceeds from disposition of operating limited partnerships		0		0
Net cash provided by (used in) investing activities		0		0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		60,370		14,194
Cash and cash equivalents, beginning		194,854		180,660
Cash and cash equivalents, ending		255,224		194,854
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.		0		0
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.		$ 0		$ 0

[1] Includes $12,941,795 and $9,882,625, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[2] Fund proceeds from disposition does not include the following amounts which were due to writeoffs of capital contribution payables of $1,293, $3,520, $40,968, $22,257 and $2,257, for Series 26, Series 27, Series 28, Series 30 and Series 32, respectively. As well as proceeds from disposition recorded as a receivable of $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively.

[3] 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.

[4] Includes $70,580 and $722,000, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[5] Includes $- and $79,000, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[6] Includes $166,896 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[7] Includes $426,346 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[8] Includes $207,327 and $1,630,062, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[9] Includes $1,295,124 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[10] Includes $647,125 and $2,801,657, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[11] Includes $237,896 and $2,508,394, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[12] Includes $5,854,818 and $939,495, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[13] Includes $278,493 and $344,656, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[14] Includes $94,887 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[15] Includes $2,840,263 and $624,556, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[16] Includes $107,673 and $3,428, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[17] Includes $53,079 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[18] Includes $502,727 and $176,333, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[19] Includes $25,054 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[20] Includes $29,999 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[21] Includes $- and $52,000, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[22] Includes $103,508 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[23] Includes $- and $1,044, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

XML

BALANCE SHEETS [Parenthetical] - $ / shares	Mar. 31, 2015	Mar. 31, 2014
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	83,651,080	83,651,080
Units of limited partnership interest, issued	83,651,080	83,651,080
Units of limited partnership interest, outstanding	83,569,146	83,626,246
Series Twenty [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,866,700	3,866,700
Units of limited partnership interest, issued	3,866,700	3,866,700
Units of limited partnership interest, outstanding	3,857,700	3,864,700
Series Twenty One [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	1,892,700	1,892,700
Units of limited partnership interest, issued	1,892,700	1,892,700
Units of limited partnership interest, outstanding	1,888,200	1,888,200
Series Twenty Two [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,564,400	2,564,400
Units of limited partnership interest, issued	2,564,400	2,564,400
Units of limited partnership interest, outstanding	2,560,800	2,561,400
Series Twenty Three [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,336,727	3,336,727
Units of limited partnership interest, issued	3,336,727	3,336,727
Units of limited partnership interest, outstanding	3,333,227	3,336,227
Series Twenty Four [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,169,878	2,169,878
Units of limited partnership interest, issued	2,169,878	2,169,878
Units of limited partnership interest, outstanding	2,162,378	2,168,878
Series Twenty Five [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,026,109	3,026,109
Units of limited partnership interest, issued	3,026,109	3,026,109
Units of limited partnership interest, outstanding	3,024,509	3,025,609
Series Twenty Six [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,995,900	3,995,900
Units of limited partnership interest, issued	3,995,900	3,995,900
Units of limited partnership interest, outstanding	3,990,700	3,995,200
Series Twenty Seven [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,460,700	2,460,700
Units of limited partnership interest, issued	2,460,700	2,460,700
Units of limited partnership interest, outstanding	2,459,700	2,460,700
Series Twenty Eight [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	4,000,738	4,000,738
Units of limited partnership interest, issued	4,000,738	4,000,738
Units of limited partnership interest, outstanding	3,998,738	3,999,738
Series Twenty Nine [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,991,800	3,991,800
Units of limited partnership interest, issued	3,991,800	3,991,800
Units of limited partnership interest, outstanding	3,989,500	3,991,300
Series Thirty [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,651,000	2,651,000
Units of limited partnership interest, issued	2,651,000	2,651,000
Units of limited partnership interest, outstanding	2,643,000	2,651,000
Series Thirty One [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	4,417,857	4,417,857
Units of limited partnership interest, issued	4,417,857	4,417,857
Units of limited partnership interest, outstanding	4,409,757	4,415,757
Series Thirty Two [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	4,754,198	4,754,198
Units of limited partnership interest, issued	4,754,198	4,754,198
Units of limited partnership interest, outstanding	4,748,198	4,751,198
Series Thirty Three [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,636,533	2,636,533
Units of limited partnership interest, issued	2,636,533	2,636,533
Units of limited partnership interest, outstanding	2,635,533	2,635,533
Series Thirty Four [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,529,319	3,529,319
Units of limited partnership interest, issued	3,529,319	3,529,319
Units of limited partnership interest, outstanding	3,523,219	3,528,319
Series Thirty Five [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,300,463	3,300,463
Units of limited partnership interest, issued	3,300,463	3,300,463
Units of limited partnership interest, outstanding	3,295,763	3,298,763
Series Thirty Six [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,106,838	2,106,838
Units of limited partnership interest, issued	2,106,838	2,106,838
Units of limited partnership interest, outstanding	2,102,504	2,104,504
Series Thirty Seven [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,512,500	2,512,500
Units of limited partnership interest, issued	2,512,500	2,512,500
Units of limited partnership interest, outstanding	2,512,500	2,512,500
Series Thirty Eight [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,543,100	2,543,100
Units of limited partnership interest, issued	2,543,100	2,543,100
Units of limited partnership interest, outstanding	2,543,100	2,543,100
Series Thirty Nine [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,292,151	2,292,151
Units of limited partnership interest, issued	2,292,151	2,292,151
Units of limited partnership interest, outstanding	2,291,151	2,292,151
Series Forty [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,630,256	2,630,256
Units of limited partnership interest, issued	2,630,256	2,630,256
Units of limited partnership interest, outstanding	2,628,756	2,630,256
Series Forty One [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,891,626	2,891,626
Units of limited partnership interest, issued	2,891,626	2,891,626
Units of limited partnership interest, outstanding	2,891,626	2,891,626
Series Forty Two [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,744,262	2,744,262
Units of limited partnership interest, issued	2,744,262	2,744,262
Units of limited partnership interest, outstanding	2,744,262	2,744,262
Series Forty Three [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	3,637,987	3,637,987
Units of limited partnership interest, issued	3,637,987	3,637,987
Units of limited partnership interest, outstanding	3,637,987	3,637,987
Series Forty Four [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,701,973	2,701,973
Units of limited partnership interest, issued	2,701,973	2,701,973
Units of limited partnership interest, outstanding	2,701,973	2,701,973
Series Forty Five [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	4,014,367	4,014,367
Units of limited partnership interest, issued	4,014,367	4,014,367
Units of limited partnership interest, outstanding	4,014,367	4,014,367
Series Forty Six [Member]
Units of assignor limited partners capital, authorized	101,500,000	101,500,000
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Assignor Limited Partners Capital Account Units Issued	2,980,998	2,980,998
Units of limited partnership interest, issued	2,980,998	2,980,998
Units of limited partnership interest, outstanding	2,979,998	2,980,998

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Investment In Operating Limited Partnerships [Policy Text Block]

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 $709,402 and $571,985 as of March 31, 2015 and 2014, 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, 2015 and 2014 of $2,593,629 and $7,116,275, 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.

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.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

Capitalization of Deferred Policy Acquisition Costs, Policy [Policy Text Block]

Deferred Acquisition Costs

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2015 and 2014, an impairment loss of $133,584 and $1,139,623, respectively, was recorded and the lives of the remaining acquisition costs were reassessed.

Accumulated amortization as of March 31, 2015 and 2014, as well as the March 31, 2015 and 2014 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Acquisition Costs Impairment		Acquisition Costs Impairment		Remaining Life Acquistion Costs
	2015		2014		2015		2014		Years
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		-		-		-		-		-
Series 34		-		-		-		-		-
Series 35		-		-		-		-		-
Series 36		-		-		-		-		-
Series 37		-		-		-		-		-
Series 38		-		-		-		-		-
Series 39		-		-		-		-		-
Series 40		-		-		-		-		-
Series 41		-		-		-		-		-
Series 42		-		-		-		207,482		-
Series 43		-		133,584		133,584		-		-
Series 44		-		-		-		848,390		-
Series 45		-		-		-		53,446		-
Series 46		-		-		-		30,305		-
	$	-	$	133,584	$	133,584	$	1,139,623

Income Tax, Policy [Policy Text Block]

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 2011 remain open.

Cash and Cash Equivalents, Policy [Policy Text Block]

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 Period, Policy [Policy Text Block]

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.

Earnings Per Beneficial Assignee Partnership Unit [Policy Text Block]

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, 2015 and 2014 are as follows:

	2015		2014
Series 20		3,862,950		3,865,450
Series 21		1,888,200		1,890,075
Series 22		2,561,250		2,563,650
Series 23		3,335,477		3,336,602
Series 24		2,167,253		2,169,628
Series 25		3,025,334		3,025,609
Series 26		3,994,075		3,995,200
Series 27		2,460,450		2,460,700
Series 28		3,999,488		4,000,113
Series 29		3,990,850		3,991,675
Series 30		2,649,000		2,651,000
Series 31		4,414,257		4,417,332
Series 32		4,750,448		4,753,240
Series 33		2,635,533		2,635,533
Series 34		3,527,044		3,529,069
Series 35		3,298,013		3,300,038
Series 36		2,104,004		2,106,255
Series 37		2,512,500		2,512,500
Series 38		2,543,100		2,543,100
Series 39		2,291,901		2,292,151
Series 40		2,629,881		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		2,980,748		2,980,998
		83,611,971		83,640,389

Use of Estimates, Policy [Policy Text Block]

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. 

XML

Document And Entity Information - Mar. 31, 2015 - USD ($)	Total
Document Information [Line Items]
Entity Registrant Name	BOSTON CAPITAL TAX CREDIT FUND IV LP
Entity Central Index Key	0000913778
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2015
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 0

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Schedule of Limited Partners' Capital Account by Class [Table Text Block]

The BACs issued and outstanding in each series as of March 31, 2015 and 2014 are as follows:

	Issued				Outstanding
	2015		2014		2015		2014
Series 20		3,866,700		3,866,700		3,857,700		3,864,700
Series 21		1,892,700		1,892,700		1,888,200		1,888,200
Series 22		2,564,400		2,564,400		2,560,800		2,561,400
Series 23		3,336,727		3,336,727		3,333,227		3,336,227
Series 24		2,169,878		2,169,878		2,162,378		2,168,878
Series 25		3,026,109		3,026,109		3,024,509		3,025,609
Series 26		3,995,900		3,995,900		3,990,700		3,995,200
Series 27		2,460,700		2,460,700		2,459,700		2,460,700
Series 28		4,000,738		4,000,738		3,998,738		3,999,738
Series 29		3,991,800		3,991,800		3,989,500		3,991,300
Series 30		2,651,000		2,651,000		2,643,000		2,651,000
Series 31		4,417,857		4,417,857		4,409,757		4,415,757
Series 32		4,754,198		4,754,198		4,748,198		4,751,198
Series 33		2,636,533		2,636,533		2,635,533		2,635,533
Series 34		3,529,319		3,529,319		3,523,219		3,528,319
Series 35		3,300,463		3,300,463		3,295,763		3,298,763
Series 36		2,106,838		2,106,838		2,102,504		2,104,504
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		2,291,151		2,292,151
Series 40		2,630,256		2,630,256		2,628,756		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		2,979,998		2,980,998
		83,651,080		83,651,080		83,569,146		83,626,246

Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block]

Accumulated amortization as of March 31, 2015 and 2014, as well as the March 31, 2015 and 2014 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Acquisition Costs Impairment		Acquisition Costs Impairment		Remaining Life Acquistion Costs
	2015		2014		2015		2014		Years
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		-		-		-		-		-
Series 34		-		-		-		-		-
Series 35		-		-		-		-		-
Series 36		-		-		-		-		-
Series 37		-		-		-		-		-
Series 38		-		-		-		-		-
Series 39		-		-		-		-		-
Series 40		-		-		-		-		-
Series 41		-		-		-		-		-
Series 42		-		-		-		207,482		-
Series 43		-		133,584		133,584		-		-
Series 44		-		-		-		848,390		-
Series 45		-		-		-		53,446		-
Series 46		-		-		-		30,305		-
	$	-	$	133,584	$	133,584	$	1,139,623

Schedule Of Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator and Denominator In Earnings Per Share [Table Text Block]

The weighted average number of units in each series at March 31, 2015 and 2014 are as follows:

	2015		2014
Series 20		3,862,950		3,865,450
Series 21		1,888,200		1,890,075
Series 22		2,561,250		2,563,650
Series 23		3,335,477		3,336,602
Series 24		2,167,253		2,169,628
Series 25		3,025,334		3,025,609
Series 26		3,994,075		3,995,200
Series 27		2,460,450		2,460,700
Series 28		3,999,488		4,000,113
Series 29		3,990,850		3,991,675
Series 30		2,649,000		2,651,000
Series 31		4,414,257		4,417,332
Series 32		4,750,448		4,753,240
Series 33		2,635,533		2,635,533
Series 34		3,527,044		3,529,069
Series 35		3,298,013		3,300,038
Series 36		2,104,004		2,106,255
Series 37		2,512,500		2,512,500
Series 38		2,543,100		2,543,100
Series 39		2,291,901		2,292,151
Series 40		2,629,881		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		2,980,748		2,980,998
		83,611,971		83,640,389

