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, 2017

¨   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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated Filer ¨
Non-accelerated filer ¨ (Do not check if a smaller reporting company)
	Smaller Reporting Company x
	Emerging Growth Company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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, 2017

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	37
Item 4.	Mine Safety Disclosures	37
PART II
Item 5.	Market for the Fund’s Limited Partnership Interests and Related Partner Matters and Issuer Purchases of Partnership Interests	38
Item 6.	Selected Financial Data	39
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	109
Item 8.	Financial Statements and Supplementary Data	109
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	109
Item 9A.	Controls and Procedures	109
Item 9B.	Other Information	110
PART III
Item 10.	Directors, Executive Officers and Corporate Governance of the Fund	111
Item 11.	Executive Compensation	113
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters	113
Item 13.	Certain Relationships and Related Transactions, and Director Independence	114
Item 14.	Principal Accountant Fees and Services	115
PART IV
Item 15.	Exhibits and Financial Statement Schedules	119
Item 16.	Form 10-K Summary	133
	Signatures	134

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, 2017, 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, 2017 the Fund had invested in 3 Operating Partnerships on behalf of Series 20, 2 Operating Partnership on behalf of Series 21, 3 Operating Partnerships on behalf of Series 22, 4 Operating Partnerships on behalf of Series 23, 6 Operating Partnerships on behalf of Series 24, 4 Operating Partnerships on behalf of Series 25, 13 Operating Partnerships on behalf of Series 26, 5 Operating Partnerships on behalf of Series 27, 5 Operating Partnerships on behalf of Series 28, 8 Operating Partnerships on behalf of Series 29, 8 Operating Partnerships on behalf of Series 30, 10 Operating Partnerships on behalf of Series 31, 7 Operating Partnerships on behalf of Series 32, 5 Operating Partnerships on behalf of Series 33, 4 Operating Partnerships on behalf of Series 34, 3 Operating Partnerships on behalf of Series 35, 3 Operating Partnerships on behalf of Series 36, 2 Operating Partnerships on behalf of Series 37, 4 Operating Partnerships on behalf of Series 38, 1 Operating Partnership on behalf of Series 39, 10 Operating Partnerships on behalf of Series 40, 17 Operating Partnerships on behalf of Series 41, 15 Operating Partnerships on behalf of Series 42, 19 Operating Partnerships on behalf of Series 43, 7 Operating Partnerships on behalf of Series 44, 27 Operating Partnerships on behalf of Series 45 and 14 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.

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.

4

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 209 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.

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.

5

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Concordia Manor I	St. Croix, VI	22	$	1,328,573	8/94	7/95		100	%	$	490,034
Fairoaks Lane Apts.	Rincon, GA	44		1,292,905	7/94	5/95		100	%		339,284
Kristine Apartments	Bakersfield, CA	60		579,434	10/94	10/94		100	%		311,675

6

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Havelock Manor Apts.	Havelock, NC	60	$	1,616,597	12/94	10/95		100	%	$	347,557
Liveoak Village	Union Springs, AL	24		680,728	10/94	7/95		100	%		176,953

7

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Concordia Manor II	St. Croix, VI	20	$	1,363,610	1/95	11/95		100	%	$	259,444
Concordia Manor III	St. Croix, VI	20		1,335,821	2/95	12/95		100	%		264,007
Drakes Branch Elderly	Drakes Branch, VA	32		1,134,931	1/95	6/95		100	%		232,722

8

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Concordia Manor II	St. Croix, VI	20	$	1,363,610	1/95	11/95		100	%	$	259,445
Concordia Manor III	St. Croix, VI	20		1,335,821	2/95	12/95		100	%		264,007
Ithaca Apts. I	Ithaca,    MI	28		427,188	11/95	7/95		100	%		164,008
La Pensione K Apts.	Sacramento, CA	129		1,835,208	9/95	12/96		100	%		2,650,580

9

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Autumn Ridge Apartments	Shenandoah, VA	34	$	1,412,611	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		1,304,056	11/95	11/95		100	%		450,039
Northfield Housing, L.P.	Jackson, MS	5		62,753	12/96	9/96		100	%		217,266
Shadowcreek Apartments	Overton, NV	24		1,122,275	6/96	9/96		100	%		361,320
Woodlands Apartments	Elko, NV	24		1,121,510	11/95	9/95		100	%		269,867

10

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Dunlap Acres	West Point, MS	50	$	638,133	9/96	4/96		100	%	$	522,160
Hannah Heights Apts.	Ethel, MS	28		743,652	6/96	12/96		100	%		321,584
Heartland Green Cave	Horse Cave, KY	24		762,576	5/96	11/96		100	%		270,132
Shannon Rentals	Shannon, MS	48		1,146,043	4/96	1/97		100	%		324,990

11

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Brookhaven Apts.	Shrevport, LA	35	$	895,566	2/97	1/97		100	%	$	726,113
Devonshire II Apts.	London, OH	28		634,920	1/97	12/96		100	%		182,070
Devonshire West Apts.	W. Jefferson, OH	19		459,829	1/97	1/97		100	%		126,983
Hanover Apts.	Ashland, VA	40		1,167,698	11/97	4/98		100	%		295,538
Lauderdale County Properties	Meriden, MS	48		651,291	12/98	5/99		100	%		444,136
Maxton Green Apts.	Maxton, NC	32		822,107	9/96	12/96		100	%		263,281
Mason Manor Apts.	Mason, TN	24		849,683	2/96	1/96		100	%		229,775
New Hope Bailey Apts.	De Ridder, LA	40		699,327	8/96	9/96		100	%		758,620
Southwind Apts. A LDHA	Jennings, LA	36		711,465	8/96	12/96		100	%		700,216
T.R. Bobb Apts.	New Iberia, LA	30		593,057	8/96	12/96		100	%		714,504
Timmons- Ville Green Apts.	Timmonsville, SC	32		980,231	10/96	2/97		100	%		292,587
Warrensburg Heights	Warrensburg, MO	28		996,782	12/96	11/96		100	%		308,825
Westside Apts.	Salem, AR	29		847,763	8/96	10/96		100	%		265,020

12

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Angelou Court Apts.	New York, NY	23	$	690,000	10/97	8/99		100	%	$	1,791,275
Canisteo Manor	Canisteo, NY	24		868,120	4/98	4/98		100	%		621,857
Magnolia Place Apts.	Gautier, MS	40		500,000	11/97	1/98		100	%		800,027
Northrock Apts.	Topeka, KS	76		1,354,698	5/00	5/00		100	%		610,365
Summer Hill Sr. Apts.	Wayne, NJ	164		5,977,373	11/96	4/98		100	%		2,337,000

13

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Cottonwood Apts.	Holly Grove, AR	24	$	763,853	2/97	4/97		100	%	$	254,856
Fairway Apts. II	Marlette, MI	48		679,466	12/96	3/97		100	%		255,353
Jackson Place Apts.	Jackson, LA	40		835,486	7/97	10/97		100	%		983,615
Mapelwood Apts.	Winnfield, LA	40		1,048,805	3/98	8/98		100	%		922,119
Southern Villa Apts.	Russellville, KY	32		1,236,365	11/97	4/98		100	%		323,500

14

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Colonial Apts.	Poplarville, MS	16	$	360,912	10/97	7/97		100	%	$	86,039
Emerald Trace Apts.	Ruston, LA	48		1,193,533	8/98	4/99		100	%		1,199,141
Edgewood Apts.	Baker, LA	72		1,213,860	3/97	9/98		100	%		1,856,539
Harbor Pointe Apts.	Benton Harbor, MI	84		1,148,705	1/99	10/99		100	%		3,209,292
The Lincoln Hotel	San Diego, CA	41		702,132	2/97	7/97		100	%		697,511
Palmetto Place Apts.	Benton, LA	40		1,177,863	10/98	4/99		100	%		1,153,878
Regency Apts.	Poplarville, MS	16		415,769	10/97	7/97		100	%		102,419
Westfield Apts.	Welsh, LA	40		666,243	11/97	8/98		100	%		918,605

15

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Emerald Trace II Apts	Ruston, LA	24	$	197,956	7/98	12/98		100	%	$	717,594
Farewell Mills Apts.	Lisbon, ME	27		737,269	8/97	3/98		100	%		662,864
Lakewood Apts.	Clarksville, VA	52		1,437,902	3/98	10/99		100	%		394,349
New River Gardens	Radford, VA	48		1,341,039	10/98	5/99		100	%		637,321
Northgate Apts.	Bryant, AR	20		520,225	4/99	11/99		100	%		834,557
Pine Forest Apts.	Dahlgren, VA	40		1,727,919	3/98	2/99		100	%		503,181
Western Trails Apts.	Council Bluffs, IA	30		693,917	7/98	6/99		100	%		912,827
Whistle Stop Apts.	Gentry, AR	27		578,951	9/97	5/98		100	%		726,507

16

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Canton Manor Apts.	Canton, MS	32	$	694,987	11/97	7/98		100	%	$	271,306
Canton Village Apts.	Canton, MS	42		995,441	11/97	7/98		100	%		363,557
Elmwood Apts.	Ellisville, MS	32		508,068	12/97	6/98		100	%		243,483
Giles Apts.	Amelia, VA	16		663,684	3/98	2/99		100	%		183,711
Madison Height Apts.	Canton, MS	80		2,025,440	11/97	7/98		100	%		786,614
Nottoway Manor	Blackstone, VA	28		789,521	3/98	4/99		100	%		214,977
Park Ridge Apts.	McKee, KY	22		814,632	10/97	5/98		100	%		338,464
Roth Village	Mechanicsburg, PA	61		1,510,047	10/97	9/98		100	%		2,664,992
Royal Estates Apts.	Canton, MS	32		755,193	11/97	7/98		100	%		282,525
Springs Manor Apts.	Rawls Spring, MS	32		773,195	12/97	6/98		100	%		328,693

17

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Courtside Apts.	Cottonwood, AZ	44	$	634,054	6/98	7/98		100	%	$	1,667,188
Columbia Luxar	Dallas, TX	125		2,720,280	8/98	12/99		100	%		3,947,106
Colony Park Apts.	Pearl, MS	192		646,756	6/98	12/99		100	%		2,911,900
Parkside Plaza Apts	New York, NY	39		1,289,627	7/99	5/01		100	%		2,931,239
Pecan Manor Apts.	Natchitoches, LA	40		669,892	7/98	10/98		100	%		1,501,914
Pineridge Apts.	Franklinton, LA	40		686,677	7/98	1/99		100	%		1,497,889
Sterling Creek Apts.	Independence, MO	48		500,035	5/98	5/00		100	%		1,973,594

18

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Columbia Luxar	Dallas, TX	125	$	2,720,280	8/98	12/99		100	%	$	3,947,106
Harbor Pointe	Benton Harbor, MI	84		1,148,705	1/99	10/99		100	%		1,157,091
Northrock Apts.	Topeka, KS	76		1,354,698	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		1,168,881	7/98	1/99		100	%		1,495,966

19

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Abby Ridge Apts.	Elizabethtown, KY	24	$	265,173	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
Hillside Club Apts.	Bear Creek Township, MI	56		1,759,768	10/98	12/99		100	%		2,097,333
Romeo Village Apts.	Montour Falls, NY	24		996,124	10/98	4/99		100	%		753,362

20

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Autumn Park	Dickson, TN	104	$	3,001,456	4/99	12/99		100	%	$	1,637,797
Cypress Pointe Retirement Apts.	Casa Grande, AZ	104		1,454,059	4/99	3/00		100	%		2,680,499
Garden Gates Apts. II	New Caney, TX	32		993,319	3/99	3/00		100	%		1,067,950

21

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Ashton Ridge	Jackson, MI	144	$	2,273,487	2/00	12/00		100	%	$	1,430,296
Willowbrook Apts.	Lafayette, LA	40		610,525	6/99	9/99		100	%		1,200,789
Wingfield Apts.	Kinder, LA	40		604,101	6/99	7/99		100	%		1,645,817

22

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Ashton Ridge Apts.	Jackson, MS	144	$	2,273,487	02/00	12/00		100	%	$	6,003,938
Stearns Assisted Apts.	Millinocket, ME	20		435,500	12/99	3/01		100	%		1,407,173

23

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Hammond Place Apts.	Hammond, LA	40	$	406,483	3/00	4/00		100	%	$	1,706,341
Shoreham Apts.	Houston, TX	120		2,738,736	4/00	7/01		100	%		6,138,485
Whitley Park Apts.	Whitley City, KY	21		832,464	6/00	6/00		100	%		302,339
Willowbrook II Apts.	Lafayette, LA	40		532,131	3/00	5/00		100	%		1,247,680

24

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Timber Trails Apts.	Pineville, LA	32	$	705,510	6/01	7/01		100	%	$	499,829

25

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Carlyle Apts.	Aberdeen, SD	44	$	331,900	2/01	6/01		100	%	$	1,359,155
Center Place Apts.	Center, TX	32		688,471	08/01	10/01		100	%		428,835
Mason's Point Apts.	Hopkinsville, KY	41		1,204,211	06/01	7/02		100	%		1,824,270
Meadowside Apts.	Milo, NY	40		1,541,105	05/01	12/01		100	%		855,372
Northrock Apts. II	Topeka, KS	60		1,708,238	07/01	5/02		100	%		1,838,666
Oakland Apts.	Oakdale, LA	46		1,119,905	2/01	7/01		100	%		767,451
Parkview Apts.	Springfield, MA	25		1,042,575	2/01	2/02		100	%		1,221,510
Sedgewick Sundance Apts.	Sedgewick, KS	24		253,777	09/01	10/01		100	%		1,372,208
Springfield Crossing	Springfield, VA	347		23,126,969	6/02	10/01		100	%		718,652
Western Gardens Apts.	Dequincey, LA	48		1,174,463	2/01	7/01		100	%		782,188

26

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Bienville Apts.	Ringhold, LA	32	$	674,531	12/01	11/01		100	%	$	488,488
Breezewood Villas I	Frederiksted, VI	12		939,268	10/01	6/02		100	%		494,361
Cedar Grove Apartments Phase I	Shepherdsville, KY	36		953,581	5/02	7/01		100	%		424,955
Cranberry Cove Apartments	Beckley, WV	28		929,482	5/02	1/02		100	%		514,844
Franklin Green	Franklin Grove, IL	12		292,394	5/02	9/01		100	%		308,576
Harbor Point II Apts.	Benton Township, MI	72		1,358,552	8/01	10/02		100	%		2,295,523
Hollywood Palms Apts.	San Diego, CA	94		6,353,474	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		11,555,017	7/01	8/02		100	%		1,385,308
Meadowside Apts.	Milo, NY	40		1,541,105	5/01	12/01		100	%		855,372
Mill Creek Village	Mt. Carroll, IL	12		336,055	5/02	9/01		100	%		264,354
Northline Terrace	Mentoda, IL	24		588,747	5/02	6/01		100	%		545,986
Palisades Park	Fulton, IL	16		429,331	5/02	9/01		100	%		396,066
Red Hill Apts. I	Farmerville, LA	32		737,928	11/01	6/01		100	%		502,692

27

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Sandalwood Apartments	Toppenish, WA	20	$	938,228	5/02	7/01		100	%	$	293,983
Southpark Apts. II	Newton, KS	60		1,371,768	9/01	5/02		100	%		2,117,956
Springfield Crossing	Springfield, VA	347		23,126,969	6/02	10/01		100	%		878,352

28

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Bellamy Mills Apartments	Dover, NH	30	$	1,209,812	4/02	12/02		100	%	$	2,888,317
Breezewood Villas II	Frederiksted, VI	12		932,798	4/02	3/03		100	%		505,416
Chester Townhouses Phase II	Chester, SC	52		1,869,560	4/06	12/06		100	%		421,158
Dorchester Apartments	Port Huron, MI	131		3,993,006	4/02	8/03		100	%		2,578,034
Harbor Pointe Apartments II	Benton Township, MI	72		1,358,552	4/02	10/02		100	%		1,731,786
Hillridge Apartments	Los Lunas, NM	38		215,000	4/03	6/96		100	%		112,211
Hollywood Palm Apartments	San Diego, CA	94		6,353,474	8/02	11/02		100	%		1,283,388
Lynnelle Landing Apts.	Charleston, WV	56		1,187,741	3/02	9/02		100	%		2,009,976
Marwood Senior Apartments	Upper Marlboro, MD	67		11,555,017	09/04	8/02		100	%		160,174

29

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Natchez Place Apartments	Natchez, MS	32	$	722,581	8/02	11/01		100	%	$	554,881
Northfield Housing, LP	Jackson, MS	5		62,753	4/03	12/96		100	%		24,330
Park Plaza IV	West Memphis, AR	24		565,459	6/02	10/02		100	%		1,219,397
Parkhurst Place	Amherst, NH	42		3,219,098	1/02	9/02		100	%		518,876
Strawberry Lane Apts.	Clayton, NY	71		1,539,449	3/02	8/02		100	%		672,589
Wingfield Apartments II	Kinder, LA	42		203,575	8/02	11/01		100	%		1,422,373

30

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Alexander Mill Apartments	Lawrenceville,GA	224	$	11,045,627	12/02	1/03		100	%	$	1,854,189
Bohannon Place Apts.	Bowling Green, KY	12		195,423	5/03	10/03		100	%		909,561
Carpenter School	Natchez, MS	38		1,296,853	1/03	12/03		100	%		1,278,002
Charlevoix Apartments	Charlevoix, MI	40		1,004,110	9/02	11/02		100	%		302,357
Chester Townhouses Phase II	Chester, SC	52		1,869,560	4/06	12/06		100	%		226,777
Cloverlane Apartments	Lakeview, MI	24		33,892	9/02	10/02		100	%		356,228
Dorchester Apartments	Port Huron, MI	131		3,993,006	9/02	8/03		100	%		2,578,034
Geneva Sr. Citizen Apts.	Geneva, NY	32		1,395,982	4/03	12/03		100	%		2,035,378
Gilbert Apts.	Corbin, KY	40		593,693	7/03	5/04		100	%		2,780,800
Hollywood Palm Apartments	San Diego, CA	94		6,353,474	12/02	11/02		100	%		2,654,279
Lakewood Apartments	Saranac, MI	24		745,232	9/02	10/02		100	%		475,606
The Landing Apts.	Whitley, KY	24		1,211,525	4/03	6/04		100	%		302,763
Library Square Apts.	Mandan, ND	46		1,803,709	9/03	8/03		100	%		2,752,868

31

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Parkside Plaza Apartments	New York, NY	34	$	1,289,627	1/04	5/01		100	%	$	21,847
Parkside Apartments	Coleman, MI	40		586,881	9/02	12/02		100	%		832,371
Riverview Apartments	Blissfield, MI	32		607,158	9/02	2/02		100	%		509,938
Seven Points Apartments	Seven Points, TX	36		847,791	9/02	3/03		100	%		687,978
Stottville Court Apartments	Stockport, NY	28		1,088,813	9/02	5/03		100	%		1,073,805
Strawberry Lake Apts.	Norway, MI	32		711,701	7/03	12/03		100	%		763,285

32

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Alexander Mills Apts.	Lawrenceville, GA	224	$	11,045,627	2/03	1/03		100	%	$	2,266,233
Aurora Village Sr.	Aurora, CO	100		3,570,280	2/03	3/03		100	%		1,526,951
Northrock Apts. III	Topeka, KS	32		795,156	6/03	11/03		100	%		1,565,194
Orchard Manor Apts.**	Ukiah, CA	64		6,228,268	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		1,206,737	3/03	5/03		100	%		454,862
Post Oak East Apts.	Fort Worth, TX	246		12,565,398	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		1,576,718	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.

33

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Bartlett Bayou	Pascagoula, MS	48	$	754,779	7/03	9/05		100	%	$	2,675,101
Breezewood Villas II	Frederiksted, VI	12		932,798	12/03	3/03		100	%		53,729
Brookside Square	Boykins, VA	32		1,152,038	7/03	8/04		100	%		743,039
Dawn Springs Villa	London, KY	24		432,720	5/05	10/05		100	%		1,099,086
Eastview Family	Watonga, OK	16		606,085	9/04	6/04		100	%		187,429
Fairview Manor	Childress, TX	48		671,183	5/03	3/04		100	%		859,892
Harbor Pt. II Apts.	Benton Township, MI	72		1,358,552	12/03	10/02		100	%		201,369
Heritage Christian Home III	Brighton, NY	12		118,153	1/04	10/03		100	%		721,545
Jefferson House	Lynchburg, VA	101		1,752,904	12/04	7/05		100	%		925,273
Kings Pt. Apts.	Sheridan, CO	50		1,863,694	8/03	12/03		100	%		788,729
La Mirage Apts.	Borger, TX	12		704,201	8/03	10/03		100	%		766,945
Lakeview Station	Shepardsville, KY	28		556,198	7/03	9/03		100	%		1,402,270
Lawrence-ville Manor	Lawrenceville, VA	24		817,850	7/03	8/04		100	%		771,671
Lincoln Apts.	Shinnston, WV	32		514,046	10/03	12/03		100	%		786,619

34

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
London Village	London, KY	32	$	479,324	4/05	9/05		100	%	$	2,021,436
Lone Terrace	Lone Grove, OK	32		1,188,648	5/03	1/04		100	%		435,193
Lorie Village	Bowling Green, KY	32		760,521	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		848,768	6/03	12/03		100	%		347,253
Orchard View Apst.	Farmington, MO	40		623,390	7/03	6/04		100	%		2,226,954
Reese Village	Emporia, VA	40		1,345,990	3/05	11/04		100	%		1,198,088
Ridge Crest Apts.	St. Louis, MO	83		2,989,523	8/03	9/04		100	%		2,020,327
Sulphur Terrace	Sulphur, OK	32		1,162,711	5/03	1/04		100	%		433,759
University Plaza Sr. Complex	Greely, CO	34		900,345	5/03	9/03		100	%		332,128
Valleyview Apts.	Canneyville, KY	24		663,558	12/05	12/04		100	%		488,540
William B. Quarton	Cedar Rapids, IA	28		1,457,978	1/04	7/03		100	%		1,197,000
Willow Oak and Oroville Apartments	Willows, CA	122		3,910,271	07/04	10/03		100	%		1,619,212

35

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

PROPERTY PROFILE AS OF MARCH 31, 2017

Property Name	Location	Units	Mortgage Balance as of 12/31/16		Acq Date	Const Comp	Qualified Occupancy 3/31/17			Cap Con paid thru 3/31/17
Bartlett Bayou Apartments	Pascagoula, MS	48	$	754,779	7/03	9/05		100	%	$	786,153
Clayton Station Apartments	Munfordville, KY	29		679,568	4/04	9/04		100	%		1,274,486
Deer Meadow Apartments	Tishomingo, OK	24		1,081,794	2/04	3/04		100	%		369,626
Elma Gardens	Elma, WA	36		1,403,136	3/05	1/04		100	%		588,701
Jacksonville Square Apts.	Jacksonville, TX	44		1,000,171	11/03	7/04		100	%		621,519
Kimberly Place Apartments	Danbury, CT	117		6,157,593	6/04	4/05		100	%		2,450,732
Linden's Apartments	Shawnee, OK	54		894,412	12/04	2/06		100	%		2,963,132
Ocean East Housing	Portland, ME	32		1,385,077	2/04	6/05		100	%		3,787,273
Panola Apts.	Carthage, TX	32		680,439	12/03	4/04		100	%		461,573
Rosehill Apts.	Topeka, KS	48		2,283,335	12/03	9/04		100	%		2,540,503
Sandy Hill Apartments	Greenville, KY	29		422,799	4/04	10/04		100	%		1,849,164
Saint Martin Apartments	McCombs, MS	40		630,080	8/05	4/06		100	%		1,539,454
Tanglewood Village Apartments	Panama, OK	24		1,120,128	9/04	5/04		100	%		402,649
Wagoner Village	Wagoner, OK	31		932,642	1/04	1/04		100	%		341,377

36

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

37

PART II

Item 5. Market for the Fund’s Limited Partnership Interests, 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, 2017, the Fund has 41,885 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 2,250 investors holding 3,866,700 BACs, Series 21 consists of 1,143 investors holding 1,892,700 BACs, Series 22 consists of 1,601 investors holding 2,564,400 BACs, Series 23 consists of 2,090 investors holding 3,336,727 BACs, Series 24 consists of 1,264 investors holding 2,169,878 BACs, Series 25 consists of 1,730 investors holding 3,026,109 BACs, Series 26 consists of 2,248 investors holding 3,995,900 BACs, Series 27 consists of 1,296 investors holding 2,460,700 BACs, Series 28 consists of 1,995 investors holding 4,000,738 BACs, Series 29 consists of 2,177 investors holding 3,991,800 BACs, Series 30 consists of 1,314 investors holding 2,651,000 BACs, Series 31 consists of 2,021 investors holding 4,417,857 BACs, Series 32 consists of 2,222 investors holding 4,754,198 BACs, Series 33 consists of 1,215 investors holding 2,636,533 BACs, Series 34 consists of 1,668 investors holding 3,529,319 BACs, Series 35 consists of 1,645 investors holding 3,300,463 BACs, Series 36 consists of 996 investors holding 2,106,838 BACs, Series 37 consists of 1,108 investors holding 2,512,500 BACs, Series 38 consists of 1,179 investors holding 2,543,100 BACs, Series 39 consists of 975 investors holding 2,292,151 BACs, Series 40 consists of 1,079 investors holding 2,630,256 BACs, Series 41 consists of 1,348 investors holding 2,891,626 BACs, Series 42 consists of 1,204 investors holding 2,744,262 BACs, Series 43 consists of 1,626 investors holding 3,637,987 BACs, Series 44 consists of 1,279 investors holding 2,701,973 BACs, Series 45 consists of 1,805 investors holding 4,014,367 BACS and Series 46 consists of 1,407 investors holding 2,980,998 BACS at March 31, 2017
(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, 2017.
	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.

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	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. During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 24 limited partners in the amount of $604,486. The distribution was the result of proceeds available from the sale of Operating Partnerships. During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 25 limited partners in the amount of $3,382,746. The distribution was the result of proceeds available from the sale of Operating Partnerships. During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 26 limited partners in the amount of $2,190,980. The distribution was the result of proceeds available from the sale of Operating Partnerships. During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 28 limited partners in the amount of $6,191,069. The distribution was the result of proceeds available from the sale of Operating Partnerships.
Item 6.	Selected Financial Data
	Not Applicable.

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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.

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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, 2017, 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, 2017, 21 of the properties have been disposed of and 3 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, 2017, 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, 2017, 12 of the properties has been disposed of and 2 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, 2017, 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, 2017, 26 of the properties have been disposed of and 3 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(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.

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During the fiscal year ended March 31, 2017, 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, 2017, 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 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, 2017, 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, 2017, 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, 2017, 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, 2017, 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.

During the fiscal year ended March 31, 2017, 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. As of March 31, 2017, 32 of the properties have been disposed of and 13 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.

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During the fiscal year ended March 31, 2017, 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. As of March 31, 2017, 11 of the properties have been disposed of and 5 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, 2017, 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, 2017, 21 of the properties have been disposed of and 5 remain. 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, 2017, 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, 2017, 14 of the properties has been disposed of and 8 remain. The Fund had completed payment of all installments of its capital contributions to 20 of the Operating Partnerships. Series 29 has outstanding contributions payable to 2 Operating Partnerships in the amount of $8,235 as of March 31, 2017. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

(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, 2017, 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, 2017, 12 of the properties have been disposed of and 8 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, 2017. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

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(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, 2017, 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, 2017, 17 of the properties have been disposed of and 10 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, 2017. 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, 2017, none of Series 32 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 32 had been used to invest in 17 Operating Partnerships in an aggregate amount of $34,129,677. As of March 31, 2017, 10 of the properties have been disposed of and 7 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, 2017. The remaining contributions will be released when Operating Partnership have achieved the conditions set forth its partnership agreement.

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, 2017, 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, 2017, 5 of the properties have been disposed of and 5 remain. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of March 31, 2017. The remaining contributions of will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

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(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, 2017, 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, 2017, 10 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 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, 2017, 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, 2017, 8 of the properties have been disposed of and 3 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(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, 2017, 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, 2017, 8 of the properties have been disposed of and 3 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, 2017, 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, 2017, 5 of the properties has been disposed of and 2 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, 2017. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

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(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, 2017, 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. As of March 31, 2017, 6 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.

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, 2017, 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. As of March 31, 2017, 8 of the properties have been disposed of and 1 remains. 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, 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, 2017, 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. As of March 31, 2017, 6 of the properties have been disposed of and 10 remain. 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, 2017. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

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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, 2017, 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, 2017, 6 of the properties have been disposed of and 17 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, 2017. 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 $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, 2017, 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, 2017, 8 of the properties has been disposed of and 15 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, 2017. 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.

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During the fiscal year ended March 31, 2017, none 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. As of March 31, 2017, 4 of the properties has been disposed of and 19 remain. 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, 2017. 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.

(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, 2017, none 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, 2017, 3 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.

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.

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During the fiscal year ended March 31, 2017, 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, 2017, 4 of the properties has been disposed of and 27 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, 2017. 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, 2017, 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. As of March 31, 2017, 1 of the properties have been disposed of and 14 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 $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.

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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, 2017 and 2016 was $2,469,863 and $3,064,018, 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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 Operating Partnerships at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $356,996 and $(283,085), 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $65,321 and $(66,671), respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

In March 2016, the operating general partner of Franklinton Elderly Housing entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $1,655,869, which included the outstanding mortgage balance of approximately $1,514,869 and cash proceeds to the investment partnership of $141,000. Of the total proceeds received by the investment partnership, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $138,000 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 sale of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $138,000 as of September 30, 2016.

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(Series 21). As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(236,839) and $1,045,858 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $(44,938) and $279,798, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

In June 2015, the investment general partner transferred its interest in Centrum – Fairfax Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,185,225 and cash proceeds to the investment partnership of $331,096. Of the total proceeds received, $8,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $323,096 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 $323,096 as of June 30, 2015.

In August 2015, the investment general partner transferred its interest in Fort Halifax Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $913,861 and cash proceeds to the investment partnership of $3,177. The total proceeds of approximately $3,177 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 $3,177 as of September 30, 2015.

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(Series 22). As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had total of 3 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $406,626 and $530,470, 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $(72,794) and $178,017, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

In August 2015, the investment general partner transferred their respective interests in Birch Ridge Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,661,182 and cash proceeds to the investment partnerships of $231,966 and $214,257 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,263 and $1,167 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $230,703 and $213,090 for Series 22 and Series 23, 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. 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 $230,703 and $213,090 for Series 22 and Series 23, respectively, as of September 30, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $693 for Series 22 was recorded as gain on the sale of the Operating Partnership as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in Swedesboro Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,331,558 and cash proceeds to the investment partnership of $1,593. The total proceeds of approximately $1,593 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 $1,593 as of September 30, 2015.

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In February 2016, the investment general partner transferred its interest in Elks Tower Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $583,910 and cash proceeds to the investment partnership of $10,000. 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 $6,500 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 $6,500 as of March 31, 2016. In addition, equity outstanding for the Operating Partnership in the amount of $8,659 was recorded as gain on the sale of the Operating Partnership as of March 31, 2016.

(Series 23). As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(391,208) and $152,424, 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $402,128 and $168,719, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

In August 2015, the investment general partner transferred their respective interests in Birch Ridge Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,661,182 and cash proceeds to the investment partnerships of $231,966 and $214,257 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,263 and $1,167 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $230,703 and $213,090 for Series 22 and Series 23, 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. 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 $230,703 and $213,090 for Series 22 and Series 23, respectively, as of September 30, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $693 for Series 22 was recorded as gain on the sale of the Operating Partnership as of September 30, 2015.

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In July 2015 the investment general partner transferred its interest in Hurleyville Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,020,330 and cash proceeds to the investment partnership of $2,369. The total proceeds of approximately $2,369 were returned to cash reserves held by Series 23. 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 $2,369 as of September 30, 2015.

In February 2016, the investment general partner transferred its interest in Village Woods Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,458,813 and cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $8,030 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $31,970 were returned to cash reserves held by Series 23. 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 $31,970 as of March 31, 2016.

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In June 2016, the investment general partner of Boston Capital Tax Credit Fund III - Series 16 and Series 23 transferred their respective interests in Mid City Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,890,361 and cash proceeds to the investment partnerships of $124,955 and $4,545, for Series 16 and Series 23, respectively. Of the total proceeds received, $27,340 and $995, for Series 16 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $97,615 and $3,550, for Series 16 and Series 23, 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, net of the overhead and expense reimbursement, has been recorded in the amount of $97,615 and $3,550, for Series 16 and Series 23, respectively, as of June 30, 2016.

In March 2017, the investment general partner transferred its interest in Colonna Redevelopment Company to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $375,000 and cash proceeds to the investment partnership of $500,000. Of the total proceeds received, $15,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $485,000 were returned to cash reserves held by Series 23. 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 $485,000 as of March 31, 2017.

In January 2017, the operating general partner of Sacramento SRO Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 21, 2017. The sales price of the property was $3,800,000, which included the outstanding mortgage balance of approximately $2,701,113 and cash proceeds to the investment partnership of $900,000. 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 from the sale of $895,000 were returned to cash reserves held by Series 23. 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 24). As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(293,139) and $51,846, 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.

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As of March 31, 2017 and 2016 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, 2017 and 2016 the net income (loss) of the Series was $(75,371) and $27,462, 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 was 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. On August 18, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership’s final reconciliation of cash in the amount of $16,675 and $8,325 for Series 24 and Series 42, respectively, which were returned to the cash reserves.