XML

STATEMENTS OF OPERATIONS - USD ($)		12 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Income
Interest income		$ 45,767	$ 47,997
Miscellaneous		629,169	923,483
Revenues		674,936	971,480
Share of income (losses) from operating limited partnerships	[1]	11,837,639	7,643,945
Expenses and loss
Fund management fee		3,348,748	4,069,465
Amortization		66,792	446,669
General and administrative expenses		456,119	644,311
Professional fees		626,646	649,668
Impairment loss		2,593,629	7,116,275
Operating expenses		7,091,934	12,926,388
NET INCOME (LOSS)		5,420,641	(4,310,963)
Net income (loss) allocated to general partner		54,208	(43,109)
Net income (loss) allocated to limited partners		$ 5,366,433	$ (4,267,854)
Net income (loss) per BAC (in dollars per unit)		$ 0.06	$ (0.05)
Series Twenty [Member]
Income
Interest income		$ 492	$ 701
Miscellaneous		64	689
Revenues		556	1,390
Share of income (losses) from operating limited partnerships	[2]	70,580	722,000
Expenses and loss
Fund management fee		(56,541)	77,349
Amortization		0	0
General and administrative expenses		19,121	21,816
Professional fees		19,722	17,834
Impairment loss		0	0
Operating expenses		(17,698)	116,999
NET INCOME (LOSS)		88,834	606,391
Net income (loss) allocated to general partner		888	6,064
Net income (loss) allocated to limited partners		$ 87,946	$ 600,327
Net income (loss) per BAC (in dollars per unit)		$ 0.02	$ 0.16
Series Twenty One [Member]
Income
Interest income		$ 330	$ 326
Miscellaneous		859	7,372
Revenues		1,189	7,698
Share of income (losses) from operating limited partnerships	[3]	0	79,000
Expenses and loss
Fund management fee		20,249	55,254
Amortization		0	0
General and administrative expenses		13,238	14,201
Professional fees		14,357	14,174
Impairment loss		0	0
Operating expenses		47,844	83,629
NET INCOME (LOSS)		(46,655)	3,069
Net income (loss) allocated to general partner		(467)	31
Net income (loss) allocated to limited partners		$ (46,188)	$ 3,038
Net income (loss) per BAC (in dollars per unit)		$ (0.02)	$ 0
Series Twenty Two [Member]
Income
Interest income		$ 143	$ 309
Miscellaneous		284	5,683
Revenues		427	5,992
Share of income (losses) from operating limited partnerships	[4]	166,896	0
Expenses and loss
Fund management fee		32,524	59,070
Amortization		0	0
General and administrative expenses		15,740	17,461
Professional fees		18,294	27,939
Impairment loss		0	0
Operating expenses		66,558	104,470
NET INCOME (LOSS)		100,765	(98,478)
Net income (loss) allocated to general partner		1,008	(985)
Net income (loss) allocated to limited partners		$ 99,757	$ (97,493)
Net income (loss) per BAC (in dollars per unit)		$ 0.04	$ (0.04)
Series Twenty Three [Member]
Income
Interest income		$ 194	$ 265
Miscellaneous		7,590	0
Revenues		7,784	265
Share of income (losses) from operating limited partnerships	[5]	426,346	0
Expenses and loss
Fund management fee		(32,141)	84,219
Amortization		0	0
General and administrative expenses		18,345	20,445
Professional fees		17,872	21,064
Impairment loss		0	0
Operating expenses		4,076	125,728
NET INCOME (LOSS)		430,054	(125,463)
Net income (loss) allocated to general partner		4,301	(1,255)
Net income (loss) allocated to limited partners		$ 425,753	$ (124,208)
Net income (loss) per BAC (in dollars per unit)		$ 0.13	$ (0.04)
Series Twenty Four [Member]
Income
Interest income		$ 2,514	$ 1,625
Miscellaneous		3,890	14,568
Revenues		6,404	16,193
Share of income (losses) from operating limited partnerships	[6]	207,327	1,630,062
Expenses and loss
Fund management fee		(19,728)	(19,566)
Amortization		0	0
General and administrative expenses		15,838	16,697
Professional fees		25,760	23,429
Impairment loss		0	0
Operating expenses		21,870	20,560
NET INCOME (LOSS)		191,861	1,625,695
Net income (loss) allocated to general partner		1,919	16,257
Net income (loss) allocated to limited partners		$ 189,942	$ 1,609,438
Net income (loss) per BAC (in dollars per unit)		$ 0.09	$ 0.74
Series Twenty Five [Member]
Income
Interest income		$ 10,568	$ 5,136
Miscellaneous		10,178	13,092
Revenues		20,746	18,228
Share of income (losses) from operating limited partnerships	[7]	1,295,124	0
Expenses and loss
Fund management fee		19,401	37,896
Amortization		0	0
General and administrative expenses		17,700	19,704
Professional fees		16,911	20,307
Impairment loss		0	0
Operating expenses		54,012	77,907
NET INCOME (LOSS)		1,261,858	(59,679)
Net income (loss) allocated to general partner		12,619	(597)
Net income (loss) allocated to limited partners		$ 1,249,239	$ (59,082)
Net income (loss) per BAC (in dollars per unit)		$ 0.41	$ (0.02)
Series Twenty Six [Member]
Income
Interest income		$ 5,148	$ 2,062
Miscellaneous		4,649	19,909
Revenues		9,797	21,971
Share of income (losses) from operating limited partnerships	[8]	647,125	2,801,657
Expenses and loss
Fund management fee		41,257	20,694
Amortization		0	0
General and administrative expenses		22,307	25,174
Professional fees		35,582	40,997
Impairment loss		0	0
Operating expenses		99,146	86,865
NET INCOME (LOSS)		557,776	2,736,763
Net income (loss) allocated to general partner		5,578	27,368
Net income (loss) allocated to limited partners		$ 552,198	$ 2,709,395
Net income (loss) per BAC (in dollars per unit)		$ 0.14	$ 0.68
Series Twenty Seven [Member]
Income
Interest income		$ 3,558	$ 1,996
Miscellaneous		8,514	49,915
Revenues		12,072	51,911
Share of income (losses) from operating limited partnerships	[9]	237,896	2,508,394
Expenses and loss
Fund management fee		140,938	126,621
Amortization		0	0
General and administrative expenses		16,136	17,208
Professional fees		43,160	30,802
Impairment loss		0	0
Operating expenses		200,234	174,631
NET INCOME (LOSS)		49,734	2,385,674
Net income (loss) allocated to general partner		497	23,857
Net income (loss) allocated to limited partners		$ 49,237	$ 2,361,817
Net income (loss) per BAC (in dollars per unit)		$ 0.02	$ 0.96
Series Twenty Eight [Member]
Income
Interest income		$ 14,044	$ 1,648
Miscellaneous		264,302	256,704
Revenues		278,346	258,352
Share of income (losses) from operating limited partnerships	[10]	5,854,818	939,495
Expenses and loss
Fund management fee		79,376	156,842
Amortization		0	0
General and administrative expenses		19,324	21,422
Professional fees		25,609	27,279
Impairment loss		0	0
Operating expenses		124,309	205,543
NET INCOME (LOSS)		6,008,855	992,304
Net income (loss) allocated to general partner		60,089	9,923
Net income (loss) allocated to limited partners		$ 5,948,766	$ 982,381
Net income (loss) per BAC (in dollars per unit)		$ 1.49	$ 0.25
Series Twenty Nine [Member]
Income
Interest income		$ 704	$ 386
Miscellaneous		1,700	18,977
Revenues		2,404	19,363
Share of income (losses) from operating limited partnerships	[11]	278,493	344,656
Expenses and loss
Fund management fee		183,052	247,888
Amortization		0	0
General and administrative expenses		20,216	21,831
Professional fees		32,789	26,121
Impairment loss		0	0
Operating expenses		236,057	295,840
NET INCOME (LOSS)		44,840	68,179
Net income (loss) allocated to general partner		448	682
Net income (loss) allocated to limited partners		$ 44,392	$ 67,497
Net income (loss) per BAC (in dollars per unit)		$ 0.01	$ 0.02
Series Thirty [Member]
Income
Interest income		$ 677	$ 682
Miscellaneous		1,522	2,052
Revenues		2,199	2,734
Share of income (losses) from operating limited partnerships	[12]	94,887	0
Expenses and loss
Fund management fee		61,708	135,287
Amortization		0	0
General and administrative expenses		15,913	16,985
Professional fees		20,400	21,420
Impairment loss		0	0
Operating expenses		98,021	173,692
NET INCOME (LOSS)		(935)	(170,958)
Net income (loss) allocated to general partner		(9)	(1,710)
Net income (loss) allocated to limited partners		$ (926)	$ (169,248)
Net income (loss) per BAC (in dollars per unit)		$ 0	$ (0.06)
Series Thirty One [Member]
Income
Interest income		$ 1,279	$ 750
Miscellaneous		928	28,143
Revenues		2,207	28,893
Share of income (losses) from operating limited partnerships	[13]	2,840,263	624,556
Expenses and loss
Fund management fee		227,575	266,630
Amortization		0	0
General and administrative expenses		20,366	22,383
Professional fees		28,104	27,309
Impairment loss		0	0
Operating expenses		276,045	316,322
NET INCOME (LOSS)		2,566,425	337,127
Net income (loss) allocated to general partner		25,664	3,371
Net income (loss) allocated to limited partners		$ 2,540,761	$ 333,756
Net income (loss) per BAC (in dollars per unit)		$ 0.58	$ 0.08
Series Thirty Two [Member]
Income
Interest income		$ 421	$ 26,586
Miscellaneous		16,778	25,439
Revenues		17,199	52,025
Share of income (losses) from operating limited partnerships	[14]	107,673	3,428
Expenses and loss
Fund management fee		233,246	210,694
Amortization		0	0
General and administrative expenses		20,109	22,092
Professional fees		20,983	19,444
Impairment loss		0	0
Operating expenses		274,338	252,230
NET INCOME (LOSS)		(149,466)	(196,777)
Net income (loss) allocated to general partner		(1,495)	(1,968)
Net income (loss) allocated to limited partners		$ (147,971)	$ (194,809)
Net income (loss) per BAC (in dollars per unit)		$ (0.03)	$ (0.04)
Series Thirty Three [Member]
Income
Interest income		$ 529	$ 572
Miscellaneous		2,777	6,686
Revenues		3,306	7,258
Share of income (losses) from operating limited partnerships	[15]	53,079	0
Expenses and loss
Fund management fee		59,029	107,019
Amortization		0	0
General and administrative expenses		14,437	15,298
Professional fees		15,447	15,029
Impairment loss		0	0
Operating expenses		88,913	137,346
NET INCOME (LOSS)		(32,528)	(130,088)
Net income (loss) allocated to general partner		(325)	(1,301)
Net income (loss) allocated to limited partners		$ (32,203)	$ (128,787)
Net income (loss) per BAC (in dollars per unit)		$ (0.01)	$ (0.05)
Series Thirty Four [Member]
Income
Interest income		$ 493	$ 80
Miscellaneous		18,332	65,338
Revenues		18,825	65,418
Share of income (losses) from operating limited partnerships	[16]	502,727	176,333
Expenses and loss
Fund management fee		126,065	239,275
Amortization		0	0
General and administrative expenses		17,187	18,159
Professional fees		19,039	21,424
Impairment loss		0	0
Operating expenses		162,291	278,858
NET INCOME (LOSS)		359,261	(37,107)
Net income (loss) allocated to general partner		3,593	(371)
Net income (loss) allocated to limited partners		$ 355,668	$ (36,736)
Net income (loss) per BAC (in dollars per unit)		$ 0.1	$ (0.01)
Series Thirty Five [Member]
Income
Interest income		$ 339	$ 300
Miscellaneous		10,324	158,019
Revenues		10,663	158,319
Share of income (losses) from operating limited partnerships		0	0
Expenses and loss
Fund management fee		173,231	149,479
Amortization		0	0
General and administrative expenses		16,748	17,520
Professional fees		16,964	16,994
Impairment loss		0	0
Operating expenses		206,943	183,993
NET INCOME (LOSS)		(196,280)	(25,674)
Net income (loss) allocated to general partner		(1,963)	(257)
Net income (loss) allocated to limited partners		$ (194,317)	$ (25,417)
Net income (loss) per BAC (in dollars per unit)		$ (0.06)	$ (0.01)
Series Thirty Six [Member]
Income
Interest income		$ 1,117	$ 957
Miscellaneous		21,885	23,083
Revenues		23,002	24,040
Share of income (losses) from operating limited partnerships	[17]	25,054	0
Expenses and loss
Fund management fee		118,401	113,457
Amortization		0	0
General and administrative expenses		13,554	14,409
Professional fees		16,123	17,691
Impairment loss		0	0
Operating expenses		148,078	145,557
NET INCOME (LOSS)		(100,022)	(121,517)
Net income (loss) allocated to general partner		(1,000)	(1,215)
Net income (loss) allocated to limited partners		$ (99,022)	$ (120,302)
Net income (loss) per BAC (in dollars per unit)		$ (0.05)	$ (0.06)
Series Thirty Seven [Member]
Income
Interest income		$ 657	$ 699
Miscellaneous		24,632	24,920
Revenues		25,289	25,619
Share of income (losses) from operating limited partnerships		0	0
Expenses and loss
Fund management fee		153,440	184,475
Amortization		0	0
General and administrative expenses		13,828	14,603
Professional fees		15,685	14,024
Impairment loss		0	0
Operating expenses		182,953	213,102
NET INCOME (LOSS)		(157,664)	(187,483)
Net income (loss) allocated to general partner		(1,577)	(1,875)
Net income (loss) allocated to limited partners		$ (156,087)	$ (185,608)
Net income (loss) per BAC (in dollars per unit)		$ (0.06)	$ (0.07)
Series Thirty Eight [Member]
Income
Interest income		$ 291	$ 274
Miscellaneous		55,454	69,621
Revenues		55,745	69,895
Share of income (losses) from operating limited partnerships		0	0
Expenses and loss
Fund management fee		145,085	141,801
Amortization		0	0
General and administrative expenses		14,457	15,289
Professional fees		16,626	15,839
Impairment loss		0	0
Operating expenses		176,168	172,929
NET INCOME (LOSS)		(120,423)	(103,034)
Net income (loss) allocated to general partner		(1,204)	(1,030)
Net income (loss) allocated to limited partners		$ (119,219)	$ (102,004)
Net income (loss) per BAC (in dollars per unit)		$ (0.05)	$ (0.04)
Series Thirty Nine [Member]
Income
Interest income		$ 316	$ 302
Miscellaneous		11,975	12,956
Revenues		12,291	13,258
Share of income (losses) from operating limited partnerships	[18]	29,999	0
Expenses and loss
Fund management fee		125,063	119,052
Amortization		0	0
General and administrative expenses		13,397	14,318
Professional fees		15,891	15,484
Impairment loss		0	0
Operating expenses		154,351	148,854
NET INCOME (LOSS)		(112,061)	(135,596)
Net income (loss) allocated to general partner		(1,121)	(1,356)
Net income (loss) allocated to limited partners		$ (110,940)	$ (134,240)
Net income (loss) per BAC (in dollars per unit)		$ (0.05)	$ (0.06)
Series Forty [Member]
Income
Interest income		$ 78	$ 79
Miscellaneous		10,726	8,278
Revenues		10,804	8,357
Share of income (losses) from operating limited partnerships		0	0
Expenses and loss
Fund management fee		185,409	178,426
Amortization		0	0
General and administrative expenses		14,930	15,797
Professional fees		20,236	22,069
Impairment loss		0	0
Operating expenses		220,575	216,292
NET INCOME (LOSS)		(209,771)	(207,935)
Net income (loss) allocated to general partner		(2,098)	(2,079)
Net income (loss) allocated to limited partners		$ (207,673)	$ (205,856)
Net income (loss) per BAC (in dollars per unit)		$ (0.08)	$ (0.08)
Series Forty One [Member]
Income
Interest income		$ 459	$ 437
Miscellaneous		14,436	31,030
Revenues		14,895	31,467
Share of income (losses) from operating limited partnerships	[19]	0	52,000
Expenses and loss
Fund management fee		219,433	199,676
Amortization		0	0
General and administrative expenses		16,613	19,120
Professional fees		24,884	30,074
Impairment loss		0	0
Operating expenses		260,930	248,870
NET INCOME (LOSS)		(246,035)	(165,403)
Net income (loss) allocated to general partner		(2,460)	(1,654)
Net income (loss) allocated to limited partners		$ (243,575)	$ (163,749)
Net income (loss) per BAC (in dollars per unit)		$ (0.08)	$ (0.06)
Series Forty Two [Member]
Income
Interest income		$ 373	$ 392
Miscellaneous		50,424	40,591
Revenues		50,797	40,983
Share of income (losses) from operating limited partnerships	[20]	103,508	(102,342)
Expenses and loss
Fund management fee		163,766	185,435
Amortization		0	69,160
General and administrative expenses		16,143	20,602
Professional fees		31,130	29,111
Impairment loss		0	212,553
Operating expenses		211,039	516,861
NET INCOME (LOSS)		(56,734)	(578,220)
Net income (loss) allocated to general partner		(567)	(5,782)
Net income (loss) allocated to limited partners		$ (56,167)	$ (572,438)
Net income (loss) per BAC (in dollars per unit)		$ (0.02)	$ (0.21)
Series Forty Three [Member]
Income
Interest income		$ 427	$ 479
Miscellaneous		62,080	35,722
Revenues		62,507	36,201
Share of income (losses) from operating limited partnerships		(47,235)	(280,816)
Expenses and loss
Fund management fee		268,035	246,428
Amortization		66,792	66,792
General and administrative expenses		18,606	21,458
Professional fees		28,375	30,652
Impairment loss		268,187	972,475
Operating expenses		649,995	1,337,805
NET INCOME (LOSS)		(634,723)	(1,582,420)
Net income (loss) allocated to general partner		(6,347)	(15,824)
Net income (loss) allocated to limited partners		$ (628,376)	$ (1,566,596)
Net income (loss) per BAC (in dollars per unit)		$ (0.17)	$ (0.43)
Series Forty Four [Member]
Income
Interest income		$ 16	$ 227
Miscellaneous		584	4,696
Revenues		600	4,923
Share of income (losses) from operating limited partnerships		(118,343)	(270,876)
Expenses and loss
Fund management fee		206,520	224,950
Amortization		0	282,800
General and administrative expenses		14,832	21,675
Professional fees		20,276	37,930
Impairment loss		0	1,696,224
Operating expenses		241,628	2,263,579
NET INCOME (LOSS)		(359,371)	(2,529,532)
Net income (loss) allocated to general partner		(3,594)	(25,295)
Net income (loss) allocated to limited partners		$ (355,777)	$ (2,504,237)
Net income (loss) per BAC (in dollars per unit)		$ (0.13)	$ (0.93)
Series Forty Five [Member]
Income
Interest income		$ 104	$ 277
Miscellaneous		24,282	0
Revenues		24,386	277
Share of income (losses) from operating limited partnerships	[21]	(239,227)	(665,720)
Expenses and loss
Fund management fee		247,550	308,117
Amortization		0	17,816
General and administrative expenses		20,371	159,624
Professional fees		40,950	40,844
Impairment loss		918,818	2,293,749
Operating expenses		1,227,689	2,820,150
NET INCOME (LOSS)		(1,442,530)	(3,485,593)
Net income (loss) allocated to general partner		(14,425)	(34,856)
Net income (loss) allocated to limited partners		$ (1,428,105)	$ (3,450,737)
Net income (loss) per BAC (in dollars per unit)		$ (0.36)	$ (0.86)
Series Forty Six [Member]
Income
Interest income		$ 496	$ 450
Miscellaneous		0	0
Revenues		496	450
Share of income (losses) from operating limited partnerships		(699,351)	(917,882)
Expenses and loss
Fund management fee		226,805	212,997
Amortization		0	10,101
General and administrative expenses		16,663	19,020
Professional fees		25,477	24,384
Impairment loss		1,406,624	1,941,274
Operating expenses		1,675,569	2,207,776
NET INCOME (LOSS)		(2,374,424)	(3,125,208)
Net income (loss) allocated to general partner		(23,744)	(31,252)
Net income (loss) allocated to limited partners		$ (2,350,680)	$ (3,093,956)
Net income (loss) per BAC (in dollars per unit)		$ (0.79)	$ (1.04)

[1] Includes $12,941,795 and $9,882,625, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[2] Includes $70,580 and $722,000, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[3] Includes $- and $79,000, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[4] Includes $166,896 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[5] Includes $426,346 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[6] Includes $207,327 and $1,630,062, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[7] Includes $1,295,124 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[8] Includes $647,125 and $2,801,657, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[9] Includes $237,896 and $2,508,394, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[10] Includes $5,854,818 and $939,495, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[11] Includes $278,493 and $344,656, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[12] Includes $94,887 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[13] Includes $2,840,263 and $624,556, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[14] Includes $107,673 and $3,428, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[15] Includes $53,079 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[16] Includes $502,727 and $176,333, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[17] Includes $25,054 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[18] Includes $29,999 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[19] Includes $- and $52,000, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[20] Includes $103,508 and $-, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

[21] Includes $- and $1,044, respectively, in 2015 and 2014 from gain on disposal of operating limited partnership.