(Series 25). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(165,688) and $(133,393), 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.

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As of March 31, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $(51,336) and $(33,376), respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

(Series 26). As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 13 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(741,373) and $762,538, 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $(126,723) and $(66,471), respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

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 was paid 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. 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 June 30, 2015.

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In July 2015, the investment general partner transferred its interest in G.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,064,433 and cash proceeds to the investment partnership of $32,000. 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 $29,500 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 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 $29,500 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in W.P.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,074,108 and cash proceeds to the investment partnership of $32,000. 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 $29,500 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 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 $29,500 as of September 30, 2015.

In July 2016, the investment general partner transferred its interest in Holly Hills Properties, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,392 and cash proceeds to the investment partnership of $22,500. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $18,500 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 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 $18,500 as of September 30, 2016.

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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.

Beckwood Manor One Limited Partnership

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

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

Warrensburg Heights, L.P.

Brookhaven Apartments Partnership, A LP

Beauregard Apartments Partnership, A L.D.H.A.

(Series 27). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $3,231,199 and $(545,513) 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $2,675,164 and $(152,027), respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the professional fee.

In February 2016, the operating general partner of Centrum - Fairfax II LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on June 20, 2016. The sales price of the property was $9,550,000, which included the outstanding mortgage balance of approximately $4,907,553 and cash proceeds to the investment partnership of $3,000,000. Of the total proceeds received by the investment partnership, $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 $2,995,000 will be 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 $2,995,000 as of June 30, 2016.

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In July 2016, the investment general partner transferred its interest in Sunday Sun Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,703 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,000 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 $21,000 as of September 30, 2016.

In October 2016, the investment general partner transferred 50% of its interest in Canisteo Manor, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $438,188 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 27. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in November 2017 for the assumption of approximately $438,188 of the remaining outstanding mortgage balance and nominal consideration.

In December 2016, the operating general partner of Wayne Housing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 27, 2017. The sales price of the property was $12,800,000, which included the outstanding mortgage balance of approximately $5,844,046 and cash proceeds to the investment partnership of $3,291,567 which 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.

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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

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For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(256,704) and $51,018, 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $(64,444) and $1,295,112, 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 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 was 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. 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 $1,197,000 as of June 30, 2015.

In January 2016, the investment general partner transferred its interest in Terraceview Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $535,454 and cash proceeds to the investment partnership of $182,521. Of the total proceeds received, $2,000 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 $175,521 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 $175,521 as of March 31, 2016.

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In March 2016, the investment general partner transferred its interest in Chandler Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $833,586 and cash proceeds to the investment partnership of $24,000. 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 $21,500 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 $21,500 as of March 31, 2016.

In March 2016, the investment general partner transferred its interest in Wellston Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $347,986 and cash proceeds to the investment partnership of $10,500. 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 $8,000 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 $8,000 as of March 31, 2016.

In March 2016, the investment general partner transferred its interest in Yale Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $183,702 and cash proceeds to the investment partnership of $6,000. 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 $3,500 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 $3,500 as of March 31, 2016.

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In June 2016, the investment general partner transferred its interest in Senior Suites Chicago Austin Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,875,732 and cash proceeds to the investment partnership of $10,000. 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 $5,000 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 $5,000 as of June 30, 2016.

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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $(592,225) and $1,074,818, 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $(173,797) and $355,117, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

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. Following the foreclosure sale, the investment general partner 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.

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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 remanded 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 had the financial capacity to pay the judgment and penalties that had been awarded. 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 April 2015. This led the investment general partner to conclude that the guarantor had the financial wherewithal to pay some portion of the judgement amount. In mid-July 2015, the Missouri court issued an ordered for non-binding mediation to both the plaintiff and the defendant. The mediation conference took place on September 10, 2015 and a settlement was agreed to at $275,000. Full payment of the settlement amount by the defendant was completed in January 2016 to conclude this matter.

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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 was 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. 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 $153,500 as of June 30, 2015.

In July 2015, the investment general partner transferred its interest in Dogwood Rural Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,258,767 and cash proceeds to the investment partnership of $48,000. 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 $45,500 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. 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 $45,500 as of September 30, 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.

Edgewood Apartments Partnership, A Louisiana Partnership

Westfield Apartments Partnership, A Louisiana Partnership

Harbor Pointe/MHT LDHA

The Lincoln Hotel

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(Series 30). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(589,882) and $(1,066,817), 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $(103,851) and $191,558, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

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 was 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.

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, was 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. 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 $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

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In August 2015, the investment general partner transferred its interest in Trinity Life Gardens, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $806,889 and cash proceeds to the investment partnership of $261,945. Of the total proceeds received, $6,484 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $255,461 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 $255,461 as of September 30, 2015.

In December 2015 the investment general partner transferred its interest in West Swanzey Affordable Housing Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $601,570 and cash proceeds to the investment partnership of $45,233. Of the total proceeds received, $30,240 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 $11,993 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 $11,993 as of December 31, 2015.

In February 2017, the operating general partner of Linden Partners II, LLC entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 28, 2017. The sales price of the property was $1,125,000, which included the outstanding mortgage balance of approximately $681,507 and cash proceeds to the investment partnership of $192,168. Of the total proceeds received by the investment partnership, $40,738 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $3,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $148,430 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.

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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.

Pyramid One, LP

Bellwood Four Limited Partnership

JMC Limited Liability Company

(Series 31). As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $973,247 and $2,141,375, 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $698,887 and $1,144,794, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

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. On September 2, 2015, and February 4, 2016, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $213,572 and $25,086, respectively, which were returned to the cash reserves held by Series 31.

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In August 2015, the investment general partner transferred its interest in Montfort Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,647,963 and cash proceeds to the investment partnership of $1,048,605. Of the total proceeds received, $6,075 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,042,530 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, net of the overhead and expense reimbursement, has been recorded in the amount of $1,042,530 as of September 30, 2015.

In November 2015, the operating general partner entered into an agreement to sell Riverbend Housing Associates, LP to a third-party buyer and the transaction closed on March 23, 2016. The sales price of the property was $760,655, which included the outstanding mortgage balance of approximately $660,916 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received by the investment partnership, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $47,000 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 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 $47,000 as of March 31, 2016.

In December 2016, the investment general partner transferred its interest in Eagles Ridge Terrace Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,391,732 and cash proceeds to the investment partnership of $72,000. 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 $69,500 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, net of the overhead and expense reimbursement, has been recorded in the amount of $69,500 as of December 31, 2016.

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In December 2016, the investment general partner transferred its interest in Henderson Terrace Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,366 and cash proceeds to the investment partnership of $19,200. 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 $16,700 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, net of the overhead and expense reimbursement, has been recorded in the amount of $16,700 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Lakeview Little Elm Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $340,752 and cash proceeds to the investment partnership of $19,200. 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 $16,700 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, net of the overhead and expense reimbursement, has been recorded in the amount of $16,700 as of December 31, 2016.

70

In December 2016, the investment general partner transferred its interest in Mesquite Trails Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $523,176 and cash proceeds to the investment partnership of $28,800. 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 $26,300 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, net of the overhead and expense reimbursement, has been recorded in the amount of $26,300 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Pilot Point Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $587,525 and cash proceeds to the investment partnership of $32,000. 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 $29,500 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, net of the overhead and expense reimbursement, has been recorded in the amount of $29,500 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Seagraves Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $354,789 and cash proceeds to the investment partnership of $12,800. 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 $10,300 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, net of the overhead and expense reimbursement, has been recorded in the amount of $10,300 as of December 31, 2016.

71

In November 2016, the investment general partner transferred its interest in Silver Creek Apartments/MHT, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,332,447 and cash proceeds to the investment partnership of $627,947. 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 $622,947 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. The transfer proceeds were received in the first quarter of 2017; so a receivable in the amount of $622,947 was recorded as of December 31, 2016. 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 $622,947 as of December 31, 2016. In March 2017, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $85,464, which were returned to the cash reserves held by the Series.

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 One, L.P.

Canton Housing Two, L.P.

Canton Housing Three, L.P.

Canton Housing Four, L.P.

(Series 32). As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(1,402,752) and $2,065,671, 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $374,024 and $615,369, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

72

In August 2015, the operating general partner of Pearl Partners, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2015. The sales price of the property was $10,245,000, which included the outstanding mortgage balance of approximately $7,762,016 and cash proceeds to the investment partnership of $832,886. Of the total proceeds received by the investment partnership, $7,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $825,886 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 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 $825,886 as of December 31, 2015.

In December 2016, the investment general partner transferred its interest in Indiana Development Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,129,504 and cash proceeds to the investment partnership of $47,500. 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 $45,000 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, net of the overhead and expense reimbursement, has been recorded in the amount of $45,000 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Granada Rose, Limited Partnership, a Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $124,650 and cash proceeds to the investment partnership of $6,400. 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 $3,900 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, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of December 31, 2016.

73

In November 2016, the operating general partner of Cogic Village LDHA Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on February 8, 2017. The sales price of the property was $3,275,000, which included the outstanding mortgage balance of approximately $1,991,521, and cash proceeds to the investment partnership of $522,652. Of the total proceeds received by the investment partnership, $2,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $520,652 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 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 $520,652 as of March 31, 2017.

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

Pecan Manor Apartments

(Series 33). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(1,234,847) and $(67,573), 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the Series was $(94,282) and $1,023,616, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

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 was 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. 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 $1,097,000 as of June 30, 2015.

74

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

Stearns Assisted Housing Associates, LP

Harbor Pointe/MHT LDHA

(Series 34). As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(1,611,998) and $2,386,600, 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, 2017 and 2016 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, 2017 and 2016, the net income (loss) of the Series was $556,742 and $316,271, 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 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 was 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. 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 $37,000 as of June 30, 2015.

75

In January 2016, the investment general partner transferred its interest in Boerne Creekside Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,796,900 and cash proceeds to the investment partnership of $300,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $291,000 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. 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 $291,000 as of March 31, 2016.

In May 2016, the investment general partner transferred its interest in Northwood Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,053 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $27,500 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, net of the overhead and expense reimbursement, has been recorded in the amount of $27,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Kerrville Meadows Apartments, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,144,914 and cash proceeds to the investment partnership of $225,000. Of the total proceeds received, $10,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $215,000 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. 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 $215,000 as of September 30, 2016.

76

In December 2016, the investment general partner transferred their respective interests in Washington Courtyards Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,958,317 and cash proceeds to the investment partnerships of $394,536 and $165,090 for Series 34 and Series 35, respectively. Of the total proceeds received, $2,115 and $885 for Series 34 and Series 35, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $4,230 and $1,770 for Series 34 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $388,191 and $162,435 for Series 34 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. 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 $388,191 and $162,435 for Series 34 and Series 35, respectively, as of December 31, 2016.

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

RHP 96-I, L.P.

(Series 35). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $(457,561) and $(1,640,437), 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $2,641,797 and $1,374,252, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

77

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, was 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. 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 $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

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 was 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. 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 $860,000 as of June 30, 2015. On September 9, 2015, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $68,250, which were returned to the cash reserves held by Series 35.

In January 2016 the investment general partner transferred its interest in Riverwalk Apartment Homes, Phase II LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $287,847 and cash proceeds to the investment partnership of $537,353. 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 $532,353 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. 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 $532,353 as of March 31, 2016.

78

In March 2016, the operating general partner of Wedgewood Park Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $13,900,000, which included the outstanding mortgage balance of approximately $4,364,386 and cash proceeds to the investment partnerships of $2,333,553 and $2,333,553 for Series 35 and Series 36, respectively. Of the total proceeds received by the investment partnerships, $37,500 and $37,500 for Series 35 and Series 36, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $1,250 and $1,250 for Series 35 and Series 36, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,294,803 and $2,294,803 for Series 35 and Series 36, 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 $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, as of June 30, 2016. In September 2016, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $85,949 and $85,949 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series. In January 2017, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $12,121 and $12,121 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series.

In December 2016, the investment general partner transferred their respective interests in Washington Courtyards Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,958,317 and cash proceeds to the investment partnerships of $394,536 and $165,090 for Series 34 and Series 35, respectively. Of the total proceeds received, $2,115 and $885 for Series 34 and Series 35, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $4,230 and $1,770 for Series 34 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $388,191 and $162,435 for Series 34 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. 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 $388,191 and $162,435 for Series 34 and Series 35, respectively, as of December 31, 2016.

79

In November 2016, the operating general partner of Columbia Woods, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on February 6, 2017. The sales price of the property was $7,450,000, which included the outstanding mortgage balance of approximately $3,865,108 and cash proceeds to the investment partnerships of $168,307 and $422,243 for Series 35 and Series 37, respectively. Of the total proceeds received by the investment partnerships, $2,850 and $7,150 for Series 35 and Series 37, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $165,457 and $415,093 for Series 35 and Series 37, 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 $165,457 and $415,093 for Series 35 and Series 37, respectively, as of March 31, 2017.

(Series 36). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $102,286 and $(214,295), 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $2,482,508 and $444,498, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

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In December 2015 the investment general partner transferred its interest in Riverview Bend LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,145,000 and cash proceeds to the investment partnership of $566,354. Of the total proceeds received, $13,243 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $553,111 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. 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 $553,111 as of December 31, 2015.

In March 2016, the investment general partner transferred its interest in Nowata Village, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,914 and cash proceeds to the investment partnership of $21,000. 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 $18,500 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. 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 $18,500 as of March 31, 2016.

In May 2016, the investment general partner transferred its interest in Paris Place Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,065,498 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 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. 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 June 30, 2016.

81

In May 2016, the investment general partner transferred its interest in Valleyview Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $259,710 and cash proceeds to the investment partnership of $50,000. 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 $45,000 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. 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 $45,000 as of June 30, 2016.

In March 2016, the operating general partner of Wedgewood Park Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $13,900,000, which included the outstanding mortgage balance of approximately $4,364,386 and cash proceeds to the investment partnerships of $2,333,553 and $2,333,553 for Series 35 and Series 36, respectively. Of the total proceeds received by the investment partnerships, $37,500 and $37,500 for Series 35 and Series 36, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $1,250 and $1,250 for Series 35 and Series 36, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,294,803 and $2,294,803 for Series 35 and Series 36, 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 $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, as of June 30, 2016. In September 2016, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $85,949 and $85,949 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series. In January 2017, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $12,121 and $12,121 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series.

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In June 2016, the investment general partner of Series 36 and Series 37 transferred their respective interests in Senior Suites Chicago Washington Heights Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,321,470 and cash proceeds to the investment partnerships of $5,000 and $5,000 for Series 36 and Series 37, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 and $2,500 for Series 36 and Series 37, 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 $2,500 and $2,500 for Series 36 and Series 37, respectively, as of June 30, 2016.

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.

Wingfield Apartments Limited Partnership

Ashton Ridge L.D.H.A., L.P.

(Series 37). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $1,112,818 and $700,086, 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $2,213,042 and $(161,074), respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, 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 has been recorded as of December 31, 2016.

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In June 2016, the investment general partner of Series 36 and Series 37 transferred their respective interests in Senior Suites Chicago Washington Heights Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,321,470 and cash proceeds to the investment partnerships of $5,000 and $5,000 for Series 36 and Series 37, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 and $2,500 for Series 36 and Series 37, 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 $2,500 and $2,500 for Series 36 and Series 37, respectively, as of June 30, 2016.

In September 2016, the investment general partner transferred its interest in FAH Silver Pond Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,695,732 and cash proceeds to the investment partnership of $1,932,139. The proceeds of approximately $1,932,139 were returned to cash reserves held by Series 37. 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 $1,932,139 as of September 30, 2016.

In November 2016, the operating general partner of Columbia Woods, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on February 6, 2017. The sales price of the property was $7,450,000, which included the outstanding mortgage balance of approximately $3,865,108 and cash proceeds to the investment partnerships of $168,307 and $422,243 for Series 35 and Series 37, respectively. Of the total proceeds received by the investment partnerships, $2,850 and $7,150 for Series 35 and Series 37, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $165,457 and $415,093 for Series 35 and Series 37, 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 $165,457 and $415,093 for Series 35 and Series 37, respectively, as of March 31, 2017.

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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.

Stearns Assisted Housing Associates, LP

Ashton Ridge L.D.H.A., L.P.

(Series 38). As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $1,760,700 and $(699,749), 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $3,212,273 and $(91,569), 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 November 2016, the operating general partner of Columbia Creek, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 3, 2017. The sales price of the property was $12,700,000, which included the outstanding mortgage balance of approximately $4,897,221 and cash proceeds to the investment partnerships of $1,112,310 and $1,157,711 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $4,900 and $5,100 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, were returned to cash reserves held by Series 38 and Series 39, 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 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 $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, as of March 31, 2017.

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In March 2016, the investment general partner transferred its interest in Bristow Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,164,556 and cash proceeds to the investment partnership of $19,538. Of the total proceeds received, $2,326 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,212 were returned to cash reserves held by Series 38. 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 $17,212 as of March 31, 2016.

In March 2016, the investment general partner transferred its interest in Cushing Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,037,747 and cash proceeds to the investment partnership of $17,662. Of the total proceeds received, $2,453 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,209 were returned to cash reserves held by Series 38. 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 $15,209 as of March 31, 2016.

In June 2016, the operating general partner of Andover Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on November 15, 2016. The sales price of the property was $4,402,000, which included the outstanding mortgage balance of approximately $2,136,141 and cash proceeds to the investment partnership of $1,790,410. Of the total proceeds received by the investment partnership, $2,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,787,910 was returned to cash reserves held by Series 38. 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 $1,787,910 as of December 31, 2016.

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In December 2016, the investment general partner transferred its interest in Edna Vanderbilt, LP, A Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $216,530 and cash proceeds to the investment partnership of $9,600. 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 $7,100 were returned to cash reserves held by Series 38. 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 $7,100 as of December 31, 2016.

In October 2016, the operating general partner of Arbors at Eagle Crest LDHA LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 26, 2017. The sales price of the property was $3,700,000, which included the outstanding mortgage balance of approximately $2,078,128 and cash proceeds to the investment partnerships of $377,821 and $377,821 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $6,543 and $6,543 for Series 38 and Series 39, 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 $371,278 and $371,278 for Series 38 and Series 39, 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 $371,278 and $371,278 for Series 38 and Series 39, respectively, as of March 31, 2017.

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(Series 39). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at March 31, 2017, which was at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $(1,734,146) and $(1,744,129), 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $1,554,531 and $49,450, 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 November 2016, the operating general partner of Columbia Creek, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 3, 2017. The sales price of the property was $12,700,000, which included the outstanding mortgage balance of approximately $4,897,221 and cash proceeds to the investment partnerships of $1,112,310 and $1,157,711 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $4,900 and $5,100 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, were returned to cash reserves held by Series 38 and Series 39, 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 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 $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, as of March 31, 2017

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 was transferred on December 1, 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.

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In March 2016, the investment general partner transferred its interest in Arbors at Ironwood, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,488,022 and cash proceeds to the investment partnership of $107,668. Of the total proceeds received, $4,894 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $102,774 were returned to cash reserves held by Series 39. 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 $102,774 as of March 31, 2016.

In May 2016, the investment general partner transferred its interest in Hillview, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $771,823 and cash proceeds to the investment partnership of $25,500. 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 $22,500 were returned to cash reserves held by Series 39. 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 $22,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Daystar Village, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $634,353 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $70,500 were returned to cash reserves held by Series 39. 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 $70,500 as of September 30, 2016.

89

In August 2016, the investment general partner transferred its interest in Tally Ho Apartments Partnership, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $479,836 and cash proceeds to the investment partnership of $22,100. 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 $17,100 were returned to cash reserves held by Series 39. 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 $17,100 as of September 30, 2016.

In July 2016, the investment general partner transferred its interest in Austin Acres, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $793,420 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $4,000 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 39. 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 $12,000 as of September 30, 2016.

90

In October 2016, the operating general partner of Arbors at Eagle Crest LDHA LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 26, 2017. The sales price of the property was $3,700,000, which included the outstanding mortgage balance of approximately $2,078,128 and cash proceeds to the investment partnerships of $377,821 and $377,821 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $6,543 and $6,543 for Series 38 and Series 39, 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 $371,278 and $371,278 for Series 38 and Series 39, 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 $371,278 and $371,278 for Series 38 and Series 39, respectively, as of March 31, 2017.

(Series 40). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $(3,311,691) and $(1,133,669), 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, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $(79,129) and $584,797, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, 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 has been recorded as of December 31, 2016.

91

In March 2016, the investment general partner transferred its interest in Arbors at Ironwood II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $742,529 and cash proceeds to the investment partnership of $33,000. 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 $28,000 were returned to cash reserves held by Series 40. 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 $28,000 as of March 31, 2016.

In December 2015, the investment general partner transferred its interest in KC Shalom LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $3,145,941 and cash proceeds to the investment partnership of $776,152. Of the total proceeds received, $14,141 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $762,011 were returned to cash reserves held by Series 40. 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 $762,011 as of December 31, 2015.

In May 2016, the investment general partner transferred its interest in Londontown Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $385,627 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,500 were returned to cash reserves held by Series 40. 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 $20,500 as of June 30, 2016.

92

In July 2016, the investment general partner transferred its interest in Southbrook Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $333,131 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,500 were returned to cash reserves held by Series 40. 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 $28,500 as of September 30, 2016.

In January 2017, the investment general partner transferred its interest in Azle Fountainhead, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $924,937 and cash proceeds to the investment partnership of $47,200. 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 $44,700 were returned to cash reserves held by Series 40. 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 $44,700 as of March 31, 2017.

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.

Center Place Apartments II Limited Partnership

Oakland Partnership

Western Gardens Partnership

(Series 41) As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015, the series, in total, generated $(1,134,752) and $(384,461), 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.

93

As of March 31, 2017 and 2016, 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, 2017 and 2016, the net income (loss) of the series was $(137,219) and $302,913, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) owns a 28-unit property located in Beckley, West Virginia. During 2015 and 2016, the property operated above breakeven due to the management company’s success reducing operating expenses compared to expenses incurred during 2014. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. Note that during the second quarter of 2016, the original operating general partner transferred its interest in Cranberry Cove Limited Partnership to a replacement operating general partner with the consent of the investment general partner. 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 expired on December 31, 2016.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate 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 guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

In July 2015, the investment general partner transferred its interest in DS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,806,690 and cash proceeds to the investment partnership of $466,222. Of the total proceeds received, $8,782 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $457,440 were returned to cash reserves held by Series 41. 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 $457,440 as of September 30, 2015.

In March 2017, the investment general partner transferred its interest in Sunshine Village Apartments, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $680,145 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $4,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $70,500 were returned to cash reserves held by Series 41. 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 $70,500 as of March 31, 2017.

94

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

Red Hill Apartments I Partnership

San Diego/Fox Hollow, LP

(Series 42). As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $(3,176,425) and $(903,528), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.02 and $0.02, respectively, in tax credits per BAC to the investors.

As of March 31, 2017 and 2016 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, 2017 and 2016 the net income (loss) of the series was $(199,189) and $3,133,162, 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 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 was 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. On August 18, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership’s final reconciliation of cash in the amount of $16,675 and $8,325 for Series 24 and Series 42, respectively, which were returned to the cash reserves.

95

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) is a 56-unit property located in Charleston, West Virginia. A new third party management company was hired by the Operating Partnership in August 2015. The property operated above breakeven during 2015 and nominally below breakeven in 2016 despite average physical occupancy in 2016 reported at 87%. 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.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate 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 guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

In July 2015, the investment general partner transferred its interest in CC Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $795,600 and cash proceeds to the investment partnership of $630,264. Of the total proceeds received, $9,755 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $620,509 were returned to cash reserves held by Series 42. 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 $620,509 as of September 30, 2015.

96

In July 2015, the investment general partner transferred its interest in CT Housing Limited Partnership an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,144,603 and cash proceeds to the investment partnership of $852,446. Of the total proceeds received, $11,055 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $841,391 were returned to cash reserves held by Series 42. 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 $841,391 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in HS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,418,804 and cash proceeds to the investment partnership of $513,359. Of the total proceeds received, $9,054 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $504,305 were returned to cash reserves held by Series 42. 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 $504,305 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in SM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,506 and cash proceeds to the investment partnership of $560,788. Of the total proceeds received, $9,327 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $551,461 were returned to cash reserves held by Series 42. 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 $551,461 as of September 30, 2015.

97

In July 2015, the investment general partner transferred its interest in TS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,875,600 and cash proceeds to the investment partnership of $698,864. Of the total proceeds received, $10,160 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $688,704 were returned to cash reserves held by Series 42. 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 $688,704 as of September 30, 2015.

New Chester Townhouses II, A Limited Partnership (Chester Townhouses Phase II Apartments) is a 52-unit family property in Chester, SC. The low income housing tax credit compliance period expires on December 31, 2021. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for New Chester Townhouses II, A Limited Partnership subsequent to March 31, 2017.

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

San Diego/Fox Hollow LP.

Wingfield Apartments Partnership II, LP

Natchez Place Apartments II L.P.

(Series 43) As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties as of March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $(3,432,057) and $(644,934), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.01 and $0.01, respectively, in tax credits per BAC to the investors.

As of March 31, 2017 and 2016 Investments in Operating Partnerships for Series 43 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, 2017 and 2016, the net income (loss) of the series was $(246,031) and $2,323,909, respectively. The major components of these amounts are the Fund’s share of income from Operating Partnerships and the fund management fee.

98

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, Mississippi. The property operated above breakeven in 2015; however, replacement reserve account is underfunded. The investment general 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. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Carpenter School I Elderly Apartments, LP subsequent to March 31, 2017.

In July 2015, the investment general partner transferred its interest in AM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,031,810 and cash proceeds to the investment partnership of $1,168,898. Of the total proceeds received, $12,963 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs, and $2,827 will be applied against outstanding receivables. The remaining proceeds of approximately $1,153,108 were returned to cash reserves held by Series 43. 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 $1,153,108 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in AP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,480,510 and cash proceeds to the investment partnership of $575,871. Of the total proceeds received, $9,415 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $566,456 were returned to cash reserves held by Series 43. 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 $566,456 as of September 30, 2015.

99

In July 2015, the investment general partner transferred its interest in KP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,576,140 and cash proceeds to the investment partnership of $296,983. Of the total proceeds received, $7,759 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $289,224 were returned to cash reserves held by Series 43. 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 $289,224 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in SG Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,026,283 and cash proceeds to the investment partnership of $492,220. Of the total proceeds received, $8,914 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $483,306 were returned to cash reserves held by Series 43. 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 $483,306 as of September 30, 2015.

New Chester Townhouses II, A Limited Partnership (Chester Townhouses Phase II Apartments) is a 52-unit family property in Chester, SC. The low income housing tax credit compliance period expires on December 31, 2021. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for New Chester Townhouses II, A Limited Partnership subsequent to March 31, 2017.

Riverview Apartments – Blissfield L.D.H.A., L.P. (Riverview Apartments) is a 32-unit Rural Development family property located southeast of Detroit. The property operated below breakeven in 2015 because of a drop in occupancy. However, average occupancy increased from 87% in 2015 to 95% in 2016. The property operated above breakeven in 2016 because of the improved occupancy. The operating deficit guarantee has expired and the 15-year LIHTC compliance period expires December 31, 2017. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Riverview Apartments - Blissfield L.D.H.A., L.P. subsequent to March 31, 2017.

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

Parkside Plaza LLP

San Diego/ Fox Hollow LP.

(Series 44) As of March 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $(1,074,396) and $(1,075,932), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.06 and $0.18, respectively, in tax credits per BAC to the investors.

As of March 31, 2017 and 2016 Investments in Operating Partnerships for Series 44 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, 2017 and 2016, the net income (loss) of the series was $(231,517) and $(323,040), respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships and the fund management fee.

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.

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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 has been the third party property management company and the investment general partner who have directed property operations since January 2014. Beginning in the fourth quarter of 2013 and continuing through October 23, 2015, the investment limited partner had advanced $201,849 from fund reserves to Families First II to finance operating deficits. No further advances were made by the investment limited partner through the remainder of the fourth quarter of 2015 or during the first half of 2016. Starting in November 2015, mortgage payments were not made by the Operating Partnership. As a result, the lender issued a default notice on December 8, 2015, and accelerated payment of the mortgage note. On February 10, 2016 the court appointed a receiver to manage the property. The foreclosure on the property occurred on July 21, 2016. The tax credit recapture costs and interest penalties as a result of the foreclosure sale is estimated at $780,762. This is equivalent to recapture costs and interest penalties of $289 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 or loss on the foreclosure of the Operating Partnership has been reported. Note that the 15-year low income housing tax credit compliance period for Families First II would have expired on December 31, 2018.

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(Series 45) As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 27 properties as of March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $(1,049,885) and $(957,637), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.02 and $0.18, respectively, in tax credits per BAC to the investors.

As of March 31, 2017 and 2016 Investments in Operating Partnerships for Series 45 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, 2017 and 2016, the net income (loss) of the series was $(244,274) and $(1,050,682), 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 December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, 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 has been recorded as of December 31, 2016.

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.

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Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. Due to a workout agreement with the Lender, VHDA, the property was operating above breakeven. However, the workout agreement ended May 1, 2016. Since then, operations have been below breakeven because of high operating expenses, specifically high legal costs. Legal expenses are expected to decrease going forward as the partnership was successful in being awarded “no findings” from the Fair Housing hearing in December 2016. As of March 31, 2017, the property is 100% occupied. 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. The operating general partner’s has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate 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 guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. Though the property operated below breakeven in 2016, average occupancy improved to 97% and operating expenses decreased by 4%. Below breakeven operations were due to turnover at the beginning and end of the year, and an increase in water and sewer rates that went into effect in January 2016. A drop in occupancy at the beginning of 2017 due to unpreventable reasons including job loss and relocation, has caused below breakeven operations to continue through the first quarter. The investment general partner will continue to work with the operating general partner and the management company to improve operations. Additionally, the operating general partner discovered an error in the initial filing of the 8609s during the first quarter of 2017. The operating general partner is currently working with the state agency and the IRS to correct the issue. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

Borger Fountainhead L.P. (La Mirage Apartments) is a 48-unit family property in Borger, Texas. The property operated below breakeven in 2016. 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 guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2018.

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(Series 46) As of March 31, 2017 and 2016 the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties as of March 31, 2017, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2016 and 2015 the series, in total, generated $(607,520) and $(1,092,788), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.09 and $0.23, respectively, in tax credits per BAC to the investors.

As of March 31, 2017 and 2016 Investments in Operating Partnerships for Series 46 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, 2017 and 2016, the net income (loss) of the series was $171,768 and $(1,197,088), respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and impairment loss.

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 repair costs caused by heavy rains and resulting erosion repairs the property operated below breakeven during 2015. In late March 2016, the existing first mortgage lender agreed to reduce the interest rate on the mortgage note. As a result, the annual debt service obligation of the operating partnership has been reduced by $55,320. This reduction in the monthly debt service payments allowed the operating partnership overall to operate above breakeven in 2016. 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.

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property operated above breakeven in 2016 and through the first quarter of 2017. The improved operations were the result of lower operating expenses and an increase in occupancy. The investment general partner continues to work with the operating general partner and the management company to ensure stabilized property operations. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. Though the property operated below breakeven in 2016, average occupancy improved to 97% and operating expenses decreased by 4%. Below breakeven operations were due to turnover at the beginning and end of the year, and an increase in water and sewer rates that went into effect in January 2016. A drop in occupancy at the beginning of 2017 due to unpreventable reasons including job loss and relocation, has caused below breakeven operations to continue through the first quarter. The investment general partner will continue to work with the operating general partner and the management company to improve operations. Additionally, the operating general partner discovered an error in the initial filing of the 8609s during the first quarter of 2017. The operating general partner is currently working with the state agency and the IRS to correct the issue. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

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Linden-Shawnee Partners, Limited Partnership (Linden’s Apartments) is a 54-unit family property in Shawnee, OK. Operations were below breakeven in 2016, largely due to management’s inability to increase rents and retain current tenants, while incurring additional operating expenses. The investment general partner will continue to work with the operating general partner and management company to improve occupancy and overall operations. The operating general partner’s operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period expires on December 31, 2020.

On November 22, 2016, the operating general partner of Agent Kensington Limited Partnership sold the property to an unrelated third party buyer. The sales price of the property was $6,625,000, which included the outstanding mortgage balance of approximately $4,023,594 and cash proceeds to the investment partnership of $398,183. Of the total proceeds received by the investment partnership, $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 $393,183 were returned to cash reserves held by Series 46. 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 $393,183 as of December 31, 2016.

Saint Martin Apartments, L.P. (Saint Martin Apartments) is a 40-unit family property in McComb, MS. The property operated slightly below breakeven in 2016 and in the first quarter of 2017, mainly due to low occupancy. The investment limited partner will continue to work with the operating general partner on improving occupancy and will monitor operations. The 15-year low income housing tax credit compliance period for Saint Martin Apartments, L.P. expires on December 31, 2020.

Off Balance Sheet Arrangements

None.

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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, 2017 and 2016. 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. 

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Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund 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 Fund’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 Fund 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 Fund’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 Fund’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 Fund.

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 has determined that there is no material impact to its financial statements as a result of this guidance.

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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.

109

		As required by Section 404 of the Sarbanes-Oxley Act of 2002, management conducted an evaluation of the effectiveness of the Fund’s internal control over financial reporting as of March 31, 2017. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on this evaluation, management concluded the Fund’s internal control over financial reporting was effective as of March 31, 2017.
	(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, 2017 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

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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 68, 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 55, 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 of 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.

111

Kevin P. Costello, age 70, 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 53, 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 affiliates. 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.

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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 2017 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, 2017 was $2,469,863.

2. The Fund has reimbursed or accrued as a payable to an affiliate of the general partner a total of $452,767 for amounts charged to operations during the year ended March 31, 2017. 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, 2017, 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	6.14%
Series 22	8.67%
Series 23	6.77%
Series 26	8.60%
Series 27	9.29%
Series 28	6.30%
Series 32	5.92%
Series 41	9.70%
Series 42	6.84%
Series 43	7.36%
Series 44	7.34%
Series 45	5.28%
Series 46	7.10%

As of March 31, 2017, 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	6.48%
Series 25	6.90%

113

As of March 31, 2017, 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	6.84%
Series 34	7.76%
Series 35	6.66%
Series 36	5.42%
Series 37	7.40%
Series 38	7.80%
Series 39	7.43%
Series 40	5.32%

	(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, 2017.
	(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.

114

Item 14.	Principal Accountant Fees and Services
	Fees paid to the Fund’s independent auditors for fiscal year 2017 were comprised of the following:

Fee Type	Ser. 20		Ser. 21		Ser. 22		Ser. 23		Ser. 24
Audit Fees	$	8,831	$	9,981	$	11,406	$	12,681	$	9,681
Audit Related Fees		-		-		-		-		-
Tax Fees		3,796		3,796		4,250		4,931		4,477
All Other Fees		1,846		937		1,315		1,738		1,095
Total	$	14,473	$	14,714	$	16,971	$	19,350	$	15,253

Fee Type	Ser. 25		Ser. 26		Ser. 27		Ser. 28		Ser. 29
Audit Fees	$	8,831	$	16,081	$	10,106	$	14,681	$	12,531
Audit Related Fees		-		-		-		-		-
Tax Fees		3,796		7,201		4,477		5,612		5,158
All Other Fees		1,439		1,982		1,128		1,723		1,921
Total	$	14,066	$	25,264	$	15,711	$	22,016	$	19,610

Fee Type	Ser. 30		Ser. 31		Ser. 32		Ser. 33		Ser. 34
Audit Fees	$	13,531	$	16,356	$	12,381	$	10,256	$	12,106
Audit Related Fees		-		-		-		-		-
Tax Fees		5,612		7,428		5,612		4,704		5,612
All Other Fees		1,215		1,935		1,992		1,156		1,546
Total	$	20,358	$	25,719	$	19,985	$	16,116	$	19,264

115

Item 14.	Principal Accountant Fees and Services - continued
	Fees paid to the Fund’s independent auditors for fiscal year 2017 were comprised of the following:

Fee Type	Ser. 35		Ser. 36		Ser. 37		Ser. 38		Ser. 39
Audit Fees	$	12,681	$	12,106	$	9,681	$	12,531	$	12,106
Audit Related Fees		-		-		-		-		-
Tax Fees		5,158		4,931		4,477		5,158		4,931
All Other Fees		1,534		919		1,041		1,167		934
Total	$	19,373	$	17,956	$	15,199	$	18,856	$	17,971

Fee Type	Ser. 40		Ser. 41		Ser. 42		Ser. 43		Ser. 44
Audit Fees	$	15,081	$	15,782	$	18,507	$	19,207	$	10,532
Audit Related Fees		-		-		-		-		-
Tax Fees		6,520		7,201		7,655		8,109		5,158
All Other Fees		1,121		1,326		1,173		1,563		1,130
Total	$	22,722	$	24,309	$	27,335	$	28,879	$	16,820

Fee Type	Ser. 45		Ser. 46
Audit Fees	$	19,032	$	13,507
Audit Related Fees		1,400		1,400
Tax Fees		9,244		6,293
All Other Fees		1,821		1,319
Total	$	31,497	$	22,519

116

Item 14.	Principal Accountant Fees and Services - continued
	Fees paid to the Fund’s independent auditors for fiscal year 2016 were comprised of the following:

Fee Type	Ser. 20		Ser. 21		Ser. 22		Ser. 23		Ser. 24
Audit Fees	$	12,577	$	8,677	$	11,427	$	12,627	$	10,452
Audit Related Fees		-		-		-		-		-
Tax Fees		4,570		3,690		4,790		5,230		4,570
All Other Fees		1,513		763		1,068		1,398		850
Total	$	18,660	$	13,130	$	17,285	$	19,255	$	15,872

Fee Type	Ser. 25		Ser. 26		Ser. 27		Ser. 28		Ser. 29
Audit Fees	$	10,627	$	20,702	$	12,802	$	19,277	$	17,902
Audit Related Fees		-		-		-		-		-
Tax Fees		4,350		8,090		5,010		6,990		6,550
All Other Fees		1,156		1,19		876		1,385		1,535
Total	$	16,133	$	30,311	$	18,688	$	27,652	$	25,987

Fee Type	Ser. 30		Ser. 31		Ser. 32		Ser. 33		Ser. 34
Audit Fees	$	16,352	$	17,602	$	14,402	$	11,427	$	13,602
Audit Related Fees		-		-		-		-		-
Tax Fees		6,330		8,090		5,890		4,570		5,670
All Other Fees		939		1,478		1,571		918		1,273
Total	$	23,621	$	27,170	$	21,863	$	16,915	$	20,545

117

Item 14.	Principal Accountant Fees and Services - continued
	Fees paid to the Fund’s independent auditors for fiscal year 2016 were comprised of the following:

Fee Type	Ser. 35		Ser. 36		Ser. 37		Ser. 38		Ser. 39
Audit Fees	$	11,652	$	10,677	$	10,452	$	11,077	$	11,252
Audit Related Fees		-		-		-		-		-
Tax Fees		5,010		5,010		4,350		5,010		4,790
All Other Fees		1,255		749		837		908		746
Total	$	17,917	$	16,436	$	15,639	$	16,995	$	16,788

Fee Type	Ser. 40		Ser. 41		Ser. 42		Ser. 43		Ser. 44
Audit Fees	$	13,477	$	14,677	$	16,052	$	16,277	$	10,277
Audit Related Fees		-		-		-		1,050		-
Tax Fees		6,330		6,990		7,430		7,870		5,230
All Other Fees		811		899		804		1,083		853
Total	$	20,618	$	22,566	$	24,286	$	26,280	$	16,360

Fee Type	Ser. 45		Ser. 46
Audit Fees	$	18,277	$	13,083
Audit Related Fees		4,900		4,200
Tax Fees		9,190		6,110
All Other Fees		1,193		935
Total	$	33,560	$	24,328

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.

118

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, 2017 and 2016

Statements of Operations for the years ended March 31, 2017 and 2016

Statements of Changes in Partners' Capital (Deficit) for the years ended March 31, 2017 and 2016

Statements of Cash Flows for the years ended March 31, 2017 and 2016

Notes to Financial Statements, March 31, 2017 and 2016

	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

119

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).

120

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).

121

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).

122

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.)

123

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.)

124

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.)

125

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.)

126

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.)

127

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.)

128

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.)

129

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.)

130

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.)

131

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.)

132

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, 2017 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

Item 16. Form 10-K Summary

Not applicable.

133

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 23, 2017		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 23, 2017	/s/ John P. Manning	Director, President (Principal Executive
	John P. Manning	Officer), C&M Management, Inc.;
		Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
June 23, 2017	/s/ Marc N. Teal	Sr. Vice President, Chief Financial
	Marc N. Teal	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.

134

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, 2017 AND 2016

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 because 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 L.P.

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund IV L.P. - Series 20 through Series 46 (the "Partnership"), in total and for each series, as of March 31, 2017 and 2016, 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, 2017. 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 L.P. - Series 20 through Series 46, in total and for each series, as of March 31, 2017 and 2016, 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, 2017, in conformity with accounting principles generally accepted in the United States of America.

/s/ CohnReznick LLP

COHNREZNICK LLP

Bethesda, Maryland

June 23, 2017

F-3 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

March 31, 2017 and 2016

	Total
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		27,209,997			21,728,069
Notes receivable		22,790			22,790
Other assets		164,773			164,773
	$	27,397,560		$	21,915,632
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	697,432		$	685,806
Accounts payable – affiliates		39,637,826			49,270,814
Capital contributions payable		578,113			578,113
		40,913,371			50,534,733
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 issued and 83,310,666 and  83,428,546 outstanding at March 31, 2017 and 2016, respectively.		(6,338,126	)		(21,290,383	)
General partner		(7,177,685	)		(7,328,718	)
		(13,515,811	)		(28,619,101	)
	$	27,397,560		$	21,915,632

(continued)

F-4 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 20
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		271,060			180,896
Notes receivable		-			-
Other assets		-			-
	$	271,060		$	180,896
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		1,466,902			1,442,059
Capital contributions payable		-			-
		1,466,902			1,442,059
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 issued and 3,833,200 and 3,843,500 outstanding at March 31, 2017 and 2016, respectively.		(875,631	)		(940,299	)
General partner		(320,211	)		(320,864	)
		(1,195,842	)		(1,261,163	)
	$	271,060		$	180,896

(continued)

F-5 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 21
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		241,102			425,168
Notes receivable		-			-
Other assets		-			-
	$	241,102		$	425,168
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		1,321,237			1,460,365
Capital contributions payable		-			-
		1,321,237			1,460,365
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 1,892,700  issued to the assignees at March 31, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 issued and 1,879,500 and 1,881,000 outstanding at March 31, 2017 and 2016, respectively.		(907,383	)		(862,894	)
General partner		(172,752	)		(172,303	)
		(1,080,135	)		(1,035,197	)
	$	241,102		$	425,168

(continued)

F-6 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 22
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		252,064			295,650
Notes receivable		-			-
Other assets		-			-
	$	252,064		$	295,650
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		2,848,897			2,819,689
Capital contributions payable		-			-
		2,848,897			2,819,689
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 issued and 2,557,045 and 2,559,800 outstanding at March 31, 2017 and 2016, respectively.		(2,351,781	)		(2,279,715	)
General partner		(245,052	)		(244,324	)
		(2,596,833	)		(2,524,039	)
	$	252,064		$	295,650

(continued)

F-7 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 23
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		659,167			219,677
Notes receivable		-			-
Other assets		-			-
	$	659,167		$	219,677
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		2,089,674			2,052,312
Capital contributions payable		-			-
		2,089,674			2,052,312
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 issued and 3,314,827 and 3,323,327 outstanding at March 31, 2017 and 2016, respectively.		(1,131,355	)		(1,529,462	)
General partner		(299,152	)		(303,173	)
		(1,430,507	)		(1,832,635	)
	$	659,167		$	219,677

(continued)

F-8 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 24
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		427,181			502,552
Notes receivable		-			-
Other assets		-			-
	$	427,181		$	502,552
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
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, 2,169,878  issued to the assignees at March 31, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 issued and 2,154,253 and 2,158,878 outstanding at March 31, 2017 and 2016, respectively.		602,161			676,778
General partner		(174,980	)		(174,226	)
		427,181			502,552
	$	427,181		$	502,552

(continued)

F-9 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 25
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		344,461			395,797
Notes receivable		-			-
Other assets		1,250			1,250
	$	345,711		$	397,047
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 issued and 3,016,809 and 3,020,309 outstanding at March 31, 2017 and 2016, respectively.		565,870			616,693
General partner		(220,159	)		(219,646	)
		345,711			397,047
	$	345,711		$	397,047

(continued)

F-10 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 26
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		677,679			809,362
Notes receivable		-			-
Other assets		-			-
	$	677,679		$	809,362
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	4,960
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			4,960
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 issued and 3,977,000 and 3,983,600 outstanding at March 31, 2017 and 2016, respectively.		989,245			1,114,701
General partner		(311,566	)		(310,299	)
		677,679			804,402
	$	677,679		$	809,362

(continued)

F-11 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 27
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		3,606,473			899,636
Notes receivable		-			-
Other assets		-			-
	$	3,606,473		$	899,636
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	31,673		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		31,673			-
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 issued and 2,446,400 and 2,453,500 outstanding at March 31, 2017 and 2016, respectively.		3,745,499			1,097,087
General partner		(170,699	)		(197,451	)
		3,574,800			899,636
	$	3,606,473		$	899,636

(continued)

F-12 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 28
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		812,483			884,427
Notes receivable		-			-
Other assets		-			-
	$	812,483		$	884,427
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	7,500
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			7,500
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 issued and 3,990,738 and 3,994,238 outstanding at March 31, 2017 and 2016, respectively.		1,086,195			1,149,995
General partner		(273,712	)		(273,068	)
		812,483			876,927
	$	812,483		$	884,427

(continued)

F-13 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 29
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		345,648			618,758
Notes receivable		-			-
Other assets		-			-
	$	345,648		$	618,758
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		3,479,192			3,578,505
Capital contributions payable		8,235			8,235
		3,487,427			3,586,740
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 issued and 3,965,300 and 3,980,400 outstanding at March 31, 2017 and 2016, respectively.		(2,771,714	)		(2,599,655	)
General partner		(370,065	)		(368,327	)
		(3,141,779	)		(2,967,982	)
	$	345,648		$	618,758

(continued)

F-14 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 30
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		270,126			304,293
Notes receivable		-			-
Other assets		-			-
	$	270,126		$	304,293
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		1,641,976			1,572,292
Capital contributions payable		105,139			105,139
		1,747,115			1,677,431
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 issued and 2,631,000 and 2,636,000 outstanding at March 31, 2017 and 2016, respectively.		(1,235,163	)		(1,132,351	)
General partner		(241,826	)		(240,787	)
		(1,476,989	)		(1,373,138	)
	$	270,126		$	304,293

(continued)

F-15 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 31
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		2,047,648			1,351,761
Notes receivable		-			-
Other assets		25,000			25,000
	$	2,072,648		$	1,376,761
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	3,000
Accounts payable - affiliates		-			-
Capital contributions payable		66,294			66,294
		66,294			69,294
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857  issued and 4,395,557 and 4,396,557 outstanding at March 31, 2017 and 2016, respectively.		2,365,549			1,673,651
General partner		(359,195	)		(366,184	)
		2,006,354			1,307,467
	$	2,072,648		$	1,376,761

(continued)

F-16 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 32
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		837,185			1,061,685
Notes receivable		-			-
Other assets		-			-
	$	837,185		$	1,061,685
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	2,000		$	7,000
Accounts payable - affiliates		2,772,531			3,366,055
Capital contributions payable		1,229			1,229
		2,775,760			3,374,284
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 issued and 4,740,198 and 4,740,698 outstanding at March 31, 2017 and 2016, respectively.		(1,512,826	)		(1,883,110	)
General partner		(425,749	)		(429,489	)
		(1,938,575	)		(2,312,599	)
	$	837,185		$	1,061,685

(continued)

F-17 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 33
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		337,765			1,266,455
Notes receivable		-			-
Other assets		-			-
	$	337,765		$	1,266,455
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		1,190,828			2,025,236
Capital contributions payable		69,154			69,154
		1,259,982			2,094,390
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 issued and 2,626,533 and 2,628,033 outstanding at March 31, 2017 and 2016, respectively.		(687,215	)		(593,876	)
General partner		(235,002	)		(234,059	)
		(922,217	)		(827,935	)
	$	337,765		$	1,266,455

(continued)

F-18 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 34
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		849,078			674,173
Notes receivable		-			-
Other assets		-			-
	$	849,078		$	674,173
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		3,221,597			3,603,434
Capital contributions payable		-			-
		3,221,597			3,603,434
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 issued and 3,517,419 and 3,523,019 outstanding at March 31, 2017 and 2016, respectively.		(2,048,404	)		(2,599,579	)
General partner		(324,115	)		(329,682	)
		(2,372,519	)		(2,929,261	)
	$	849,078		$	674,173

(continued)

F-19 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 35
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		2,392,767			1,693,223
Notes receivable		-			-
Other assets		-			-
	$	2,392,767		$	1,693,223
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		551,982			2,494,235
Capital contributions payable		-			-
		551,982			2,494,235
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 issued and 3,288,363 and 3,293,763 outstanding at March 31, 2017 and 2016, respectively.		2,104,402			(510,977	)
General partner		(263,617	)		(290,035	)
		1,840,785			(801,012	)
	$	2,392,767		$	1,693,223

(continued)

F-20 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 36
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		2,934,317			979,340
Notes receivable		-			-
Other assets		-			-
	$	2,934,317		$	979,340
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	131,000		$	133,500
Accounts payable - affiliates		767,505			1,292,536
Capital contributions payable		-			-
		898,505			1,426,036
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,838 issued and 2,095,704 and 2,098,204 outstanding at March 31, 2017 and 2016, respectively.		2,194,117			(263,566	)
General partner		(158,305	)		(183,130	)
		2,035,812			(446,696	)
	$	2,934,317		$	979,340

(continued)

F-21 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 37
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		2,096,039			340,689
Notes receivable		-			-
Other assets		-			-
	$	2,096,039		$	340,689
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		2,043,715			2,501,407
Capital contributions payable		138,438			138,438
		2,182,153			2,639,845
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 issued and 2,495,600 and 2,507,500 outstanding at March 31, 2017 and 2016, respectively.		130,312			(2,060,600	)
General partner		(216,426	)		(238,556	)
		(86,114	)		(2,299,156	)
	$	2,096,039		$	340,689

(continued)

F-22 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 38
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		3,042,864			333,474
Notes receivable		-			-
Other assets		-			-
	$	3,042,864		$	333,474
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	6,543		$	4,779
Accounts payable - affiliates		1,515,985			2,020,632
Capital contributions payable		-			-
		1,522,528			2,025,411
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 issued and 2,540,100 and 2,540,100 outstanding at March 31, 2017 and 2016, respectively.		1,723,417			(1,456,733	)
General partner		(203,081	)		(235,204	)
		1,520,336			(1,691,937	)
	$	3,042,864		$	333,474

(continued)

F-23 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 39
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		1,248,898			313,691
Notes receivable		-			-
Other assets		-			-
	$	1,248,898		$	313,691
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	6,543		$	4,894
Accounts payable - affiliates		1,154,240			1,775,213
Capital contributions payable		-			-
		1,160,783			1,780,107
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,151 issued and 2,288,351 and 2,290,151 outstanding at March 31, 2017 and 2016, respectively.		283,677			(1,255,309	)
General partner		(195,562	)		(211,107	)
		88,115			(1,466,416	)
	$	1,248,898		$	313,691

(continued)

F-24 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 40
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		248,318			510,705
Notes receivable		-			-
Other assets		-			-
	$	248,318		$	510,705
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	5,000
Accounts payable - affiliates		2,684,058			2,862,316
Capital contributions payable		102			102
		2,684,160			2,867,418
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 issued and 2,622,756 and 2,623,756 outstanding at March 31, 2017 and 2016, respectively.		(2,186,540	)		(2,108,202	)
General partner		(249,302	)		(248,511	)
		(2,435,842	)		(2,356,713	)
	$	248,318		$	510,705

(continued)

F-25 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 41
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		322,902			331,029
Notes receivable		-			-
Other assets		1,218			1,218
	$	324,120		$	332,247
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	4,500		$	-
Accounts payable - affiliates		3,286,255			3,161,663
Capital contributions payable		100			100
		3,290,855			3,161,763
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 issued and 2,884,126 and 2,891,626 outstanding at March 31, 2017 and 2016, respectively.		(2,687,899	)		(2,552,052	)
General partner		(278,836	)		(277,464	)
		(2,966,735	)		(2,829,516	)
	$	324,120		$	332,247

(continued)

F-26 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 42
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		1,072,528			3,412,757
Notes receivable		22,790			22,790
Other assets		51,003			51,003
	$	1,146,321		$	3,486,550
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			2,141,040
Capital contributions payable		73,433			73,433
		73,433			2,214,473
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 issued and 2,736,262 outstanding at March 31, 2017 and 2016.		1,303,097			1,500,294
General partner		(230,209	)		(228,217	)
		1,072,888			1,272,077
	$	1,146,321		$	3,486,550

(continued)

F-27 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 43
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		351,638			2,886,991
Notes receivable		-			-
Other assets		82,514			82,514
	$	434,152		$	2,969,505
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		771,794			3,061,116
Capital contributions payable		99,265			99,265
		871,059			3,160,381
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 issued and 3,632,487 and 3,637,987 outstanding at March 31, 2017 and 2016, respectively.		(111,017	)		132,554
General partner		(325,890	)		(323,430	)
		(436,907	)		(190,876	)
	$	434,152		$	2,969,505

(continued)

F-28 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 44
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		66,324			44,503
Notes receivable		-			-
Other assets		-			-
	$	66,324		$	44,503
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		2,584,641			2,331,303
Capital contributions payable		-			-
		2,584,641			2,331,303
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,701,973  issued to the assignees at March 31, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,973 issued and 2,699,473 and 2,699,973 outstanding at March 31, 2017 and 2016, respectively.		(2,255,686	)		(2,026,484	)
General partner		(262,631	)		(260,316	)
		(2,518,317	)		(2,286,800	)
	$	66,324		$	44,503

(continued)

F-29 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 45
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		803,153			748,100
Notes receivable		-			-
Other assets		-			-
	$	803,153		$	748,100
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	515,173		$	515,173
Accounts payable - affiliates		2,357,846			2,058,519
Capital contributions payable		16,724			16,724
		2,889,743			2,590,416
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 issued and 4,009,667 and 4,014,367 outstanding at March 31, 2017 and 2016, respectively.		(1,712,062	)		(1,470,231	)
General partner		(374,528	)		(372,085	)
		(2,086,590	)		(1,842,316	)
	$	803,153		$	748,100

(continued)

F-30 

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2017 and 2016

	Series 46
	2017			2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		651,129			243,277
Notes receivable		-			-
Other assets		3,788			3,788
	$	654,917		$	247,065
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		1,886,971			1,650,887
Capital contributions payable		-			-
		1,886,971			1,650,887
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, 2017 and 2016		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 issued and 2,971,998 outstanding at March 31, 2017 and 2016.		(956,991	)		(1,127,041	)
General partner		(275,063	)		(276,781	)
		(1,232,054	)		(1,403,822	)
	$	654,917		$	247,065

(see notes to financial statements)

F-31 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS

Years ended March 31, 2017 and 2016

	Total
	2017		2016
Income
Interest income	$	52,063	$	76,212
Miscellaneous		318,673		1,064,441
		370,736		1,140,653
Share of income (losses) from operating limited partnerships *		18,806,644		15,114,264
Expenses and loss
Fund management fee		2,469,863		3,064,018
General and administrative expenses		780,422		475,546
Professional fees		823,805		584,535
Impairment loss		-		1,464,002
		4,074,090		5,588,101
NET INCOME (LOSS)	$	15,103,290	$	10,666,816
Net income (loss) allocated to general partner	$	151,033	$	106,668
Net income (loss) allocated to limited partners	$	14,952,257	$	10,560,148
Net income (loss) per BAC	$	0.18	$	0.13

* Includes $18,806,644 and $15,520,223, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 20
	2017		2016
Income
Interest income	$	441	$	529
Miscellaneous		-		64
		441		593
Share of income (losses) from operating limited partnerships *		138,000		-
Expenses and loss
Fund management fee		23,476		28,405
General and administrative expenses		35,102		20,033
Professional fees		14,542		18,826
Impairment loss		-		-
		73,120		67,264
NET INCOME (LOSS)	$	65,321	$	(66,671	)
Net income (loss) allocated to general partner	$	653	$	(667	)
Net income (loss) allocated to limited partners	$	64,668	$	(66,004	)
Net income (loss) per BAC	$	0.02	$	(0.02	)

* Includes $138,000 and $-, respectively, in 2017 and 2016 from gainon disposal of operating limited partnership.

(continued)

F-33 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 21
	2017			2016
Income
Interest income	$	582		$	856
Miscellaneous		859			859
		1,441			1,715
Share of income (losses) from operating limited partnerships *		-			326,273
Expenses and loss
Fund management fee		8,821			21,102
General and administrative expenses		22,774			13,792
Professional fees		14,784			13,296
Impairment loss		-			-
		46,379			48,190
NET INCOME (LOSS)	$	(44,938	)	$	279,798
Net income (loss) allocated to general partner	$	(449	)	$	2,798
Net income (loss) allocated to limited partners	$	(44,489	)	$	277,000
Net income (loss) per BAC	$	(0.02	)	$	0.15

* Includes $- and $326,273, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 22
	2017			2016
Income
Interest income	$	376		$	304
Miscellaneous		-			433
		376			737
Share of income (losses) from operating limited partnerships *		-			248,148
Expenses and loss
Fund management fee		28,108			36,899
General and administrative expenses		28,021			16,518
Professional fees		17,041			17,451
Impairment loss		-			-
		73,170			70,868
NET INCOME (LOSS)	$	(72,794	)	$	178,017
Net income (loss) allocated to general partner	$	(728	)	$	1,780
Net income (loss) allocated to limited partners	$	(72,066	)	$	176,237
Net income (loss) per BAC	$	(0.03	)	$	0.07

* Includes $- and $248,148, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 23
	2017		2016
Income
Interest income	$	303	$	483
Miscellaneous		-		3,243
		303		3,726
Share of income (losses) from operating limited partnerships *		488,550		247,429
Expenses and loss
Fund management fee		32,282		43,489
General and administrative expenses		33,636		19,526
Professional fees		20,807		19,421
Impairment loss		-		-
		86,725		82,436
NET INCOME (LOSS)	$	402,128	$	168,719
Net income (loss) allocated to general partner	$	4,021	$	1,687
Net income (loss) allocated to limited partners	$	398,107	$	167,032
Net income (loss) per BAC	$	0.12	$	0.05

* Includes $488,550 and $247,429, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 24
	2017			2016
Income
Interest income	$	380		$	1,870
Miscellaneous		6,026			87,251
		6,406			89,121
Share of income (losses) from operating limited partnerships *		-			16,675
Expenses and loss
Fund management fee		40,285			44,494
General and administrative expenses		26,138			16,083
Professional fees		15,354			17,757
Impairment loss		-			-
		81,777			78,334
NET INCOME (LOSS)	$	(75,371	)	$	27,462
Net income (loss) allocated to general partner	$	(754	)	$	275
Net income (loss) allocated to limited partners	$	(74,617	)	$	27,187
Net income (loss) per BAC	$	(0.03	)	$	0.01

* Includes $- and $16,675, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 25
	2017			2016
Income
Interest income	$	331		$	7,340
Miscellaneous		10,178			10,178
		10,509			17,518
Share of income (losses) from operating limited partnerships *		-			-
Expenses and loss
Fund management fee		16,376			16,376
General and administrative expenses		31,302			18,219
Professional fees		14,167			16,299
Impairment loss		-			-
		61,845			50,894
NET INCOME (LOSS)	$	(51,336	)	$	(33,376	)
Net income (loss) allocated to general partner	$	(513	)	$	(334	)
Net income (loss) allocated to limited partners	$	(50,823	)	$	(33,042	)
Net income (loss) per BAC	$	(0.02	)	$	(0.01	)

* Includes $- and $-, respectively, in 2017 and 2016 from gainon disposal of operating limited partnership.

(continued)

F-38 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 26
	2017			2016
Income
Interest income	$	1,016		$	4,316
Miscellaneous		6,176			5,412
		7,192			9,728
Share of income (losses) from operating limited partnerships *		18,500			59,000
Expenses and loss
Fund management fee		87,735			82,137
General and administrative expenses		39,315			22,585
Professional fees		25,365			30,477
Impairment loss		-			-
		152,415			135,199
NET INCOME (LOSS)	$	(126,723	)	$	(66,471	)
Net income (loss) allocated to general partner	$	(1,267	)	$	(665	)
Net income (loss) allocated to limited partners	$	(125,456	)	$	(65,806	)
Net income (loss) per BAC	$	(0.03	)	$	(0.02	)

* Includes $18,500 and $59,000, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 27
	2017		2016
Income
Interest income	$	9,157	$	2,553
Miscellaneous		6,000		12,965
		15,157		15,518
Share of income (losses) from operating limited partnerships *		3,016,000		-
Expenses and loss
Fund management fee		99,812		132,052
General and administrative expenses		25,464		16,464
Professional fees		230,717		19,029
Impairment loss		-		-
		355,993		167,545
NET INCOME (LOSS)	$	2,675,164	$	(152,027	)
Net income (loss) allocated to general partner	$	26,752	$	(1,520	)
Net income (loss) allocated to limited partners	$	2,648,412	$	(150,507	)
Net income (loss) per BAC	$	1.08	$	(0.06	)

* Includes $3,016,000 and $-, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 28
	2017			2016
Income
Interest income	$	1,151		$	13,092
Miscellaneous		7,976			14,489
		9,127			27,581
Share of income (losses) from operating limited partnerships *		5,000			1,405,521
Expenses and loss
Fund management fee		21,679			87,298
General and administrative expenses		34,775			22,039
Professional fees		22,117			28,653
Impairment loss		-			-
		78,571			137,990
NET INCOME (LOSS)	$	(64,444	)	$	1,295,112
Net income (loss) allocated to general partner	$	(644	)	$	12,951
Net income (loss) allocated to limited partners	$	(63,800	)	$	1,282,161
Net income (loss) per BAC	$	(0.02	)	$	0.32

* Includes $5,000 and $1,405,521, respectively, in 2017 and 2016 from gainon disposal of operating limited partnership.

(continued)

F-41 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 29
	2017			2016
Income
Interest income	$	749		$	1,078
Miscellaneous		-			278,558
		749			279,636
Share of income (losses) from operating limited partnerships *		-			199,000
Expenses and loss
Fund management fee		74,532			73,241
General and administrative expenses		35,610			20,428
Professional fees		64,404			29,850
Impairment loss		-			-
		174,546			123,519
NET INCOME (LOSS)	$	(173,797	)	$	355,117
Net income (loss) allocated to general partner	$	(1,738	)	$	3,551
Net income (loss) allocated to limited partners	$	(172,059	)	$	351,566
Net income (loss) per BAC	$	(0.04	)	$	0.09

* Includes $- and $199,000, respectively, in 2017 and 2016 from gainon disposal of operating limited partnership.

(continued)

F-42 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 30
	2017			2016
Income
Interest income	$	637		$	1,178
Miscellaneous		1,243			1,522
		1,880			2,700
Share of income (losses) from operating limited partnerships *		-			273,454
Expenses and loss
Fund management fee		59,468			44,854
General and administrative expenses		25,835			15,954
Professional fees		20,428			23,788
Impairment loss		-			-
		105,731			84,596
NET INCOME (LOSS)	$	(103,851	)	$	191,558
Net income (loss) allocated to general partner	$	(1,039	)	$	1,916
Net income (loss) allocated to limited partners	$	(102,812	)	$	189,642
Net income (loss) per BAC	$	(0.04	)	$	0.07

* Includes $- and $273,454, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 31
	2017		2016
Income
Interest income	$	2,782	$	3,356
Miscellaneous		590		592
		3,372		3,948
Share of income (losses) from operating limited partnerships *		877,411		1,328,188
Expenses and loss
Fund management fee		121,262		138,043
General and administrative expenses		34,845		21,962
Professional fees		25,789		27,337
Impairment loss		-		-
		181,896		187,342
NET INCOME (LOSS)	$	698,887	$	1,144,794
Net income (loss) allocated to general partner	$	6,989	$	11,448
Net income (loss) allocated to limited partners	$	691,898	$	1,133,346
Net income (loss) per BAC	$	0.16	$	0.26

* Includes $877,411 and $1,328,188, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 32
	2017		2016
Income
Interest income	$	1,309	$	1,415
Miscellaneous		4,300		16,550
		5,609		17,965
Share of income (losses) from operating limited partnerships *		569,552		825,886
Expenses and loss
Fund management fee		144,806		184,876
General and administrative expenses		36,276		21,384
Professional fees		20,055		22,222
Impairment loss		-		-
		201,137		228,482
NET INCOME (LOSS)	$	374,024	$	615,369
Net income (loss) allocated to general partner	$	3,740	$	6,154
Net income (loss) allocated to limited partners	$	370,284	$	609,215
Net income (loss) per BAC	$	0.08	$	0.13

* Includes $569,552 and $825,886, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 33
	2017			2016
Income
Interest income	$	1,400		$	2,172
Miscellaneous		1,800			8,953
		3,200			11,125
Share of income (losses) from operating limited partnerships *		-			1,097,000
Expenses and loss
Fund management fee		56,922			52,507
General and administrative expenses		24,374			14,920
Professional fees		16,186			17,082
Impairment loss		-			-
		97,482			84,509
NET INCOME (LOSS)	$	(94,282	)	$	1,023,616
Net income (loss) allocated to general partner	$	(943	)	$	10,236
Net income (loss) allocated to limited partners	$	(93,339	)	$	1,013,380
Net income (loss) per BAC	$	(0.04	)	$	0.39

* Includes $- and $1,097,000, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 34
	2017		2016
Income
Interest income	$	1,445	$	18,192
Miscellaneous		15,442		91,875
		16,887		110,067
Share of income (losses) from operating limited partnerships *		630,691		328,000
Expenses and loss
Fund management fee		41,426		83,189
General and administrative expenses		29,336		17,895
Professional fees		20,074		20,712
Impairment loss		-		-
		90,836		121,796
NET INCOME (LOSS)	$	556,742	$	316,271
Net income (loss) allocated to general partner	$	5,567	$	3,163
Net income (loss) allocated to limited partners	$	551,175	$	313,108
Net income (loss) per BAC	$	0.16	$	0.09

* Includes $630,691 and $328,000, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 35
	2017		2016
Income
Interest income	$	8,322	$	2,723
Miscellaneous		4,893		18,972
		13,215		21,695
Share of income (losses) from operating limited partnerships *		2,720,765		1,504,603
Expenses and loss
Fund management fee		43,447		116,442
General and administrative expenses		29,293		17,520
Professional fees		19,443		18,084
Impairment loss		-		-
		92,183		152,046
NET INCOME (LOSS)	$	2,641,797	$	1,374,252
Net income (loss) allocated to general partner	$	26,418	$	13,743
Net income (loss) allocated to limited partners	$	2,615,379	$	1,360,509
Net income (loss) per BAC	$	0.80	$	0.41

* Includes $2,720,765 and $1,504,603, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

(continued)

F-48 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 36
	2017		2016
Income
Interest income	$	5,514	$	1,073
Miscellaneous		6,425		19,215
		11,939		20,288
Share of income (losses) from operating limited partnerships *		2,515,373		571,611
Expenses and loss
Fund management fee		4,670		116,517
General and administrative expenses		21,777		14,281
Professional fees		18,357		16,603
Impairment loss		-		-
		44,804		147,401
NET INCOME (LOSS)	$	2,482,508	$	444,498
Net income (loss) allocated to general partner	$	24,825	$	4,445
Net income (loss) allocated to limited partners	$	2,457,683	$	440,053
Net income (loss) per BAC	$	1.17	$	0.21

* Includes $2,515,373 and $571,611, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 37
	2017		2016
Income
Interest income	$	3,535	$	728
Miscellaneous		4,811		14,312
		8,346		15,040
Share of income (losses) from operating limited partnerships *		2,349,732		-
Expenses and loss
Fund management fee		106,790		145,806
General and administrative expenses		22,977		14,502
Professional fees		15,269		15,806
Impairment loss		-		-
		145,036		176,114
NET INCOME (LOSS)	$	2,213,042	$	(161,074	)
Net income (loss) allocated to general partner	$	22,130	$	(1,611	)
Net income (loss) allocated to limited partners	$	2,190,912	$	(159,463	)
Net income (loss) per BAC	$	0.88	$	(0.06	)

* Includes $2,349,732 and $-, respectively, in 2017 and 2016 from gainon disposal of operating limited partnership.