XML

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

12 Months Ended

Mar. 31, 2015

Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract]

Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Text Block]

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, 2015 is reconciled as follows:

	Total		Series 20		Series 21
Net income (loss) for financial reporting purposes	$	5,420,641	$	88,834	$	(46,655)
Operating limited partnership rents received in advance		10,037		-		68
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		1,957,719		16,576		57,300
Other		10,047,309		1,794,570		34,967
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(13,543,112)		(71,803)		(28,188)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(5,944,658)		(42,143)		(177,003)
Impairment loss not recognized for tax purposes		2,593,629		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(17,332,242)		(510,585)		(1,125)
Income (loss) for tax return purposes, December 31, 2014	$	(16,790,677)	$	1,275,449	$	(160,636)

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, 2015 is reconciled as follows:

	Series 22		Series 23		Series 24
Net income (loss) for financial reporting purposes	$	100,765	$	430,054	$	191,861
Operating limited partnership rents received in advance		-		-		(782)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(82,281)		(343,237)		-
Other		818,041		1,538,015		387,925
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(209,033)		(91,241)		(175,016)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(57,628)		(179,565)		(35,225)
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		(171,862)		(485,931)		(283,609)
Income (loss) for tax return purposes, December 31, 2014	$	398,002	$	868,095	$	85,154

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, 2015 is reconciled as follows:

	Series 25		Series 26		Series 27
Net income (loss) for financial reporting purposes	$	1,261,858	$	557,776	$	49,734
Operating limited partnership rents received in advance		-		-		9,626
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		-		(44,238)
Other		87,932		(125,676)		753,365
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(51,562)		(600,059)		(259,374)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(75,791)		(225,709)		(114,847)
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		(1,310,427)		(660,287)		(1,610,120)
Income (loss) for tax return purposes, December 31, 2014	$	(87,990)	$	(1,053,955)	$	(1,215,854)

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, 2015 is reconciled as follows:

	Series 28		Series 29		Series 30
Net income (loss) for financial reporting purposes	$	6,008,855	$	44,840	$	(935)
Operating limited partnership rents received in advance		-		-		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(706,182)		230,779		143,019
Other		(2,404,086)		3,736,436		32,998
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(540,340)		(594,731)		(378,697)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(81,811)		(244,689)		(194,560)
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		(6,733,186)		(361,790)		(131,309)
Income (loss) for tax return purposes, December 31, 2014	$	(4,456,750)	$	2,810,845	$	(529,484)

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, 2015 is reconciled as follows:

	Series 31		Series 32		Series 33
Net income (loss) for financial reporting purposes	$	2,566,425	$	(149,466)	$	(32,528)
Operating limited partnership rents received in advance		3,903		9,964		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(310,268)		194,588		118,662
Other		(998,553)		(201,893)		(160,568)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(621,755)		(1,317,109)		(326,229)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(377,130)		(208,093)		(126,770)
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		(2,867,783)		(117,871)		(123,520)
Income (loss) for tax return purposes, December 31, 2014	$	(2,605,161)	$	(1,789,880)	$	(650,953)

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, 2015 is reconciled as follows:

	Series 34		Series 35		Series 36
Net income (loss) for financial reporting purposes	$	359,261	$	(196,280)	$	(100,022)
Operating limited partnership rents received in advance		-		1,011		(18,119)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		176,928		148,216		82,426
Other		(1,485,680)		143,386		143,779
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(402,243)		(579,167)		(567,327)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(164,441)		(311,392)		(131,187)
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		(621,860)		(13,707)		(117,050)
Income (loss) for tax return purposes, December 31, 2014	$	(2,138,035)	$	(807,933)	$	(707,500)

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, 2015 is reconciled as follows:

	Series 37		Series 38		Series 39
Net income (loss) for financial reporting purposes	$	(157,664)	$	(120,423)	$	(112,061)
Operating limited partnership rents received in advance		5,911		-		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		196,940		164,400		134,085
Other		564,376		299,285		292,863
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,274,223)		(403,406)		(503,080)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(173,483)		(394,067)		(309,689)
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		(119,302)		(82,415)		(86,424)
Income (loss) for tax return purposes, December 31, 2014	$	(957,445)	$	(536,626)	$	(584,306)

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, 2015 is reconciled as follows:

	Series 40		Series 41		Series 42
Net income (loss) for financial reporting purposes	$	(209,771)	$	(246,035)	$	(56,734)
Operating limited partnership rents received in advance		1,970		-		94
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		200,016		237,564		248,290
Other		346,713		564,224		813,094
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(795,406)		(556,039)		(896,588)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(203,812)		(302,876)		(285,271)
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		(111,529)		(97,417)		(252,110)
Income (loss) for tax return purposes, December 31, 2014	$	(771,819)	$	(400,579)	$	(429,225)

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, 2015 is reconciled as follows:

	Series 43		Series 44		Series 45
Net income (loss) for financial reporting purposes	$	(634,723)	$	(359,371)	$	(1,442,530)
Operating limited partnership rents received in advance		194		1,663		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		306,780		254,628		283,200
Other		1,366,368		112,456		1,456,407
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(666,281)		(645,418)		(673,720)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(338,918)		(487,779)		(247,030)
Impairment loss not recognized for tax purposes		268,187		-		918,818
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(90,385)		(26,918)		(277,021)
Income (loss) for tax return purposes, December 31, 2014	$	211,222	$	(1,150,739)	$	18,124

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, 2015 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(2,374,424)
Operating limited partnership rents received in advance		(5,466)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		249,528
Other		136,565
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(315,077)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(453,749)
Impairment loss not recognized for tax purposes		1,406,624
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(66,699)
Income (loss) for tax return purposes, December 31, 2014	$	(1,422,698)

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)

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)

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

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)

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)

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

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)

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)

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)

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)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Total		Series 20		Series 21
Investments in operating limited partnerships - tax return December 31, 2014	$	55,728,106	$	(1,258,685)	$	(1,905,152)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		77,225,748		878,598		2,591,698
Impairment loss in investment in operating limited partnerships		(188,464,989)		(409,509)		(118,301)
Historic tax credits - cumulative		978,267		570,617		-
Less share of loss - three months ended March 31, 2015		(755,788)		(62,488)		(221,074)
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		57,087,374		281,467		(347,171)
Investments in operating limited partnerships - as reported	$	1,798,718	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 22		Series 23		Series 24
Investments in operating limited partnerships - tax return December 31, 2014	$	(1,832,001)	$	1,497,353	$	(821,383)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,689,653		1,281,140		1,941,970
Impairment loss in investment in operating limited partnerships		(1,289,080)		(5,298,843)		(1,151,381)
Historic tax credits - cumulative		223,537		-		-
Less share of loss - three months ended March 31, 2015		(15,621)		(10,974)		(841)
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		1,223,512		2,531,324		31,635
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 25		Series 26		Series 27
Investments in operating limited partnerships - tax return December 31, 2014	$	(60,435)	$	(5,205,435)	$	(1,656,389)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		273,564		4,399,020		1,526,506
Impairment loss in investment in operating limited partnerships		(1,345,945)		(1,883,225)		(4,004,265)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		(31,239)		(57,289)		(195,417)
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		1,164,055		2,746,929		4,329,565
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 28		Series 29		Series 30
Investments in operating limited partnerships - tax return December 31, 2014	$	318,909	$	(914,109)	$	526,482
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,269,083		4,695,617		2,524,000
Impairment loss in investment in operating limited partnerships		(4,790,458)		(5,661,234)		(4,610,342)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		(64,727)		(39,537)		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		1,267,193		1,919,263		1,559,860
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 31		Series 32		Series 33
Investments in operating limited partnerships - tax return December 31, 2014	$	(2,844,166)	$	4,667,100	$	3,976,255
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,913,882		7,152,320		2,003,965
Impairment loss in investment in operating limited partnerships		(9,196,909)		(13,359,327)		(7,924,274)
Historic tax credits - cumulative		-		184,113		-
Less share of loss - three months ended March 31, 2015		(56,581)		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		8,183,774		1,355,794		1,944,054
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 34		Series 35		Series 36
Investments in operating limited partnerships - tax return December 31, 2014	$	1,329,494	$	3,492,380	$	3,631,292
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,231,532		3,920,392		2,224,599
Impairment loss in investment in operating limited partnerships		(8,069,371)		(9,244,266)		(7,264,883)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		-		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		4,508,345		1,831,494		1,408,992
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 37		Series 38		Series 39
Investments in operating limited partnerships - tax return December 31, 2014	$	1,183,098	$	5,783,115	$	4,215,944
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,493,889		4,030,703		4,373,718
Impairment loss in investment in operating limited partnerships		(7,792,558)		(10,557,104)		(7,444,160)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		-		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		115,571		743,286		(1,145,502)
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 40		Series 41		Series 42
Investments in operating limited partnerships - tax return December 31, 2014	$	6,586,470	$	455,172	$	5,161,301
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,158,206		2,647,711		2,985,744
Impairment loss in investment in operating limited partnerships		(10,641,244)		(7,024,673)		(10,714,201)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		-		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		1,896,568		3,921,790		2,567,156
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 43		Series 44		Series 45
Investments in operating limited partnerships - tax return December 31, 2014	$	7,950,660	$	366,227	$	12,261,848
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,046,309		3,768,065		868,202
Impairment loss in investment in operating limited partnerships		(13,508,694)		(6,482,162)		(15,650,905)
Historic tax credits - cumulative		-		-		-
Less share of loss - three months ended March 31, 2015		-		-		-
Operating limited partnership impairment loss not recognized for tax purposes		-		-		-
Other		2,511,725		2,347,870		3,358,960
Investments in operating limited partnerships - as reported	$	-	$	-	$	838,105

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2014	$	8,822,761
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		335,662
Impairment loss in investment in operating limited partnerships		(13,027,675)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2015		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		4,829,865
Investments in operating limited partnerships - as reported	$	960,613

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	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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	$	-	$	-	$	-

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

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

XML

NOTES RECEIVABLE

12 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2015 and 2014 consist of advance installments of $22,790 for both years, of capital contributions to operating limited partnerships. The notes are comprised of interest bearing notes at prime + 1.75%. Prime was 3.25% as of March 31, 2015 and 2014. These notes are secured by future installments of capital contributions or paid upon demand. The notes at March 31, 2015 and 2014 by series are as follows:

	2015		2014
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		-		-
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	$	22,790

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	Mar. 31, 2015	Mar. 31, 2014
Capital Unit [Line Items]
Partners Capital Account Units Issued	83,651,080	83,651,080
Partners Capital Account Units Outstanding	83,569,146	83,626,246
Series Twenty [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,866,700	3,866,700
Partners Capital Account Units Outstanding	3,857,700	3,864,700
Series Twenty One [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	1,892,700	1,892,700
Partners Capital Account Units Outstanding	1,888,200	1,888,200
Series Twenty Two [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,564,400	2,564,400
Partners Capital Account Units Outstanding	2,560,800	2,561,400
Series Twenty Three [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,336,727	3,336,727
Partners Capital Account Units Outstanding	3,333,227	3,336,227
Series Twenty Four [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,169,878	2,169,878
Partners Capital Account Units Outstanding	2,162,378	2,168,878
Series Twenty Five [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,026,109	3,026,109
Partners Capital Account Units Outstanding	3,024,509	3,025,609
Series Twenty Six [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,995,900	3,995,900
Partners Capital Account Units Outstanding	3,990,700	3,995,200
Series Twenty Seven [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,460,700	2,460,700
Partners Capital Account Units Outstanding	2,459,700	2,460,700
Series Twenty Eight [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	4,000,738	4,000,738
Partners Capital Account Units Outstanding	3,998,738	3,999,738
Series Twenty Nine [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,991,800	3,991,800
Partners Capital Account Units Outstanding	3,989,500	3,991,300
Series Thirty [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,651,000	2,651,000
Partners Capital Account Units Outstanding	2,643,000	2,651,000
Series Thirty One [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	4,417,857	4,417,857
Partners Capital Account Units Outstanding	4,409,757	4,415,757
Series Thirty Two [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	4,754,198	4,754,198
Partners Capital Account Units Outstanding	4,748,198	4,751,198
Series Thirty Three [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,636,533	2,636,533
Partners Capital Account Units Outstanding	2,635,533	2,635,533
Series Thirty Four [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,529,319	3,529,319
Partners Capital Account Units Outstanding	3,523,219	3,528,319
Series Thirty Five [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,300,463	3,300,463
Partners Capital Account Units Outstanding	3,295,763	3,298,763
Series Thirty Six [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,106,838	2,106,838
Partners Capital Account Units Outstanding	2,102,504	2,104,504
Series Thirty Seven [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,512,500	2,512,500
Partners Capital Account Units Outstanding	2,512,500	2,512,500
Series Thirty Eight [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,543,100	2,543,100
Partners Capital Account Units Outstanding	2,543,100	2,543,100
Series Thirty Nine [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,292,151	2,292,151
Partners Capital Account Units Outstanding	2,291,151	2,292,151
Series Forty [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,630,256	2,630,256
Partners Capital Account Units Outstanding	2,628,756	2,630,256
Series Forty One [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,891,626	2,891,626
Partners Capital Account Units Outstanding	2,891,626	2,891,626
Series Forty Two [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,744,262	2,744,262
Partners Capital Account Units Outstanding	2,744,262	2,744,262
Series Forty Three [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,637,987	3,637,987
Partners Capital Account Units Outstanding	3,637,987	3,637,987
Series Forty Four [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,701,973	2,701,973
Partners Capital Account Units Outstanding	2,701,973	2,701,973
Series Forty Five [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	4,014,367	4,014,367
Partners Capital Account Units Outstanding	4,014,367	4,014,367
Series Forty Six [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,980,998	2,980,998
Partners Capital Account Units Outstanding	2,979,998	2,980,998

XML

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Schedule Of Fund Management Fee and Reporting Fee [Table Text Block]

The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2015 and 2014, are as follows:

	2015
	Gross Fund Management Fee		Asset Management and Reporting Fee		Fund Management Fee net of Asset Management and Reporting Fee
Series 20	$	66,576	$	123,117	$	(56,541)
Series 21		57,300		37,051		20,249
Series 22		59,835		27,311		32,524
Series 23		83,109		115,250		(32,141)
Series 24		64,002		83,730		(19,728)
Series 25		27,661		8,260		19,401
Series 26		152,491		111,234		41,257
Series 27		163,014		22,076		140,938
Series 28		173,354		93,978		79,376
Series 29		230,779		47,727		183,052
Series 30		143,019		81,311		61,708
Series 31		294,288		66,713		227,575
Series 32		256,588		23,342		233,246
Series 33		118,662		59,633		59,029
Series 34		226,928		100,863		126,065
Series 35		198,216		24,985		173,231
Series 36		132,480		14,079		118,401
Series 37		196,940		43,500		153,440
Series 38		164,400		19,315		145,085
Series 39		134,085		9,022		125,063
Series 40		200,016		14,607		185,409
Series 41		237,564		18,131		219,433
Series 42		248,290		84,524		163,766
Series 43		306,780		38,745		268,035
Series 44		254,628		48,108		206,520
Series 45		283,200		35,650		247,550
Series 46		249,528		22,723		226,805
	$	4,723,733	$	1,374,985	$	3,348,748

	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

Schedule Of Management Fees Paid [Table Text Block]

The fund management fees paid for the years ended March 31, 2015 and 2014, are as follows:

	2015		2014
Series 20	$	50,000	$	628,402
Series 21		-		79,000
Series 22		142,116		90,375
Series 23		426,346		18,900
Series 24		64,002		2,560,095
Series 25		27,661		47,508
Series 26		152,491		707,356
Series 27		207,252		1,764,059
Series 28		879,536		1,148,270
Series 29		-		231,631
Series 30		-		-
Series 31		604,556		50,000
Series 32		62,000		1,449
Series 33		-		-
Series 34		50,000		-
Series 35		50,000		-
Series 36		50,054		1,000,000
Series 37		-		-
Series 38		-		-
Series 39		-		-
Series 40		-		-
Series 41		-		52,000
Series 42		-		50,000
Series 43		-		-
Series 44		-		-
Series 45		-		50,442
Series 46		-		-
	$	2,766,014	$	8,479,487

Schedule Of Advances From Affiliate [Table Text Block]

The total advances as of March 31, 2015 and 2014, are as follows:

	2015		2014
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		133,578
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		220,455		220,455
Series 40		370,404		359,629
Series 41		359,757		359,757
Series 42		221,615		221,615
Series 43		-		-
Series 44		88,620		12,495
Series 45		23,185		8,997
Series 46		-		-
	$	1,472,274	$	1,371,186

Schedule Of General Administrative and Professional Fees [Table Text Block]

During the years ended March 31, 2015 and 2014, 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:

	2015		2014
Series 20	$	11,573	$	13,320
Series 21		8,823		10,180
Series 22		10,045		11,792
Series 23		11,378		13,081
Series 24		10,985		11,458
Series 25		11,555		12,154
Series 26		14,657		16,057
Series 27		11,275		11,979
Series 28		12,468		14,353
Series 29		12,872		14,663
Series 30		11,064		12,284
Series 31		13,474		15,196
Series 32		12,697		14,268
Series 33		9,883		11,031
Series 34		11,371		12,736
Series 35		10,999		12,216
Series 36		9,543		10,822
Series 37		9,561		10,690
Series 38		10,049		11,184
Series 39		9,468		10,889
Series 40		10,775		12,485
Series 41		11,646		14,228
Series 42		11,625		16,252
Series 43		12,922		15,570
Series 44		10,125		12,495
Series 45		14,188		17,433
Series 46		11,581		13,750
	$	306,602	$	352,566

XML

SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE H - SUBSEQUENT EVENTS

Subsequent to March 31, 2015, the Fund has entered into agreements to either sell or transfer its interests in eight operating limited partnerships, all of which closed by June 2015. 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 $3,420,500. The gain on the dispositions of these operating limited partnerships was $3,394,500 and was recognized in the first quarter of the fiscal year ended 2016.

XML

CASH EQUIVALENTS

12 Months Ended

Mar. 31, 2015

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents Disclosure [Text Block]

NOTE F - CASH EQUIVALENTS

Cash equivalents of $23,664,318 and $12,772,584 as of March 31, 2015 and 2014, respectively, include money market accounts with interest rates ranging from 0.10% to 0.35% per annum.

XML

CONCENTRATION OF CREDIT RISK

12 Months Ended

Mar. 31, 2015

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

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, 2015.

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

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.

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 2) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Contributions Payable [Line Items]
Capital contributions payable	$ 587,465	$ 664,260
Series Twenty [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Twenty One [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Twenty Two [Member]
Contributions Payable [Line Items]
Capital contributions payable	9,352	9,352
Series Twenty Three [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Twenty Four [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Twenty Five [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Twenty Six [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	1,293
Series Twenty Seven [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	10,020
Series Twenty Eight [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	40,968
Series Twenty Nine [Member]
Contributions Payable [Line Items]
Capital contributions payable	8,235	8,235
Series Thirty [Member]
Contributions Payable [Line Items]
Capital contributions payable	105,139	127,396
Series Thirty One [Member]
Contributions Payable [Line Items]
Capital contributions payable	66,294	66,294
Series Thirty Two [Member]
Contributions Payable [Line Items]
Capital contributions payable	1,229	3,486
Series Thirty Three [Member]
Contributions Payable [Line Items]
Capital contributions payable	69,154	69,154
Series Thirty Four [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Thirty Five [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Thirty Six [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Thirty Seven [Member]
Contributions Payable [Line Items]
Capital contributions payable	138,438	138,438
Series Thirty Eight [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Thirty Nine [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Forty [Member]
Contributions Payable [Line Items]
Capital contributions payable	102	102
Series Forty One [Member]
Contributions Payable [Line Items]
Capital contributions payable	100	100
Series Forty Two [Member]
Contributions Payable [Line Items]
Capital contributions payable	73,433	73,433
Series Forty Three [Member]
Contributions Payable [Line Items]
Capital contributions payable	99,265	99,265
Series Forty Four [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Forty Five [Member]
Contributions Payable [Line Items]
Capital contributions payable	16,724	16,724
Series Forty Six [Member]
Contributions Payable [Line Items]
Capital contributions payable	$ 0	$ 0

XML

NOTES RECEIVABLE (Tables)

12 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The notes at March 31, 2015 and 2014 by series are as follows:

	2015		2014
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		-		-
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	$	22,790

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	12 Months Ended
	Mar. 31, 2015 USD ($) shares	Mar. 31, 2014 USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	99.00%
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	1.00%
Limited Partners Capital Account Per Units	10
Units of limited partnership interest, authorized | shares	101,500,000
Deferred Tax Assets, Valuation Allowance	$ 709,402	$ 571,985
Impairment loss	$ 2,593,629	7,116,275
Amortization Period Of Acquisition Costs Straight Line Method	27 years 6 months
Impairment Loss Of Acquisition Costs	$ 133,584	$ 1,139,623

XML

RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Details) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	$ 5,420,641	$ (4,310,963)
Operating limited partnership rents received in advance	10,037	(6,007)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	1,957,719	(3,180,283)
Other	10,047,309	14,775,748
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(13,543,112)	(16,299,042)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(5,944,658)	(6,231,944)
Impairment loss not recognized for tax purposes	2,593,629	7,116,275
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(17,332,242)	(10,529,310)
Income (loss) for tax return purposes	(16,790,677)	(18,665,526)
Series Twenty [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	88,834	606,391
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	16,576	(539,749)
Other	1,794,570	992,434
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(71,803)	(366,227)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(42,143)	(74,539)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(510,585)	(288,923)
Income (loss) for tax return purposes	1,275,449	329,387
Series Twenty One [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(46,655)	3,069
Operating limited partnership rents received in advance	68	(17)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	57,300	(20,070)
Other	34,967	316,382
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(28,188)	(98,321)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(177,003)	(177,554)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(1,125)	(83,572)
Income (loss) for tax return purposes	(160,636)	(60,083)
Series Twenty Two [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	100,765	(98,478)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(82,281)	(26,305)
Other	818,041	972,788
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(209,033)	(264,711)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(57,628)	(69,076)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(171,862)	(136,555)
Income (loss) for tax return purposes	398,002	377,663
Series Twenty Three [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	430,054	(125,463)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(343,237)	71,819
Other	1,538,015	197,451
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(91,241)	(361,723)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(179,565)	(227,036)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(485,931)	(14,194)
Income (loss) for tax return purposes	868,095	(459,146)
Series Twenty Four [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	191,861	1,625,695
Operating limited partnership rents received in advance	(782)	2,879
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	0	(2,468,363)
Other	387,925	1,989,051
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(175,016)	(241,279)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(35,225)	(30,246)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(283,609)	(1,636,274)
Income (loss) for tax return purposes	85,154	(758,537)
Series Twenty Five [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	1,261,858	(59,679)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	0	0
Other	87,932	593,391
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(51,562)	(43,041)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(75,791)	(138,555)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(1,310,427)	(386,563)
Income (loss) for tax return purposes	(87,990)	(34,447)
Series Twenty Six [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	557,776	2,736,763
Operating limited partnership rents received in advance	0	(449)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	0	(499,347)
Other	(125,676)	3,879,632
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(600,059)	(842,204)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(225,709)	(214,874)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(660,287)	(4,213,369)
Income (loss) for tax return purposes	(1,053,955)	846,152
Series Twenty Seven [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	49,734	2,385,674
Operating limited partnership rents received in advance	9,626	136
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(44,238)	(1,559,279)
Other	753,365	1,619,880
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(259,374)	(277,730)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(114,847)	(181,302)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(1,610,120)	(1,123,176)
Income (loss) for tax return purposes	(1,215,854)	864,203
Series Twenty Eight [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	6,008,855	992,304
Operating limited partnership rents received in advance	0	(50)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(706,182)	(870,954)
Other	(2,404,086)	863,713
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(540,340)	(953,311)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(81,811)	(222,830)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(6,733,186)	(292,930)
Income (loss) for tax return purposes	(4,456,750)	(484,058)
Series Twenty Nine [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	44,840	68,179
Operating limited partnership rents received in advance	0	(3,627)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	230,779	75,854
Other	3,736,436	(2,703,508)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(594,731)	(1,065,191)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(244,689)	(294,360)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(361,790)	(308,456)
Income (loss) for tax return purposes	2,810,845	(4,231,109)
Series Thirty [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(935)	(170,958)
Operating limited partnership rents received in advance	0	7,664
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	143,019	155,148
Other	32,998	80,092
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(378,697)	(621,294)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(194,560)	(176,205)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(131,309)	(22,236)
Income (loss) for tax return purposes	(529,484)	(747,789)
Series Thirty One [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	2,566,425	337,127
Operating limited partnership rents received in advance	3,903	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(310,268)	279,204
Other	(998,553)	(565,343)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(621,755)	(1,155,732)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(377,130)	(444,727)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(2,867,783)	(597,142)
Income (loss) for tax return purposes	(2,605,161)	(2,146,613)
Series Thirty Two [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(149,466)	(196,777)
Operating limited partnership rents received in advance	9,964	(2,419)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	194,588	270,411
Other	(201,893)	899,882
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(1,317,109)	(1,433,129)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(208,093)	(208,100)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(117,871)	(64,279)
Income (loss) for tax return purposes	(1,789,880)	(734,411)
Series Thirty Three [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(32,528)	(130,088)
Operating limited partnership rents received in advance	0	(466)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	118,662	123,408
Other	(160,568)	78,067
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(326,229)	(566,103)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(126,770)	(140,906)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(123,520)	(28,128)
Income (loss) for tax return purposes	(650,953)	(664,216)
Series Thirty Four [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	359,261	(37,107)
Operating limited partnership rents received in advance	0	(3,831)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	176,928	256,596
Other	(1,485,680)	121,042
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(402,243)	(1,227,938)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(164,441)	(177,657)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(621,860)	(216,769)
Income (loss) for tax return purposes	(2,138,035)	(1,285,664)
Series Thirty Five [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(196,280)	(25,674)
Operating limited partnership rents received in advance	1,011	15,521
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	148,216	202,082
Other	143,386	135,633
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(579,167)	(688,552)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(311,392)	(254,172)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(13,707)	(256,794)
Income (loss) for tax return purposes	(807,933)	(871,956)
Series Thirty Six [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(100,022)	(121,517)
Operating limited partnership rents received in advance	(18,119)	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	82,426	(867,520)
Other	143,779	4,218,381
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(567,327)	(489,323)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(131,187)	(158,926)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(117,050)	(104,445)
Income (loss) for tax return purposes	(707,500)	2,476,650
Series Thirty Seven [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(157,664)	(187,483)
Operating limited partnership rents received in advance	5,911	(18,883)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	196,940	204,864
Other	564,376	1,190,800
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(1,274,223)	(1,423,309)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(173,483)	(189,389)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(119,302)	(97,290)
Income (loss) for tax return purposes	(957,445)	(520,690)
Series Thirty Eight [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(120,423)	(103,034)
Operating limited partnership rents received in advance	0	(6,905)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	164,400	164,400
Other	299,285	358,421
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(403,406)	(447,771)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(394,067)	(396,454)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(82,415)	(89,091)
Income (loss) for tax return purposes	(536,626)	(520,434)
Series Thirty Nine [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(112,061)	(135,596)
Operating limited partnership rents received in advance	0	(6,903)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	134,085	136,800
Other	292,863	337,442
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(503,080)	(594,093)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(309,689)	(286,803)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(86,424)	(103,140)
Income (loss) for tax return purposes	(584,306)	(652,293)
Series Forty [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(209,771)	(207,935)
Operating limited partnership rents received in advance	1,970	2,625
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	200,016	200,016
Other	346,713	(20,535)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(795,406)	(726,480)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(203,812)	(202,424)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(111,529)	(116,716)
Income (loss) for tax return purposes	(771,819)	(1,071,449)
Series Forty One [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(246,035)	(165,403)
Operating limited partnership rents received in advance	0	(702)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	237,564	185,732
Other	564,224	175,191
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(556,039)	(621,885)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(302,876)	(294,646)
Impairment loss not recognized for tax purposes	0	0
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(97,417)	(230,907)
Income (loss) for tax return purposes	(400,579)	(952,620)
Series Forty Two [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(56,734)	(578,220)
Operating limited partnership rents received in advance	94	(1,127)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	248,290	198,700
Other	813,094	508,920
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(896,588)	(792,226)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(285,271)	(288,776)
Impairment loss not recognized for tax purposes	0	212,553
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(252,110)	(54,300)
Income (loss) for tax return purposes	(429,225)	(794,476)
Series Forty Three [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(634,723)	(1,582,420)
Operating limited partnership rents received in advance	194	(908)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	306,780	306,780
Other	1,366,368	65,862
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(666,281)	(547,642)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(338,918)	(317,839)
Impairment loss not recognized for tax purposes	268,187	972,475
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(90,385)	(99,277)
Income (loss) for tax return purposes	211,222	(1,202,969)
Series Forty Four [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(359,371)	(2,529,532)
Operating limited partnership rents received in advance	1,663	2,360
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	254,628	277,353
Other	112,456	(1,448,171)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(645,418)	(372,037)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(487,779)	(341,059)
Impairment loss not recognized for tax purposes	0	1,696,224
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(26,918)	183,685
Income (loss) for tax return purposes	(1,150,739)	(2,531,177)
Series Forty Five [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(1,442,530)	(3,485,593)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	283,200	312,609
Other	1,456,407	(251,745)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(673,720)	(57,205)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(247,030)	(243,079)
Impairment loss not recognized for tax purposes	918,818	2,293,749
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(277,021)	(29,551)
Income (loss) for tax return purposes	18,124	(1,460,815)
Series Forty Six [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(2,374,424)	(3,125,208)
Operating limited partnership rents received in advance	(5,466)	9,095
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	249,528	249,528
Other	136,565	170,595
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(315,077)	(20,585)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(453,749)	(480,410)
Impairment loss not recognized for tax purposes	1,406,624	1,941,274
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Difference due to fiscal year for book purposes and calendar year for tax purposes	(66,699)	(118,918)
Income (loss) for tax return purposes	$ (1,422,698)	$ (1,374,629)

XML

STATEMENTS OF OPERATIONS [Parenthetical] - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Gain Loss On Disposition Of Investments	$ 12,941,795	$ 9,882,625
Series Twenty [Member]
Gain Loss On Disposition Of Investments	70,580	722,000
Series Twenty One [Member]
Gain Loss On Disposition Of Investments	0	79,000
Series Twenty Two [Member]
Gain Loss On Disposition Of Investments	166,896	0
Series Twenty Three [Member]
Gain Loss On Disposition Of Investments	426,346	0
Series Twenty Four [Member]
Gain Loss On Disposition Of Investments	207,327	1,630,062
Series Twenty Five [Member]
Gain Loss On Disposition Of Investments	1,295,124	0
Series Twenty Six [Member]
Gain Loss On Disposition Of Investments	647,125	2,801,657
Series Twenty Seven [Member]
Gain Loss On Disposition Of Investments	237,896	2,508,394
Series Twenty Eight [Member]
Gain Loss On Disposition Of Investments	5,854,818	939,495
Series Twenty Nine [Member]
Gain Loss On Disposition Of Investments	278,493	344,656
Series Thirty [Member]
Gain Loss On Disposition Of Investments	94,887	0
Series Thirty One [Member]
Gain Loss On Disposition Of Investments	2,840,263	624,556
Series Thirty Two [Member]
Gain Loss On Disposition Of Investments	107,673	3,428
Series Thirty Three [Member]
Gain Loss On Disposition Of Investments	53,079	0
Series Thirty Four [Member]
Gain Loss On Disposition Of Investments	502,727	176,333
Series Thirty Six [Member]
Gain Loss On Disposition Of Investments	25,054	0
Series Thirty Nine [Member]
Gain Loss On Disposition Of Investments	29,999	0
Series Forty One [Member]
Gain Loss On Disposition Of Investments	0	52,000
Series Forty Two [Member]
Gain Loss On Disposition Of Investments	103,508	0
Series Forty Five [Member]
Gain Loss On Disposition Of Investments	$ 0	$ 1,044

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

12 Months Ended

Mar. 31, 2015

Investments In Operating Partnerships [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2015 and 2014, 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, 2015 and 2014 by series are as follows:

	2015	2014
Series 20	4	8
Series 21	4	4
Series 22	6	8
Series 23	9	11
Series 24	6	7
Series 25	4	6
Series 26	17	24
Series 27	7	10
Series 28	11	19
Series 29	10	17
Series 30	11	16
Series 31	19	22
Series 32	11	14
Series 33	6	8
Series 34	9	12
Series 35	9	10
Series 36	9	9
Series 37	6	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	19	19
Series 42	20	21
Series 43	23	23
Series 44	8	8
Series 45	28	28
Series 46	15	15
	306	361

During the year ended March 31, 2015 the Fund disposed of fifty five 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, 2015 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain on Disposition
Series 20		4		-	$	70,580	$	70,580
Series 22		1		1		166,896		166,896
Series 23		1		1		426,346		426,346
Series 24		-		1		127,287		207,327
Series 25		2		-		1,295,124		1,295,124
Series 26		5		2		576,832		647,125
Series 27		3		-		234,376		237,896
Series 28		8		-		5,813,850		5,854,818
Series 29		7		-		278,493		278,493
Series 30		5		-		21,630		94,887
Series 31		2		1		2,840,263		2,840,263
Series 32		3		-		105,416		107,673
Series 33		2		-		53,079		53,079
Series 34		3		-		502,727		502,727
Series 35		1		-		-		-
Series 36		-		-		25,054		25,054
Series 37		1		-		-		-
Series 39		-		-		29,999		29,999
Series 42		-		1		63,548		103,508
Total		48		7	$	12,631,500	$	12,941,795

* Fund proceeds from disposition does not include the following amounts which were due to writeoffs of capital contribution payables of $1,293, $3,520, $40,968, $22,257 and $2,257, for Series 26, Series 27, Series 28, Series 30 and Series 32, respectively. As well as proceeds from disposition recorded as a receivable of $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively.

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.