(continued)

F-50 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 38
	2017		2016
Income
Interest income	$	1,203	$	425
Miscellaneous		85,146		51,982
		86,349		52,407
Share of income (losses) from operating limited partnerships *		3,273,698		32,421
Expenses and loss
Fund management fee		103,420		143,708
General and administrative expenses		24,162		15,431
Professional fees		20,192		17,258
Impairment loss		-		-
		147,774		176,397
NET INCOME (LOSS)	$	3,212,273	$	(91,569	)
Net income (loss) allocated to general partner	$	32,123	$	(916	)
Net income (loss) allocated to limited partners	$	3,180,150	$	(90,653	)
Net income (loss) per BAC	$	1.25	$	(0.04	)

* Includes $3,273,698 and $32,421, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

(continued)

F-51 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 39
	2017		2016
Income
Interest income	$	663	$	377
Miscellaneous		1,210		90,900
		1,873		91,277
Share of income (losses) from operating limited partnerships *		1,645,989		102,774
Expenses and loss
Fund management fee		52,601		112,093
General and administrative expenses		21,423		14,201
Professional fees		19,307		18,307
Impairment loss		-		-
		93,331		144,601
NET INCOME (LOSS)	$	1,554,531	$	49,450
Net income (loss) allocated to general partner	$	15,545	$	494
Net income (loss) allocated to limited partners	$	1,538,986	$	48,956
Net income (loss) per BAC	$	0.67	$	0.02

* Includes $1,645,989 and $102,774, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 40
	2017			2016
Income
Interest income	$	315		$	185
Miscellaneous		-			11,167
		315			11,352
Share of income (losses) from operating limited partnerships *		93,700			790,011
Expenses and loss
Fund management fee		126,039			180,377
General and administrative expenses		23,982			15,212
Professional fees		23,123			20,977
Impairment loss		-			-
		173,144			216,566
NET INCOME (LOSS)	$	(79,129	)	$	584,797
Net income (loss) allocated to general partner	$	(791	)	$	5,848
Net income (loss) allocated to limited partners	$	(78,338	)	$	578,949
Net income (loss) per BAC	$	(0.03	)	$	0.22

* Includes $93,700 and $790,011, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

(continued)

F-53 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 41
	2017			2016
Income
Interest income	$	651		$	728
Miscellaneous		42,406			75,255
		43,057			75,983
Share of income (losses) from operating limited partnerships *		70,500			457,440
Expenses and loss
Fund management fee		196,640			184,568
General and administrative expenses		27,796			17,842
Professional fees		26,340			28,100
Impairment loss		-			-
		250,776			230,510
NET INCOME (LOSS)	$	(137,219	)	$	302,913
Net income (loss) allocated to general partner	$	(1,372	)	$	3,029
Net income (loss) allocated to limited partners	$	(135,847	)	$	299,884
Net income (loss) per BAC	$	(0.05	)	$	0.10

* Includes $70,500 and $457,440, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 42
	2017			2016
Income
Interest income	$	4,004		$	5,362
Miscellaneous		4,406			112,298
		8,410			117,660
Share of income (losses) from operating limited partnerships *		-			3,214,695
Expenses and loss
Fund management fee		152,300			156,727
General and administrative expenses		26,109			16,599
Professional fees		29,190			25,867
Impairment loss		-			-
		207,599			199,193
NET INCOME (LOSS)	$	(199,189	)	$	3,133,162
Net income (loss) allocated to general partner	$	(1,992	)	$	31,332
Net income (loss) allocated to limited partners	$	(197,197	)	$	3,101,830
Net income (loss) per BAC	$	(0.07	)	$	1.13

* Includes $- and $3,214,695, respectively, in 2017 and 2016 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, 2017 and 2016

	Series 43
	2017			2016
Income
Interest income	$	4,077		$	4,813
Miscellaneous		1,759			66,760
		5,836			71,573
Share of income (losses) from operating limited partnerships*		-			2,492,094
Expenses and loss
Fund management fee		190,024			193,844
General and administrative expenses		31,565			19,467
Professional fees		30,278			26,447
Impairment loss		-			-
		251,867			239,758
NET INCOME (LOSS)	$	(246,031	)	$	2,323,909
Net income (loss) allocated to general partner	$	(2,460	)	$	23,239
Net income (loss) allocated to limited partners	$	(243,571	)	$	2,300,670
Net income (loss) per BAC	$	(0.07	)	$	0.63

* Includes $- and $2,492,094, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

(continued)

F-56 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 44
	2017			2016
Income
Interest income	$	36		$	20
Miscellaneous		16,818			10,349
		16,854			10,369
Share of income (losses) from operating limited partnerships		-			(82,095	)
Expenses and loss
Fund management fee		206,172			219,779
General and administrative expenses		25,049			14,871
Professional fees		17,150			16,664
Impairment loss		-			-
		248,371			251,314
NET INCOME (LOSS)	$	(231,517	)	$	(323,040	)
Net income (loss) allocated to general partner	$	(2,315	)	$	(3,230	)
Net income (loss) allocated to limited partners	$	(229,202	)	$	(319,810	)
Net income (loss) per BAC	$	(0.08	)	$	(0.12	)

(continued)

F-57 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 45
	2017			2016
Income
Interest income	$	1,204		$	405
Miscellaneous		53,785			41,174
		54,989			41,579
Share of income (losses) from operating limited partnerships		-			(169,344	)
Expenses and loss
Fund management fee		223,161			206,958
General and administrative expenses		35,365			20,734
Professional fees		40,737			33,727
Impairment loss		-			661,498
		299,263			922,917
NET INCOME (LOSS)	$	(244,274	)	$	(1,050,682	)
Net income (loss) allocated to general partner	$	(2,443	)	$	(10,507	)
Net income (loss) allocated to limited partners	$	(241,831	)	$	(1,040,175	)
Net income (loss) per BAC	$	(0.06	)	$	(0.26	)

(continued)

F-58 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 46
	2017		2016
Income
Interest income	$	480	$	639
Miscellaneous		36,424		19,113
		36,904		19,752
Share of income (losses) from operating limited partnerships *		393,183		(154,520	)
Expenses and loss
Fund management fee		207,609		218,237
General and administrative expenses		28,121		17,084
Professional fees		22,589		24,495
Impairment loss		-		802,504
		258,319		1,062,320
NET INCOME (LOSS)	$	171,768	$	(1,197,088	)
Net income (loss) allocated to general partner	$	1,718	$	(11,971	)
Net income (loss) allocated to limited partners	$	170,050	$	(1,185,117	)
Net income (loss) per BAC	$	0.06	$	(0.40	)

* Includes $393,183 and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

(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, 2017 and 2016

Total	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(19,481,250	)	$	(7,435,386	)	$	(26,916,636	)
Distributions		(12,369,281	)		-			(12,369,281	)
Net income (loss)		10,560,148			106,668			10,666,816
Partners’ capital (deficit), March 31, 2016		(21,290,383	)		(7,328,718	)		(28,619,101	)
Net income (loss)		14,952,257			151,033			15,103,290
Partners’ capital (deficit), March 31, 2017	$	(6,338,126	)	$	(7,177,685	)	$	(13,515,811	)

Series 20	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(874,295	)	$	(320,197	)	$	(1,194,492	)
Distributions		-			-			-
Net income (loss)		(66,004	)		(667	)		(66,671	)
Partners’ capital (deficit), March 31, 2016		(940,299	)		(320,864	)		(1,261,163	)
Net income (loss)		64,668			653			65,321
Partners’ capital (deficit), March 31, 2017	$	(875,631	)	$	(320,211	)	$	(1,195,842	)

Series 21	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,139,894	)	$	(175,101	)	$	(1,314,995	)
Distributions		-			-			-
Net income (loss)		277,000			2,798			279,798
Partners’ capital (deficit), March 31, 2016		(862,894	)		(172,303	)		(1,035,197	)
Net income (loss)		(44,489	)		(449	)		(44,938	)
Partners’ capital (deficit), March 31, 2017	$	(907,383	)	$	(172,752	)	$	(1,080,135	)

Series 22	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(2,455,952	)	$	(246,104	)	$	(2,702,056	)
Distributions		-			-			-
Net income (loss)		176,237			1,780			178,017
Partners’ capital (deficit), March 31, 2016		(2,279,715	)		(244,324	)		(2,524,039	)
Net income (loss)		(72,066	)		(728	)		(72,794	)
Partners’ capital (deficit), March 31, 2017	$	(2,351,781	)	$	(245,052	)	$	(2,596,833	)

(continued)

F-60 

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2017 and 2016

Series 23	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,696,494	)	$	(304,860	)	$	(2,001,354	)
Distributions		-			-			-
Net income (loss)		167,032			1,687			168,719
Partners’ capital (deficit), March 31, 2016		(1,529,462	)		(303,173	)		(1,832,635	)
Net income (loss)		398,107			4,021			402,128
Partners’ capital (deficit), March 31, 2017	$	(1,131,355	)	$	(299,152	)	$	(1,430,507	)

Series 24	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	1,254,077		$	(174,501	)	$	1,079,576
Distributions		(604,486	)		-			(604,486	)
Net income (loss)		27,187			275			27,462
Partners’ capital (deficit), March 31, 2016		676,778			(174,226	)		502,552
Net income (loss)		(74,617	)		(754	)		(75,371	)
Partners’ capital (deficit), March 31, 2017	$	602,161		$	(174,980	)	$	427,181

Series 25	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	4,032,481		$	(219,312	)	$	3,813,169
Distributions		(3,382,746	)		-			(3,382,746	)
Net income (loss)		(33,042	)		(334	)		(33,376	)
Partners’ capital (deficit), March 31, 2016		616,693			(219,646	)		397,047
Net income (loss)		(50,823	)		(513	)		(51,336	)
Partners’ capital (deficit), March 31, 2017	$	565,870		$	(220,159	)	$	345,711

Series 26	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	3,371,487		$	(309,634	)	$	3,061,853
Distributions		(2,190,980	)		-			(2,190,980	)
Net income (loss)		(65,806	)		(665	)		(66,471	)
Partners’ capital (deficit), March 31, 2016		1,114,701			(310,299	)		804,402
Net income (loss)		(125,456	)		(1,267	)		(126,723	)
Partners’ capital (deficit), March 31, 2017	$	989,245		$	(311,566	)	$	677,679

(continued)

F-61 

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2017 and 2016

Series 27	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	1,247,594		$	(195,931	)	$	1,051,663
Distributions		-			-			-
Net income (loss)		(150,507	)		(1,520	)		(152,027	)
Partners’ capital (deficit), March 31, 2016		1,097,087			(197,451	)		899,636
Net income (loss)		2,648,412			26,752			2,675,164
Partners’ capital (deficit), March 31, 2017	$	3,745,499		$	(170,699	)	$	3,574,800

Series 28	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	6,058,903		$	(286,019	)	$	5,772,884
Distributions		(6,191,069	)		-			(6,191,069	)
Net income (loss)		1,282,161			12,951			1,295,112
Partners’ capital (deficit), March 31, 2016		1,149,995			(273,068	)		876,927
Net income (loss)		(63,800	)		(644	)		(64,444	)
Partners’ capital (deficit), March 31, 2017	$	1,086,195		$	(273,712	)	$	812,483

Series 29	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(2,951,221	)	$	(371,878	)	$	(3,323,099	)
Distributions		-			-			-
Net income (loss)		351,566			3,551			355,117
Partners’ capital (deficit), March 31, 2016		(2,599,655	)		(368,327	)		(2,967,982	)
Net income (loss)		(172,059	)		(1,738	)		(173,797	)
Partners’ capital (deficit), March 31, 2017	$	(2,771,714	)	$	(370,065	)	$	(3,141,779	)

Series 30	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,321,993	)	$	(242,703	)	$	(1,564,696	)
Distributions		-			-			-
Net income (loss)		189,642			1,916			191,558
Partners’ capital (deficit), March 31, 2016		(1,132,351	)		(240,787	)		(1,373,138	)
Net income (loss)		(102,812	)		(1,039	)		(103,851	)
Partners’ capital (deficit), March 31, 2017	$	(1,235,163	)	$	(241,826	)	$	(1,476,989	)

(continued)

F-62 

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2017 and 2016

Series 31	Limited partners		General partner			Total
Partners’ capital (deficit), March 31, 2015	$	540,305	$	(377,632	)	$	162,673
Distributions		-		-			-
Net income (loss)		1,133,346		11,448			1,144,794
Partners’ capital (deficit), March 31, 2016		1,673,651		(366,184	)		1,307,467
Net income (loss)		691,898		6,989			698,887
Partners’ capital (deficit), March 31, 2017	$	2,365,549	$	(359,195	)	$	2,006,354

Series 32	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(2,492,325	)	$	(435,643	)	$	(2,927,968	)
Distributions		-			-			-
Net income (loss)		609,215			6,154			615,369
Partners’ capital (deficit), March 31, 2016		(1,883,110	)		(429,489	)		(2,312,599	)
Net income (loss)		370,284			3,740			374,024
Partners’ capital (deficit), March 31, 2017	$	(1,512,826	)	$	(425,749	)	$	(1,938,575	)

Series 33	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,607,256	)	$	(244,295	)	$	(1,851,551	)
Distributions		-			-			-
Net income (loss)		1,013,380			10,236			1,023,616
Partners’ capital (deficit), March 31, 2016		(593,876	)		(234,059	)		(827,935	)
Net income (loss)		(93,339	)		(943	)		(94,282	)
Partners’ capital (deficit), March 31, 2017	$	(687,215	)	$	(235,002	)	$	(922,217	)

Series 34	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(2,912,687	)	$	(332,845	)	$	(3,245,532	)
Distributions		-			-			-
Net income (loss)		313,108			3,163			316,271
Partners’ capital (deficit), March 31, 2016		(2,599,579	)		(329,682	)		(2,929,261	)
Net income (loss)		551,175			5,567			556,742
Partners’ capital (deficit), March 31, 2017	$	(2,048,404	)	$	(324,115	)	$	(2,372,519	)

(continued)

F-63 

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2017 and 2016

Series 35	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,871,486	)	$	(303,778	)	$	(2,175,264	)
Distributions		-			-			-
Net income (loss)		1,360,509			13,743			1,374,252
Partners’ capital (deficit), March 31, 2016		(510,977	)		(290,035	)		(801,012	)
Net income (loss)		2,615,379			26,418			2,641,797
Partners’ capital (deficit), March 31, 2017	$	2,104,402		$	(263,617	)	$	1,840,785

Series 36	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(703,619	)	$	(187,575	)	$	(891,194	)
Distributions		-			-			-
Net income (loss)		440,053			4,445			444,498
Partners’ capital (deficit), March 31, 2016		(263,566	)		(183,130	)		(446,696	)
Net income (loss)		2,457,683			24,825			2,482,508
Partners’ capital (deficit), March 31, 2017	$	2,194,117		$	(158,305	)	$	2,035,812

Series 37	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,901,137	)	$	(236,945	)	$	(2,138,082	)
Distributions		-			-			-
Net income (loss)		(159,463	)		(1,611	)		(161,074	)
Partners’ capital (deficit), March 31, 2016		(2,060,600	)		(238,556	)		(2,299,156	)
Net income (loss)		2,190,912			22,130			2,213,042
Partners’ capital (deficit), March 31, 2017	$	130,312		$	(216,426	)	$	(86,114	)

Series 38	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,366,080	)	$	(234,288	)	$	(1,600,368	)
Distributions		-			-			-
Net income (loss)		(90,653	)		(916	)		(91,569	)
Partners’ capital (deficit), March 31, 2016		(1,456,733	)		(235,204	)		(1,691,937	)
Net income (loss)		3,180,150			32,123			3,212,273
Partners’ capital (deficit), March 31, 2017	$	1,723,417		$	(203,081	)	$	1,520,336

(continued)

F-64 

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2017 and 2016

Series 39	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,304,265	)	$	(211,601	)	$	(1,515,866	)
Distributions		-			-			-
Net income (loss)		48,956			494			49,450
Partners’ capital (deficit), March 31, 2016		(1,255,309	)		(211,107	)		(1,466,416	)
Net income (loss)		1,538,986			15,545			1,554,531
Partners’ capital (deficit), March 31, 2017	$	283,677		$	(195,562	)	$	88,115

Series 40	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(2,687,151	)	$	(254,359	)	$	(2,941,510	)
Distributions		-			-			-
Net income (loss)		578,949			5,848			584,797
Partners’ capital (deficit), March 31, 2016		(2,108,202	)		(248,511	)		(2,356,713	)
Net income (loss)		(78,338	)		(791	)		(79,129	)
Partners’ capital (deficit), March 31, 2017	$	(2,186,540	)	$	(249,302	)	$	(2,435,842	)

Series 41	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(2,851,936	)	$	(280,493	)	$	(3,132,429	)
Distributions		-			-			-
Net income (loss)		299,884			3,029			302,913
Partners’ capital (deficit), March 31, 2016		(2,552,052	)		(277,464	)		(2,829,516	)
Net income (loss)		(135,847	)		(1,372	)		(137,219	)
Partners’ capital (deficit), March 31, 2017	$	(2,687,899	)	$	(278,836	)	$	(2,966,735	)

Series 42	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,601,536	)	$	(259,549	)	$	(1,861,085	)
Distributions		-			-			-
Net income (loss)		3,101,830			31,332			3,133,162
Partners’ capital (deficit), March 31, 2016		1,500,294			(228,217	)		1,272,077
Net income (loss)		(197,197	)		(1,992	)		(199,189	)
Partners’ capital (deficit), March 31, 2017	$	1,303,097		$	(230,209	)	$	1,072,888

(continued)

F-65 

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2017 and 2016

Series 43	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(2,168,116	)	$	(346,669	)	$	(2,514,785	)
Distributions		-			-			-
Net income (loss)		2,300,670			23,239			2,323,909
Partners’ capital (deficit), March 31, 2016		132,554			(323,430	)		(190,876	)
Net income (loss)		(243,571	)		(2,460	)		(246,031	)
Partners’ capital (deficit), March 31, 2017	$	(111,017	)	$	(325,890	)	$	(436,907	)

Series 44	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(1,706,674	)	$	(257,086	)	$	(1,963,760	)
Distributions		-			-			-
Net income (loss)		(319,810	)		(3,230	)		(323,040	)
Partners’ capital (deficit), March 31, 2016		(2,026,484	)		(260,316	)		(2,286,800	)
Net income (loss)		(229,202	)		(2,315	)		(231,517	)
Partners’ capital (deficit), March 31, 2017	$	(2,255,686	)	$	(262,631	)	$	(2,518,317	)

Series 45	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	(430,056	)	$	(361,578	)	$	(791,634	)
Distributions		-			-			-
Net income (loss)		(1,040,175	)		(10,507	)		(1,050,682	)
Partners’ capital (deficit), March 31, 2016		(1,470,231	)		(372,085	)		(1,842,316	)
Net income (loss)		(241,831	)		(2,443	)		(244,274	)
Partners’ capital (deficit), March 31, 2017	$	(1,712,062	)	$	(374,528	)	$	(2,086,590	)

Series 46	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2015	$	58,076		$	(264,810	)	$	(206,734	)
Distributions		-			-			-
Net income (loss)		(1,185,117	)		(11,971	)		(1,197,088	)
Partners’ capital (deficit), March 31, 2016		(1,127,041	)		(276,781	)		(1,403,822	)
Net income (loss)		170,050			1,718			171,768
Partners’ capital (deficit), March 31, 2017	$	(956,991	)	$	(275,063	)	$	(1,232,054	)

(see notes to financial statements)

F-66 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Years ended March 31, 2017 and 2016

	Total
	2017			2016
Cash flows from operating activities
Net income (loss)	$	15,103,290		$	10,666,816
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(18,806,644	)		(15,114,264	)
Impairment loss		-			1,464,002
Distributions received from operating limited partnerships		-			10,852
Changes in assets and liabilities
Other assets		-			(74,518	)
Accounts payable and accrued expenses		11,626			503,467
Accounts payable - affiliates		(9,632,988	)		(2,830,228	)
Net cash provided by (used in) operating activities		(13,324,716	)		(5,373,873	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		18,806,644			15,750,871
Net cash provided by (used in) investing activities		18,806,644			15,750,871
Cash flows from financing activities
Distributions		-			(12,369,281	)
Net cash used in financing activities		-			(12,369,281	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,481,928			(1,992,283	)
Cash and cash equivalents, beginning		21,728,069			23,720,352
Cash and cash equivalents, ending	$	27,209,997		$	21,728,069

(continued)

F-67 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 20
	2017			2016
Cash flows from operating activities
Net income (loss)	$	65,321		$	(66,671	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(138,000	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		24,843			(62,628	)
Net cash provided by (used in) operating activities		(47,836	)		(129,299	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		138,000			-
Net cash provided by (used in) investing activities		138,000			-
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		90,164			(129,299	)
Cash and cash equivalents, beginning		180,896			310,195
Cash and cash equivalents, ending	$	271,060		$	180,896

(continued)

F-68 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 21
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(44,938	)	$	279,798
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(326,273	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			3,000
Accounts payable and accrued expenses		-			(5,000	)
Accounts payable - affiliates		(139,128	)		19,976
Net cash provided by (used in) operating activities		(184,066	)		(28,499	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			326,273
Net cash provided by (used in) investing activities		-			326,273
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(184,066	)		297,774
Cash and cash equivalents, beginning		425,168			127,394
Cash and cash equivalents, ending	$	241,102		$	425,168

(continued)

F-69 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 22
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(72,794	)	$	178,017
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(248,148	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		29,208			9,937
Net cash provided by (used in) operating activities		(43,586	)		(60,194	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			238,796
Net cash provided by (used in) investing activities		-			238,796
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(43,586	)		178,602
Cash and cash equivalents, beginning		295,650			117,048
Cash and cash equivalents, ending	$	252,064		$	295,650

(continued)

F-70 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 23
	2017			2016
Cash flows from operating activities
Net income (loss)	$	402,128		$	168,719
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(488,550	)		(247,429	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		37,362			(154,401	)
Net cash provided by (used in) operating activities		(49,060	)		(233,111	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		488,550			247,429
Net cash provided by (used in) investing activities		488,550			247,429
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		439,490			14,318
Cash and cash equivalents, beginning		219,677			205,359
Cash and cash equivalents, ending	$	659,167		$	219,677

(continued)

F-71 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 24
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(75,371	)	$	27,462
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(16,675	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(6,335	)
Accounts payable - affiliates		-			-
Net cash provided by (used in) operating activities		(75,371	)		4,452
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			96,715
Net cash provided by (used in) investing activities		-			96,715
Cash flows from financing activities
Distributions		-			(604,486	)
Net cash used in financing activities		-			(604,486	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(75,371	)		(503,319	)
Cash and cash equivalents, beginning		502,552			1,005,871
Cash and cash equivalents, ending	$	427,181		$	502,552

(continued)

F-72 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 25
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(51,336	)	$	(33,376	)
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		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		-			-
Net cash provided by (used in) operating activities		(51,336	)		(33,376	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
Cash flows from financing activities
Distributions		-			(3,382,746	)
Net cash used in financing activities		-			(3,382,746	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(51,336	)		(3,416,122	)
Cash and cash equivalents, beginning		395,797			3,811,919
Cash and cash equivalents, ending	$	344,461		$	395,797

(continued)

F-73 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 26
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(126,723	)	$	(66,471	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(18,500	)		(59,000	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(4,960	)		(15,507	)
Accounts payable - affiliates		-			-
Net cash provided by (used in) operating activities		(150,183	)		(140,978	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		18,500			128,000
Net cash provided by (used in) investing activities		18,500			128,000
Cash flows from financing activities
Distributions		-			(2,190,980	)
Net cash used in financing activities		-			(2,190,980	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(131,683	)		(2,203,958	)
Cash and cash equivalents, beginning		809,362			3,013,320
Cash and cash equivalents, ending	$	677,679		$	809,362

(continued)

F-74 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 27
	2017			2016
Cash flows from operating activities
Net income (loss)	$	2,675,164		$	(152,027	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(3,016,000	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		31,673			-
Accounts payable - affiliates		-			-
Net cash provided by (used in) operating activities		(309,163	)		(152,027	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		3,016,000			-
Net cash provided by (used in) investing activities		3,016,000			-
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,706,837			(152,027	)
Cash and cash equivalents, beginning		899,636			1,051,663
Cash and cash equivalents, ending	$	3,606,473		$	899,636

(continued)

F-75 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 28
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(64,444	)	$	1,295,112
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(5,000	)		(1,405,521	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			1,250
Accounts payable and accrued expenses		(7,500	)		4,500
Accounts payable - affiliates		-			-
Net cash provided by (used in) operating activities		(76,944	)		(104,659	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		5,000			1,405,521
Net cash provided by (used in) investing activities		5,000			1,405,521
Cash flows from financing activities
Distributions		-			(6,191,069	)
Net cash used in financing activities		-			(6,191,069	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(71,944	)		(4,890,207	)
Cash and cash equivalents, beginning		884,427			5,774,634
Cash and cash equivalents, ending	$	812,483		$	884,427

(continued)

F-76 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 29
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(173,797	)	$	355,117
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(199,000	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(1,500	)
Accounts payable - affiliates		(99,313	)		(236,133	)
Net cash provided by (used in) operating activities		(273,110	)		(81,516	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			199,000
Net cash provided by (used in) investing activities		-			199,000
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(273,110	)		117,484
Cash and cash equivalents, beginning		618,758			501,274
Cash and cash equivalents, ending	$	345,648		$	618,758

(continued)

F-77 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 30
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(103,851	)	$	191,558
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(273,454	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			500
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		69,684			(261,540	)
Net cash provided by (used in) operating activities		(34,167	)		(342,936	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			324,454
Net cash provided by (used in) investing activities		-			324,454
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(34,167	)		(18,482	)
Cash and cash equivalents, beginning		304,293			322,775
Cash and cash equivalents, ending	$	270,126		$	304,293

(continued)

F-78 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 31
	2017			2016
Cash flows from operating activities
Net income (loss)	$	698,887		$	1,144,794
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(877,411	)		(1,328,188	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(3,000	)		3,000
Accounts payable - affiliates		-			(2,902,513	)
Net cash provided by (used in) operating activities		(181,524	)		(3,082,907	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		877,411			1,328,188
Net cash provided by (used in) investing activities		877,411			1,328,188
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		695,887			(1,754,719	)
Cash and cash equivalents, beginning		1,351,761			3,106,480
Cash and cash equivalents, ending	$	2,047,648		$	1,351,761

(continued)

F-79 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 32
	2017			2016
Cash flows from operating activities
Net income (loss)	$	374,024		$	615,369
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(569,552	)		(825,886	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(5,000	)		6,007
Accounts payable - affiliates		(593,524	)		85,502
Net cash provided by (used in) operating activities		(794,052	)		(119,008	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		569,552			825,886
Net cash provided by (used in) investing activities		569,552			825,886
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(224,500	)		706,878
Cash and cash equivalents, beginning		1,061,685			354,807
Cash and cash equivalents, ending	$	837,185		$	1,061,685

(continued)

F-80 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 33
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(94,282	)	$	1,023,616
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(1,097,000	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(4,053	)
Accounts payable - affiliates		(834,408	)		(34,812	)
Net cash provided by (used in) operating activities		(928,690	)		(112,249	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			1,097,000
Net cash provided by (used in) investing activities		-			1,097,000
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(928,690	)		984,751
Cash and cash equivalents, beginning		1,266,455			281,704
Cash and cash equivalents, ending	$	337,765		$	1,266,455

(continued)

F-81 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 34
	2017			2016
Cash flows from operating activities
Net income (loss)	$	556,742		$	316,271
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(630,691	)		(328,000	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(5,802	)
Accounts payable - affiliates		(381,837	)		(474,323	)
Net cash provided by (used in) operating activities		(455,786	)		(491,854	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		630,691			328,000
Net cash provided by (used in) investing activities		630,691			328,000
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		174,905			(163,854	)
Cash and cash equivalents, beginning		674,173			838,027
Cash and cash equivalents, ending	$	849,078		$	674,173

(continued)

F-82 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 35
	2017			2016
Cash flows from operating activities
Net income (loss)	$	2,641,797		$	1,374,252
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(2,720,765	)		(1,504,603	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(1,500	)
Accounts payable - affiliates		(1,942,253	)		88,845
Net cash provided by (used in) operating activities		(2,021,221	)		(43,006	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		2,720,765			1,504,603
Net cash provided by (used in) investing activities		2,720,765			1,504,603
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		699,544			1,461,597
Cash and cash equivalents, beginning		1,693,223			231,626
Cash and cash equivalents, ending	$	2,392,767		$	1,693,223

(continued)

F-83 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 36
	2017			2016
Cash flows from operating activities
Net income (loss)	$	2,482,508		$	444,498
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(2,515,373	)		(571,611	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(2,500	)		2,500
Accounts payable - affiliates		(525,031	)		101,759
Net cash provided by (used in) operating activities		(560,396	)		(22,854	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		2,515,373			571,611
Net cash provided by (used in) investing activities		2,515,373			571,611
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,954,977			548,757
Cash and cash equivalents, beginning		979,340			430,583
Cash and cash equivalents, ending	$	2,934,317		$	979,340

(continued)

F-84 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 37
	2017			2016
Cash flows from operating activities
Net income (loss)	$	2,213,042		$	(161,074	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(2,349,732	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(1,024	)
Accounts payable - affiliates		(457,692	)		157,320
Net cash provided by (used in) operating activities		(594,382	)		(4,778	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		2,349,732			-
Net cash provided by (used in) investing activities		2,349,732			-
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,755,350			(4,778	)
Cash and cash equivalents, beginning		340,689			345,467
Cash and cash equivalents, ending	$	2,096,039		$	340,689

(continued)

F-85 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 38
	2017			2016
Cash flows from operating activities
Net income (loss)	$	3,212,273		$	(91,569	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(3,273,698	)		(32,421	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		1,764			4,779
Accounts payable - affiliates		(504,647	)		139,400
Net cash provided by (used in) operating activities		(564,308	)		20,189
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		3,273,698			32,421
Net cash provided by (used in) investing activities		3,273,698			32,421
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,709,390			52,610
Cash and cash equivalents, beginning		333,474			280,864
Cash and cash equivalents, ending	$	3,042,864		$	333,474

(continued)

F-86 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 39
	2017			2016
Cash flows from operating activities
Net income (loss)	$	1,554,531		$	49,450
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(1,645,989	)		(102,774	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		1,649			4,894
Accounts payable - affiliates		(620,973	)		93,229
Net cash provided by (used in) operating activities		(710,782	)		44,799
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		1,645,989			102,774
Net cash provided by (used in) investing activities		1,645,989			102,774
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		935,207			147,573
Cash and cash equivalents, beginning		313,691			166,118
Cash and cash equivalents, ending	$	1,248,898		$	313,691

(continued)

F-87 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 40
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(79,129	)	$	584,797
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(93,700	)		(790,011	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(5,000	)		5,000
Accounts payable - affiliates		(178,258	)		(176,823	)
Net cash provided by (used in) operating activities		(356,087	)		(377,037	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		93,700			790,011
Net cash provided by (used in) investing activities		93,700			790,011
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(262,387	)		412,974
Cash and cash equivalents, beginning		510,705			97,731
Cash and cash equivalents, ending	$	248,318		$	510,705

(continued)

F-88 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 41
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(137,219	)	$	302,913
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(70,500	)		(457,440	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		4,500			-
Accounts payable - affiliates		124,592			(130,841	)
Net cash provided by (used in) operating activities		(78,627	)		(285,368	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		70,500			457,440
Net cash provided by (used in) investing activities		70,500			457,440
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,127	)		172,072
Cash and cash equivalents, beginning		331,029			158,957
Cash and cash equivalents, ending	$	322,902		$	331,029

(continued)

F-89 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 42
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(199,189	)	$	3,133,162
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(3,214,695	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			(1,665	)
Accounts payable - affiliates		(2,141,040	)		(178,723	)
Net cash provided by (used in) operating activities		(2,340,229	)		(261,921	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			3,254,655
Net cash provided by (used in) investing activities		-			3,254,655
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,340,229	)		2,992,734
Cash and cash equivalents, beginning		3,412,757			420,023
Cash and cash equivalents, ending	$	1,072,528		$	3,412,757

(continued)

F-90 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 43
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(246,031	)	$	2,323,909
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(2,492,094	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			2,827
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		(2,289,322	)		206,108
Net cash provided by (used in) operating activities		(2,535,353	)		40,750
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			2,492,094
Net cash provided by (used in) investing activities		-			2,492,094
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,535,353	)		2,532,844
Cash and cash equivalents, beginning		2,886,991			354,147
Cash and cash equivalents, ending	$	351,638		$	2,886,991

(continued)

F-91 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 44
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(231,517	)	$	(323,040	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			82,095
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Changes in assets and liabilities
Other assets		-			(82,095	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		253,338			357,799
Net cash provided by (used in) operating activities		21,821			34,759
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		21,821			34,759
Cash and cash equivalents, beginning		44,503			9,744
Cash and cash equivalents, ending	$	66,324		$	44,503

(continued)

F-92 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 45
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(244,274	)	$	(1,050,682	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			169,344
Impairment loss		-			661,498
Distributions received from operating limited partnerships		-			7,263
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			515,173
Accounts payable - affiliates		299,327			298,106
Net cash provided by (used in) operating activities		55,053			600,702
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		55,053			600,702
Cash and cash equivalents, beginning		748,100			147,398
Cash and cash equivalents, ending	$	803,153		$	748,100

(continued)

F-93 

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2017 and 2016

	Series 46
	2017			2016
Cash flows from operating activities
Net income (loss)	$	171,768		$	(1,197,088	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(393,183	)		154,520
Impairment loss		-			802,504
Distributions received from operating limited partnerships		-			3,589
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		236,084			224,528
Net cash provided by (used in) operating activities		14,669			(11,947	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		393,183			-
Net cash provided by (used in) investing activities		393,183			-
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		407,852			(11,947	)
Cash and cash equivalents, beginning		243,277			255,224
Cash and cash equivalents, ending	$	651,129		$	243,277

(see notes to financial statements)

F-94 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS

March 31, 2017 and 2016

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, 2017 and 2016

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

The BACs issued and outstanding in each series as of March 31, 2017 and 2016 are as follows:

	Issued				Outstanding
	2017		2016		2017		2016
Series 20		3,866,700		3,866,700		3,833,200		3,843,500
Series 21		1,892,700		1,892,700		1,879,500		1,881,000
Series 22		2,564,400		2,564,400		2,557,045		2,559,800
Series 23		3,336,727		3,336,727		3,314,827		3,323,327
Series 24		2,169,878		2,169,878		2,154,253		2,158,878
Series 25		3,026,109		3,026,109		3,016,809		3,020,309
Series 26		3,995,900		3,995,900		3,977,000		3,983,600
Series 27		2,460,700		2,460,700		2,446,400		2,453,500
Series 28		4,000,738		4,000,738		3,990,738		3,994,238
Series 29		3,991,800		3,991,800		3,965,300		3,980,400
Series 30		2,651,000		2,651,000		2,631,000		2,636,000
Series 31		4,417,857		4,417,857		4,395,557		4,396,557
Series 32		4,754,198		4,754,198		4,740,198		4,740,698
Series 33		2,636,533		2,636,533		2,626,533		2,628,033
Series 34		3,529,319		3,529,319		3,517,419		3,523,019
Series 35		3,300,463		3,300,463		3,288,363		3,293,763
Series 36		2,106,838		2,106,838		2,095,704		2,098,204
Series 37		2,512,500		2,512,500		2,495,600		2,507,500
Series 38		2,543,100		2,543,100		2,540,100		2,540,100
Series 39		2,292,151		2,292,151		2,288,351		2,290,151
Series 40		2,630,256		2,630,256		2,622,756		2,623,756
Series 41		2,891,626		2,891,626		2,884,126		2,891,626
Series 42		2,744,262		2,744,262		2,736,262		2,736,262
Series 43		3,637,987		3,637,987		3,632,487		3,637,987
Series 44		2,701,973		2,701,973		2,699,473		2,699,973
Series 45		4,014,367		4,014,367		4,009,667		4,014,367
Series 46		2,980,998		2,980,998		2,971,998		2,971,998
		83,651,080		83,651,080		83,310,666		83,428,546

F-96 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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 $401,660 and $603,571 as of March 31, 2017 and 2016, 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, 2017 and 2016 of $- and $1,464,002, 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, 2017 and 2016

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

Investments in Operating Limited Partnerships (Continued)

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

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

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

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

F-98 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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

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 has determined that there is no material impact to its financial statements as a result of this guidance.