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, 2015 and 2014, contributions are payable to operating limited partnerships as follows:

	2015		2014
Series 20	$	-	$	-
Series 21		-		-
Series 22		9,352		9,352
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		1,293
Series 27		-		10,020
Series 28		-		40,968
Series 29		8,235		8,235
Series 30		105,139		127,396
Series 31		66,294		66,294
Series 32		1,229		3,486
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		99,265
Series 44		-		-
Series 45		16,724		16,724
Series 46		-		-
	$	587,465	$	664,260

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	362,424,465	$	1,510,993	$	3,570,455
Acquisition costs of operating limited partnerships		16,569,094		215,748		590,143
Cumulative distributions from operating limited partnerships		(2,828,871)		(7,394)		(22,441)
Cumulative impairment loss in investments in operating limited partnerships		(188,464,989)		(409,509)		(118,301)
Cumulative losses from operating limited partnerships		(185,900,981)		(1,309,838)		(4,019,856)
Investments in operating limited partnerships per balance sheet		1,798,718		-		-

	Total		Series 20		Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(2,042,656)		-		-
The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(3,535,753)		-		-
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).		755,788		62,488		221,074
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(77,225,748)		(878,598)		(2,591,698)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		1,120,407		6,576		-
Cumulative impairment loss in investments in operating limited partnerships		188,464,989		409,509		118,301
Other		(1,748,455)		(11,516)		(171,733)
Equity per operating limited partnerships’ combined financial statements	$	107,587,290	$	(411,541)	$	(2,424,056)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	3,263,490	$	8,266,057	$	2,879,744
Acquisition costs of operating limited partnerships		400,455		1,233,111		310,375
Cumulative distributions from operating limited partnerships		-		-		(34,932)
Cumulative impairment loss in investments in operating limited partnerships		(1,289,080)		(5,298,843)		(1,151,381)
Cumulative losses from operating limited partnerships		(2,374,865)		(4,200,325)		(2,003,806)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 22		Series 23		Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(384,587)		(11,581)		(30,158)
The Fund has recorded acquisition costs at March 31, 2015 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).		15,621		10,974		841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,689,653)		(1,281,140)		(1,941,970)
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		1,289,080		5,298,843		1,151,381
Other		(85,707)		(117,555)		122,471
Equity per operating limited partnerships’ combined financial statements	$	(1,013,018)	$	3,871,845	$	(782,295)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	1,438,868	$	6,172,370	$	8,111,853
Acquisition costs of operating limited partnerships		167,460		923,135		1,143,307
Cumulative distributions from operating limited partnerships		(57,503)		(45,647)		(14,167)
Cumulative impairment loss in investments in operating limited partnerships		(1,345,945)		(1,883,225)		(4,004,265)
Cumulative losses from operating limited partnerships		(202,880)		(5,166,633)		(5,236,728)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 25		Series 26		Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		-		(51,000)		(39,446)
The Fund has recorded acquisition costs at March 31, 2015 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		57,289		195,417
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(273,564)		(4,399,020)		(1,526,506)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		171,816		-
Cumulative impairment loss in investments in operating limited partnerships		1,345,945		1,883,225		4,004,265
Other		(56,736)		(99,200)		(278,072)
Equity per operating limited partnerships’ combined financial statements	$	1,046,884	$	(2,496,727)	$	1,906,454

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	10,960,734	$	12,349,386	$	9,309,581
Acquisition costs of operating limited partnerships		1,582,064		1,809,414		858,753
Cumulative distributions from operating limited partnerships		(175,027)		(14,324)		(29,880)
Cumulative impairment loss in investments in operating limited partnerships		(4,790,458)		(5,661,234)		(4,610,342)
Cumulative losses from operating limited partnerships		(7,577,313)		(8,483,242)		(5,528,112)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 28		Series 29		Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(78,528)		-		(112,197)
The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(65,288)		(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).		64,727		39,537		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,269,083)		(4,695,617)		(2,524,000)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		7,039		1,092
Cumulative impairment loss in investments in operating limited partnerships		4,790,458		5,661,234		4,610,342
Other		(151,455)		(25,793)		(11,648)
Equity per operating limited partnerships’ combined financial statements	$	1,290,831	$	390,272	$	1,727,888

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	13,801,443	$	25,861,866	$	12,019,485
Acquisition costs of operating limited partnerships		1,979,717		3,319,960		950,957
Cumulative distributions from operating limited partnerships		(31,404)		(101,211)		(30,285)
Cumulative impairment loss in investments in operating limited partnerships		(9,196,909)		(13,359,327)		(7,924,274)
Cumulative losses from operating limited partnerships		(6,552,847)		(15,721,288)		(5,015,883)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 31		Series 32		Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(47,462)		(172,318)		(179,468)
The Fund has recorded acquisition costs at March 31, 2015 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).		56,581		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,913,882)		(7,152,320)		(2,003,965)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		8,501		38,357		9,684
Cumulative impairment loss in investments in operating limited partnerships		9,196,909		13,359,327		7,924,274
Other		(38,300)		306,885		(28,967)
Equity per operating limited partnerships’ combined financial statements	$	5,184,747	$	5,095,596	$	5,554,365

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	14,233,556	$	18,025,083	$	13,848,638
Acquisition costs of operating limited partnerships		1,084,495		-		-
Cumulative distributions from operating limited partnerships		(20,308)		(30,252)		(116,200)
Cumulative impairment loss in investments in operating limited partnerships		(8,069,371)		(9,244,266)		(7,264,883)
Cumulative losses from operating limited partnerships		(7,228,372)		(8,750,565)		(6,467,555)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 34		Series 35		Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(38,698)		-		(14,791)
The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550)		-		-
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).		(2,231,532)		(3,920,392)		(2,224,599)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		78,017		1,370
Cumulative impairment loss in investments in operating limited partnerships		8,069,371		9,244,266		7,264,883
Other		(187,689)		3,660		(123,183)
Equity per operating limited partnerships’ combined financial statements	$	5,322,902	$	5,405,551	$	4,903,680

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	16,191,586	$	18,852,167	$	15,245,900
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)		(10,557,104)		(7,444,160)
Cumulative losses from operating limited partnerships		(8,196,504)		(7,763,934)		(7,576,982)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 37		Series 38		Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(155,365)		-		-
The Fund has recorded acquisition costs at March 31, 2015 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).		(6,493,889)		(4,030,703)		(4,373,718)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		289,911		59,461		279,219
Cumulative impairment loss in investments in operating limited partnerships		7,792,558		10,557,104		7,444,160
Other		(99,062)		(381,673)		(96,276)
Equity per operating limited partnerships’ combined financial statements	$	1,334,153	$	6,204,189	$	3,253,385

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	19,462,135
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		(10,641,244)		(7,024,673)		(10,714,201)
Cumulative losses from operating limited partnerships		(8,642,654)		(10,236,531)		(8,636,184)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 40		Series 41		Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(25,172)		(33,807)		(409,845)
The Fund has recorded acquisition costs at March 31, 2015 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).		(2,158,206)		(2,647,711)		(2,985,744)
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		10,641,244		7,024,673		10,714,201
Other		(180,236)		(270,738)		141,234
Equity per operating limited partnerships’ combined financial statements	$	8,356,441	$	4,073,466	$	7,479,858

The Fund’s investments in operating limited partnerships at March 31, 2015 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		(353,944)		(49,763)		(313,429)
Cumulative impairment loss in investments in operating limited partnerships		(13,508,694)		(6,482,162)		(15,650,905)
Cumulative losses from operating limited partnerships		(12,754,410)		(9,213,913)		(8,904,476)
Investments in operating limited partnerships per balance sheet		-		-		838,105

	Series 43		Series 44		Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(121,319)		-		(129,725)
The Fund has recorded acquisition costs at March 31, 2015 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).		(3,046,309)		(3,768,065)		(868,202)
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		13,508,694		6,482,162		15,650,905
Other		179,574		(46,681)		(58,263)
Equity per operating limited partnerships’ combined financial statements	$	10,520,640	$	2,667,416	$	15,456,129

The Fund’s investments in operating limited partnerships at March 31, 2015 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		(199,493)
Cumulative impairment loss in investments in operating limited partnerships		(13,027,675)
Cumulative losses from operating limited partnerships		(8,135,285)
Investments in operating limited partnerships per balance sheet		960,613

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(7,189)
The Fund has recorded acquisition costs at March 31, 2015 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).		(335,662)
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		13,027,675
Other		18,204
Equity per operating limited partnerships’ combined financial statements	$	13,668,235

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Total		Series 20		Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	435,973,036	$	5,333,121	$	3,570,455
Acquisition costs of operating limited partnerships		25,929,137		719,243		590,143
Cumulative distributions from operating limited partnerships		(3,187,008)		(26,017)		(22,441)
Cumulative impairment loss in investments in operating limited partnerships		(216,038,394)		(1,333,677)		(118,301)
Cumulative losses from operating limited partnerships		(237,348,070)		(4,692,670)		(4,019,856)
Investments in operating limited partnerships per balance sheet		5,328,701		-		-

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

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 22		Series 23		Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	3,854,180	$	10,391,895	$	4,404,391
Acquisition costs of operating limited partnerships		455,092		1,552,411		562,541
Cumulative distributions from operating limited partnerships		-		-		(34,932)
Cumulative impairment loss in investments in operating limited partnerships		(1,618,823)		(6,353,837)		(1,636,215)
Cumulative losses from operating limited partnerships		(2,690,449)		(5,590,469)		(3,295,785)
Investments in operating limited partnerships per balance sheet		-		-		-

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

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 25		Series 26		Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	3,805,566	$	11,884,296	$	10,048,578
Acquisition costs of operating limited partnerships		508,635		1,664,905		1,450,069
Cumulative distributions from operating limited partnerships		(69,547)		(69,380)		(14,167)
Cumulative impairment loss in investments in operating limited partnerships		(3,245,521)		(4,338,427)		(4,558,902)
Cumulative losses from operating limited partnerships		(999,133)		(9,141,394)		(6,925,578)
Investments in operating limited partnerships per balance sheet		-		-		-

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

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 28		Series 29		Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	23,441,799	$	20,972,330	$	13,904,236
Acquisition costs of operating limited partnerships		3,437,921		3,024,114		1,439,788
Cumulative distributions from operating limited partnerships		(553,358)		(20,179)		(53,204)
Cumulative impairment loss in investments in operating limited partnerships		(16,476,882)		(5,875,856)		(6,613,997)
Cumulative losses from operating limited partnerships		(9,849,480)		(18,100,409)		(8,676,823)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 28		Series 29		Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(233,630)		(83,498)		(135,225)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(665,053)		(596,128)		(235,701)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		79,180		204,728		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(4,221,023)		(7,179,789)		(3,318,142)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		116,284		7,039		7,712
Cumulative impairment loss in investments in operating limited partnerships		16,476,882		5,875,856		6,613,997
Other		(563,831)		(91,528)		1,847
Equity per operating limited partnerships’ combined financial statements	$	10,988,809	$	(1,863,320)	$	2,934,488

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 31		Series 32		Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,008,435	$	29,433,847	$	14,744,596
Acquisition costs of operating limited partnerships		3,165,164		3,834,299		1,349,820
Cumulative distributions from operating limited partnerships		(31,404)		(101,211)		(30,285)
Cumulative impairment loss in investments in operating limited partnerships		(11,182,057)		(14,763,087)		(9,162,728)
Cumulative losses from operating limited partnerships		(13,960,138)		(18,403,848)		(6,901,403)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 31		Series 32		Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(47,462)		(172,318)		(179,468)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(77,600)		(1,284,335)		(167,193)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		89,559		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(7,965,109)		(6,317,426)		(2,659,844)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		30,562		38,357		9,684
Cumulative impairment loss in investments in operating limited partnerships		11,182,057		14,763,087		9,162,728
Other		(342,863)		322,700		(42,784)
Equity per operating limited partnerships’ combined financial statements	$	2,869,144	$	7,350,065	$	6,123,123

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 34		Series 35		Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,921,365	$	20,689,083	$	13,848,639
Acquisition costs of operating limited partnerships		2,174,992		-		-
Cumulative distributions from operating limited partnerships		(20,308)		(30,252)		(116,200)
Cumulative impairment loss in investments in operating limited partnerships		(10,625,803)		(11,273,719)		(7,246,265)
Cumulative losses from operating limited partnerships		(14,450,246)		(9,385,112)		(6,486,174)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 34		Series 35		Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(38,698)		-		(14,791)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(295,534)		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(5,821,899)		(3,511,421)		(1,659,966)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		6,464		78,017		1,370
Cumulative impairment loss in investments in operating limited partnerships		10,625,803		11,273,719		7,246,265
Other		(274,264)		7,538		(99,055)
Equity per operating limited partnerships’ combined financial statements	$	4,201,872	$	7,847,853	$	5,473,823

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 37		Series 38		Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	18,424,489	$	18,852,167	$	16,699,847
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(202,524)		(531,129)		(224,758)
Cumulative impairment loss in investments in operating limited partnerships		(7,792,558)		(10,527,541)		(7,438,510)
Cumulative losses from operating limited partnerships		(10,429,407)		(7,793,497)		(9,036,579)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 37		Series 38		Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(155,365)		-		-
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(6,441,485)		(3,627,297)		(3,876,967)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		303,810		59,461		279,219
Cumulative impairment loss in investments in operating limited partnerships		7,792,558		10,527,541		7,438,510
Other		(57,600)		(328,344)		(82,953)
Equity per operating limited partnerships’ combined financial statements	$	1,441,918	$	6,631,361	$	3,757,809

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 40		Series 41		Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	19,336,992	$	17,319,216	$	19,690,646
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(53,094)		(58,012)		(111,750)
Cumulative impairment loss in investments in operating limited partnerships		(10,639,800)		(7,005,127)		(10,428,111)
Cumulative losses from operating limited partnerships		(8,644,098)		(10,256,077)		(9,150,785)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 40		Series 41		Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(25,172)		(33,807)		(409,845)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,365,798)		(2,219,955)		(2,319,513)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		78,811		1,049		20,012
Cumulative impairment loss in investments in operating limited partnerships		10,639,800		7,005,127		10,428,111
Other		(171,079)		(230,969)		194,228
Equity per operating limited partnerships’ combined financial statements	$	9,156,562	$	4,521,445	$	7,912,993

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 43		Series 44		Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	26,617,048	$	15,745,838	$	25,706,915
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(337,804)		(49,763)		(305,087)
Cumulative impairment loss in investments in operating limited partnerships		(13,050,566)		(6,453,489)		(14,657,544)
Cumulative losses from operating limited partnerships		(13,050,348)		(9,242,586)		(8,739,792)
Investments in operating limited partnerships per balance sheet		178,330		-		2,004,492

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

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,323,066
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(120,202)
Cumulative impairment loss in investments in operating limited partnerships		(11,621,051)
Cumulative losses from operating limited partnerships		(7,435,934)
Investments in operating limited partnerships per balance sheet		3,145,879

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(7,189)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(20,585)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		4,594
Cumulative impairment loss in investments in operating limited partnerships		11,621,051
Other		(14,418)
Equity per operating limited partnerships’ combined financial statements	$	14,729,332

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20		Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	643,136,945	$	3,625,211	$	6,543,920
Land		63,678,550		310,538		1,464,660
Other assets		76,114,588		1,305,760		932,379
	$	782,930,083	$	5,241,509	$	8,940,959
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	545,481,456	$	4,932,946	$	8,323,171
Accounts payable and accrued expenses		25,743,415		145,582		90,011
Other liabilities		80,982,365		166,750		2,429,437
		652,207,236		5,245,278		10,842,619
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		107,587,290		(411,541)		(2,424,056)
Other partners		23,135,557		407,772		522,396
		130,722,847		(3,769)		(1,901,660)
	$	782,930,083	$	5,241,509	$	8,940,959

	Series 22		Series 23		Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	6,858,694	$	14,991,634	$	3,832,071
Land		782,898		1,283,705		636,838
Other assets		1,696,904		4,500,833		639,350
	$	9,338,496	$	20,776,172	$	5,108,259
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	8,506,421	$	13,062,557	$	5,408,937
Accounts payable and accrued expenses		168,965		419,421		129,339
Other liabilities		1,209,500		5,674,416		231,749
		9,884,886		19,156,394		5,770,025
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(1,013,018)		3,871,845		(782,295)
Other partners		466,628		(2,252,067)		120,529
		(546,390)		1,619,778		(661,766)
	$	9,338,496	$	20,776,172	$	5,108,259

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,242,898	$	11,024,782	$	18,101,607
Land		203,400		782,964		2,571,668
Other assets		935,602		1,609,839		2,321,795
	$	4,381,900	$	13,417,585	$	22,995,070
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,398,445	$	13,905,526	$	15,948,349
Accounts payable and accrued expenses		75,252		1,381,537		575,840
Other liabilities		28,929		1,204,536		2,764,831
		3,502,626		16,491,599		19,289,020
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,046,884		(2,496,727)		1,906,454
Other partners		(167,610)		(577,287)		1,799,596
		879,274		(3,074,014)		3,706,050
	$	4,381,900	$	13,417,585	$	22,995,070

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	12,132,948	$	15,511,573	$	14,314,945
Land		878,622		971,827		900,248
Other assets		1,439,956		1,705,197		1,466,368
	$	14,451,526	$	18,188,597	$	16,681,561
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	13,090,094	$	12,646,411	$	10,346,223
Accounts payable and accrued expenses		388,547		1,087,589		998,836
Other liabilities		930,687		2,769,167		1,828,521
		14,409,328		16,503,167		13,173,580
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,290,831		390,272		1,727,888
Other partners		(1,248,633)		1,295,158		1,780,093
		42,198		1,685,430		3,507,981
	$	14,451,526	$	18,188,597	$	16,681,561

	Series 31		Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	21,655,860	$	25,918,816	$	18,707,898
Land		1,740,577		1,976,640		1,715,582
Other assets		3,030,456		3,049,127		1,581,953
	$	26,426,893	$	30,944,583	$	22,005,433
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	20,062,618	$	18,852,353	$	9,868,952
Accounts payable and accrued expenses		613,701		2,727,780		528,672
Other liabilities		1,077,309		1,827,768		981,258
		21,753,628		23,407,901		11,378,882
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,184,747		5,095,596		5,554,365
Other partners		(511,482)		2,441,086		5,072,186
		4,673,265		7,536,682		10,626,551
	$	26,426,893	$	30,944,583	$	22,005,433

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	14,281,390	$	29,065,571	$	21,881,907
Land		1,414,016		3,257,482		2,013,180
Other assets		2,002,710		3,087,417		3,134,697
	$	17,698,116	$	35,410,470	$	27,029,784
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	8,731,816	$	19,034,538	$	16,606,099
Accounts payable and accrued expenses		459,165		1,138,581		1,885,310
Other liabilities		3,023,947		7,681,564		698,641
		12,214,928		27,854,683		19,190,050
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,322,902		5,405,551		4,903,680
Other partners		160,286		2,150,236		2,936,054
		5,483,188		7,555,787		7,839,734
	$	17,698,116	$	35,410,470	$	27,029,784

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	23,225,624	$	20,086,965	$	16,091,929
Land		1,625,738		1,581,706		1,238,488
Other assets		2,122,745		2,310,351		1,849,657
	$	26,974,107	$	23,979,022	$	19,180,074
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	18,102,339	$	16,380,916	$	12,920,594
Accounts payable and accrued expenses		2,242,617		226,126		328,139
Other liabilities		5,906,849		2,851,697		3,036,787
		26,251,805		19,458,739		16,285,520
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,334,153		6,204,189		3,253,385
Other partners		(611,851)		(1,683,906)		(358,831)
		722,302		4,520,283		2,894,554
	$	26,974,107	$	23,979,022	$	19,180,074

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	49,669,979	$	60,088,438	$	50,330,678
Land		5,081,041		7,916,005		6,817,765
Other assets		4,338,332		6,109,616		5,917,513
	$	59,089,352	$	74,114,059	$	63,065,956
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	44,624,113	$	58,323,909	$	44,002,008
Accounts payable and accrued expenses		1,510,347		1,502,484		2,864,402
Other liabilities		5,714,179		4,420,076		4,190,623
		51,848,639		64,246,469		51,057,033
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		8,356,441		4,073,466		7,479,858
Other partners		(1,115,728)		5,794,124		4,529,065
		7,240,713		9,867,590		12,008,923
	$	59,089,352	$	74,114,059	$	63,065,956

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	54,324,753	$	38,754,799	$	49,851,218
Land		6,704,151		3,130,916		4,314,836
Other assets		5,091,670		3,719,161		6,456,454
	$	66,120,574	$	45,604,876	$	60,622,508
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	46,572,599	$	40,439,227	$	36,837,677
Accounts payable and accrued expenses		1,825,301		760,173		1,224,404
Other liabilities		5,807,116		6,223,095		5,049,307
		54,205,016		47,422,495		43,111,388
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,520,640		2,667,416		15,456,129
Other partners		1,394,918		(4,485,035)		2,054,991
		11,915,558		(1,817,619)		17,511,120
	$	66,120,574	$	45,604,876	$	60,622,508

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	39,020,837
Land		2,363,059
Other assets		3,758,746
	$	45,142,642
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	24,552,618
Accounts payable and accrued expenses		445,294
Other liabilities		3,253,626
		28,251,538
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		13,668,235
Other partners		3,222,869
		16,891,104
	$	45,142,642

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

	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

	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

	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

	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

	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

	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

	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

	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

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

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total		Series 20		Series 21
Revenue
Rent	$	133,809,671	$	1,217,816	$	1,867,952
Interest and other		5,092,623		48,847		7,857
		138,902,294		1,266,663		1,875,809
Expenses
Interest		28,620,800		115,541		490,826
Depreciation and amortization		36,149,060		319,062		318,863
Taxes and insurance		16,948,203		138,980		191,753
Repairs and maintenance		25,528,297		320,889		263,021
Operating expenses		48,235,197		470,123		520,312
Impairment loss		-		-		-
Other expenses		2,884,680		9,439		98,655
		158,366,237		1,374,034		1,883,430
NET INCOME (LOSS)	$	(19,463,943)	$	(107,371)	$	(7,621)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(14,509,277)	$	(71,803)	$	(28,188)
Net income (loss) allocated to other partners	$	(4,954,666)	$	(35,568)	$	20,567

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22		Series 23		Series 24
Revenue
Rent	$	1,919,368	$	4,026,811	$	1,185,807
Interest and other		62,291		131,358		21,856
		1,981,659		4,158,169		1,207,663
Expenses
Interest		313,777		595,453		133,847
Depreciation and amortization		444,060		998,721		354,174
Taxes and insurance		322,692		584,252		121,745
Repairs and maintenance		453,646		901,765		297,226
Operating expenses		637,044		1,486,530		498,805
Impairment loss		-		-		-
Other expenses		66,694		73,654		11,000
		2,237,913		4,640,375		1,416,797
NET INCOME (LOSS)	$	(256,254)	$	(482,206)	$	(209,134)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(209,033)	$	(91,241)	$	(175,016)
Net income (loss) allocated to other partners	$	(47,221)	$	(390,965)	$	(34,118)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25		Series 26		Series 27
Revenue
Rent	$	855,551	$	2,669,145	$	4,469,724
Interest and other		20,571		84,503		53,695
		876,122		2,753,648		4,523,419
Expenses
Interest		87,463		428,375		929,956
Depreciation and amortization		164,447		697,838		924,307
Taxes and insurance		100,077		372,572		529,607
Repairs and maintenance		173,689		815,668		815,165
Operating expenses		341,298		1,060,538		1,336,544
Impairment loss		-		-		-
Other expenses		10,814		15,500		45,967
		877,788		3,390,491		4,581,546
NET INCOME (LOSS)	$	(1,666)	$	(636,843)	$	(58,127)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(51,562)	$	(600,059)	$	(259,374)
Net income (loss) allocated to other partners	$	49,896	$	(36,784)	$	201,247

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28		Series 29		Series 30
Revenue
Rent	$	3,183,563	$	2,898,160	$	3,714,407
Interest and other		71,396		197,710		72,038
		3,254,959		3,095,870		3,786,445
Expenses
Interest		463,092		817,904		372,442
Depreciation and amortization		939,289		721,976		791,658
Taxes and insurance		391,411		428,456		449,833
Repairs and maintenance		533,271		572,581		630,308
Operating expenses		1,418,059		1,156,241		2,111,960
Impairment loss		-		-		-
Other expenses		9,800		36,460		18,054
		3,754,922		3,733,618		4,374,255
NET INCOME (LOSS)	$	(499,963)	$	(637,748)	$	(587,810)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(540,340)	$	(594,731)	$	(378,697)
Net income (loss) allocated to other partners	$	40,377	$	(43,017)	$	(209,113)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31		Series 32		Series 33
Revenue
Rent	$	5,626,027	$	5,204,561	$	3,425,638
Interest and other		127,941		164,924		126,626
		5,753,968		5,369,485		3,552,264
Expenses
Interest		626,969		1,156,200		663,809
Depreciation and amortization		1,302,626		1,794,269		992,997
Taxes and insurance		858,669		660,910		397,900
Repairs and maintenance		1,087,384		873,026		508,567
Operating expenses		2,430,076		1,939,605		1,385,183
Impairment loss		-		-		-
Other expenses		24,182		312,489		140,488
		6,329,906		6,736,499		4,088,944
NET INCOME (LOSS)	$	(575,938)	$	(1,367,014)	$	(536,680)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(621,755)	$	(1,317,109)	$	(326,229)
Net income (loss) allocated to other partners	$	45,817	$	(49,905)	$	(210,451)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34		Series 35		Series 36
Revenue
Rent	$	3,177,735	$	6,331,295	$	4,831,977
Interest and other		202,682		271,268		213,639
		3,380,417		6,602,563		5,045,616
Expenses
Interest		539,486		1,367,800		938,402
Depreciation and amortization		865,727		1,873,876		1,534,818
Taxes and insurance		411,480		918,116		692,211
Repairs and maintenance		553,851		1,073,685		882,040
Operating expenses		1,331,549		2,195,830		1,810,123
Impairment loss		-		-		-
Other expenses		10,300		98,918		157,147
		3,712,393		7,528,225		6,014,741
NET INCOME (LOSS)	$	(331,976)	$	(925,662)	$	(969,125)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(402,243)	$	(579,167)	$	(567,327)
Net income (loss) allocated to other partners	$	70,267	$	(346,495)	$	(401,798)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37		Series 38		Series 39
Revenue
Rent	$	4,713,775	$	4,779,926	$	3,734,564
Interest and other		197,977		179,331		234,097
		4,911,752		4,959,257		3,968,661
Expenses
Interest		1,034,694		918,655		745,647
Depreciation and amortization		1,521,527		1,183,265		1,020,047
Taxes and insurance		805,387		572,145		462,005
Repairs and maintenance		857,626		956,683		680,957
Operating expenses		2,251,017		1,804,257		1,614,834
Impairment loss		-		-		-
Other expenses		159,590		91,774		128,784
		6,629,841		5,526,779		4,652,274
NET INCOME (LOSS)	$	(1,718,089)	$	(567,522)	$	(683,613)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,274,223)	$	(403,406)	$	(503,080)
Net income (loss) allocated to other partners	$	(443,866)	$	(164,116)	$	(180,533)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40		Series 41		Series 42
Revenue
Rent	$	9,878,718	$	12,178,082	$	10,209,179
Interest and other		447,725		455,280		332,895
		10,326,443		12,633,362		10,542,074
Expenses
Interest		3,028,343		3,421,146		2,332,402
Depreciation and amortization		2,582,120		2,994,036		2,679,560
Taxes and insurance		1,458,206		1,542,802		1,103,980
Repairs and maintenance		1,694,802		2,102,021		2,048,590
Operating expenses		2,771,878		3,274,025		3,265,258
Impairment loss		-		-		-
Other expenses		120,338		335,957		339,194
		11,655,687		13,669,987		11,768,984
NET INCOME (LOSS)	$	(1,329,244)	$	(1,036,625)	$	(1,226,910)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(795,406)	$	(556,039)	$	(896,588)
Net income (loss) allocated to other partners	$	(533,838)	$	(480,586)	$	(330,322)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43		Series 44		Series 45
Revenue
Rent	$	10,072,737	$	7,520,393	$	8,302,134
Interest and other		452,855		318,360		322,843
		10,525,592		7,838,753		8,624,977
Expenses
Interest		2,221,745		2,132,113		1,477,829
Depreciation and amortization		3,030,459		2,046,094		2,523,338
Taxes and insurance		1,042,600		579,704		1,002,510
Repairs and maintenance		1,973,044		1,352,833		1,991,497
Operating expenses		3,561,520		2,509,667		3,012,417
Impairment loss		-		-		-
Other expenses		148,173		85,953		214,116
		11,977,541		8,706,364		10,221,707
NET INCOME (LOSS)	$	(1,451,949)	$	(867,611)	$	(1,596,730)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(693,868)	$	(645,418)	$	(912,947)
Net income (loss) allocated to other partners	$	(758,081)	$	(222,193)	$	(683,783)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,814,626
Interest and other		272,058
		6,086,684
Expenses
Interest		1,266,884
Depreciation and amortization		1,529,906
Taxes and insurance		808,200
Repairs and maintenance		1,114,462
Operating expenses		2,040,504
Impairment loss		-
Other expenses		121,240
		6,881,196
NET INCOME (LOSS)	$	(794,512)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,014,428)
Net income (loss) allocated to other partners	$	219,916

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

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

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

XML

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	$ 4,723,733	$ 5,299,204
Asset Management and Reporting Fee	1,374,985	1,229,739
Fund Management Fee net of Asset Management and Reporting Fee	3,348,748	4,069,465
Series Twenty [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	66,576	88,653
Asset Management and Reporting Fee	123,117	11,304
Fund Management Fee net of Asset Management and Reporting Fee	(56,541)	77,349
Series Twenty One [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	57,300	58,930
Asset Management and Reporting Fee	37,051	3,676
Fund Management Fee net of Asset Management and Reporting Fee	20,249	55,254
Series Twenty Two [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	59,835	64,070
Asset Management and Reporting Fee	27,311	5,000
Fund Management Fee net of Asset Management and Reporting Fee	32,524	59,070
Series Twenty Three [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	83,109	90,719
Asset Management and Reporting Fee	115,250	6,500
Fund Management Fee net of Asset Management and Reporting Fee	(32,141)	84,219
Series Twenty Four [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	64,002	91,732
Asset Management and Reporting Fee	83,730	111,298
Fund Management Fee net of Asset Management and Reporting Fee	(19,728)	(19,566)
Series Twenty Five [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	27,661	47,508
Asset Management and Reporting Fee	8,260	9,612
Fund Management Fee net of Asset Management and Reporting Fee	19,401	37,896
Series Twenty Six [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	152,491	208,009
Asset Management and Reporting Fee	111,234	187,315
Fund Management Fee net of Asset Management and Reporting Fee	41,257	20,694
Series Twenty Seven [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	163,014	204,780
Asset Management and Reporting Fee	22,076	78,159
Fund Management Fee net of Asset Management and Reporting Fee	140,938	126,621
Series Twenty Eight [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	173,354	277,316
Asset Management and Reporting Fee	93,978	120,474
Fund Management Fee net of Asset Management and Reporting Fee	79,376	156,842
Series Twenty Nine [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	230,779	307,485
Asset Management and Reporting Fee	47,727	59,597
Fund Management Fee net of Asset Management and Reporting Fee	183,052	247,888
Series Thirty [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	143,019	155,148
Asset Management and Reporting Fee	81,311	19,861
Fund Management Fee net of Asset Management and Reporting Fee	61,708	135,287
Series Thirty One [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	294,288	329,204
Asset Management and Reporting Fee	66,713	62,574
Fund Management Fee net of Asset Management and Reporting Fee	227,575	266,630
Series Thirty Two [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	256,588	271,860
Asset Management and Reporting Fee	23,342	61,166
Fund Management Fee net of Asset Management and Reporting Fee	233,246	210,694
Series Thirty Three [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	118,662	123,408
Asset Management and Reporting Fee	59,633	16,389
Fund Management Fee net of Asset Management and Reporting Fee	59,029	107,019
Series Thirty Four [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	226,928	256,596
Asset Management and Reporting Fee	100,863	17,321
Fund Management Fee net of Asset Management and Reporting Fee	126,065	239,275
Series Thirty Five [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	198,216	202,082
Asset Management and Reporting Fee	24,985	52,603
Fund Management Fee net of Asset Management and Reporting Fee	173,231	149,479
Series Thirty Six [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	132,480	132,480
Asset Management and Reporting Fee	14,079	19,023
Fund Management Fee net of Asset Management and Reporting Fee	118,401	113,457
Series Thirty Seven [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	196,940	204,864
Asset Management and Reporting Fee	43,500	20,389
Fund Management Fee net of Asset Management and Reporting Fee	153,440	184,475
Series Thirty Eight [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	164,400	164,400
Asset Management and Reporting Fee	19,315	22,599
Fund Management Fee net of Asset Management and Reporting Fee	145,085	141,801
Series Thirty Nine [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	134,085	136,800
Asset Management and Reporting Fee	9,022	17,748
Fund Management Fee net of Asset Management and Reporting Fee	125,063	119,052
Series Forty [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	200,016	200,016
Asset Management and Reporting Fee	14,607	21,590
Fund Management Fee net of Asset Management and Reporting Fee	185,409	178,426
Series Forty One [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	237,564	237,732
Asset Management and Reporting Fee	18,131	38,056
Fund Management Fee net of Asset Management and Reporting Fee	219,433	199,676
Series Forty Two [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	248,290	248,700
Asset Management and Reporting Fee	84,524	63,265
Fund Management Fee net of Asset Management and Reporting Fee	163,766	185,435
Series Forty Three [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	306,780	306,780
Asset Management and Reporting Fee	38,745	60,352
Fund Management Fee net of Asset Management and Reporting Fee	268,035	246,428
Series Forty Four [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	254,628	277,353
Asset Management and Reporting Fee	48,108	52,403
Fund Management Fee net of Asset Management and Reporting Fee	206,520	224,950
Series Forty Five [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	283,200	363,051
Asset Management and Reporting Fee	35,650	54,934
Fund Management Fee net of Asset Management and Reporting Fee	247,550	308,117
Series Forty Six [Member]
Partnership Management Fee and Reporting Fee [Line Items]
Gross Fund Management Fee	249,528	249,528
Asset Management and Reporting Fee	22,723	36,531
Fund Management Fee net of Asset Management and Reporting Fee	$ 226,805	$ 212,997