F-99 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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 2013 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, 2017 and 2016

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, 2017 and 2016 are as follows:

	2017		2016
Series 20		3,840,925		3,854,150
Series 21		1,880,625		1,886,400
Series 22		2,559,111		2,560,550
Series 23		3,321,202		3,330,752
Series 24		2,157,722		2,161,503
Series 25		3,019,434		3,023,459
Series 26		3,981,950		3,988,925
Series 27		2,451,725		2,458,150
Series 28		3,993,363		3,997,613
Series 29		3,976,625		3,987,225
Series 30		2,634,750		2,641,250
Series 31		4,396,307		4,406,457
Series 32		4,740,573		4,746,323
Series 33		2,627,658		2,633,658
Series 34		3,521,619		3,523,169
Series 35		3,292,413		3,295,263
Series 36		2,097,579		2,101,429
Series 37		2,504,525		2,511,250
Series 38		2,540,100		2,542,350
Series 39		2,289,701		2,290,901
Series 40		2,623,506		2,627,506
Series 41		2,889,751		2,891,626
Series 42		2,736,262		2,742,262
Series 43		3,636,612		3,637,987
Series 44		2,699,848		2,701,473
Series 45		4,013,192		4,014,367
Series 46		2,971,998		2,977,998
		83,399,076		83,533,996

F-101 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 and 2016

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2017 and 2016, 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, 2017 and 2016, are as follows:

			2017
	Gross Fund Management Fee		Asset Management and Reporting Fee		Fund Management Fee net of Asset Management and Reporting Fee
Series 20	$	24,843	$	1,367	$	23,476
Series 21		10,872		2,051		8,821
Series 22		29,208		1,100		28,108
Series 23		37,362		5,080		32,282
Series 24		50,352		10,067		40,285
Series 25		23,736		7,360		16,376
Series 26		93,076		5,341		87,735
Series 27		116,442		16,630		99,812
Series 28		44,679		23,000		21,679
Series 29		82,187		7,655		74,532
Series 30		69,684		10,216		59,468
Series 31		134,262		13,000		121,262
Series 32		163,266		18,460		144,806
Series 33		65,592		8,670		56,922
Series 34		70,741		29,315		41,426
Series 35		93,350		49,903		43,447
Series 36		46,580		41,910		4,670
Series 37		117,308		10,518		106,790
Series 38		130,774		27,354		103,420
Series 39		56,801		4,200		52,601
Series 40		137,464		11,425		126,039
Series 41		224,592		27,952		196,640
Series 42		171,480		19,180		152,300
Series 43		230,772		40,748		190,024
Series 44		239,076		32,904		206,172
Series 45		282,759		59,598		223,161
Series 46		236,084		28,475		207,609
	$	2,983,342	$	513,479	$	2,469,863

F-103 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

			2016
	Gross Fund Management Fee		Asset Management and Reporting Fee		Fund Management Fee net of Asset Management and Reporting Fee
Series 20	$	32,952	$	4,547	$	28,405
Series 21		23,153		2,051		21,102
Series 22		42,810		5,911		36,899
Series 23		61,058		17,569		43,489
Series 24		50,352		5,858		44,494
Series 25		23,736		7,360		16,376
Series 26		103,978		21,841		82,137
Series 27		153,432		21,380		132,052
Series 28		97,548		10,250		87,298
Series 29		87,860		14,619		73,241
Series 30		84,544		39,690		44,854
Series 31		172,957		34,914		138,043
Series 32		203,918		19,042		184,876
Series 33		72,927		20,420		52,507
Series 34		115,404		32,215		83,189
Series 35		132,845		16,403		116,442
Series 36		126,759		10,242		116,517
Series 37		157,320		11,514		145,806
Series 38		164,400		20,692		143,708
Series 39		123,228		11,135		112,093
Series 40		193,581		13,204		180,377
Series 41		228,916		44,348		184,568
Series 42		196,400		39,673		156,727
Series 43		256,108		62,264		193,844
Series 44		254,628		34,849		219,779
Series 45		283,200		76,242		206,958
Series 46		249,528		31,291		218,237
	$	3,693,542	$	629,524	$	3,064,018

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, 2017 and 2016, total fund management fees accrued were $39,156,659 and $48,686,899, respectively.

F-104 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The fund management fees paid for the years ended March 31, 2017 and 2016, are as follows:

	2017		2016
Series 20	$	-	$	95,580
Series 21		150,000		3,177
Series 22		-		32,873
Series 23		-		215,459
Series 24		50,352		50,352
Series 25		23,736		23,736
Series 26		93,076		103,978
Series 27		116,442		153,432
Series 28		44,679		97,548
Series 29		181,500		323,993
Series 30		-		346,084
Series 31		134,262		3,075,470
Series 32		756,790		118,416
Series 33		900,000		53,079
Series 34		319,000		589,727
Series 35		2,035,603		44,000
Series 36		571,611		25,000
Series 37		575,000		-
Series 38		635,421		25,000
Series 39		677,774		29,999
Series 40		315,722		-
Series 41		100,000		-
Series 42		2,312,520		153,508
Series 43		2,520,094		50,000
Series 44		-		-
Series 45		-		-
Series 46		-		25,000
	$	12,513,582	$	5,635,411

F-105 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 and 2016, are as follows:

	2017		2016
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		-		133,578
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		220,455		220,455
Series 40		-		-
Series 41		-		-
Series 42		-		-
Series 43		-		-
Series 44		206,053		191,791
Series 45		54,659		38,091
Series 46		-		-
	$	481,167	$	583,915

During the year ended March 31, 2017, $14,262 and $16,568 for Series 44 and Series 45, respectively, was advanced to the Fund by an affiliate of the general partner. In addition $133,578 for Series 34 was paid by the Fund to an affiliate of the general partner. During the year ended March 31, 2016, $103,171 and $14,906 for Series 44 and Series 45, respectively, was advanced to the Fund by an affiliate of the general partner. In addition $54,660, $370,404, $359,757 and $221,615 for Series 33, Series 40, Series 41 and Series 42, respectively, was paid by the Fund to an affiliate of the general partner. All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

F-106 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

During the years ended March 31, 2017 and 2016, 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:

	2017		2016
Series 20	$	16,622	$	12,732
Series 21		13,370		10,033
Series 22		14,832		11,286
Series 23		16,444		12,754
Series 24		14,350		12,258
Series 25		15,309		12,389
Series 26		18,547		15,060
Series 27		40,226		11,955
Series 28		16,420		13,986
Series 29		17,578		13,243
Series 30		14,993		11,526
Series 31		18,151		15,216
Series 32		17,965		14,108
Series 33		14,218		10,788
Series 34		15,394		12,228
Series 35		15,420		11,982
Series 36		13,183		10,821
Series 37		13,591		10,713
Series 38		14,212		11,412
Series 39		13,065		10,834
Series 40		15,081		11,475
Series 41		16,909		13,418
Series 42		16,382		13,235
Series 43		18,397		14,178
Series 44		14,621		10,671
Series 45		20,809		14,906
Series 46		16,678		12,545
	$	452,767	$	335,752

Accounts payable - affiliates at March 31, 2017 and 2016 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, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2017 and 2016, 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, 2017 and 2016 by series are as follows:

	2017		2016
Series 20		3		4
Series 21		2		2
Series 22		3		3
Series 23		4		6
Series 24		6		6
Series 25		4		4
Series 26		13		14
Series 27		5		7
Series 28		5		6
Series 29		8		8
Series 30		8		8
Series 31		10		17
Series 32		7		10
Series 33		5		5
Series 34		4		7
Series 35		3		6
Series 36		3		7
Series 37		2		6
Series 38		4		8
Series 39		1		7
Series 40		10		14
Series 41		17		18
Series 42		15		15
Series 43		19		19
Series 44		7		8
Series 45		27		28
Series 46		14		15
		209		258

F-108 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year ended March 31, 2017 the Fund disposed of forty nineOperating 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, 2017 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain on Disposition
Series 20		-		1	$	138,000	$	138,000
Series 23		2		-		488,550		488,550
Series 26		1		-		18,500		18,500
Series 27		1		1		3,016,000		3,016,000
Series 28		1		-		5,000		5,000
Series 31		7		-		877,411		877,411
Series 32		2		1		569,552		569,552
Series 34		3		-		630,691		630,691
Series 35		1		2		2,720,765		2,720,765
Series 36		3		1		2,515,373		2,515,373
Series 37		3		1		2,349,732		2,349,732
Series 38		1		3		3,273,698		3,273,698
Series 39		4		2		1,645,989		1,645,989
Series 40		4		-		93,700		93,700
Series 41		1		-		70,500		70,500
Series 44		-		1		-		-
Series 45		1		-		-		-
Series 46		-		1		393,183		393,183
Total		35		14	$	18,806,644	$	18,806,644

During the year ended March 31, 2016 the Fund disposed of forty 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, 2016 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain on Disposition
Series 21		2		-	$	326,273	$	326,273
Series 22		3		-		238,796		248,148
Series 23		3		-		247,429		247,429
Series 24		-		-		96,715		16,675
Series 26		3		-		128,000		59,000
Series 28		5		-		1,405,521		1,405,521
Series 29		1		1		199,000		199,000
Series 30		3		-		324,454		273,454
Series 31		1		1		1,328,188		1,328,188
Series 32		-		1		825,886		825,886
Series 33		1		-		1,097,000		1,097,000
Series 34		2		-		328,000		328,000
Series 35		2		1		1,504,603		1,504,603
Series 36		2		-		571,611		571,611
Series 38		2		-		32,421		32,421
Series 39		2		-		102,774		102,774
Series 40		2		-		790,011		790,011
Series 41		1		-		457,440		457,440
Series 42		5		-		3,254,655		3,214,695
Series 43		4		-		2,492,094		2,492,094
Total		44		4	$	15,750,871	$	15,520,223

* Partnership proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015. Partnership proceeds from disposition does not include $9,352 which was due to a writeoff of capital contribution payable Series 22.

F-109 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 and 2016, contributions are payable to operating limited partnerships as follows:

	2017		2016
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		-		-
Series 28		-		-
Series 29		8,235		8,235
Series 30		105,139		105,139
Series 31		66,294		66,294
Series 32		1,229		1,229
Series 33		69,154		69,154
Series 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		-		-
	$	578,113	$	578,113

F-110 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	226,703,371		$	1,140,993		$	524,510
Acquisition costs of operating limited partnerships		9,097,175			162,528			85,843
Cumulative distributions from operating limited partnerships		(1,675,040	)		-			(22,441	)
Cumulative impairment loss in investments in operating limited partnerships		(122,872,037	)		(337,192	)		(38,116	)
Cumulative losses from operating limited partnerships		(111,253,469	)		(966,329	)		(549,796	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-111 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(1,145,457	)		-			-
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(1,902,879	)		-			-
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).		183,255			7,136			15,685
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(57,696,047	)		(1,066,850	)		(325,745	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		357,746			-			-
Cumulative impairment loss in investments in operating limited partnerships		122,872,037			337,192			38,116
Other		(1,455,539	)		(2,935	)		(43,375	)
Equity per operating limited partnerships’ combined financial statements	$	61,213,116		$	(725,457	)	$	(315,319	)

F-112 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	755,045		$	3,303,139		$	2,879,744
Acquisition costs of operating limited partnerships		78,016			482,854			310,375
Cumulative distributions from operating limited partnerships		-			-			(34,932	)
Cumulative impairment loss in investments in operating limited partnerships		(325,787	)		(2,213,351	)		(1,151,381	)
Cumulative losses from operating limited partnerships		(507,274	)		(1,572,642	)		(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, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		-			-			(30,158	)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(39,009	)		(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).		7,927			(5,691	)		841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(856,165	)		(970,072	)		(2,267,378	)
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		325,787			2,213,351			1,151,381
Other		1,125			(97,940	)		107,836
Equity per operating limited partnerships’ combined financial statements	$	(560,335	)	$	1,111,952		$	(1,122,338	)

F-114 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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		$	5,164,819		$	5,994,660
Acquisition costs of operating limited partnerships		167,460			772,454			813,797
Cumulative distributions from operating limited partnerships		(57,503	)		(30,449	)		(1,096	)
Cumulative impairment loss in investments in operating limited partnerships		(1,430,062	)		(1,350,275	)		(3,487,976	)
Cumulative losses from operating limited partnerships		(118,763	)		(4,556,549	)		(3,319,385	)
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, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		-			(51,000	)		-
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			(59,837	)		(222,527	)
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			45,732			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(456,606	)		(4,815,872	)		(1,317,831	)
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		1,430,062			1,350,275			3,487,976
Other		(78,352	)		(94,916	)		(84,291	)
Equity per operating limited partnerships’ combined financial statements	$	926,343		$	(3,453,802	)	$	1,863,327

F-116 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	2,736,848		$	9,231,659		$	5,493,284
Acquisition costs of operating limited partnerships		388,894			1,333,588			667,262
Cumulative distributions from operating limited partnerships		(5,079	)		(14,324	)		(29,318	)
Cumulative impairment loss in investments in operating limited partnerships		(930,910	)		(5,444,545	)		(2,194,151	)
Cumulative losses from operating limited partnerships		(2,189,753	)		(5,106,378	)		(3,937,077	)
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, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(12,030	)		-			(112,197	)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(62,189	)		(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).		33,990			39,537			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,819,446	)		(3,478,199	)		(2,083,473	)
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		930,910			5,444,545			2,194,151
Other		(45,965	)		(30,529	)		(21,265	)
Equity per operating limited partnerships’ combined financial statements	$	(974,730	)	$	1,386,265		$	(257,393	)

F-118 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	5,898,003		$	14,149,131		$	8,367,365
Acquisition costs of operating limited partnerships		826,360			1,645,450			950,957
Cumulative distributions from operating limited partnerships		(31,355	)		(45,614	)		(3,170	)
Cumulative impairment loss in investments in operating limited partnerships		(3,574,025	)		(9,175,569	)		(6,568,884	)
Cumulative losses from operating limited partnerships		(3,118,983	)		(6,573,398	)		(2,746,268	)
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, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(47,462	)		(172,318	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(77,600	)		-			(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).		6,859			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,188,582	)		(3,395,101	)		(1,876,329	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			29,991			9,684
Cumulative impairment loss in investments in operating limited partnerships		3,574,025			9,175,569			6,568,884
Other		(50,995	)		251,165			(13,716	)
Equity per operating limited partnerships’ combined financial statements	$	216,245		$	5,889,306		$	4,341,862

F-120 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	6,257,458		$	5,386,247		$	4,276,900
Acquisition costs of operating limited partnerships		411,337			-			-
Cumulative distributions from operating limited partnerships		(20,308	)		(2,459	)		(27,291	)
Cumulative impairment loss in investments in operating limited partnerships		(3,951,725	)		(2,462,259	)		(2,406,542	)
Cumulative losses from operating limited partnerships		(2,696,762	)		(2,921,529	)		(1,843,067	)
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, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		-			-			-
The Fund has recorded acquisition costs at March 31, 2017 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).		(1,354,867	)		(2,237,121	)		(984,727	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			3,300			-
Cumulative impairment loss in investments in operating limited partnerships		3,951,725			2,462,259			2,406,542
Other		(139,920	)		2,467			(33,040	)
Equity per operating limited partnerships’ combined financial statements	$	2,168,388		$	230,905		$	1,388,775

F-122 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	7,549,550		$	9,815,140		$	671,150
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(65,908	)		(359,635	)		-
Cumulative impairment loss in investments in operating limited partnerships		(3,922,795	)		(7,194,962	)		(233,531	)
Cumulative losses from operating limited partnerships		(3,560,847	)		(2,260,543	)		(437,619	)
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, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2017 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).		(1,916,369	)		(866,648	)		(97,796	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		13,201			-			-
Cumulative impairment loss in investments in operating limited partnerships		3,922,795			7,194,962			233,531
Other		(12,299	)		(233,707	)		(72,294	)
Equity per operating limited partnerships’ combined financial statements	$	1,851,963		$	6,094,607		$	63,441

F-124 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	11,579,898		$	15,436,181		$	16,067,004
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(22,466	)		(38,570	)		(20,956	)
Cumulative impairment loss in investments in operating limited partnerships		(5,441,719	)		(5,854,800	)		(7,195,970	)
Cumulative losses from operating limited partnerships		(6,115,713	)		(9,542,811	)		(8,850,078	)
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, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(16,841	)		(33,807	)		(76,678	)
The Fund has recorded acquisition costs at March 31, 2017 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).		(2,230,853	)		(3,483,277	)		(4,285,267	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		32,119			-			20,012
Cumulative impairment loss in investments in operating limited partnerships		5,441,719			5,854,800			7,195,970
Other		(72,329	)		(325,495	)		(21,834	)
Equity per operating limited partnerships’ combined financial statements	$	3,153,815		$	2,012,221		$	2,832,203

F-126 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	23,300,481		$	13,739,925		$	25,600,776
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(271,984	)		(49,115	)		(320,688	)
Cumulative impairment loss in investments in operating limited partnerships		(11,001,252	)		(5,442,013	)		(16,541,124	)
Cumulative losses from operating limited partnerships		(12,027,245	)		(8,248,797	)		(8,738,964	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-127 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(121,319	)		-			(129,725	)
The Fund has recorded acquisition costs at March 31, 2017 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).		(4,434,039	)		(4,416,600	)		(2,226,331	)
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		11,001,252			5,442,013			16,541,124
Other		(50,452	)		(90,418	)		(164,622	)
Equity per operating limited partnerships’ combined financial statements	$	6,395,442		$	934,995		$	14,043,755

F-128 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	19,944,593
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(200,379	)
Cumulative impairment loss in investments in operating limited partnerships		(13,001,121	)
Cumulative losses from operating limited partnerships		(6,743,093	)
Investments in operating limited partnerships per balance sheet		-

F-129 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(7,089	)
The Fund has recorded acquisition costs at March 31, 2017 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).		(1,244,503	)
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		13,001,121
Other		(37,443	)
Equity per operating limited partnerships’ combined financial statements	$	11,716,680

F-130 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	303,772,168		$	1,510,993		$	524,510
Acquisition costs of operating limited partnerships		12,667,316			215,748			85,843
Cumulative distributions from operating limited partnerships		(2,477,305	)		(7,394	)		(22,441	)
Cumulative impairment loss in investments in operating limited partnerships		(161,650,983	)		(409,509	)		(38,116	)
Cumulative losses from operating limited partnerships		(152,311,196	)		(1,309,838	)		(549,796	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-131 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(1,202,653	)		-			-
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(3,413,891	)		-			-
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).		447,007			62,488			15,685
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(72,745,706	)		(988,006	)		(307,183	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		884,505			6,576			-
Cumulative impairment loss in investments in operating limited partnerships		161,650,983			409,509			38,116
Other		(1,837,057	)		(11,516	)		(42,053	)
Equity per operating limited partnerships’ combined financial statements	$	83,783,188		$	(520,949	)	$	(295,435	)

F-132 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	755,045		$	4,968,423		$	2,879,744
Acquisition costs of operating limited partnerships		78,016			727,246			310,375
Cumulative distributions from operating limited partnerships		-			-			(34,932	)
Cumulative impairment loss in investments in operating limited partnerships		(325,787	)		(4,061,633	)		(1,151,381	)
Cumulative losses from operating limited partnerships		(507,274	)		(1,634,036	)		(2,003,806	)
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, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		-			(11,581	)		(30,158	)
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(39,009	)		(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).		7,927			7,292			841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(866,909	)		(1,241,388	)		(2,084,698	)
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		325,787			4,061,633			1,151,381
Other		1,125			(133,388	)		115,558
Equity per operating limited partnerships’ combined financial statements	$	(571,079	)	$	2,654,872		$	(931,936	)

F-134 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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		$	5,527,557		$	8,111,853
Acquisition costs of operating limited partnerships		167,460			824,628			1,143,307
Cumulative distributions from operating limited partnerships		(57,503	)		(40,236	)		(14,167	)
Cumulative impairment loss in investments in operating limited partnerships		(1,359,466	)		(1,822,975	)		(4,036,605	)
Cumulative losses from operating limited partnerships		(189,359	)		(4,488,974	)		(5,204,388	)
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, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		-			(51,000	)		(39,446	)
The Fund has recorded acquisition costs at March 31, 2016 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			45,732			195,417
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(343,851	)		(4,331,079	)		(1,587,855	)
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		1,359,466			1,822,975			4,036,605
Other		(67,544	)		(115,347	)		(291,605	)
Equity per operating limited partnerships’ combined financial statements	$	979,310		$	(2,516,740	)	$	1,863,912

F-136 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	5,944,962		$	9,231,659		$	5,493,284
Acquisition costs of operating limited partnerships		850,335			1,333,588			667,262
Cumulative distributions from operating limited partnerships		(110,655	)		(14,324	)		(29,318	)
Cumulative impairment loss in investments in operating limited partnerships		(2,158,606	)		(5,444,545	)		(2,194,151	)
Cumulative losses from operating limited partnerships		(4,526,036	)		(5,106,378	)		(3,937,077	)
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, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(12,030	)		-			(112,197	)
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(62,189	)		(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).		33,990			39,537			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(2,842,764	)		(2,951,824	)		(1,907,676	)
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		2,158,606			5,444,545			2,194,151
Other		(90,515	)		(30,530	)		(18,522	)
Equity per operating limited partnerships’ combined financial statements	$	(814,902	)	$	1,912,639		$	(78,853	)

F-138 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	11,532,547		$	22,949,966		$	8,367,365
Acquisition costs of operating limited partnerships		1,632,942			2,929,785			950,957
Cumulative distributions from operating limited partnerships		(31,404	)		(101,208	)		(3,170	)
Cumulative impairment loss in investments in operating limited partnerships		(6,454,920	)		(13,361,331	)		(6,467,715	)
Cumulative losses from operating limited partnerships		(6,679,165	)		(12,417,212	)		(2,847,437	)
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, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(47,462	)		(172,318	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2016 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).		6,859			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(4,016,452	)		(4,963,274	)		(1,578,487	)
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		6,454,920			13,361,331			6,467,715
Other		(36,552	)		284,785			(13,716	)
Equity per operating limited partnerships’ combined financial statements	$	2,292,214		$	7,264,546		$	4,538,535

F-140 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	11,227,571		$	10,781,284		$	12,307,640
Acquisition costs of operating limited partnerships		749,824			-			-
Cumulative distributions from operating limited partnerships		(20,308	)		(5,084	)		(100,055	)
Cumulative impairment loss in investments in operating limited partnerships		(6,843,156	)		(5,230,309	)		(6,862,772	)
Cumulative losses from operating limited partnerships		(5,113,931	)		(5,545,891	)		(5,344,813	)
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, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(6,069	)		-			-
The Fund has recorded acquisition costs at March 31, 2016 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).		(1,642,674	)		(3,423,568	)		(2,019,997	)
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		6,843,156			5,230,309			6,862,772
Other		(194,626	)		(24,491	)		(126,915	)
Equity per operating limited partnerships’ combined financial statements	$	4,711,237		$	1,860,267		$	4,717,230

F-142 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	16,058,621		$	17,940,834		$	10,069,655
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(202,524	)		(515,435	)		(224,758	)
Cumulative impairment loss in investments in operating limited partnerships		(7,809,397	)		(10,253,381	)		(4,561,508	)
Cumulative losses from operating limited partnerships		(8,046,700	)		(7,172,018	)		(5,283,389	)
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, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2016 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).		(7,434,593	)		(4,229,837	)		(3,894,615	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		289,911			59,461			74,689
Cumulative impairment loss in investments in operating limited partnerships		7,809,397			10,253,381			4,561,508
Other		(109,071	)		(209,729	)		(106,547	)
Equity per operating limited partnerships’ combined financial statements	$	400,279		$	5,873,276		$	635,035

F-144 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	16,293,231		$	16,713,252		$	16,067,004
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(25,813	)		(50,099	)		(20,956	)
Cumulative impairment loss in investments in operating limited partnerships		(9,078,021	)		(6,847,483	)		(7,195,970	)
Cumulative losses from operating limited partnerships		(7,189,397	)		(9,815,670	)		(8,850,078	)
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, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(16,841	)		(33,807	)		(76,678	)
The Fund has recorded acquisition costs at March 31, 2016 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).		(2,222,136	)		(3,234,895	)		(3,747,535	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		47,439			1,049			20,012
Cumulative impairment loss in investments in operating limited partnerships		9,078,021			6,847,483			7,195,970
Other		(111,940	)		(294,216	)		(17,777	)
Equity per operating limited partnerships’ combined financial statements	$	6,774,543		$	3,285,614		$	3,373,992

F-146 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	23,300,481		$	15,745,838		$	25,706,915
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(271,984	)		(49,763	)		(320,692	)
Cumulative impairment loss in investments in operating limited partnerships		(10,917,292	)		(6,523,727	)		(16,411,048	)
Cumulative losses from operating limited partnerships		(12,111,205	)		(9,172,348	)		(8,975,175	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-147 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(121,319	)		-			(129,725	)
The Fund has recorded acquisition costs at March 31, 2016 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).		(3,960,406	)		(4,381,035	)		(1,542,238	)
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		10,917,292			6,523,727			16,411,048
Other		(21,080	)		(64,791	)		(103,424	)
Equity per operating limited partnerships’ combined financial statements	$	6,814,487		$	2,077,901		$	14,658,970

F-148 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2016 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		(203,082	)
Cumulative impairment loss in investments in operating limited partnerships		(13,830,179	)
Cumulative losses from operating limited partnerships		(8,289,805	)
Investments in operating limited partnerships per balance sheet		-

F-149 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(7,189	)
The Fund has recorded acquisition costs at March 31, 2016 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).		(1,000,731	)
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		13,830,179
Other		(2,630	)
Equity per operating limited partnerships’ combined financial statements	$	12,824,223

F-150 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	394,212,193	$	2,085,075		$	1,489,227
Land		41,747,860		246,238			183,210
Other assets		49,639,300		582,694			366,699
	$	485,599,353	$	2,914,007		$	2,039,136
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	348,577,513	$	3,200,912		$	2,297,325
Accounts payable and accrued expenses		16,107,662		75,817			22,623
Other liabilities		40,891,893		50,451			40,020
		405,577,068		3,327,180			2,359,968
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		61,213,116		(725,457	)		(315,319	)
Other partners		18,809,169		312,284			(5,513	)
		80,022,285		(413,173	)		(320,832	)
	$	485,599,353	$	2,914,007		$	2,039,136

F-151 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,945,141		$	4,805,126		$	3,402,825
Land		426,603			522,075			636,838
Other assets		1,013,637			1,248,448			644,794
	$	3,385,381		$	6,575,649		$	4,684,457
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,834,362		$	4,961,827		$	5,238,205
Accounts payable and accrued expenses		88,761			157,317			118,124
Other liabilities		65,589			820,842			411,627
		3,988,712			5,939,986			5,767,956
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(560,335	)		1,111,952			(1,122,338	)
Other partners		(42,996	)		(476,289	)		38,839
		(603,331	)		635,663			(1,083,499	)
	$	3,385,381		$	6,575,649		$	4,684,457

F-152 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25			Series 26			Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,013,338		$	7,274,962		$	12,049,493
Land		203,400			620,110			1,360,969
Other assets		919,878			1,105,294			1,862,638
	$	4,136,616		$	9,000,366		$	15,273,100
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,290,404		$	10,309,719		$	9,390,191
Accounts payable and accrued expenses		62,955			1,437,631			346,277
Other liabilities		31,649			1,110,272			2,149,189
		3,385,008			12,857,622			11,885,657
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		926,343			(3,453,802	)		1,863,327
Other partners		(174,735	)		(403,454	)		1,524,116
		751,608			(3,857,256	)		3,387,443
	$	4,136,616		$	9,000,366		$	15,273,100

F-153 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28			Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,949,712		$	9,381,511	$	6,657,707
Land		251,300			694,245		415,348
Other assets		445,890			2,959,653		831,281
	$	4,646,902		$	13,035,409	$	7,904,336
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	4,563,975		$	6,879,017	$	7,235,178
Accounts payable and accrued expenses		177,233			1,061,966		337,340
Other liabilities		1,022,213			3,393,759		699,680
		5,763,421			11,334,742		8,272,198
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(974,730	)		1,386,265		(257,393	)
Other partners		(141,789	)		314,402		(110,469	)
		(1,116,519	)		1,700,667		(367,862	)
	$	4,646,902		$	13,035,409	$	7,904,336