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Series Twenty [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		$ 71,803	$ 366,227
Series Twenty One [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		28,188	98,321
Series Twenty Two [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		209,033	264,711
Series Twenty Three [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		91,241	361,723
Series Twenty Four [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		175,016	241,279
Fund Receivable	$ 80,040
Series Twenty Five [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		51,562	43,041
Fund Receivable				$ 618,889
Series Twenty Six [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		600,059	842,204
Fund Receivable	69,000
Write Off Of Capital Contribution Payable	1,293
Series Twenty Seven [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		259,374	277,730
Write Off Of Capital Contribution Payable	3,520
Series Twenty Eight [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		540,340	953,311
Write Off Of Capital Contribution Payable	40,968
Series Twenty Nine [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		594,731	1,065,191
Write Off Of Capital Contribution Payable				$ 1,962
Series Thirty [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		378,697	621,294
Fund Receivable	51,000
Write Off Of Capital Contribution Payable	22,257
Series Thirty One [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		621,755	1,155,732
Series Thirty Two [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		1,317,109	1,433,129
Write Off Of Capital Contribution Payable	2,257
Series Thirty Three [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		326,229	566,103
Series Thirty Four [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		402,243	1,227,938
Series Thirty Five [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		579,167	688,552
Series Thirty Six [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		567,327	489,323
Series Thirty Seven [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		1,274,223	1,423,309
Series Thirty Eight [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		403,406	447,771
Series Thirty Nine [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		503,080	594,093
Series Forty [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		795,406	726,480
Series Forty One [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		556,039	621,885
Series Forty Two [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		896,588	792,226
Fund Receivable	$ 39,960
Series Forty Three [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		666,281	547,642
Series Forty Four [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		645,418	372,037
Series Forty Five [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		673,720	57,205
Series Forty Six [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting		$ 315,077	$ 20,585

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Tables)

12 Months Ended

Mar. 31, 2015

Investments In Operating Partnerships [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2015 and 2014 by series are as follows:

	2015	2014
Series 20	4	8
Series 21	4	4
Series 22	6	8
Series 23	9	11
Series 24	6	7
Series 25	4	6
Series 26	17	24
Series 27	7	10
Series 28	11	19
Series 29	10	17
Series 30	11	16
Series 31	19	22
Series 32	11	14
Series 33	6	8
Series 34	9	12
Series 35	9	10
Series 36	9	9
Series 37	6	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	19	19
Series 42	20	21
Series 43	23	23
Series 44	8	8
Series 45	28	28
Series 46	15	15
	306	361

Schedule Of Dispositions By Series [Table Text Block]

During the year ended March 31, 2015 the Fund disposed of fifty five 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, 2015 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain on Disposition
Series 20		4		-	$	70,580	$	70,580
Series 22		1		1		166,896		166,896
Series 23		1		1		426,346		426,346
Series 24		-		1		127,287		207,327
Series 25		2		-		1,295,124		1,295,124
Series 26		5		2		576,832		647,125
Series 27		3		-		234,376		237,896
Series 28		8		-		5,813,850		5,854,818
Series 29		7		-		278,493		278,493
Series 30		5		-		21,630		94,887
Series 31		2		1		2,840,263		2,840,263
Series 32		3		-		105,416		107,673
Series 33		2		-		53,079		53,079
Series 34		3		-		502,727		502,727
Series 35		1		-		-		-
Series 36		-		-		25,054		25,054
Series 37		1		-		-		-
Series 39		-		-		29,999		29,999
Series 42		-		1		63,548		103,508
Total		48		7	$	12,631,500	$	12,941,795

* Fund proceeds from disposition does not include the following amounts which were due to writeoffs of capital contribution payables of $1,293, $3,520, $40,968, $22,257 and $2,257, for Series 26, Series 27, Series 28, Series 30 and Series 32, respectively. As well as proceeds from disposition recorded as a receivable of $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively.

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.

Schedule Of Contributions Payable [Table Text Block]

At March 31, 2015 and 2014, contributions are payable to operating limited partnerships as follows:

	2015		2014
Series 20	$	-	$	-
Series 21		-		-
Series 22		9,352		9,352
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		1,293
Series 27		-		10,020
Series 28		-		40,968
Series 29		8,235		8,235
Series 30		105,139		127,396
Series 31		66,294		66,294
Series 32		1,229		3,486
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		99,265
Series 44		-		-
Series 45		16,724		16,724
Series 46		-		-
	$	587,465	$	664,260

Schedule Of Partnerships Investments In Operating Limited Partnerships [Table Text Block]

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	362,424,465	$	1,510,993	$	3,570,455
Acquisition costs of operating limited partnerships		16,569,094		215,748		590,143
Cumulative distributions from operating limited partnerships		(2,828,871)		(7,394)		(22,441)
Cumulative impairment loss in investments in operating limited partnerships		(188,464,989)		(409,509)		(118,301)
Cumulative losses from operating limited partnerships		(185,900,981)		(1,309,838)		(4,019,856)
Investments in operating limited partnerships per balance sheet		1,798,718		-		-

	Total		Series 20		Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(2,042,656)		-		-
The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(3,535,753)		-		-
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).		755,788		62,488		221,074
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(77,225,748)		(878,598)		(2,591,698)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		1,120,407		6,576		-
Cumulative impairment loss in investments in operating limited partnerships		188,464,989		409,509		118,301
Other		(1,748,455)		(11,516)		(171,733)
Equity per operating limited partnerships’ combined financial statements	$	107,587,290	$	(411,541)	$	(2,424,056)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	3,263,490	$	8,266,057	$	2,879,744
Acquisition costs of operating limited partnerships		400,455		1,233,111		310,375
Cumulative distributions from operating limited partnerships		-		-		(34,932)
Cumulative impairment loss in investments in operating limited partnerships		(1,289,080)		(5,298,843)		(1,151,381)
Cumulative losses from operating limited partnerships		(2,374,865)		(4,200,325)		(2,003,806)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 22		Series 23		Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(384,587)		(11,581)		(30,158)
The Fund has recorded acquisition costs at March 31, 2015 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).		15,621		10,974		841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,689,653)		(1,281,140)		(1,941,970)
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		1,289,080		5,298,843		1,151,381
Other		(85,707)		(117,555)		122,471
Equity per operating limited partnerships’ combined financial statements	$	(1,013,018)	$	3,871,845	$	(782,295)

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	1,438,868	$	6,172,370	$	8,111,853
Acquisition costs of operating limited partnerships		167,460		923,135		1,143,307
Cumulative distributions from operating limited partnerships		(57,503)		(45,647)		(14,167)
Cumulative impairment loss in investments in operating limited partnerships		(1,345,945)		(1,883,225)		(4,004,265)
Cumulative losses from operating limited partnerships		(202,880)		(5,166,633)		(5,236,728)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 25		Series 26		Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		-		(51,000)		(39,446)
The Fund has recorded acquisition costs at March 31, 2015 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		57,289		195,417
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(273,564)		(4,399,020)		(1,526,506)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		171,816		-
Cumulative impairment loss in investments in operating limited partnerships		1,345,945		1,883,225		4,004,265
Other		(56,736)		(99,200)		(278,072)
Equity per operating limited partnerships’ combined financial statements	$	1,046,884	$	(2,496,727)	$	1,906,454

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	10,960,734	$	12,349,386	$	9,309,581
Acquisition costs of operating limited partnerships		1,582,064		1,809,414		858,753
Cumulative distributions from operating limited partnerships		(175,027)		(14,324)		(29,880)
Cumulative impairment loss in investments in operating limited partnerships		(4,790,458)		(5,661,234)		(4,610,342)
Cumulative losses from operating limited partnerships		(7,577,313)		(8,483,242)		(5,528,112)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 28		Series 29		Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(78,528)		-		(112,197)
The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(65,288)		(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).		64,727		39,537		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,269,083)		(4,695,617)		(2,524,000)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		7,039		1,092
Cumulative impairment loss in investments in operating limited partnerships		4,790,458		5,661,234		4,610,342
Other		(151,455)		(25,793)		(11,648)
Equity per operating limited partnerships’ combined financial statements	$	1,290,831	$	390,272	$	1,727,888

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	13,801,443	$	25,861,866	$	12,019,485
Acquisition costs of operating limited partnerships		1,979,717		3,319,960		950,957
Cumulative distributions from operating limited partnerships		(31,404)		(101,211)		(30,285)
Cumulative impairment loss in investments in operating limited partnerships		(9,196,909)		(13,359,327)		(7,924,274)
Cumulative losses from operating limited partnerships		(6,552,847)		(15,721,288)		(5,015,883)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 31		Series 32		Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(47,462)		(172,318)		(179,468)
The Fund has recorded acquisition costs at March 31, 2015 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).		56,581		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,913,882)		(7,152,320)		(2,003,965)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		8,501		38,357		9,684
Cumulative impairment loss in investments in operating limited partnerships		9,196,909		13,359,327		7,924,274
Other		(38,300)		306,885		(28,967)
Equity per operating limited partnerships’ combined financial statements	$	5,184,747	$	5,095,596	$	5,554,365

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	14,233,556	$	18,025,083	$	13,848,638
Acquisition costs of operating limited partnerships		1,084,495		-		-
Cumulative distributions from operating limited partnerships		(20,308)		(30,252)		(116,200)
Cumulative impairment loss in investments in operating limited partnerships		(8,069,371)		(9,244,266)		(7,264,883)
Cumulative losses from operating limited partnerships		(7,228,372)		(8,750,565)		(6,467,555)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 34		Series 35		Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(38,698)		-		(14,791)
The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550)		-		-
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).		(2,231,532)		(3,920,392)		(2,224,599)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		78,017		1,370
Cumulative impairment loss in investments in operating limited partnerships		8,069,371		9,244,266		7,264,883
Other		(187,689)		3,660		(123,183)
Equity per operating limited partnerships’ combined financial statements	$	5,322,902	$	5,405,551	$	4,903,680

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	16,191,586	$	18,852,167	$	15,245,900
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)		(10,557,104)		(7,444,160)
Cumulative losses from operating limited partnerships		(8,196,504)		(7,763,934)		(7,576,982)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 37		Series 38		Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(155,365)		-		-
The Fund has recorded acquisition costs at March 31, 2015 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).		(6,493,889)		(4,030,703)		(4,373,718)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		289,911		59,461		279,219
Cumulative impairment loss in investments in operating limited partnerships		7,792,558		10,557,104		7,444,160
Other		(99,062)		(381,673)		(96,276)
Equity per operating limited partnerships’ combined financial statements	$	1,334,153	$	6,204,189	$	3,253,385

The Fund’s investments in operating limited partnerships at March 31, 2015 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	$	19,462,135
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		(10,641,244)		(7,024,673)		(10,714,201)
Cumulative losses from operating limited partnerships		(8,642,654)		(10,236,531)		(8,636,184)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 40		Series 41		Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(25,172)		(33,807)		(409,845)
The Fund has recorded acquisition costs at March 31, 2015 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).		(2,158,206)		(2,647,711)		(2,985,744)
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		10,641,244		7,024,673		10,714,201
Other		(180,236)		(270,738)		141,234
Equity per operating limited partnerships’ combined financial statements	$	8,356,441	$	4,073,466	$	7,479,858

The Fund’s investments in operating limited partnerships at March 31, 2015 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		(353,944)		(49,763)		(313,429)
Cumulative impairment loss in investments in operating limited partnerships		(13,508,694)		(6,482,162)		(15,650,905)
Cumulative losses from operating limited partnerships		(12,754,410)		(9,213,913)		(8,904,476)
Investments in operating limited partnerships per balance sheet		-		-		838,105

	Series 43		Series 44		Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(121,319)		-		(129,725)
The Fund has recorded acquisition costs at March 31, 2015 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).		(3,046,309)		(3,768,065)		(868,202)
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		13,508,694		6,482,162		15,650,905
Other		179,574		(46,681)		(58,263)
Equity per operating limited partnerships’ combined financial statements	$	10,520,640	$	2,667,416	$	15,456,129

The Fund’s investments in operating limited partnerships at March 31, 2015 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		(199,493)
Cumulative impairment loss in investments in operating limited partnerships		(13,027,675)
Cumulative losses from operating limited partnerships		(8,135,285)
Investments in operating limited partnerships per balance sheet		960,613

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A).		(7,189)
The Fund has recorded acquisition costs at March 31, 2015 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).		(335,662)
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		13,027,675
Other		18,204
Equity per operating limited partnerships’ combined financial statements	$	13,668,235

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Total		Series 20		Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	435,973,036	$	5,333,121	$	3,570,455
Acquisition costs of operating limited partnerships		25,929,137		719,243		590,143
Cumulative distributions from operating limited partnerships		(3,187,008)		(26,017)		(22,441)
Cumulative impairment loss in investments in operating limited partnerships		(216,038,394)		(1,333,677)		(118,301)
Cumulative losses from operating limited partnerships		(237,348,070)		(4,692,670)		(4,019,856)
Investments in operating limited partnerships per balance sheet		5,328,701		-		-

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

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 22		Series 23		Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	3,854,180	$	10,391,895	$	4,404,391
Acquisition costs of operating limited partnerships		455,092		1,552,411		562,541
Cumulative distributions from operating limited partnerships		-		-		(34,932)
Cumulative impairment loss in investments in operating limited partnerships		(1,618,823)		(6,353,837)		(1,636,215)
Cumulative losses from operating limited partnerships		(2,690,449)		(5,590,469)		(3,295,785)
Investments in operating limited partnerships per balance sheet		-		-		-

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

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 25		Series 26		Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	3,805,566	$	11,884,296	$	10,048,578
Acquisition costs of operating limited partnerships		508,635		1,664,905		1,450,069
Cumulative distributions from operating limited partnerships		(69,547)		(69,380)		(14,167)
Cumulative impairment loss in investments in operating limited partnerships		(3,245,521)		(4,338,427)		(4,558,902)
Cumulative losses from operating limited partnerships		(999,133)		(9,141,394)		(6,925,578)
Investments in operating limited partnerships per balance sheet		-		-		-

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

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 28		Series 29		Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	23,441,799	$	20,972,330	$	13,904,236
Acquisition costs of operating limited partnerships		3,437,921		3,024,114		1,439,788
Cumulative distributions from operating limited partnerships		(553,358)		(20,179)		(53,204)
Cumulative impairment loss in investments in operating limited partnerships		(16,476,882)		(5,875,856)		(6,613,997)
Cumulative losses from operating limited partnerships		(9,849,480)		(18,100,409)		(8,676,823)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 28		Series 29		Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(233,630)		(83,498)		(135,225)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(665,053)		(596,128)		(235,701)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		79,180		204,728		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(4,221,023)		(7,179,789)		(3,318,142)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		116,284		7,039		7,712
Cumulative impairment loss in investments in operating limited partnerships		16,476,882		5,875,856		6,613,997
Other		(563,831)		(91,528)		1,847
Equity per operating limited partnerships’ combined financial statements	$	10,988,809	$	(1,863,320)	$	2,934,488

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 31		Series 32		Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,008,435	$	29,433,847	$	14,744,596
Acquisition costs of operating limited partnerships		3,165,164		3,834,299		1,349,820
Cumulative distributions from operating limited partnerships		(31,404)		(101,211)		(30,285)
Cumulative impairment loss in investments in operating limited partnerships		(11,182,057)		(14,763,087)		(9,162,728)
Cumulative losses from operating limited partnerships		(13,960,138)		(18,403,848)		(6,901,403)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 31		Series 32		Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(47,462)		(172,318)		(179,468)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(77,600)		(1,284,335)		(167,193)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		89,559		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(7,965,109)		(6,317,426)		(2,659,844)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		30,562		38,357		9,684
Cumulative impairment loss in investments in operating limited partnerships		11,182,057		14,763,087		9,162,728
Other		(342,863)		322,700		(42,784)
Equity per operating limited partnerships’ combined financial statements	$	2,869,144	$	7,350,065	$	6,123,123

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 34		Series 35		Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,921,365	$	20,689,083	$	13,848,639
Acquisition costs of operating limited partnerships		2,174,992		-		-
Cumulative distributions from operating limited partnerships		(20,308)		(30,252)		(116,200)
Cumulative impairment loss in investments in operating limited partnerships		(10,625,803)		(11,273,719)		(7,246,265)
Cumulative losses from operating limited partnerships		(14,450,246)		(9,385,112)		(6,486,174)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 34		Series 35		Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(38,698)		-		(14,791)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(295,534)		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(5,821,899)		(3,511,421)		(1,659,966)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		6,464		78,017		1,370
Cumulative impairment loss in investments in operating limited partnerships		10,625,803		11,273,719		7,246,265
Other		(274,264)		7,538		(99,055)
Equity per operating limited partnerships’ combined financial statements	$	4,201,872	$	7,847,853	$	5,473,823

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 37		Series 38		Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	18,424,489	$	18,852,167	$	16,699,847
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(202,524)		(531,129)		(224,758)
Cumulative impairment loss in investments in operating limited partnerships		(7,792,558)		(10,527,541)		(7,438,510)
Cumulative losses from operating limited partnerships		(10,429,407)		(7,793,497)		(9,036,579)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 37		Series 38		Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(155,365)		-		-
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(6,441,485)		(3,627,297)		(3,876,967)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		303,810		59,461		279,219
Cumulative impairment loss in investments in operating limited partnerships		7,792,558		10,527,541		7,438,510
Other		(57,600)		(328,344)		(82,953)
Equity per operating limited partnerships’ combined financial statements	$	1,441,918	$	6,631,361	$	3,757,809