F-154 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	8,072,673		$	14,247,643	$	14,983,903
Land		725,013			1,185,852		1,328,537
Other assets		1,458,129			1,880,115		1,256,727
	$	10,255,815		$	17,313,610	$	17,569,167
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	9,530,208		$	7,147,321	$	6,828,064
Accounts payable and accrued expenses		534,648			1,213,357		623,125
Other liabilities		340,754			876,272		897,122
		10,405,610			9,236,950		8,348,311
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		216,245			5,889,306		4,341,862
Other partners		(366,040	)		2,187,354		4,878,994
		(149,795	)		8,076,660		9,220,856
	$	10,255,815		$	17,313,610	$	17,569,167

F-155 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34			Series 35			Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	4,939,111		$	6,496,199		$	5,418,554
Land		230,576			671,988			655,300
Other assets		1,074,019			808,787			684,276
	$	6,243,706		$	7,976,974		$	6,758,130
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,273,740		$	5,448,834		$	3,488,113
Accounts payable and accrued expenses		222,965			179,364			676,964
Other liabilities		818,633			2,602,051			311,735
		4,315,338			8,230,249			4,476,812
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		2,168,388			230,905			1,388,775
Other partners		(240,020	)		(484,180	)		892,543
		1,928,368			(253,275	)		2,281,318
	$	6,243,706		$	7,976,974		$	6,758,130

F-156 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37			Series 38			Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	4,913,034		$	7,584,676		$	704,469
Land		300,501			670,346			50,000
Other assets		379,600			989,351			36,912
	$	5,593,135		$	9,244,373		$	791,381
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	2,708,987		$	4,509,814		$	705,510
Accounts payable and accrued expenses		539,389			185,976			9,232
Other liabilities		599,151			544,697			23,287
		3,847,527			5,240,487			738,029
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,851,963			6,094,607			63,441
Other partners		(106,355	)		(2,090,721	)		(10,089	)
		1,745,608			4,003,886			53,352
	$	5,593,135		$	9,244,373		$	791,381

F-157 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	34,036,000	$	52,194,620	$	38,829,717
Land		3,816,175		7,423,381		5,877,411
Other assets		2,777,597		5,236,886		4,108,842
	$	40,629,772	$	64,854,887	$	48,815,970
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	32,191,614	$	53,514,163	$	34,987,875
Accounts payable and accrued expenses		1,056,318		1,675,342		2,490,974
Other liabilities		1,710,051		2,686,207		3,815,676
		34,957,983		57,875,712		41,294,525
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		3,153,815		2,012,221		2,832,203
Other partners		2,517,974		4,966,954		4,689,242
		5,671,789		6,979,175		7,521,445
	$	40,629,772	$	64,854,887	$	48,815,970

F-158 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	41,562,908	$	31,835,019		$	41,406,048
Land		4,306,232		3,008,317			3,989,836
Other assets		3,973,680		3,488,635			6,245,976
	$	49,842,820	$	38,331,971		$	51,641,860
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	36,674,057	$	36,988,184		$	29,953,961
Accounts payable and accrued expenses		1,350,023		318,124			815,588
Other liabilities		4,916,891		5,494,147			2,853,533
		42,940,971		42,800,455			33,623,082
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,395,442		934,995			14,043,755
Other partners		506,407		(5,403,479	)		3,975,023
		6,901,849		(4,468,484	)		18,018,778
	$	49,842,820	$	38,331,971		$	51,641,860

F-159 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	30,933,502
Land		1,948,059
Other assets		3,258,862
	$	36,140,423
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	19,425,953
Accounts payable and accrued expenses		330,229
Other liabilities		2,606,395
		22,362,577
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		11,716,680
Other partners		2,061,166
		13,777,846
	$	36,140,423

F-160 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	529,415,678	$	3,332,620		$	1,572,107
Land		53,226,657		310,538			183,210
Other assets		66,317,024		1,186,975			331,854
	$	648,959,359	$	4,830,133		$	2,087,171
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	457,774,123	$	4,827,573		$	2,329,701
Accounts payable and accrued expenses		23,355,176		110,814			10,649
Other liabilities		66,468,250		59,330			38,458
		547,597,549		4,997,717			2,378,808
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		83,783,188		(520,949	)		(295,435	)
Other partners		17,578,622		353,365			3,798
		101,361,810		(167,584	)		(291,637	)
	$	648,959,359	$	4,830,133		$	2,087,171

F-161 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	2,058,605		$	8,270,196		$	3,627,508
Land		426,603			911,443			636,838
Other assets		1,074,777			3,582,210			653,001
	$	3,559,985		$	12,763,849		$	4,917,347
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,876,441		$	7,344,377		$	5,325,953
Accounts payable and accrued expenses		100,050			347,926			114,929
Other liabilities		69,420			4,908,882			327,523
		4,045,911			12,601,185			5,768,405
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(571,079	)		2,654,872			(931,936	)
Other partners		85,153			(2,492,208	)		80,878
		(485,926	)		162,664			(851,058	)
	$	3,559,985		$	12,763,849		$	4,917,347

F-162 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25			Series 26			Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,131,767		$	8,657,081		$	17,241,309
Land		203,400			680,110			2,571,668
Other assets		933,501			1,418,158			2,384,013
	$	4,268,668		$	10,755,349		$	22,196,990
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,346,127		$	11,360,063		$	15,287,429
Accounts payable and accrued expenses		70,325			1,389,206			508,324
Other liabilities		26,620			1,058,361			2,746,562
		3,443,072			13,807,630			18,542,315
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		979,310			(2,516,740	)		1,863,912
Other partners		(153,714	)		(535,541	)		1,790,763
		825,596			(3,052,281	)		3,654,675
	$	4,268,668		$	10,755,349		$	22,196,990

F-163 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28			Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	7,014,398		$	9,835,315	$	7,036,190
Land		266,222			694,245		415,348
Other assets		744,475			1,439,626		725,493
	$	8,025,095		$	11,969,186	$	8,177,031
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	8,538,924		$	7,052,254	$	7,370,572
Accounts payable and accrued expenses		328,623			966,993		310,357
Other liabilities		936,630			1,675,171		666,265
		9,804,177			9,694,418		8,347,194
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(814,902	)		1,912,639		(78,853	)
Other partners		(964,180	)		362,129		(91,310	)
		(1,779,082	)		2,274,768		(170,163	)
	$	8,025,095		$	11,969,186	$	8,177,031

F-164 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31		Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	16,497,019	$	20,224,966	$	15,649,517
Land		1,102,473		1,360,852		1,328,537
Other assets		2,515,292		2,411,015		1,467,582
	$	20,114,784	$	23,996,833	$	18,445,636
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	16,249,514	$	10,787,090	$	7,137,297
Accounts payable and accrued expenses		661,063		2,769,726		671,157
Other liabilities		568,549		1,094,844		894,554
		17,479,126		14,651,660		8,703,008
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		2,292,214		7,264,546		4,538,535
Other partners		343,444		2,080,627		5,204,093
		2,635,658		9,345,173		9,742,628
	$	20,114,784	$	23,996,833	$	18,445,636

F-165 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	10,453,950	$	20,625,675	$	17,723,639
Land		1,133,280		2,695,102		1,833,180
Other assets		1,991,614		2,613,971		2,466,948
	$	13,578,844	$	25,934,748	$	22,023,767
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	7,233,483	$	15,676,104	$	12,638,012
Accounts payable and accrued expenses		254,244		399,861		1,971,020
Other liabilities		1,250,258		6,129,396		502,961
		8,737,985		22,205,361		15,111,993
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		4,711,237		1,860,267		4,717,230
Other partners		129,622		1,869,120		2,194,544
		4,840,859		3,729,387		6,911,774
	$	13,578,844	$	25,934,748	$	22,023,767

F-166 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37			Series 38			Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	21,832,900		$	17,129,023		$	10,554,350
Land		1,625,738			1,519,206			1,061,888
Other assets		2,111,926			1,991,354			1,179,735
	$	25,570,564		$	20,639,583		$	12,795,973
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	17,549,703		$	13,819,417		$	10,114,858
Accounts payable and accrued expenses		2,360,796			250,053			222,241
Other liabilities		6,332,846			2,874,467			2,335,993
		26,243,345			16,943,937			12,673,092
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		400,279			5,873,276			635,035
Other partners		(1,073,060	)		(2,177,630	)		(512,154	)
		(672,781	)		3,695,646			122,881
	$	25,570,564		$	20,639,583		$	12,795,973

F-167 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40			Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	44,047,875		$	56,126,204	$	40,671,186
Land		4,690,941			7,583,381		5,877,411
Other assets		3,736,506			6,160,084		4,492,349
	$	52,475,322		$	69,869,669	$	51,040,946
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	39,778,652		$	55,916,451	$	36,161,415
Accounts payable and accrued expenses		1,618,018			1,636,364		2,534,425
Other liabilities		4,687,420			3,729,671		3,819,627
		46,084,090			61,282,486		42,515,467
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,774,543			3,285,614		3,373,992
Other partners		(383,311	)		5,301,569		5,151,487
		6,391,232			8,587,183		8,525,479
	$	52,475,322		$	69,869,669	$	51,040,946

F-168 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	43,756,712	$	36,930,412		$	47,639,086
Land		4,306,232		3,130,916			4,314,836
Other assets		4,165,140		4,122,248			6,771,223
	$	52,228,084	$	44,183,576		$	58,725,145
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	37,823,234	$	40,047,937		$	36,009,724
Accounts payable and accrued expenses		1,260,622		679,030			1,383,333
Other liabilities		4,929,604		6,225,735			5,238,485
		44,013,460		46,952,702			42,631,542
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,814,487		2,077,901			14,658,970
Other partners		1,400,137		(4,847,027	)		1,434,633
		8,214,624		(2,769,126	)		16,093,603
	$	52,228,084	$	44,183,576		$	58,725,145

F-169 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	37,776,068
Land		2,363,059
Other assets		3,645,954
	$	43,785,081
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	24,171,818
Accounts payable and accrued expenses		425,027
Other liabilities		3,340,618
		27,937,463
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		12,824,223
Other partners		3,023,395
		15,847,618
	$	43,785,081

F-170 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	85,755,446		$	889,757		$	493,555
Interest and other		2,943,930			51,176			3,440
		88,699,376			940,933			496,995
Expenses
Interest		17,012,370			67,782			39,664
Depreciation and amortization		22,495,020			257,685			82,880
Taxes and insurance		10,332,106			96,986			68,302
Repairs and maintenance		19,174,823			304,750			129,182
Operating expenses		29,285,986			360,239			195,717
Impairment loss		-			-			-
Other expenses		1,936,798			14,439			-
		100,237,103			1,101,881			515,745
NET INCOME (LOSS)	$	(11,537,727	)	$	(160,948	)	$	(18,750	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(8,901,790	)	$	(106,474	)	$	(39,102	)
Net income (loss) allocated to other partners	$	(2,635,937	)	$	(54,474	)	$	20,352

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	780,062		$	1,426,787		$	1,218,703
Interest and other		36,302			112,584			28,210
		816,364			1,539,371			1,246,913
Expenses
Interest		70,347			117,886			127,601
Depreciation and amortization		166,222			286,650			361,276
Taxes and insurance		110,615			155,346			117,868
Repairs and maintenance		289,406			284,376			357,522
Operating expenses		283,947			864,097			486,157
Impairment loss		-			-			-
Other expenses		13,232			14,212			11,156
		933,769			1,722,567			1,461,580
NET INCOME (LOSS)	$	(117,405	)	$	(183,196	)	$	(214,667	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(45,959	)	$	(159,714	)	$	(185,148	)
Net income (loss) allocated to other partners	$	(71,446	)	$	(23,482	)	$	(29,519	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	857,567		$	2,172,933		$	3,174,381
Interest and other		20,950			57,555			25,493
		878,517			2,230,488			3,199,874
Expenses
Interest		80,735			306,650			509,261
Depreciation and amortization		176,707			572,435			661,245
Taxes and insurance		92,956			296,029			366,487
Repairs and maintenance		188,389			687,453			605,819
Operating expenses		368,878			850,626			974,005
Impairment loss		-			-			-
Other expenses		8,814			15,500			38,677
		916,479			2,728,693			3,155,494
NET INCOME (LOSS)	$	(37,962	)	$	(498,205	)	$	44,380
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(112,755	)	$	(500,992	)	$	(164,034	)
Net income (loss) allocated to other partners	$	74,793		$	2,787		$	208,414

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	1,002,280		$	1,870,776		$	1,509,820
Interest and other		25,270			170,891			38,014
		1,027,550			2,041,667			1,547,834
Expenses
Interest		163,031			417,247			157,690
Depreciation and amortization		225,777			541,192			405,826
Taxes and insurance		132,749			269,958			197,172
Repairs and maintenance		213,513			457,333			335,232
Operating expenses		437,570			909,738			625,657
Impairment loss		-			-			-
Other expenses		-			20,300			9,527
		1,172,640			2,615,768			1,731,104
NET INCOME (LOSS)	$	(145,090	)	$	(574,101	)	$	(183,270	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(198,898	)	$	(531,118	)	$	(187,074	)
Net income (loss) allocated to other partners	$	53,808		$	(42,983	)	$	3,804

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	1,706,240		$	2,847,292		$	2,625,326
Interest and other		48,995			86,930			86,895
		1,755,235			2,934,222			2,712,221
Expenses
Interest		168,268			468,653			441,719
Depreciation and amortization		573,233			816,277			707,952
Taxes and insurance		288,339			348,890			335,238
Repairs and maintenance		284,817			745,036			623,753
Operating expenses		935,094			929,535			990,872
Impairment loss		-			-			-
Other expenses		6,013			220,748			110,459
		2,255,764			3,529,139			3,209,993
NET INCOME (LOSS)	$	(500,529	)	$	(594,917	)	$	(497,772	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(497,487	)	$	(529,907	)	$	(297,842	)
Net income (loss) allocated to other partners	$	(3,042	)	$	(65,010	)	$	(199,930	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	971,745		$	1,806,433		$	1,365,067
Interest and other		35,012			69,612			90,846
		1,006,757			1,876,045			1,455,913
Expenses
Interest		104,262			290,660			257,096
Depreciation and amortization		275,627			485,344			400,786
Taxes and insurance		141,495			203,459			252,292
Repairs and maintenance		286,631			260,199			277,928
Operating expenses		326,343			620,343			434,010
Impairment loss		-			-			-
Other expenses		-			25,200			33,541
		1,134,358			1,885,205			1,655,653
NET INCOME (LOSS)	$	(127,601	)	$	(9,160	)	$	(199,740	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(136,875	)	$	(40,749	)	$	(131,250	)
Net income (loss) allocated to other partners	$	9,274		$	31,589		$	(68,490	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	1,039,639		$	1,774,853		$	168,432
Interest and other		102,567			21,673			-
		1,142,206			1,796,526			168,432
Expenses
Interest		160,035			247,122			6,237
Depreciation and amortization		358,716			372,627			29,091
Taxes and insurance		201,945			214,991			15,558
Repairs and maintenance		193,056			414,817			60,340
Operating expenses		402,404			633,207			70,601
Impairment loss		-			-			-
Other expenses		23,041			18,000			-
		1,339,197			1,900,764			181,827
NET INCOME (LOSS)	$	(196,991	)	$	(104,238	)	$	(13,395	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(141,806	)	$	(144,427	)	$	(13,393	)
Net income (loss) allocated to other partners	$	(55,185	)	$	40,189		$	(2	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	7,913,892		$	12,012,632		$	7,743,859
Interest and other		203,429			279,982			260,401
		8,117,321			12,292,614			8,004,260
Expenses
Interest		2,291,713			3,221,005			1,812,102
Depreciation and amortization		1,873,123			2,810,380			2,129,667
Taxes and insurance		1,045,058			1,452,787			865,086
Repairs and maintenance		1,488,255			2,489,498			1,833,446
Operating expenses		1,783,214			3,034,020			2,567,479
Impairment loss		-			-			-
Other expenses		296,558			340,154			297,284
		8,777,921			13,347,844			9,505,064
NET INCOME (LOSS)	$	(660,600	)	$	(1,055,230	)	$	(1,500,804	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(695,283	)	$	(535,125	)	$	(678,898	)
Net income (loss) allocated to other partners	$	34,683		$	(520,105	)	$	(821,906	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	7,766,042		$	7,687,702		$	8,007,329
Interest and other		468,895			327,166			178,014
		8,234,937			8,014,868			8,185,343
Expenses
Interest		1,506,832			1,873,630			1,104,605
Depreciation and amortization		2,528,048			1,868,001			2,250,286
Taxes and insurance		817,994			554,655			948,985
Repairs and maintenance		1,962,505			1,516,605			1,937,661
Operating expenses		3,247,142			2,660,711			2,758,102
Impairment loss		-			-			-
Other expenses		69,965			97,607			214,186
		10,132,486			8,571,209			9,213,825
NET INCOME (LOSS)	$	(1,897,549	)	$	(556,341	)	$	(1,028,482	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(749,824	)	$	(596,043	)	$	(915,282	)
Net income (loss) allocated to other partners	$	(1,147,725	)	$	39,702		$	(113,200	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	4,922,342
Interest and other		113,628
		5,035,970
Expenses
Interest		1,000,537
Depreciation and amortization		1,277,967
Taxes and insurance		740,866
Repairs and maintenance		947,301
Operating expenses		1,536,278
Impairment loss		-
Other expenses		38,185
		5,541,134
NET INCOME (LOSS)	$	(505,164	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(566,331	)
Net income (loss) allocated to other partners	$	61,167

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	111,776,843		$	1,185,836		$	501,207
Interest and other		4,528,841			47,917			3,473
		116,305,684			1,233,753			504,680
Expenses
Interest		22,696,497			103,823			42,173
Depreciation and amortization		30,995,689			319,299			83,029
Taxes and insurance		14,155,041			133,186			65,006
Repairs and maintenance		23,031,379			340,694			108,441
Operating expenses		38,937,669			484,527			185,059
Impairment loss		-			-			-
Other expenses		2,310,183			16,039			-
		132,126,458			1,397,568			483,708
NET INCOME (LOSS)	$	(15,820,774	)	$	(163,815	)	$	20,972
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(11,941,106	)	$	(109,408	)	$	-
Net income (loss) allocated to other partners	$	(3,879,668	)	$	(54,407	)	$	20,972

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	779,764		$	2,536,702		$	1,202,358
Interest and other		43,150			89,120			23,919
		822,914			2,625,822			1,226,277
Expenses
Interest		72,934			275,105			121,338
Depreciation and amortization		179,088			982,215			351,255
Taxes and insurance		119,915			392,801			121,189
Repairs and maintenance		237,302			502,492			312,955
Operating expenses		285,458			1,088,431			474,834
Impairment loss		-			-			-
Other expenses		13,232			39,202			20,286
		907,929			3,280,246			1,401,857
NET INCOME (LOSS)	$	(85,015	)	$	(654,424	)	$	(175,580	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(57,309	)	$	(372,667	)	$	(146,078	)
Net income (loss) allocated to other partners	$	(27,706	)	$	(281,757	)	$	(29,502	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	869,428		$	2,376,345		$	4,652,943
Interest and other		32,201			59,021			43,508
		901,629			2,435,366			4,696,451
Expenses
Interest		84,140			374,082			874,561
Depreciation and amortization		170,873			618,827			916,029
Taxes and insurance		98,899			341,777			602,180
Repairs and maintenance		206,013			640,467			825,870
Operating expenses		350,467			896,421			1,405,937
Impairment loss		-			-			-
Other expenses		8,889			15,500			48,712
		919,281			2,887,074			4,673,289
NET INCOME (LOSS)	$	(17,652	)	$	(451,708	)	$	23,162
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(70,287	)	$	(461,073	)	$	(226,075	)
Net income (loss) allocated to other partners	$	52,635		$	9,365		$	249,237

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	1,621,261		$	1,976,028		$	1,493,470
Interest and other		34,516			182,610			143,545
		1,655,777			2,158,638			1,637,015
Expenses
Interest		171,663			457,017			165,357
Depreciation and amortization		503,916			535,120			405,307
Taxes and insurance		198,050			321,634			200,403
Repairs and maintenance		381,359			433,100			364,975
Operating expenses		912,589			843,779			696,234
Impairment loss		-			-			-
Other expenses		-			27,700			6,747
		2,167,577			2,618,350			1,839,023
NET INCOME (LOSS)	$	(511,800	)	$	(459,712	)	$	(202,008	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(533,920	)	$	(442,926	)	$	(174,671	)
Net income (loss) allocated to other partners	$	22,120		$	(16,786	)	$	(27,337	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	3,857,615		$	3,937,997		$	2,587,763
Interest and other		136,085			522,343			90,053
		3,993,700			4,460,340			2,677,816
Expenses
Interest		346,210			679,912			446,506
Depreciation and amortization		1,077,795			1,225,244			726,280
Taxes and insurance		606,394			491,697			343,569
Repairs and maintenance		710,461			756,911			491,833
Operating expenses		1,763,442			1,518,818			1,017,937
Impairment loss		-			-			-
Other expenses		21,482			280,517			106,005
		4,525,784			4,953,099			3,132,130
NET INCOME (LOSS)	$	(532,084	)	$	(492,759	)	$	(454,314	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(551,230	)	$	(513,975	)	$	(250,938	)
Net income (loss) allocated to other partners	$	19,146		$	21,216		$	(203,376	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	2,461,028		$	5,117,009		$	3,882,110
Interest and other		71,256			187,870			100,935
		2,532,284			5,304,879			3,983,045
Expenses
Interest		391,137			1,128,100			716,386
Depreciation and amortization		647,172			1,617,552			1,292,043
Taxes and insurance		335,716			637,437			563,732
Repairs and maintenance		487,407			780,180			591,114
Operating expenses		1,000,614			1,725,195			1,502,446
Impairment loss		-			-			-
Other expenses		10,300			63,200			80,836
		2,872,346			5,951,664			4,746,557
NET INCOME (LOSS)	$	(340,062	)	$	(646,785	)	$	(763,512	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(360,810	)	$	(403,942	)	$	(381,014	)
Net income (loss) allocated to other partners	$	20,748		$	(242,843	)	$	(382,498	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	4,887,918		$	4,461,135		$	2,910,257
Interest and other		224,158			168,050			141,742
		5,112,076			4,629,185			3,051,999
Expenses
Interest		979,187			870,411			586,862
Depreciation and amortization		1,536,522			1,082,815			688,543
Taxes and insurance		762,488			530,136			301,988
Repairs and maintenance		948,457			915,337			599,784
Operating expenses		2,099,524			1,760,555			1,261,653
Impairment loss		-			-			-
Other expenses		120,646			85,767			106,939
		6,446,824			5,245,021			3,545,769
NET INCOME (LOSS)	$	(1,334,748	)	$	(615,836	)	$	(493,770	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(973,078	)	$	(401,471	)	$	(283,760	)
Net income (loss) allocated to other partners	$	(361,670	)	$	(214,365	)	$	(210,010	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	8,988,443		$	12,011,209		$	7,616,395
Interest and other		274,699			362,739			436,587
		9,263,142			12,373,948			8,052,982
Expenses
Interest		2,623,328			3,198,557			1,728,329
Depreciation and amortization		2,297,137			2,904,618			2,165,627
Taxes and insurance		1,278,199			1,530,747			935,026
Repairs and maintenance		1,459,904			2,347,072			2,050,409
Operating expenses		2,139,931			2,864,489			2,287,940
Impairment loss		-			-			-
Other expenses		88,325			331,540			303,017
		9,886,824			13,177,023			9,470,348
NET INCOME (LOSS)	$	(623,682	)	$	(803,075	)	$	(1,417,366	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(485,428	)	$	(652,535	)	$	(820,041	)
Net income (loss) allocated to other partners	$	(138,254	)	$	(150,540	)	$	(597,325	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	7,586,036		$	7,672,594		$	8,630,960
Interest and other		410,256			301,391			182,275
		7,996,292			7,973,985			8,813,235
Expenses
Interest		1,466,381			2,015,917			1,399,484
Depreciation and amortization		2,577,315			2,052,878			2,530,687
Taxes and insurance		820,521			560,059			1,056,860
Repairs and maintenance		1,888,325			1,587,593			1,864,206
Operating expenses		2,921,473			2,450,076			2,954,780
Impairment loss		-			-			-
Other expenses		83,350			102,792			237,084
		9,757,365			8,769,315			10,043,101
NET INCOME (LOSS)	$	(1,761,073	)	$	(795,330	)	$	(1,229,866	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(980,275	)	$	(612,970	)	$	(843,380	)
Net income (loss) allocated to other partners	$	(780,798	)	$	(182,360	)	$	(386,486	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,973,032
Interest and other		215,422
		6,188,454
Expenses
Interest		1,377,597
Depreciation and amortization		1,508,503
Taxes and insurance		805,432
Repairs and maintenance		1,198,718
Operating expenses		2,045,060
Impairment loss		-
Other expenses		92,076
		7,027,386
NET INCOME (LOSS)	$	(838,932	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(831,845	)
Net income (loss) allocated to other partners	$	(7,087	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2017 and 2016

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2017 and 2016 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, 2017 and 2016. These notes are secured by future installments of capital contributions or paid upon demand. The notes at March 31, 2017 and 2016 by series are as follows:

	2017		2016
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, 2017 and 2016

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, 2017 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	15,103,290		$	65,321		$	(44,938	)
Operating limited partnership rents received in advance		155			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(9,530,240	)		24,843			(139,128	)
Other		8,210,250			522,385			18,446
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(8,901,790	)		(106,474	)		(39,102	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(2,914,770	)		(17,784	)		(33,177	)
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		(17,518,111	)		(131,295	)		1,060
Income (loss) for tax return purposes, December 31, 2016	$	(15,551,216	)	$	356,996		$	(236,839	)

F-192 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(72,794	)	$	402,128		$	(75,371	)
Operating limited partnership rents received in advance		-			-			(358	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		29,208			37,362			-
Other		547,008			60,716			30,366
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(45,959	)		(159,714	)		(185,148	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(19,546	)		(28,172	)		(52,400	)
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		(31,291	)		(703,528	)		(10,228	)
Income (loss) for tax return purposes, December 31, 2016	$	406,626		$	(391,208	)	$	(293,139	)

F-193 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(51,336	)	$	(126,723	)	$	2,675,164
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			-			-
Other		65,984			708			3,509,504
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(112,755	)		(500,992	)		(164,034	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(61,003	)		(102,807	)		106,695
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		(6,578	)		(11,559	)		(2,896,130	)
Income (loss) for tax return purposes, December 31, 2016	$	(165,688	)	$	(741,373	)	$	3,231,199

F-194 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(64,444	)	$	(173,797	)	$	(103,851	)
Operating limited partnership rents received in advance		-			8,486			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(99,313	)		69,684
Other		87,980			97,387			21,360
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(198,898	)		(531,118	)		(187,074	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(70,559	)		(111,292	)		(104,590	)
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		(10,783	)		217,422			(285,411	)
Income (loss) for tax return purposes, December 31, 2016	$	(256,704	)	$	(592,225	)	$	(589,882	)

F-195 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	698,887		$	374,024		$	(94,282	)
Operating limited partnership rents received in advance		-			(1,053	)		3,591
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(593,524	)		(834,408	)
Other		1,772,400			76,514			116,153
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(497,487	)		(529,907	)		(297,842	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(120,866	)		(148,783	)		(122,731	)
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		(879,687	)		(580,023	)		(5,328	)
Income (loss) for tax return purposes, December 31, 2016	$	973,247		$	(1,402,752	)	$	(1,234,847	)

F-196 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	556,742		$	2,641,797		$	2,482,508
Operating limited partnership rents  received in advance		-			2,642			(1,519	)
Accrued partnership fund management  fee not deducted (deducted) for  income tax purposes		(248,259	)		(1,942,253	)		(525,031	)
Other		(1,066,168	)		1,264,928			889,821
Operating limited partnership losses not  recognized for financial reporting  purposes under equity method of  accounting		(136,875	)		(40,749	)		(131,250	)
Excess of tax depreciation over book  depreciation on operating limited  partnership assets		(70,296	)		(79,294	)		(29,683	)
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		(647,142	)		(2,304,632	)		(2,582,560	)
Income (loss) for tax return  purposes, December 31, 2016	$	(1,611,998	)	$	(457,561	)	$	102,286

F-197 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	2,213,042		$	3,212,273		$	1,554,531
Operating limited partnership rents received in advance		(6,374	)		-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(457,692	)		(504,647	)		(620,973	)
Other		1,380,551			2,040,553			(1,571,550	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(141,806	)		(144,427	)		(13,393	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(20,612	)		(112,811	)		(13,019	)
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		(1,854,291	)		(2,730,241	)		(1,069,742	)
Income (loss) for tax return purposes, December 31, 2016	$	1,112,818		$	1,760,700		$	(1,734,146	)

F-198 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(79,129	)	$	(137,219	)	$	(199,189	)
Operating limited partnership rents received in advance		(2,549	)		-			240
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(178,258	)		124,592			(2,141,040	)
Other		(2,082,251	)		(176,849	)		124,991
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(695,283	)		(535,125	)		(678,898	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(115,566	)		(207,789	)		(215,303	)
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		(158,655	)		(202,362	)		(67,226	)
Income (loss) for tax return purposes, December 31, 2016	$	(3,311,691	)	$	(1,134,752	)	$	(3,176,425	)

F-199 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(246,031	)	$	(231,517	)	$	(244,274	)
Operating limited partnership rents received in advance		(323	)		-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(2,289,322	)		239,076			282,759
Other		(137,271	)		(62,471	)		239,056
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(749,824	)		(596,043	)		(915,282	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(195,524	)		(295,249	)		(274,370	)
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		186,238			(128,192	)		(137,774	)
Income (loss) for tax return purposes, December 31, 2016	$	(3,432,057	)	$	(1,074,396	)	$	(1,049,885	)

F-200 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	171,768
Operating limited partnership rents received in advance		(2,628	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		236,084
Other		439,999
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(566,331	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(398,239	)
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		(488,173	)
Income (loss) for tax return purposes, December 31, 2016	$	(607,520	)

F-201 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	10,666,816		$	(66,671	)	$	279,798
Operating limited partnership rents received in advance		33,570			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(1,941,869	)		(62,628	)		19,976
Other		21,948,565			952			1,171,340
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(11,617,242	)		(109,408	)		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(4,565,374	)		(40,532	)		(35,256	)
Impairment loss not recognized for tax purposes		1,464,002			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(17,613,704	)		(4,798	)		(390,000	)
Income (loss) for tax return purposes, December 31, 2015	$	(1,625,236	)	$	(283,085	)	$	1,045,858

F-202 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	178,017		$	168,719		$	27,462
Operating limited partnership rents received in advance		-			-			358
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		9,937			(154,401	)		-
Other		634,033			573,118			157,886
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(57,309	)		(372,667	)		(146,078	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(11,278	)		(74,999	)		(39,106	)
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		(222,930	)		12,654			51,324
Income (loss) for tax return purposes, December 31, 2015	$	530,470		$	152,424		$	51,846

F-203 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(33,376	)	$	(66,471	)	$	(152,027	)
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			-			-
Other		50,851			1,509,253			106,892
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(70,287	)		(461,073	)		(226,075	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(65,924	)		(123,216	)		(253,680	)
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		(14,657	)		(95,955	)		(20,623	)
Income (loss) for tax return purposes, December 31, 2015	$	(133,393	)	$	762,538		$	(545,513	)

F-204 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	1,295,112		$	355,117		$	191,558
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(236,133	)		(261,540	)
Other		751,162			1,907,192			(733,450	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(533,920	)		(442,926	)		(174,671	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(67,191	)		(128,069	)		(91,676	)
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		(1,394,145	)		(380,363	)		2,962
Income (loss) for tax return purposes, December 31, 2015	$	51,018		$	1,074,818		$	(1,066,817	)

F-205 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	1,144,794		$	615,369		$	1,023,616
Operating limited partnership rents received in advance		-			10,480			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(2,902,513	)		85,502			19,848
Other		5,881,305			2,948,629			358,642
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(551,230	)		(513,975	)		(250,938	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(136,785	)		(201,736	)		(124,116	)
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		(1,294,196	)		(878,598	)		(1,094,625	)
Income (loss) for tax return purposes, December 31, 2015	$	2,141,375		$	2,065,671		$	(67,573	)

F-206 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	316,271		$	1,374,252		$	444,498
Operating limited partnership rents received in advance		-			388			530
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(474,323	)		88,845			101,759
Other		3,365,399			(981,206	)		389,350
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(360,810	)		(403,942	)		(381,014	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(126,064	)		(131,468	)		(110,314	)
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		(333,873	)		(1,587,306	)		(659,104	)
Income (loss) for tax return purposes, December 31, 2015	$	2,386,600		$	(1,640,437	)	$	(214,295	)

F-207 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(161,074	)	$	(91,569	)	$	49,450
Operating limited partnership rents received in advance		1,620			7,881			7,879
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		157,320			139,400			93,229
Other		1,915,796			178,787			(1,089,112	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(973,078	)		(401,471	)		(283,760	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(159,522	)		(354,740	)		(255,315	)
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		(80,976	)		(178,037	)		(266,500	)
Income (loss) for tax return purposes, December 31, 2015	$	700,086		$	(699,749	)	$	(1,744,129	)

F-208 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	584,797		$	302,913		$	3,133,162
Operating limited partnership rents received in advance		255			-			1,603
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		193,581			228,916			42,892
Other		689,192			617,780			268,792
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(485,428	)		(652,535	)		(820,041	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(211,853	)		(250,072	)		(226,546	)
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		(1,904,213	)		(631,463	)		(3,303,390	)
Income (loss) for tax return purposes, December 31, 2015	$	(1,133,669	)	$	(384,461	)	$	(903,528	)

F-209 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	2,323,909		$	(323,040	)	$	(1,050,682	)
Operating limited partnership rents received in advance		718			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		206,108			254,628			283,200
Other		679,343			69,815			195,977
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(980,275	)		(612,970	)		(674,036	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(185,336	)		(455,768	)		(236,814	)
Impairment loss not recognized for tax purposes		-			-			661,498
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(2,689,401	)		(8,597	)		(136,780	)
Income (loss) for tax return purposes, December 31, 2015	$	(644,934	)	$	(1,075,932	)	$	(957,637	)

F-210 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(1,197,088	)
Operating limited partnership rents received in advance		1,858
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		224,528
Other		330,847
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(677,325	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(467,998	)
Impairment loss not recognized for tax purposes		802,504
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(110,114	)
Income (loss) for tax return purposes, December 31, 2015	$	(1,092,788	)

F-211 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2016	$	23,526,808		$	(1,140,956	)	$	(984,278	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		57,696,047			1,066,850			325,745
Impairment loss in investment in operating limited partnerships		(122,872,037	)		(337,192	)		(38,116	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2017		(183,255	)		(7,136	)		(15,685	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		40,854,170			(152,183	)		712,334
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-212 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2016	$	(876,538	)	$	1,392,317		$	(1,278,780	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		856,165			970,072			2,267,378
Impairment loss in investment in operating limited partnerships		(325,787	)		(2,213,351	)		(1,151,381	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2017		(7,927	)		5,691			(841	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		130,550			(154,729	)		163,624
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-213 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2016	$	(268,984	)	$	(5,065,008	)	$	(1,594,442	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		456,606			4,815,872			1,317,831
Impairment loss in investment in operating limited partnerships		(1,430,062	)		(1,350,275	)		(3,487,976	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		(31,239	)		(45,732	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,273,679			1,645,143			3,764,587
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-214 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2016	$	(1,601,638	)	$	(313,449	)	$	(1,084,631	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,819,446			3,478,199			2,083,473
Impairment loss in investment in operating limited partnerships		(930,910	)		(5,444,545	)		(2,194,151	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		(33,990	)		(39,537	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		747,092			2,319,332			1,195,309
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-215 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2016	$	(1,182,450	)	$	5,351,336		$	2,508,935
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,188,582			3,395,101			1,876,329
Impairment loss in investment in operating limited partnerships		(3,574,025	)		(9,175,569	)		(6,568,884	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2017		(6,859	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,574,752			245,019			2,183,620
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-216 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2016	$	1,488,403		$	(884,003	)	$	1,174,145
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,354,867			2,237,121			984,727
Impairment loss in investment in operating limited partnerships		(3,951,725	)		(2,462,259	)		(2,406,542	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,108,455			1,109,141			247,670
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-217 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2016	$	1,316,599		$	5,168,309		$	767,711
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,916,369			866,648			97,796
Impairment loss in investment in operating limited partnerships		(3,922,795	)		(7,194,962	)		(233,531	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		689,827			1,160,005			(631,976	)
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-218 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2016	$	1,822,558		$	(1,243,644	)	$	388,430
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,230,853			3,483,277			4,285,267
Impairment loss in investment in operating limited partnerships		(5,441,719	)		(5,854,800	)		(7,195,970	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,388,308			3,615,167			2,522,273
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-219 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2016	$	3,816,055		$	(1,407,277	)	$	10,366,187
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,434,039			4,416,600			2,226,331
Impairment loss in investment in operating limited partnerships		(11,001,252	)		(5,442,013	)		(16,541,124	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,751,158			2,432,690			3,948,606
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-220 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2017 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2016	$	6,891,901
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,244,503
Impairment loss in investment in operating limited partnerships		(13,001,121	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2017		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		4,864,717
Investments in operating limited partnerships - as reported	$	-

F-221 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2015	$	42,328,796		$	(1,403,428	)	$	(930,445	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		72,745,706			988,006			307,183
Impairment loss in investment in operating limited partnerships		(161,650,983	)		(409,509	)		(38,116	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2016		(447,007	)		(62,488	)		(15,685	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		46,045,221			316,802			677,063
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-222 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2015	$	(1,342,882	)	$	1,555,007		$	(1,072,670	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		866,909			1,241,388			2,084,698
Impairment loss in investment in operating limited partnerships		(325,787	)		(4,061,633	)		(1,151,381	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2016		(7,927	)		(7,292	)		(841	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		586,150			1,272,530			140,194
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-223 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2015	$	(155,992	)	$	(4,443,416	)	$	(2,029,960	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		343,851			4,331,079			1,587,855
Impairment loss in investment in operating limited partnerships		(1,359,466	)		(1,822,975	)		(4,036,605	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		(31,239	)		(45,732	)		(195,417	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,202,846			1,981,044			4,674,127
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-224 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2015	$	(1,206,640	)	$	223,088		$	(814,327	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,842,764			2,951,824			1,907,676
Impairment loss in investment in operating limited partnerships		(2,158,606	)		(5,444,545	)		(2,194,151	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		(33,990	)		(39,537	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		556,472			2,309,170			1,100,802
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-225 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2015	$	(1,472,464	)	$	6,009,792		$	2,809,764
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,016,452			4,963,274			1,578,487
Impairment loss in investment in operating limited partnerships		(6,454,920	)		(13,361,331	)		(6,467,715	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2016		(6,859	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		3,917,791			2,204,152			2,079,464
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-226 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2015	$	3,684,015		$	1,050,380		$	2,972,631
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,642,674			3,423,568			2,019,997
Impairment loss in investment in operating limited partnerships		(6,843,156	)		(5,230,309	)		(6,862,772	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,516,467			756,361			1,870,144
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-227 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2015	$	1,963,079		$	5,210,561		$	2,593,091
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		7,434,593			4,229,837			3,894,615
Impairment loss in investment in operating limited partnerships		(7,809,397	)		(10,253,381	)		(4,561,508	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		(1,588,275	)		812,983			(1,926,198	)
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-228 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2015	$	4,806,539		$	(305,488	)	$	1,160,438
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,222,136			3,234,895			3,747,535
Impairment loss in investment in operating limited partnerships		(9,078,021	)		(6,847,483	)		(7,195,970	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,049,346			3,918,076			2,287,997
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-229 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2015	$	4,937,763		$	(644,029	)	$	11,346,861
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,960,406			4,381,035			1,542,238
Impairment loss in investment in operating limited partnerships		(10,917,292	)		(6,523,727	)		(16,411,048	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,019,123			2,786,721			3,521,949
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-230 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

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, 2016 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2015	$	7,827,528
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,000,731
Impairment loss in investment in operating limited partnerships		(13,830,179	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2016		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		5,001,920
Investments in operating limited partnerships - as reported	$	-

F-231 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2017 and 2016

NOTE F - CASH EQUIVALENTS

Cash equivalents of $27,084,576 and $21,634,841 as of March 31, 2017 and 2016, 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, 2017.

NOTE H - SUBSEQUENT EVENTS

Subsequent to March 31, 2017, the Fund has entered into agreements to either sell or transfer its interests in three operating limited partnerships, all of which closed by June 2017. 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 $4,383,735. The gain on the dispositions of these operating limited partnerships was $4,334,997 and was recognized in the first quarter of the fiscal year ended 2018.

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 23, 2017	/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 23, 2017	/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, 2017 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 23, 2017	/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, 2017 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 23, 2017	/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

Document And Entity Information	12 Months Ended
	Mar. 31, 2017 USD ($) shares
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
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 | shares	0
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float | $	$ 0

XML

BALANCE SHEETS - USD ($)	Mar. 31, 2017	Mar. 31, 2016
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$ 0	$ 0
OTHER ASSETS
Cash and cash equivalents	27,209,997	21,728,069
Notes receivable	22,790	22,790
Other assets	164,773	164,773
ASSETS	27,397,560	21,915,632
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	697,432	685,806
Accounts payable - affiliates	39,637,826	49,270,814
Capital contributions payable	578,113	578,113
LIABILITIES	40,913,371	50,534,733
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(6,338,126)	(21,290,383)
General Partner	(7,177,685)	(7,328,718)
PARTNERS' CAPITAL (DEFICIT)	(13,515,811)	(28,619,101)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	27,397,560	21,915,632
Series Twenty [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	271,060	180,896
Notes receivable	0	0
Other assets	0	0
ASSETS	271,060	180,896
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	1,466,902	1,442,059
Capital contributions payable	0	0
LIABILITIES	1,466,902	1,442,059
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(875,631)	(940,299)
General Partner	(320,211)	(320,864)
PARTNERS' CAPITAL (DEFICIT)	(1,195,842)	(1,261,163)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	271,060	180,896
Series Twenty One [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	241,102	425,168
Notes receivable	0	0
Other assets	0	0
ASSETS	241,102	425,168
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	1,321,237	1,460,365
Capital contributions payable	0	0
LIABILITIES	1,321,237	1,460,365
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(907,383)	(862,894)
General Partner	(172,752)	(172,303)
PARTNERS' CAPITAL (DEFICIT)	(1,080,135)	(1,035,197)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	241,102	425,168
Series Twenty Two [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	252,064	295,650
Notes receivable	0	0
Other assets	0	0
ASSETS	252,064	295,650
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	2,848,897	2,819,689
Capital contributions payable	0	0
LIABILITIES	2,848,897	2,819,689
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,351,781)	(2,279,715)
General Partner	(245,052)	(244,324)
PARTNERS' CAPITAL (DEFICIT)	(2,596,833)	(2,524,039)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	252,064	295,650
Series Twenty Three [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	659,167	219,677
Notes receivable	0	0
Other assets	0	0
ASSETS	659,167	219,677
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	2,089,674	2,052,312
Capital contributions payable	0	0
LIABILITIES	2,089,674	2,052,312
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,131,355)	(1,529,462)
General Partner	(299,152)	(303,173)
PARTNERS' CAPITAL (DEFICIT)	(1,430,507)	(1,832,635)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	659,167	219,677
Series Twenty Four [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	427,181	502,552
Notes receivable	0	0
Other assets	0	0
ASSETS	427,181	502,552
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	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	602,161	676,778
General Partner	(174,980)	(174,226)
PARTNERS' CAPITAL (DEFICIT)	427,181	502,552
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	427,181	502,552
Series Twenty Five [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	344,461	395,797
Notes receivable	0	0
Other assets	1,250	1,250
ASSETS	345,711	397,047
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	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	565,870	616,693
General Partner	(220,159)	(219,646)
PARTNERS' CAPITAL (DEFICIT)	345,711	397,047
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	345,711	397,047
Series Twenty Six [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	677,679	809,362
Notes receivable	0	0
Other assets	0	0
ASSETS	677,679	809,362
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	4,960
Accounts payable - affiliates	0	0
Capital contributions payable	0	0
LIABILITIES	0	4,960
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	989,245	1,114,701
General Partner	(311,566)	(310,299)
PARTNERS' CAPITAL (DEFICIT)	677,679	804,402
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	677,679	809,362
Series Twenty Seven [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	3,606,473	899,636
Notes receivable	0	0
Other assets	0	0
ASSETS	3,606,473	899,636
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	31,673	0
Accounts payable - affiliates	0	0
Capital contributions payable	0	0
LIABILITIES	31,673	0
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	3,745,499	1,097,087
General Partner	(170,699)	(197,451)
PARTNERS' CAPITAL (DEFICIT)	3,574,800	899,636
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	3,606,473	899,636
Series Twenty Eight [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	812,483	884,427
Notes receivable	0	0
Other assets	0	0
ASSETS	812,483	884,427
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	7,500
Accounts payable - affiliates	0	0
Capital contributions payable	0	0
LIABILITIES	0	7,500
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	1,086,195	1,149,995
General Partner	(273,712)	(273,068)
PARTNERS' CAPITAL (DEFICIT)	812,483	876,927
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	812,483	884,427
Series Twenty Nine [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	345,648	618,758
Notes receivable	0	0
Other assets	0	0
ASSETS	345,648	618,758
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	3,479,192	3,578,505
Capital contributions payable	8,235	8,235
LIABILITIES	3,487,427	3,586,740
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,771,714)	(2,599,655)
General Partner	(370,065)	(368,327)
PARTNERS' CAPITAL (DEFICIT)	(3,141,779)	(2,967,982)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	345,648	618,758
Series Thirty [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	270,126	304,293
Notes receivable	0	0
Other assets	0	0
ASSETS	270,126	304,293
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	1,641,976	1,572,292
Capital contributions payable	105,139	105,139
LIABILITIES	1,747,115	1,677,431
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,235,163)	(1,132,351)
General Partner	(241,826)	(240,787)
PARTNERS' CAPITAL (DEFICIT)	(1,476,989)	(1,373,138)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	270,126	304,293
Series Thirty One [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	2,047,648	1,351,761
Notes receivable	0	0
Other assets	25,000	25,000
ASSETS	2,072,648	1,376,761
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	3,000
Accounts payable - affiliates	0	0
Capital contributions payable	66,294	66,294
LIABILITIES	66,294	69,294
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	2,365,549	1,673,651
General Partner	(359,195)	(366,184)
PARTNERS' CAPITAL (DEFICIT)	2,006,354	1,307,467
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	2,072,648	1,376,761
Series Thirty Two [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	837,185	1,061,685
Notes receivable	0	0
Other assets	0	0
ASSETS	837,185	1,061,685
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	2,000	7,000
Accounts payable - affiliates	2,772,531	3,366,055
Capital contributions payable	1,229	1,229
LIABILITIES	2,775,760	3,374,284
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,512,826)	(1,883,110)
General Partner	(425,749)	(429,489)
PARTNERS' CAPITAL (DEFICIT)	(1,938,575)	(2,312,599)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	837,185	1,061,685
Series Thirty Three [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	337,765	1,266,455
Notes receivable	0	0
Other assets	0	0
ASSETS	337,765	1,266,455
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	1,190,828	2,025,236
Capital contributions payable	69,154	69,154
LIABILITIES	1,259,982	2,094,390
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(687,215)	(593,876)
General Partner	(235,002)	(234,059)
PARTNERS' CAPITAL (DEFICIT)	(922,217)	(827,935)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	337,765	1,266,455
Series Thirty Four [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	849,078	674,173
Notes receivable	0	0
Other assets	0	0
ASSETS	849,078	674,173
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	3,221,597	3,603,434
Capital contributions payable	0	0
LIABILITIES	3,221,597	3,603,434
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,048,404)	(2,599,579)
General Partner	(324,115)	(329,682)
PARTNERS' CAPITAL (DEFICIT)	(2,372,519)	(2,929,261)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	849,078	674,173
Series Thirty Five [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	2,392,767	1,693,223
Notes receivable	0	0
Other assets	0	0
ASSETS	2,392,767	1,693,223
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	551,982	2,494,235
Capital contributions payable	0	0
LIABILITIES	551,982	2,494,235
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	2,104,402	(510,977)
General Partner	(263,617)	(290,035)
PARTNERS' CAPITAL (DEFICIT)	1,840,785	(801,012)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	2,392,767	1,693,223
Series Thirty Six [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	2,934,317	979,340
Notes receivable	0	0
Other assets	0	0
ASSETS	2,934,317	979,340
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	131,000	133,500
Accounts payable - affiliates	767,505	1,292,536
Capital contributions payable	0	0
LIABILITIES	898,505	1,426,036
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	2,194,117	(263,566)
General Partner	(158,305)	(183,130)
PARTNERS' CAPITAL (DEFICIT)	2,035,812	(446,696)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	2,934,317	979,340
Series Thirty Seven [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	2,096,039	340,689
Notes receivable	0	0
Other assets	0	0
ASSETS	2,096,039	340,689
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	2,043,715	2,501,407
Capital contributions payable	138,438	138,438
LIABILITIES	2,182,153	2,639,845
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	130,312	(2,060,600)
General Partner	(216,426)	(238,556)
PARTNERS' CAPITAL (DEFICIT)	(86,114)	(2,299,156)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	2,096,039	340,689
Series Thirty Eight [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	3,042,864	333,474
Notes receivable	0	0
Other assets	0	0
ASSETS	3,042,864	333,474
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	6,543	4,779
Accounts payable - affiliates	1,515,985	2,020,632
Capital contributions payable	0	0
LIABILITIES	1,522,528	2,025,411
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	1,723,417	(1,456,733)
General Partner	(203,081)	(235,204)
PARTNERS' CAPITAL (DEFICIT)	1,520,336	(1,691,937)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	3,042,864	333,474
Series Thirty Nine [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	1,248,898	313,691
Notes receivable	0	0
Other assets	0	0
ASSETS	1,248,898	313,691
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	6,543	4,894
Accounts payable - affiliates	1,154,240	1,775,213
Capital contributions payable	0	0
LIABILITIES	1,160,783	1,780,107
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	283,677	(1,255,309)
General Partner	(195,562)	(211,107)
PARTNERS' CAPITAL (DEFICIT)	88,115	(1,466,416)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	1,248,898	313,691
Series Forty [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	248,318	510,705
Notes receivable	0	0
Other assets	0	0
ASSETS	248,318	510,705
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	5,000
Accounts payable - affiliates	2,684,058	2,862,316
Capital contributions payable	102	102
LIABILITIES	2,684,160	2,867,418
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,186,540)	(2,108,202)
General Partner	(249,302)	(248,511)
PARTNERS' CAPITAL (DEFICIT)	(2,435,842)	(2,356,713)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	248,318	510,705
Series Forty One [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	322,902	331,029
Notes receivable	0	0
Other assets	1,218	1,218
ASSETS	324,120	332,247
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	4,500	0
Accounts payable - affiliates	3,286,255	3,161,663
Capital contributions payable	100	100
LIABILITIES	3,290,855	3,161,763
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,687,899)	(2,552,052)
General Partner	(278,836)	(277,464)
PARTNERS' CAPITAL (DEFICIT)	(2,966,735)	(2,829,516)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	324,120	332,247
Series Forty Two [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	1,072,528	3,412,757
Notes receivable	22,790	22,790
Other assets	51,003	51,003
ASSETS	1,146,321	3,486,550
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	0	2,141,040
Capital contributions payable	73,433	73,433
LIABILITIES	73,433	2,214,473
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	1,303,097	1,500,294
General Partner	(230,209)	(228,217)
PARTNERS' CAPITAL (DEFICIT)	1,072,888	1,272,077
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	1,146,321	3,486,550
Series Forty Three [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	351,638	2,886,991
Notes receivable	0	0
Other assets	82,514	82,514
ASSETS	434,152	2,969,505
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	771,794	3,061,116
Capital contributions payable	99,265	99,265
LIABILITIES	871,059	3,160,381
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(111,017)	132,554
General Partner	(325,890)	(323,430)
PARTNERS' CAPITAL (DEFICIT)	(436,907)	(190,876)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	434,152	2,969,505
Series Forty Four [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	66,324	44,503
Notes receivable	0	0
Other assets	0	0
ASSETS	66,324	44,503
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	2,584,641	2,331,303
Capital contributions payable	0	0
LIABILITIES	2,584,641	2,331,303
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(2,255,686)	(2,026,484)
General Partner	(262,631)	(260,316)
PARTNERS' CAPITAL (DEFICIT)	(2,518,317)	(2,286,800)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	66,324	44,503
Series Forty Five [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	803,153	748,100
Notes receivable	0	0
Other assets	0	0
ASSETS	803,153	748,100
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	515,173	515,173
Accounts payable - affiliates	2,357,846	2,058,519
Capital contributions payable	16,724	16,724
LIABILITIES	2,889,743	2,590,416
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(1,712,062)	(1,470,231)
General Partner	(374,528)	(372,085)
PARTNERS' CAPITAL (DEFICIT)	(2,086,590)	(1,842,316)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	803,153	748,100
Series Forty Six [Member]
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	651,129	243,277
Notes receivable	0	0
Other assets	3,788	3,788
ASSETS	654,917	247,065
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Accounts payable, accrued expenses and other liabilities	0	0
Accounts payable - affiliates	1,886,971	1,650,887
Capital contributions payable	0	0
LIABILITIES	1,886,971	1,650,887
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	0	0
Units of beneficial interest of the limited partnership interest	(956,991)	(1,127,041)
General Partner	(275,063)	(276,781)
PARTNERS' CAPITAL (DEFICIT)	(1,232,054)	(1,403,822)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	$ 654,917	$ 247,065

XML

BALANCE SHEETS [Parenthetical] - $ / shares	Mar. 31, 2017	Mar. 31, 2016
Units of limited partnership interest, 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	83,310,666	83,428,546
Series Twenty [Member]
Units of limited partnership interest, 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	3,833,200	3,843,500
Series Twenty One [Member]
Units of limited partnership interest, 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	1,879,500	1,881,000
Series Twenty Two [Member]
Units of limited partnership interest, 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	2,557,045	2,559,800
Series Twenty Three [Member]
Units of limited partnership interest, 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	3,314,827	3,323,327
Series Twenty Four [Member]
Units of limited partnership interest, 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	2,154,253	2,158,878
Series Twenty Five [Member]
Units of limited partnership interest, 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	3,016,809	3,020,309
Series Twenty Six [Member]
Units of limited partnership interest, 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	3,977,000	3,983,600
Series Twenty Seven [Member]
Units of limited partnership interest, 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	2,446,400	2,453,500
Series Twenty Eight [Member]
Units of limited partnership interest, 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	3,990,738	3,994,238
Series Twenty Nine [Member]
Units of limited partnership interest, 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	3,965,300	3,980,400
Series Thirty [Member]
Units of limited partnership interest, 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	2,631,000	2,636,000
Series Thirty One [Member]
Units of limited partnership interest, 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	4,395,557	4,396,557
Series Thirty Two [Member]
Units of limited partnership interest, 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	4,740,198	4,740,698
Series Thirty Three [Member]
Units of limited partnership interest, 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	2,626,533	2,628,033
Series Thirty Four [Member]
Units of limited partnership interest, 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	3,517,419	3,523,019
Series Thirty Five [Member]
Units of limited partnership interest, 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	3,288,363	3,293,763
Series Thirty Six [Member]
Units of limited partnership interest, 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	2,095,704	2,098,204
Series Thirty Seven [Member]
Units of limited partnership interest, 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	2,495,600	2,507,500
Series Thirty Eight [Member]
Units of limited partnership interest, 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	2,540,100	2,540,100
Series Thirty Nine [Member]
Units of limited partnership interest, 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	2,288,351	2,290,151
Series Forty [Member]
Units of limited partnership interest, 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	2,622,756	2,623,756
Series Forty One [Member]
Units of limited partnership interest, 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	2,884,126	2,891,626
Series Forty Two [Member]
Units of limited partnership interest, 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	2,736,262	2,736,262
Series Forty Three [Member]
Units of limited partnership interest, 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	3,632,487	3,637,987
Series Forty Four [Member]
Units of limited partnership interest, 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	2,699,473	2,699,973
Series Forty Five [Member]
Units of limited partnership interest, 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	4,009,667	4,014,367
Series Forty Six [Member]
Units of limited partnership interest, 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	2,971,998	2,971,998

XML

STATEMENTS OF OPERATIONS - USD ($)		12 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Income
Interest income		$ 52,063	$ 76,212
Miscellaneous		318,673	1,064,441
Revenues		370,736	1,140,653
Share of income (losses) from operating limited partnerships	[1]	18,806,644	15,114,264
Expenses and loss
Fund management fee		2,469,863	3,064,018
General and administrative expenses		780,422	475,546
Professional fees		823,805	584,535
Impairment loss		0	1,464,002
Operating expenses		4,074,090	5,588,101
NET INCOME (LOSS)		15,103,290	10,666,816
Net income (loss) allocated to general partner		151,033	106,668
Net income (loss) allocated to limited partners		$ 14,952,257	$ 10,560,148
Net income (loss) per BAC		$ 0.18	$ 0.13
Series Twenty [Member]
Income
Interest income		$ 441	$ 529
Miscellaneous		0	64
Revenues		441	593
Share of income (losses) from operating limited partnerships	[2]	138,000	0
Expenses and loss
Fund management fee		23,476	28,405
General and administrative expenses		35,102	20,033
Professional fees		14,542	18,826
Impairment loss		0	0
Operating expenses		73,120	67,264
NET INCOME (LOSS)		65,321	(66,671)
Net income (loss) allocated to general partner		653	(667)
Net income (loss) allocated to limited partners		$ 64,668	$ (66,004)
Net income (loss) per BAC		$ 0.02	$ (0.02)
Series Twenty One [Member]
Income
Interest income		$ 582	$ 856
Miscellaneous		859	859
Revenues		1,441	1,715
Share of income (losses) from operating limited partnerships	[3]	0	326,273
Expenses and loss
Fund management fee		8,821	21,102
General and administrative expenses		22,774	13,792
Professional fees		14,784	13,296
Impairment loss		0	0
Operating expenses		46,379	48,190
NET INCOME (LOSS)		(44,938)	279,798
Net income (loss) allocated to general partner		(449)	2,798
Net income (loss) allocated to limited partners		$ (44,489)	$ 277,000
Net income (loss) per BAC		$ (0.02)	$ 0.15
Series Twenty Two [Member]
Income
Interest income		$ 376	$ 304
Miscellaneous		0	433
Revenues		376	737
Share of income (losses) from operating limited partnerships	[4]	0	248,148
Expenses and loss
Fund management fee		28,108	36,899
General and administrative expenses		28,021	16,518
Professional fees		17,041	17,451
Impairment loss		0	0
Operating expenses		73,170	70,868
NET INCOME (LOSS)		(72,794)	178,017
Net income (loss) allocated to general partner		(728)	1,780
Net income (loss) allocated to limited partners		$ (72,066)	$ 176,237
Net income (loss) per BAC		$ (0.03)	$ 0.07
Series Twenty Three [Member]
Income
Interest income		$ 303	$ 483
Miscellaneous		0	3,243
Revenues		303	3,726
Share of income (losses) from operating limited partnerships	[5]	488,550	247,429
Expenses and loss
Fund management fee		32,282	43,489
General and administrative expenses		33,636	19,526
Professional fees		20,807	19,421
Impairment loss		0	0
Operating expenses		86,725	82,436
NET INCOME (LOSS)		402,128	168,719
Net income (loss) allocated to general partner		4,021	1,687
Net income (loss) allocated to limited partners		$ 398,107	$ 167,032
Net income (loss) per BAC		$ 0.12	$ 0.05
Series Twenty Four [Member]
Income
Interest income		$ 380	$ 1,870
Miscellaneous		6,026	87,251
Revenues		6,406	89,121
Share of income (losses) from operating limited partnerships	[6]	0	16,675
Expenses and loss
Fund management fee		40,285	44,494
General and administrative expenses		26,138	16,083
Professional fees		15,354	17,757
Impairment loss		0	0
Operating expenses		81,777	78,334
NET INCOME (LOSS)		(75,371)	27,462
Net income (loss) allocated to general partner		(754)	275
Net income (loss) allocated to limited partners		$ (74,617)	$ 27,187
Net income (loss) per BAC		$ (0.03)	$ 0.01
Series Twenty Five [Member]
Income
Interest income		$ 331	$ 7,340
Miscellaneous		10,178	10,178
Revenues		10,509	17,518
Share of income (losses) from operating limited partnerships	[7]	0	0
Expenses and loss
Fund management fee		16,376	16,376
General and administrative expenses		31,302	18,219
Professional fees		14,167	16,299
Impairment loss		0	0
Operating expenses		61,845	50,894
NET INCOME (LOSS)		(51,336)	(33,376)
Net income (loss) allocated to general partner		(513)	(334)
Net income (loss) allocated to limited partners		$ (50,823)	$ (33,042)
Net income (loss) per BAC		$ (0.02)	$ (0.01)
Series Twenty Six [Member]
Income
Interest income		$ 1,016	$ 4,316
Miscellaneous		6,176	5,412
Revenues		7,192	9,728
Share of income (losses) from operating limited partnerships	[8]	18,500	59,000
Expenses and loss
Fund management fee		87,735	82,137
General and administrative expenses		39,315	22,585
Professional fees		25,365	30,477
Impairment loss		0	0
Operating expenses		152,415	135,199
NET INCOME (LOSS)		(126,723)	(66,471)
Net income (loss) allocated to general partner		(1,267)	(665)
Net income (loss) allocated to limited partners		$ (125,456)	$ (65,806)
Net income (loss) per BAC		$ (0.03)	$ (0.02)
Series Twenty Seven [Member]
Income
Interest income		$ 9,157	$ 2,553
Miscellaneous		6,000	12,965
Revenues		15,157	15,518
Share of income (losses) from operating limited partnerships	[9]	3,016,000	0
Expenses and loss
Fund management fee		99,812	132,052
General and administrative expenses		25,464	16,464
Professional fees		230,717	19,029
Impairment loss		0	0
Operating expenses		355,993	167,545
NET INCOME (LOSS)		2,675,164	(152,027)
Net income (loss) allocated to general partner		26,752	(1,520)
Net income (loss) allocated to limited partners		$ 2,648,412	$ (150,507)
Net income (loss) per BAC		$ 1.08	$ (0.06)
Series Twenty Eight [Member]
Income
Interest income		$ 1,151	$ 13,092
Miscellaneous		7,976	14,489
Revenues		9,127	27,581
Share of income (losses) from operating limited partnerships	[10]	5,000	1,405,521
Expenses and loss
Fund management fee		21,679	87,298
General and administrative expenses		34,775	22,039
Professional fees		22,117	28,653
Impairment loss		0	0
Operating expenses		78,571	137,990
NET INCOME (LOSS)		(64,444)	1,295,112
Net income (loss) allocated to general partner		(644)	12,951
Net income (loss) allocated to limited partners		$ (63,800)	$ 1,282,161
Net income (loss) per BAC		$ (0.02)	$ 0.32
Series Twenty Nine [Member]
Income
Interest income		$ 749	$ 1,078
Miscellaneous		0	278,558
Revenues		749	279,636
Share of income (losses) from operating limited partnerships	[11]	0	199,000
Expenses and loss
Fund management fee		74,532	73,241
General and administrative expenses		35,610	20,428
Professional fees		64,404	29,850
Impairment loss		0	0
Operating expenses		174,546	123,519
NET INCOME (LOSS)		(173,797)	355,117
Net income (loss) allocated to general partner		(1,738)	3,551
Net income (loss) allocated to limited partners		$ (172,059)	$ 351,566
Net income (loss) per BAC		$ (0.04)	$ 0.09
Series Thirty [Member]
Income
Interest income		$ 637	$ 1,178
Miscellaneous		1,243	1,522
Revenues		1,880	2,700
Share of income (losses) from operating limited partnerships	[12]	0	273,454
Expenses and loss
Fund management fee		59,468	44,854
General and administrative expenses		25,835	15,954
Professional fees		20,428	23,788
Impairment loss		0	0
Operating expenses		105,731	84,596
NET INCOME (LOSS)		(103,851)	191,558
Net income (loss) allocated to general partner		(1,039)	1,916
Net income (loss) allocated to limited partners		$ (102,812)	$ 189,642
Net income (loss) per BAC		$ (0.04)	$ 0.07
Series Thirty One [Member]
Income
Interest income		$ 2,782	$ 3,356
Miscellaneous		590	592
Revenues		3,372	3,948
Share of income (losses) from operating limited partnerships	[13]	877,411	1,328,188
Expenses and loss
Fund management fee		121,262	138,043
General and administrative expenses		34,845	21,962
Professional fees		25,789	27,337
Impairment loss		0	0
Operating expenses		181,896	187,342
NET INCOME (LOSS)		698,887	1,144,794
Net income (loss) allocated to general partner		6,989	11,448
Net income (loss) allocated to limited partners		$ 691,898	$ 1,133,346
Net income (loss) per BAC		$ 0.16	$ 0.26
Series Thirty Two [Member]
Income
Interest income		$ 1,309	$ 1,415
Miscellaneous		4,300	16,550
Revenues		5,609	17,965
Share of income (losses) from operating limited partnerships	[14]	569,552	825,886
Expenses and loss
Fund management fee		144,806	184,876
General and administrative expenses		36,276	21,384
Professional fees		20,055	22,222
Impairment loss		0	0
Operating expenses		201,137	228,482
NET INCOME (LOSS)		374,024	615,369
Net income (loss) allocated to general partner		3,740	6,154
Net income (loss) allocated to limited partners		$ 370,284	$ 609,215
Net income (loss) per BAC		$ 0.08	$ 0.13
Series Thirty Three [Member]
Income
Interest income		$ 1,400	$ 2,172
Miscellaneous		1,800	8,953
Revenues		3,200	11,125
Share of income (losses) from operating limited partnerships	[15]	0	1,097,000
Expenses and loss
Fund management fee		56,922	52,507
General and administrative expenses		24,374	14,920
Professional fees		16,186	17,082
Impairment loss		0	0
Operating expenses		97,482	84,509
NET INCOME (LOSS)		(94,282)	1,023,616
Net income (loss) allocated to general partner		(943)	10,236
Net income (loss) allocated to limited partners		$ (93,339)	$ 1,013,380
Net income (loss) per BAC		$ (0.04)	$ 0.39
Series Thirty Four [Member]
Income
Interest income		$ 1,445	$ 18,192
Miscellaneous		15,442	91,875
Revenues		16,887	110,067
Share of income (losses) from operating limited partnerships	[16]	630,691	328,000
Expenses and loss
Fund management fee		41,426	83,189
General and administrative expenses		29,336	17,895
Professional fees		20,074	20,712
Impairment loss		0	0
Operating expenses		90,836	121,796
NET INCOME (LOSS)		556,742	316,271
Net income (loss) allocated to general partner		5,567	3,163
Net income (loss) allocated to limited partners		$ 551,175	$ 313,108
Net income (loss) per BAC		$ 0.16	$ 0.09
Series Thirty Five [Member]
Income
Interest income		$ 8,322	$ 2,723
Miscellaneous		4,893	18,972
Revenues		13,215	21,695
Share of income (losses) from operating limited partnerships	[17]	2,720,765	1,504,603
Expenses and loss
Fund management fee		43,447	116,442
General and administrative expenses		29,293	17,520
Professional fees		19,443	18,084
Impairment loss		0	0
Operating expenses		92,183	152,046
NET INCOME (LOSS)		2,641,797	1,374,252
Net income (loss) allocated to general partner		26,418	13,743
Net income (loss) allocated to limited partners		$ 2,615,379	$ 1,360,509
Net income (loss) per BAC		$ 0.8	$ 0.41
Series Thirty Six [Member]
Income
Interest income		$ 5,514	$ 1,073
Miscellaneous		6,425	19,215
Revenues		11,939	20,288
Share of income (losses) from operating limited partnerships	[18]	2,515,373	571,611
Expenses and loss
Fund management fee		4,670	116,517
General and administrative expenses		21,777	14,281
Professional fees		18,357	16,603
Impairment loss		0	0
Operating expenses		44,804	147,401
NET INCOME (LOSS)		2,482,508	444,498
Net income (loss) allocated to general partner		24,825	4,445
Net income (loss) allocated to limited partners		$ 2,457,683	$ 440,053
Net income (loss) per BAC		$ 1.17	$ 0.21
Series Thirty Seven [Member]
Income
Interest income		$ 3,535	$ 728
Miscellaneous		4,811	14,312
Revenues		8,346	15,040
Share of income (losses) from operating limited partnerships	[19]	2,349,732	0
Expenses and loss
Fund management fee		106,790	145,806
General and administrative expenses		22,977	14,502
Professional fees		15,269	15,806
Impairment loss		0	0
Operating expenses		145,036	176,114
NET INCOME (LOSS)		2,213,042	(161,074)
Net income (loss) allocated to general partner		22,130	(1,611)
Net income (loss) allocated to limited partners		$ 2,190,912	$ (159,463)
Net income (loss) per BAC		$ 0.88	$ (0.06)
Series Thirty Eight [Member]
Income
Interest income		$ 1,203	$ 425
Miscellaneous		85,146	51,982
Revenues		86,349	52,407
Share of income (losses) from operating limited partnerships	[20]	3,273,698	32,421
Expenses and loss
Fund management fee		103,420	143,708
General and administrative expenses		24,162	15,431
Professional fees		20,192	17,258
Impairment loss		0	0
Operating expenses		147,774	176,397
NET INCOME (LOSS)		3,212,273	(91,569)
Net income (loss) allocated to general partner		32,123	(916)
Net income (loss) allocated to limited partners		$ 3,180,150	$ (90,653)
Net income (loss) per BAC		$ 1.25	$ (0.04)
Series Thirty Nine [Member]
Income
Interest income		$ 663	$ 377
Miscellaneous		1,210	90,900
Revenues		1,873	91,277
Share of income (losses) from operating limited partnerships	[21]	1,645,989	102,774
Expenses and loss
Fund management fee		52,601	112,093
General and administrative expenses		21,423	14,201
Professional fees		19,307	18,307
Impairment loss		0	0
Operating expenses		93,331	144,601
NET INCOME (LOSS)		1,554,531	49,450
Net income (loss) allocated to general partner		15,545	494
Net income (loss) allocated to limited partners		$ 1,538,986	$ 48,956
Net income (loss) per BAC		$ 0.67	$ 0.02
Series Forty [Member]
Income
Interest income		$ 315	$ 185
Miscellaneous		0	11,167
Revenues		315	11,352
Share of income (losses) from operating limited partnerships	[22]	93,700	790,011
Expenses and loss
Fund management fee		126,039	180,377
General and administrative expenses		23,982	15,212
Professional fees		23,123	20,977
Impairment loss		0	0
Operating expenses		173,144	216,566
NET INCOME (LOSS)		(79,129)	584,797
Net income (loss) allocated to general partner		(791)	5,848
Net income (loss) allocated to limited partners		$ (78,338)	$ 578,949
Net income (loss) per BAC		$ (0.03)	$ 0.22
Series Forty One [Member]
Income
Interest income		$ 651	$ 728
Miscellaneous		42,406	75,255
Revenues		43,057	75,983
Share of income (losses) from operating limited partnerships	[23]	70,500	457,440
Expenses and loss
Fund management fee		196,640	184,568
General and administrative expenses		27,796	17,842
Professional fees		26,340	28,100
Impairment loss		0	0
Operating expenses		250,776	230,510
NET INCOME (LOSS)		(137,219)	302,913
Net income (loss) allocated to general partner		(1,372)	3,029
Net income (loss) allocated to limited partners		$ (135,847)	$ 299,884
Net income (loss) per BAC		$ (0.05)	$ 0.1
Series Forty Two [Member]
Income
Interest income		$ 4,004	$ 5,362
Miscellaneous		4,406	112,298
Revenues		8,410	117,660
Share of income (losses) from operating limited partnerships	[24]	0	3,214,695
Expenses and loss
Fund management fee		152,300	156,727
General and administrative expenses		26,109	16,599
Professional fees		29,190	25,867
Impairment loss		0	0
Operating expenses		207,599	199,193
NET INCOME (LOSS)		(199,189)	3,133,162
Net income (loss) allocated to general partner		(1,992)	31,332
Net income (loss) allocated to limited partners		$ (197,197)	$ 3,101,830
Net income (loss) per BAC		$ (0.07)	$ 1.13
Series Forty Three [Member]
Income
Interest income		$ 4,077	$ 4,813
Miscellaneous		1,759	66,760
Revenues		5,836	71,573
Share of income (losses) from operating limited partnerships	[25]	0	2,492,094
Expenses and loss
Fund management fee		190,024	193,844
General and administrative expenses		31,565	19,467
Professional fees		30,278	26,447
Impairment loss		0	0
Operating expenses		251,867	239,758
NET INCOME (LOSS)		(246,031)	2,323,909
Net income (loss) allocated to general partner		(2,460)	23,239
Net income (loss) allocated to limited partners		$ (243,571)	$ 2,300,670
Net income (loss) per BAC		$ (0.07)	$ 0.63
Series Forty Four [Member]
Income
Interest income		$ 36	$ 20
Miscellaneous		16,818	10,349
Revenues		16,854	10,369
Share of income (losses) from operating limited partnerships		0	(82,095)
Expenses and loss
Fund management fee		206,172	219,779
General and administrative expenses		25,049	14,871
Professional fees		17,150	16,664
Impairment loss		0	0
Operating expenses		248,371	251,314
NET INCOME (LOSS)		(231,517)	(323,040)
Net income (loss) allocated to general partner		(2,315)	(3,230)
Net income (loss) allocated to limited partners		$ (229,202)	$ (319,810)
Net income (loss) per BAC		$ (0.08)	$ (0.12)
Series Forty Five [Member]
Income
Interest income		$ 1,204	$ 405
Miscellaneous		53,785	41,174
Revenues		54,989	41,579
Share of income (losses) from operating limited partnerships		0	(169,344)
Expenses and loss
Fund management fee		223,161	206,958
General and administrative expenses		35,365	20,734
Professional fees		40,737	33,727
Impairment loss		0	661,498
Operating expenses		299,263	922,917
NET INCOME (LOSS)		(244,274)	(1,050,682)
Net income (loss) allocated to general partner		(2,443)	(10,507)
Net income (loss) allocated to limited partners		$ (241,831)	$ (1,040,175)
Net income (loss) per BAC		$ (0.06)	$ (0.26)
Series Forty Six [Member]
Income
Interest income		$ 480	$ 639
Miscellaneous		36,424	19,113
Revenues		36,904	19,752
Share of income (losses) from operating limited partnerships	[26]	393,183	(154,520)
Expenses and loss
Fund management fee		207,609	218,237
General and administrative expenses		28,121	17,084
Professional fees		22,589	24,495
Impairment loss		0	802,504
Operating expenses		258,319	1,062,320
NET INCOME (LOSS)		171,768	(1,197,088)
Net income (loss) allocated to general partner		1,718	(11,971)
Net income (loss) allocated to limited partners		$ 170,050	$ (1,185,117)
Net income (loss) per BAC		$ 0.06	$ (0.40)