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 40		Series 41		Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	19,336,992	$	17,319,216	$	19,690,646
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(53,094)		(58,012)		(111,750)
Cumulative impairment loss in investments in operating limited partnerships		(10,639,800)		(7,005,127)		(10,428,111)
Cumulative losses from operating limited partnerships		(8,644,098)		(10,256,077)		(9,150,785)
Investments in operating limited partnerships per balance sheet		-		-		-

	Series 40		Series 41		Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(25,172)		(33,807)		(409,845)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,365,798)		(2,219,955)		(2,319,513)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		78,811		1,049		20,012
Cumulative impairment loss in investments in operating limited partnerships		10,639,800		7,005,127		10,428,111
Other		(171,079)		(230,969)		194,228
Equity per operating limited partnerships’ combined financial statements	$	9,156,562	$	4,521,445	$	7,912,993

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 43		Series 44		Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	26,617,048	$	15,745,838	$	25,706,915
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		(337,804)		(49,763)		(305,087)
Cumulative impairment loss in investments in operating limited partnerships		(13,050,566)		(6,453,489)		(14,657,544)
Cumulative losses from operating limited partnerships		(13,050,348)		(9,242,586)		(8,739,792)
Investments in operating limited partnerships per balance sheet		178,330		-		2,004,492

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

The Fund’s investments in operating limited partnerships at March 31, 2014 are summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,323,066
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(120,202)
Cumulative impairment loss in investments in operating limited partnerships		(11,621,051)
Cumulative losses from operating limited partnerships		(7,435,934)
Investments in operating limited partnerships per balance sheet		3,145,879

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2014 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2013 (see note A).		(7,189)
The Fund has recorded acquisition costs at March 31, 2014 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(20,585)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		4,594
Cumulative impairment loss in investments in operating limited partnerships		11,621,051
Other		(14,418)
Equity per operating limited partnerships’ combined financial statements	$	14,729,332

Schedule Of Summarized Balance Sheets In Operating Partnerships [Table Text Block]

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20		Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	643,136,945	$	3,625,211	$	6,543,920
Land		63,678,550		310,538		1,464,660
Other assets		76,114,588		1,305,760		932,379
	$	782,930,083	$	5,241,509	$	8,940,959
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	545,481,456	$	4,932,946	$	8,323,171
Accounts payable and accrued expenses		25,743,415		145,582		90,011
Other liabilities		80,982,365		166,750		2,429,437
		652,207,236		5,245,278		10,842,619
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		107,587,290		(411,541)		(2,424,056)
Other partners		23,135,557		407,772		522,396
		130,722,847		(3,769)		(1,901,660)
	$	782,930,083	$	5,241,509	$	8,940,959

	Series 22		Series 23		Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	6,858,694	$	14,991,634	$	3,832,071
Land		782,898		1,283,705		636,838
Other assets		1,696,904		4,500,833		639,350
	$	9,338,496	$	20,776,172	$	5,108,259
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	8,506,421	$	13,062,557	$	5,408,937
Accounts payable and accrued expenses		168,965		419,421		129,339
Other liabilities		1,209,500		5,674,416		231,749
		9,884,886		19,156,394		5,770,025
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(1,013,018)		3,871,845		(782,295)
Other partners		466,628		(2,252,067)		120,529
		(546,390)		1,619,778		(661,766)
	$	9,338,496	$	20,776,172	$	5,108,259

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,242,898	$	11,024,782	$	18,101,607
Land		203,400		782,964		2,571,668
Other assets		935,602		1,609,839		2,321,795
	$	4,381,900	$	13,417,585	$	22,995,070
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,398,445	$	13,905,526	$	15,948,349
Accounts payable and accrued expenses		75,252		1,381,537		575,840
Other liabilities		28,929		1,204,536		2,764,831
		3,502,626		16,491,599		19,289,020
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,046,884		(2,496,727)		1,906,454
Other partners		(167,610)		(577,287)		1,799,596
		879,274		(3,074,014)		3,706,050
	$	4,381,900	$	13,417,585	$	22,995,070

	Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	12,132,948	$	15,511,573	$	14,314,945
Land		878,622		971,827		900,248
Other assets		1,439,956		1,705,197		1,466,368
	$	14,451,526	$	18,188,597	$	16,681,561
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	13,090,094	$	12,646,411	$	10,346,223
Accounts payable and accrued expenses		388,547		1,087,589		998,836
Other liabilities		930,687		2,769,167		1,828,521
		14,409,328		16,503,167		13,173,580
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,290,831		390,272		1,727,888
Other partners		(1,248,633)		1,295,158		1,780,093
		42,198		1,685,430		3,507,981
	$	14,451,526	$	18,188,597	$	16,681,561

	Series 31		Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	21,655,860	$	25,918,816	$	18,707,898
Land		1,740,577		1,976,640		1,715,582
Other assets		3,030,456		3,049,127		1,581,953
	$	26,426,893	$	30,944,583	$	22,005,433
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	20,062,618	$	18,852,353	$	9,868,952
Accounts payable and accrued expenses		613,701		2,727,780		528,672
Other liabilities		1,077,309		1,827,768		981,258
		21,753,628		23,407,901		11,378,882
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,184,747		5,095,596		5,554,365
Other partners		(511,482)		2,441,086		5,072,186
		4,673,265		7,536,682		10,626,551
	$	26,426,893	$	30,944,583	$	22,005,433

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	14,281,390	$	29,065,571	$	21,881,907
Land		1,414,016		3,257,482		2,013,180
Other assets		2,002,710		3,087,417		3,134,697
	$	17,698,116	$	35,410,470	$	27,029,784
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	8,731,816	$	19,034,538	$	16,606,099
Accounts payable and accrued expenses		459,165		1,138,581		1,885,310
Other liabilities		3,023,947		7,681,564		698,641
		12,214,928		27,854,683		19,190,050
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,322,902		5,405,551		4,903,680
Other partners		160,286		2,150,236		2,936,054
		5,483,188		7,555,787		7,839,734
	$	17,698,116	$	35,410,470	$	27,029,784

	Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	23,225,624	$	20,086,965	$	16,091,929
Land		1,625,738		1,581,706		1,238,488
Other assets		2,122,745		2,310,351		1,849,657
	$	26,974,107	$	23,979,022	$	19,180,074
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	18,102,339	$	16,380,916	$	12,920,594
Accounts payable and accrued expenses		2,242,617		226,126		328,139
Other liabilities		5,906,849		2,851,697		3,036,787
		26,251,805		19,458,739		16,285,520
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,334,153		6,204,189		3,253,385
Other partners		(611,851)		(1,683,906)		(358,831)
		722,302		4,520,283		2,894,554
	$	26,974,107	$	23,979,022	$	19,180,074

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	49,669,979	$	60,088,438	$	50,330,678
Land		5,081,041		7,916,005		6,817,765
Other assets		4,338,332		6,109,616		5,917,513
	$	59,089,352	$	74,114,059	$	63,065,956
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	44,624,113	$	58,323,909	$	44,002,008
Accounts payable and accrued expenses		1,510,347		1,502,484		2,864,402
Other liabilities		5,714,179		4,420,076		4,190,623
		51,848,639		64,246,469		51,057,033
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		8,356,441		4,073,466		7,479,858
Other partners		(1,115,728)		5,794,124		4,529,065
		7,240,713		9,867,590		12,008,923
	$	59,089,352	$	74,114,059	$	63,065,956

	Series 43		Series 44		Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	54,324,753	$	38,754,799	$	49,851,218
Land		6,704,151		3,130,916		4,314,836
Other assets		5,091,670		3,719,161		6,456,454
	$	66,120,574	$	45,604,876	$	60,622,508
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	46,572,599	$	40,439,227	$	36,837,677
Accounts payable and accrued expenses		1,825,301		760,173		1,224,404
Other liabilities		5,807,116		6,223,095		5,049,307
		54,205,016		47,422,495		43,111,388
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,520,640		2,667,416		15,456,129
Other partners		1,394,918		(4,485,035)		2,054,991
		11,915,558		(1,817,619)		17,511,120
	$	66,120,574	$	45,604,876	$	60,622,508

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	39,020,837
Land		2,363,059
Other assets		3,758,746
	$	45,142,642
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	24,552,618
Accounts payable and accrued expenses		445,294
Other liabilities		3,253,626
		28,251,538
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		13,668,235
Other partners		3,222,869
		16,891,104
	$	45,142,642

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

	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

	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

	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

	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

	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

	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

	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

	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

	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

Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block]

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total		Series 20		Series 21
Revenue
Rent	$	133,809,671	$	1,217,816	$	1,867,952
Interest and other		5,092,623		48,847		7,857
		138,902,294		1,266,663		1,875,809
Expenses
Interest		28,620,800		115,541		490,826
Depreciation and amortization		36,149,060		319,062		318,863
Taxes and insurance		16,948,203		138,980		191,753
Repairs and maintenance		25,528,297		320,889		263,021
Operating expenses		48,235,197		470,123		520,312
Impairment loss		-		-		-
Other expenses		2,884,680		9,439		98,655
		158,366,237		1,374,034		1,883,430
NET INCOME (LOSS)	$	(19,463,943)	$	(107,371)	$	(7,621)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(14,509,277)	$	(71,803)	$	(28,188)
Net income (loss) allocated to other partners	$	(4,954,666)	$	(35,568)	$	20,567

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22		Series 23		Series 24
Revenue
Rent	$	1,919,368	$	4,026,811	$	1,185,807
Interest and other		62,291		131,358		21,856
		1,981,659		4,158,169		1,207,663
Expenses
Interest		313,777		595,453		133,847
Depreciation and amortization		444,060		998,721		354,174
Taxes and insurance		322,692		584,252		121,745
Repairs and maintenance		453,646		901,765		297,226
Operating expenses		637,044		1,486,530		498,805
Impairment loss		-		-		-
Other expenses		66,694		73,654		11,000
		2,237,913		4,640,375		1,416,797
NET INCOME (LOSS)	$	(256,254)	$	(482,206)	$	(209,134)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(209,033)	$	(91,241)	$	(175,016)
Net income (loss) allocated to other partners	$	(47,221)	$	(390,965)	$	(34,118)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25		Series 26		Series 27
Revenue
Rent	$	855,551	$	2,669,145	$	4,469,724
Interest and other		20,571		84,503		53,695
		876,122		2,753,648		4,523,419
Expenses
Interest		87,463		428,375		929,956
Depreciation and amortization		164,447		697,838		924,307
Taxes and insurance		100,077		372,572		529,607
Repairs and maintenance		173,689		815,668		815,165
Operating expenses		341,298		1,060,538		1,336,544
Impairment loss		-		-		-
Other expenses		10,814		15,500		45,967
		877,788		3,390,491		4,581,546
NET INCOME (LOSS)	$	(1,666)	$	(636,843)	$	(58,127)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(51,562)	$	(600,059)	$	(259,374)
Net income (loss) allocated to other partners	$	49,896	$	(36,784)	$	201,247

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28		Series 29		Series 30
Revenue
Rent	$	3,183,563	$	2,898,160	$	3,714,407
Interest and other		71,396		197,710		72,038
		3,254,959		3,095,870		3,786,445
Expenses
Interest		463,092		817,904		372,442
Depreciation and amortization		939,289		721,976		791,658
Taxes and insurance		391,411		428,456		449,833
Repairs and maintenance		533,271		572,581		630,308
Operating expenses		1,418,059		1,156,241		2,111,960
Impairment loss		-		-		-
Other expenses		9,800		36,460		18,054
		3,754,922		3,733,618		4,374,255
NET INCOME (LOSS)	$	(499,963)	$	(637,748)	$	(587,810)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(540,340)	$	(594,731)	$	(378,697)
Net income (loss) allocated to other partners	$	40,377	$	(43,017)	$	(209,113)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31		Series 32		Series 33
Revenue
Rent	$	5,626,027	$	5,204,561	$	3,425,638
Interest and other		127,941		164,924		126,626
		5,753,968		5,369,485		3,552,264
Expenses
Interest		626,969		1,156,200		663,809
Depreciation and amortization		1,302,626		1,794,269		992,997
Taxes and insurance		858,669		660,910		397,900
Repairs and maintenance		1,087,384		873,026		508,567
Operating expenses		2,430,076		1,939,605		1,385,183
Impairment loss		-		-		-
Other expenses		24,182		312,489		140,488
		6,329,906		6,736,499		4,088,944
NET INCOME (LOSS)	$	(575,938)	$	(1,367,014)	$	(536,680)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(621,755)	$	(1,317,109)	$	(326,229)
Net income (loss) allocated to other partners	$	45,817	$	(49,905)	$	(210,451)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34		Series 35		Series 36
Revenue
Rent	$	3,177,735	$	6,331,295	$	4,831,977
Interest and other		202,682		271,268		213,639
		3,380,417		6,602,563		5,045,616
Expenses
Interest		539,486		1,367,800		938,402
Depreciation and amortization		865,727		1,873,876		1,534,818
Taxes and insurance		411,480		918,116		692,211
Repairs and maintenance		553,851		1,073,685		882,040
Operating expenses		1,331,549		2,195,830		1,810,123
Impairment loss		-		-		-
Other expenses		10,300		98,918		157,147
		3,712,393		7,528,225		6,014,741
NET INCOME (LOSS)	$	(331,976)	$	(925,662)	$	(969,125)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(402,243)	$	(579,167)	$	(567,327)
Net income (loss) allocated to other partners	$	70,267	$	(346,495)	$	(401,798)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37		Series 38		Series 39
Revenue
Rent	$	4,713,775	$	4,779,926	$	3,734,564
Interest and other		197,977		179,331		234,097
		4,911,752		4,959,257		3,968,661
Expenses
Interest		1,034,694		918,655		745,647
Depreciation and amortization		1,521,527		1,183,265		1,020,047
Taxes and insurance		805,387		572,145		462,005
Repairs and maintenance		857,626		956,683		680,957
Operating expenses		2,251,017		1,804,257		1,614,834
Impairment loss		-		-		-
Other expenses		159,590		91,774		128,784
		6,629,841		5,526,779		4,652,274
NET INCOME (LOSS)	$	(1,718,089)	$	(567,522)	$	(683,613)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,274,223)	$	(403,406)	$	(503,080)
Net income (loss) allocated to other partners	$	(443,866)	$	(164,116)	$	(180,533)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40		Series 41		Series 42
Revenue
Rent	$	9,878,718	$	12,178,082	$	10,209,179
Interest and other		447,725		455,280		332,895
		10,326,443		12,633,362		10,542,074
Expenses
Interest		3,028,343		3,421,146		2,332,402
Depreciation and amortization		2,582,120		2,994,036		2,679,560
Taxes and insurance		1,458,206		1,542,802		1,103,980
Repairs and maintenance		1,694,802		2,102,021		2,048,590
Operating expenses		2,771,878		3,274,025		3,265,258
Impairment loss		-		-		-
Other expenses		120,338		335,957		339,194
		11,655,687		13,669,987		11,768,984
NET INCOME (LOSS)	$	(1,329,244)	$	(1,036,625)	$	(1,226,910)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(795,406)	$	(556,039)	$	(896,588)
Net income (loss) allocated to other partners	$	(533,838)	$	(480,586)	$	(330,322)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43		Series 44		Series 45
Revenue
Rent	$	10,072,737	$	7,520,393	$	8,302,134
Interest and other		452,855		318,360		322,843
		10,525,592		7,838,753		8,624,977
Expenses
Interest		2,221,745		2,132,113		1,477,829
Depreciation and amortization		3,030,459		2,046,094		2,523,338
Taxes and insurance		1,042,600		579,704		1,002,510
Repairs and maintenance		1,973,044		1,352,833		1,991,497
Operating expenses		3,561,520		2,509,667		3,012,417
Impairment loss		-		-		-
Other expenses		148,173		85,953		214,116
		11,977,541		8,706,364		10,221,707
NET INCOME (LOSS)	$	(1,451,949)	$	(867,611)	$	(1,596,730)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(693,868)	$	(645,418)	$	(912,947)
Net income (loss) allocated to other partners	$	(758,081)	$	(222,193)	$	(683,783)

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2014 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,814,626
Interest and other		272,058
		6,086,684
Expenses
Interest		1,266,884
Depreciation and amortization		1,529,906
Taxes and insurance		808,200
Repairs and maintenance		1,114,462
Operating expenses		2,040,504
Impairment loss		-
Other expenses		121,240
		6,881,196
NET INCOME (LOSS)	$	(794,512)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,014,428)
Net income (loss) allocated to other partners	$	219,916

* Amounts include $71,803, $28,188, $209,033, $91,241, $175,016, $51,562, $600,059, $259,374, $540,340, $594,731, $378,697, $621,755, $1,317,109, $326,229, $402,243, $579,167, $567,327, $1,274,223, $403,406, $503,080, $795,406, $556,039, $896,588, $666,281, $645,418, $673,720 and $315,077 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

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

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

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

* Amounts include $366,227, $98,321, $264,711, $361,723, $241,279, $43,041, $842,204, $277,730, $953,311, $1,065,191, $621,294, $1,155,732, $1,433,129, $566,103, $1,227,938, $688,552, $489,323, $1,423,309, $447,771, $594,093, $726,480, $621,885, $792,226, $547,642, $372,037, $57,205 and $20,585 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45 and 46, respectively, of loss not recognized under the equity method of accounting as described in note A.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.