[1] Includes $18,806,644 and $15,520,223, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[2] Includes $138,000 and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[3] Includes $- and $326,273, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[4] Includes $- and $248,148, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[5] Includes $488,550 and $247,429, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[6] Includes $- and $16,675, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[7] Includes $- and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[8] Includes $18,500 and $59,000, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[9] Includes $3,016,000 and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[10] Includes $5,000 and $1,405,521, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[11] Includes $- and $199,000, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[12] Includes $- and $273,454, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[13] Includes $877,411 and $1,328,188, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[14] Includes $569,552 and $825,886, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[15] Includes $- and $1,097,000, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[16] Includes $630,691 and $328,000, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[17] Includes $2,720,765 and $1,504,603, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[18] Includes $2,515,373 and $571,611, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[19] Includes $2,349,732 and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[20] Includes $3,273,698 and $32,421, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[21] Includes $1,645,989 and $102,774, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[22] Includes $93,700 and $790,011, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[23] Includes $70,500 and $457,440, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[24] Includes $- and $3,214,695, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[25] Includes $- and $2,492,094, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[26] Includes $393,183 and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

XML

STATEMENTS OF OPERATIONS [Parenthetical] - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain Loss On Disposition Of Investments	$ 18,806,644	$ 15,520,223
Series Twenty [Member]
Gain Loss On Disposition Of Investments	138,000	0
Series Twenty One [Member]
Gain Loss On Disposition Of Investments	0	326,273
Series Twenty Two [Member]
Gain Loss On Disposition Of Investments	0	248,148
Series Twenty Three [Member]
Gain Loss On Disposition Of Investments	488,550	247,429
Series Twenty Four [Member]
Gain Loss On Disposition Of Investments	0	16,675
Series Twenty Five [Member]
Gain Loss On Disposition Of Investments	0	0
Series Twenty Six [Member]
Gain Loss On Disposition Of Investments	18,500	59,000
Series Twenty Seven [Member]
Gain Loss On Disposition Of Investments	3,016,000	0
Series Twenty Eight [Member]
Gain Loss On Disposition Of Investments	5,000	1,405,521
Series Twenty Nine [Member]
Gain Loss On Disposition Of Investments	0	199,000
Series Thirty [Member]
Gain Loss On Disposition Of Investments	0	273,454
Series Thirty One [Member]
Gain Loss On Disposition Of Investments	877,411	1,328,188
Series Thirty Two [Member]
Gain Loss On Disposition Of Investments	569,552	825,886
Series Thirty Three [Member]
Gain Loss On Disposition Of Investments	0	1,097,000
Series Thirty Four [Member]
Gain Loss On Disposition Of Investments	630,691	328,000
Series Thirty Five [Member]
Gain Loss On Disposition Of Investments	2,720,765	1,504,603
Series Thirty Six [Member]
Gain Loss On Disposition Of Investments	2,515,373	571,611
Series Thirty Seven [Member]
Gain Loss On Disposition Of Investments	2,349,732	0
Series Thirty Eight [Member]
Gain Loss On Disposition Of Investments	3,273,698	32,421
Series Thirty Nine [Member]
Gain Loss On Disposition Of Investments	1,645,989	102,774
Series Forty [Member]
Gain Loss On Disposition Of Investments	93,700	790,011
Series Forty One [Member]
Gain Loss On Disposition Of Investments	70,500	457,440
Series Forty Two [Member]
Gain Loss On Disposition Of Investments	0	3,214,695
Series Forty Three [Member]
Gain Loss On Disposition Of Investments	0	2,492,094
Series Forty Six [Member]
Gain Loss On Disposition Of Investments	$ 393,183	$ 0

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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), Beginning balance 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)
Distributions	(12,369,281)	(12,369,281)	0	0	0	0	0	0	0	0	0	0	0	0	0	(604,486)	(604,486)	0	(3,382,746)	(3,382,746)	0	(2,190,980)	(2,190,980)	0	0	0	0	(6,191,069)	(6,191,069)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net income (loss)	10,666,816	10,560,148	106,668	(66,671)	(66,004)	(667)	279,798	277,000	2,798	178,017	176,237	1,780	168,719	167,032	1,687	27,462	27,187	275	(33,376)	(33,042)	(334)	(66,471)	(65,806)	(665)	(152,027)	(150,507)	(1,520)	1,295,112	1,282,161	12,951	355,117	351,566	3,551	191,558	189,642	1,916	1,144,794	1,133,346	11,448	615,369	609,215	6,154	1,023,616	1,013,380	10,236	316,271	313,108	3,163	1,374,252	1,360,509	13,743	444,498	440,053	4,445	(161,074)	(159,463)	(1,611)	(91,569)	(90,653)	(916)	49,450	48,956	494	584,797	578,949	5,848	302,913	299,884	3,029	3,133,162	3,101,830	31,332	2,323,909	2,300,670	23,239	(323,040)	(319,810)	(3,230)	(1,050,682)	(1,040,175)	(10,507)	(1,197,088)	(1,185,117)	(11,971)
Partners' capital (deficit), Ending balance at Mar. 31, 2016	(28,619,101)	(21,290,383)	(7,328,718)	(1,261,163)	(940,299)	(320,864)	(1,035,197)	(862,894)	(172,303)	(2,524,039)	(2,279,715)	(244,324)	(1,832,635)	(1,529,462)	(303,173)	502,552	676,778	(174,226)	397,047	616,693	(219,646)	804,402	1,114,701	(310,299)	899,636	1,097,087	(197,451)	876,927	1,149,995	(273,068)	(2,967,982)	(2,599,655)	(368,327)	(1,373,138)	(1,132,351)	(240,787)	1,307,467	1,673,651	(366,184)	(2,312,599)	(1,883,110)	(429,489)	(827,935)	(593,876)	(234,059)	(2,929,261)	(2,599,579)	(329,682)	(801,012)	(510,977)	(290,035)	(446,696)	(263,566)	(183,130)	(2,299,156)	(2,060,600)	(238,556)	(1,691,937)	(1,456,733)	(235,204)	(1,466,416)	(1,255,309)	(211,107)	(2,356,713)	(2,108,202)	(248,511)	(2,829,516)	(2,552,052)	(277,464)	1,272,077	1,500,294	(228,217)	(190,876)	132,554	(323,430)	(2,286,800)	(2,026,484)	(260,316)	(1,842,316)	(1,470,231)	(372,085)	(1,403,822)	(1,127,041)	(276,781)
Net income (loss)	15,103,290	14,952,257	151,033	65,321	64,668	653	(44,938)	(44,489)	(449)	(72,794)	(72,066)	(728)	402,128	398,107	4,021	(75,371)	(74,617)	(754)	(51,336)	(50,823)	(513)	(126,723)	(125,456)	(1,267)	2,675,164	2,648,412	26,752	(64,444)	(63,800)	(644)	(173,797)	(172,059)	(1,738)	(103,851)	(102,812)	(1,039)	698,887	691,898	6,989	374,024	370,284	3,740	(94,282)	(93,339)	(943)	556,742	551,175	5,567	2,641,797	2,615,379	26,418	2,482,508	2,457,683	24,825	2,213,042	2,190,912	22,130	3,212,273	3,180,150	32,123	1,554,531	1,538,986	15,545	(79,129)	(78,338)	(791)	(137,219)	(135,847)	(1,372)	(199,189)	(197,197)	(1,992)	(246,031)	(243,571)	(2,460)	(231,517)	(229,202)	(2,315)	(244,274)	(241,831)	(2,443)	171,768	170,050	1,718
Partners' capital (deficit), Ending balance at Mar. 31, 2017	$ (13,515,811)	$ (6,338,126)	$ (7,177,685)	$ (1,195,842)	$ (875,631)	$ (320,211)	$ (1,080,135)	$ (907,383)	$ (172,752)	$ (2,596,833)	$ (2,351,781)	$ (245,052)	$ (1,430,507)	$ (1,131,355)	$ (299,152)	$ 427,181	$ 602,161	$ (174,980)	$ 345,711	$ 565,870	$ (220,159)	$ 677,679	$ 989,245	$ (311,566)	$ 3,574,800	$ 3,745,499	$ (170,699)	$ 812,483	$ 1,086,195	$ (273,712)	$ (3,141,779)	$ (2,771,714)	$ (370,065)	$ (1,476,989)	$ (1,235,163)	$ (241,826)	$ 2,006,354	$ 2,365,549	$ (359,195)	$ (1,938,575)	$ (1,512,826)	$ (425,749)	$ (922,217)	$ (687,215)	$ (235,002)	$ (2,372,519)	$ (2,048,404)	$ (324,115)	$ 1,840,785	$ 2,104,402	$ (263,617)	$ 2,035,812	$ 2,194,117	$ (158,305)	$ (86,114)	$ 130,312	$ (216,426)	$ 1,520,336	$ 1,723,417	$ (203,081)	$ 88,115	$ 283,677	$ (195,562)	$ (2,435,842)	$ (2,186,540)	$ (249,302)	$ (2,966,735)	$ (2,687,899)	$ (278,836)	$ 1,072,888	$ 1,303,097	$ (230,209)	$ (436,907)	$ (111,017)	$ (325,890)	$ (2,518,317)	$ (2,255,686)	$ (262,631)	$ (2,086,590)	$ (1,712,062)	$ (374,528)	$ (1,232,054)	$ (956,991)	$ (275,063)

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STATEMENTS OF CASH FLOWS - USD ($)		12 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income (loss)		$ 15,103,290	$ 10,666,816
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[1]	(18,806,644)	(15,114,264)
Impairment loss		0	1,464,002
Distributions received from operating limited partnerships		0	10,852
Changes in assets and liabilities
Other asset		0	(74,518)
Accounts payable and accrued expenses		11,626	503,467
Accounts payable - affiliates		(9,632,988)	(2,830,228)
Net cash provided by (used in) operating activities		(13,324,716)	(5,373,873)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		18,806,644	15,750,871	[2]
Net cash provided by (used in) investing activities		18,806,644	15,750,871
Cash flows from financing activities
Distributions		0	(12,369,281)
Net cash used in financing activities		0	(12,369,281)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,481,928	(1,992,283)
Cash and cash equivalents, beginning		21,728,069	23,720,352
Cash and cash equivalents, ending		27,209,997	21,728,069
Series Twenty [Member]
Cash flows from operating activities
Net income (loss)		65,321	(66,671)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[3]	(138,000)	0
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	0
Accounts payable - affiliates		24,843	(62,628)
Net cash provided by (used in) operating activities		(47,836)	(129,299)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		138,000	0
Net cash provided by (used in) investing activities		138,000	0
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		90,164	(129,299)
Cash and cash equivalents, beginning		180,896	310,195
Cash and cash equivalents, ending		271,060	180,896
Series Twenty One [Member]
Cash flows from operating activities
Net income (loss)		(44,938)	279,798
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[4]	0	(326,273)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	3,000
Accounts payable and accrued expenses		0	(5,000)
Accounts payable - affiliates		(139,128)	19,976
Net cash provided by (used in) operating activities		(184,066)	(28,499)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	326,273	[2]
Net cash provided by (used in) investing activities		0	326,273
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(184,066)	297,774
Cash and cash equivalents, beginning		425,168	127,394
Cash and cash equivalents, ending		241,102	425,168
Series Twenty Two [Member]
Cash flows from operating activities
Net income (loss)		(72,794)	178,017
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	(248,148)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	0
Accounts payable - affiliates		29,208	9,937
Net cash provided by (used in) operating activities		(43,586)	(60,194)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	238,796	[2]
Net cash provided by (used in) investing activities		0	238,796
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(43,586)	178,602
Cash and cash equivalents, beginning		295,650	117,048
Cash and cash equivalents, ending		252,064	295,650
Series Twenty Three [Member]
Cash flows from operating activities
Net income (loss)		402,128	168,719
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[6]	(488,550)	(247,429)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	0
Accounts payable - affiliates		37,362	(154,401)
Net cash provided by (used in) operating activities		(49,060)	(233,111)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		488,550	247,429	[2]
Net cash provided by (used in) investing activities		488,550	247,429
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		439,490	14,318
Cash and cash equivalents, beginning		219,677	205,359
Cash and cash equivalents, ending		659,167	219,677
Series Twenty Four [Member]
Cash flows from operating activities
Net income (loss)		(75,371)	27,462
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[7]	0	(16,675)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	(6,335)
Accounts payable - affiliates		0	0
Net cash provided by (used in) operating activities		(75,371)	4,452
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	96,715	[2]
Net cash provided by (used in) investing activities		0	96,715
Cash flows from financing activities
Distributions		0	(604,486)
Net cash used in financing activities		0	(604,486)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(75,371)	(503,319)
Cash and cash equivalents, beginning		502,552	1,005,871
Cash and cash equivalents, ending		427,181	502,552
Series Twenty Five [Member]
Cash flows from operating activities
Net income (loss)		(51,336)	(33,376)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[8]	0	0
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	0
Accounts payable - affiliates		0	0
Net cash provided by (used in) operating activities		(51,336)	(33,376)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	0
Net cash provided by (used in) investing activities		0	0
Cash flows from financing activities
Distributions		0	(3,382,746)
Net cash used in financing activities		0	(3,382,746)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(51,336)	(3,416,122)
Cash and cash equivalents, beginning		395,797	3,811,919
Cash and cash equivalents, ending		344,461	395,797
Series Twenty Six [Member]
Cash flows from operating activities
Net income (loss)		(126,723)	(66,471)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[9]	(18,500)	(59,000)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		(4,960)	(15,507)
Accounts payable - affiliates		0	0
Net cash provided by (used in) operating activities		(150,183)	(140,978)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		18,500	128,000	[2]
Net cash provided by (used in) investing activities		18,500	128,000
Cash flows from financing activities
Distributions		0	(2,190,980)
Net cash used in financing activities		0	(2,190,980)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(131,683)	(2,203,958)
Cash and cash equivalents, beginning		809,362	3,013,320
Cash and cash equivalents, ending		677,679	809,362
Series Twenty Seven [Member]
Cash flows from operating activities
Net income (loss)		2,675,164	(152,027)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[10]	(3,016,000)	0
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		31,673	0
Accounts payable - affiliates		0	0
Net cash provided by (used in) operating activities		(309,163)	(152,027)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		3,016,000	0
Net cash provided by (used in) investing activities		3,016,000	0
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,706,837	(152,027)
Cash and cash equivalents, beginning		899,636	1,051,663
Cash and cash equivalents, ending		3,606,473	899,636
Series Twenty Eight [Member]
Cash flows from operating activities
Net income (loss)		(64,444)	1,295,112
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[11]	(5,000)	(1,405,521)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	1,250
Accounts payable and accrued expenses		(7,500)	4,500
Accounts payable - affiliates		0	0
Net cash provided by (used in) operating activities		(76,944)	(104,659)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		5,000	1,405,521	[2]
Net cash provided by (used in) investing activities		5,000	1,405,521
Cash flows from financing activities
Distributions		0	(6,191,069)
Net cash used in financing activities		0	(6,191,069)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(71,944)	(4,890,207)
Cash and cash equivalents, beginning		884,427	5,774,634
Cash and cash equivalents, ending		812,483	884,427
Series Twenty Nine [Member]
Cash flows from operating activities
Net income (loss)		(173,797)	355,117
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[12]	0	(199,000)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	(1,500)
Accounts payable - affiliates		(99,313)	(236,133)
Net cash provided by (used in) operating activities		(273,110)	(81,516)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	199,000	[2]
Net cash provided by (used in) investing activities		0	199,000
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(273,110)	117,484
Cash and cash equivalents, beginning		618,758	501,274
Cash and cash equivalents, ending		345,648	618,758
Series Thirty [Member]
Cash flows from operating activities
Net income (loss)		(103,851)	191,558
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[13]	0	(273,454)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	500
Accounts payable and accrued expenses		0	0
Accounts payable - affiliates		69,684	(261,540)
Net cash provided by (used in) operating activities		(34,167)	(342,936)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	324,454	[2]
Net cash provided by (used in) investing activities		0	324,454
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(34,167)	(18,482)
Cash and cash equivalents, beginning		304,293	322,775
Cash and cash equivalents, ending		270,126	304,293
Series Thirty One [Member]
Cash flows from operating activities
Net income (loss)		698,887	1,144,794
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[14]	(877,411)	(1,328,188)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		(3,000)	3,000
Accounts payable - affiliates		0	(2,902,513)
Net cash provided by (used in) operating activities		(181,524)	(3,082,907)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		877,411	1,328,188	[2]
Net cash provided by (used in) investing activities		877,411	1,328,188
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		695,887	(1,754,719)
Cash and cash equivalents, beginning		1,351,761	3,106,480
Cash and cash equivalents, ending		2,047,648	1,351,761
Series Thirty Two [Member]
Cash flows from operating activities
Net income (loss)		374,024	615,369
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[15]	(569,552)	(825,886)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		(5,000)	6,007
Accounts payable - affiliates		(593,524)	85,502
Net cash provided by (used in) operating activities		(794,052)	(119,008)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		569,552	825,886	[2]
Net cash provided by (used in) investing activities		569,552	825,886
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(224,500)	706,878
Cash and cash equivalents, beginning		1,061,685	354,807
Cash and cash equivalents, ending		837,185	1,061,685
Series Thirty Three [Member]
Cash flows from operating activities
Net income (loss)		(94,282)	1,023,616
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[16]	0	(1,097,000)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	(4,053)
Accounts payable - affiliates		(834,408)	(34,812)
Net cash provided by (used in) operating activities		(928,690)	(112,249)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	1,097,000	[2]
Net cash provided by (used in) investing activities		0	1,097,000
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(928,690)	984,751
Cash and cash equivalents, beginning		1,266,455	281,704
Cash and cash equivalents, ending		337,765	1,266,455
Series Thirty Four [Member]
Cash flows from operating activities
Net income (loss)		556,742	316,271
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[17]	(630,691)	(328,000)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	(5,802)
Accounts payable - affiliates		(381,837)	(474,323)
Net cash provided by (used in) operating activities		(455,786)	(491,854)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		630,691	328,000	[2]
Net cash provided by (used in) investing activities		630,691	328,000
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		174,905	(163,854)
Cash and cash equivalents, beginning		674,173	838,027
Cash and cash equivalents, ending		849,078	674,173
Series Thirty Five [Member]
Cash flows from operating activities
Net income (loss)		2,641,797	1,374,252
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[18]	(2,720,765)	(1,504,603)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	(1,500)
Accounts payable - affiliates		(1,942,253)	88,845
Net cash provided by (used in) operating activities		(2,021,221)	(43,006)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		2,720,765	1,504,603	[2]
Net cash provided by (used in) investing activities		2,720,765	1,504,603
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		699,544	1,461,597
Cash and cash equivalents, beginning		1,693,223	231,626
Cash and cash equivalents, ending		2,392,767	1,693,223
Series Thirty Six [Member]
Cash flows from operating activities
Net income (loss)		2,482,508	444,498
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[19]	(2,515,373)	(571,611)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		(2,500)	2,500
Accounts payable - affiliates		(525,031)	101,759
Net cash provided by (used in) operating activities		(560,396)	(22,854)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		2,515,373	571,611	[2]
Net cash provided by (used in) investing activities		2,515,373	571,611
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,954,977	548,757
Cash and cash equivalents, beginning		979,340	430,583
Cash and cash equivalents, ending		2,934,317	979,340
Series Thirty Seven [Member]
Cash flows from operating activities
Net income (loss)		2,213,042	(161,074)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[20]	(2,349,732)	0
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	(1,024)
Accounts payable - affiliates		(457,692)	157,320
Net cash provided by (used in) operating activities		(594,382)	(4,778)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		2,349,732	0
Net cash provided by (used in) investing activities		2,349,732	0
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,755,350	(4,778)
Cash and cash equivalents, beginning		340,689	345,467
Cash and cash equivalents, ending		2,096,039	340,689
Series Thirty Eight [Member]
Cash flows from operating activities
Net income (loss)		3,212,273	(91,569)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[21]	(3,273,698)	(32,421)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		1,764	4,779
Accounts payable - affiliates		(504,647)	139,400
Net cash provided by (used in) operating activities		(564,308)	20,189
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		3,273,698	32,421	[2]
Net cash provided by (used in) investing activities		3,273,698	32,421
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,709,390	52,610
Cash and cash equivalents, beginning		333,474	280,864
Cash and cash equivalents, ending		3,042,864	333,474
Series Thirty Nine [Member]
Cash flows from operating activities
Net income (loss)		1,554,531	49,450
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[22]	(1,645,989)	(102,774)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		1,649	4,894
Accounts payable - affiliates		(620,973)	93,229
Net cash provided by (used in) operating activities		(710,782)	44,799
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		1,645,989	102,774	[2]
Net cash provided by (used in) investing activities		1,645,989	102,774
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		935,207	147,573
Cash and cash equivalents, beginning		313,691	166,118
Cash and cash equivalents, ending		1,248,898	313,691
Series Forty [Member]
Cash flows from operating activities
Net income (loss)		(79,129)	584,797
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[23]	(93,700)	(790,011)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		(5,000)	5,000
Accounts payable - affiliates		(178,258)	(176,823)
Net cash provided by (used in) operating activities		(356,087)	(377,037)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		93,700	790,011	[2]
Net cash provided by (used in) investing activities		93,700	790,011
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(262,387)	412,974
Cash and cash equivalents, beginning		510,705	97,731
Cash and cash equivalents, ending		248,318	510,705
Series Forty One [Member]
Cash flows from operating activities
Net income (loss)		(137,219)	302,913
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[24]	(70,500)	(457,440)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		4,500	0
Accounts payable - affiliates		124,592	(130,841)
Net cash provided by (used in) operating activities		(78,627)	(285,368)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		70,500	457,440	[2]
Net cash provided by (used in) investing activities		70,500	457,440
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,127)	172,072
Cash and cash equivalents, beginning		331,029	158,957
Cash and cash equivalents, ending		322,902	331,029
Series Forty Two [Member]
Cash flows from operating activities
Net income (loss)		(199,189)	3,133,162
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[25]	0	(3,214,695)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	(1,665)
Accounts payable - affiliates		(2,141,040)	(178,723)
Net cash provided by (used in) operating activities		(2,340,229)	(261,921)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	3,254,655
Net cash provided by (used in) investing activities		0	3,254,655
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,340,229)	2,992,734
Cash and cash equivalents, beginning		3,412,757	420,023
Cash and cash equivalents, ending		1,072,528	3,412,757
Series Forty Three [Member]
Cash flows from operating activities
Net income (loss)		(246,031)	2,323,909
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[26]	0	(2,492,094)
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	2,827
Accounts payable and accrued expenses		0	0
Accounts payable - affiliates		(2,289,322)	206,108
Net cash provided by (used in) operating activities		(2,535,353)	40,750
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	2,492,094	[2]
Net cash provided by (used in) investing activities		0	2,492,094
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,535,353)	2,532,844
Cash and cash equivalents, beginning		2,886,991	354,147
Cash and cash equivalents, ending		351,638	2,886,991
Series Forty Four [Member]
Cash flows from operating activities
Net income (loss)		(231,517)	(323,040)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		0	82,095
Impairment loss		0	0
Distributions received from operating limited partnerships		0	0
Changes in assets and liabilities
Other asset		0	(82,095)
Accounts payable and accrued expenses		0	0
Accounts payable - affiliates		253,338	357,799
Net cash provided by (used in) operating activities		21,821	34,759
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	0
Net cash provided by (used in) investing activities		0	0
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		21,821	34,759
Cash and cash equivalents, beginning		44,503	9,744
Cash and cash equivalents, ending		66,324	44,503
Series Forty Five [Member]
Cash flows from operating activities
Net income (loss)		(244,274)	(1,050,682)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		0	169,344
Impairment loss		0	661,498
Distributions received from operating limited partnerships		0	7,263
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	515,173
Accounts payable - affiliates		299,327	298,106
Net cash provided by (used in) operating activities		55,053	600,702
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		0	0
Net cash provided by (used in) investing activities		0	0
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		55,053	600,702
Cash and cash equivalents, beginning		748,100	147,398
Cash and cash equivalents, ending		803,153	748,100
Series Forty Six [Member]
Cash flows from operating activities
Net income (loss)		171,768	(1,197,088)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships	[27]	(393,183)	154,520
Impairment loss		0	802,504
Distributions received from operating limited partnerships		0	3,589
Changes in assets and liabilities
Other asset		0	0
Accounts payable and accrued expenses		0	0
Accounts payable - affiliates		236,084	224,528
Net cash provided by (used in) operating activities		14,669	(11,947)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		393,183	0
Net cash provided by (used in) investing activities		393,183	0
Cash flows from financing activities
Distributions		0	0
Net cash used in financing activities		0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		407,852	(11,947)
Cash and cash equivalents, beginning		243,277	255,224
Cash and cash equivalents, ending		$ 651,129	$ 243,277

[1] Includes $18,806,644 and $15,520,223, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[2] Partnership proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015. Partnership proceeds from disposition does not include $9,352 which was due to a writeoff of capital contribution payable Series 22.

[3] Includes $138,000 and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[4] Includes $- and $326,273, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[5] Includes $- and $248,148, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[6] Includes $488,550 and $247,429, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[7] Includes $- and $16,675, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[8] Includes $- and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[9] Includes $18,500 and $59,000, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[10] Includes $3,016,000 and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[11] Includes $5,000 and $1,405,521, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[12] Includes $- and $199,000, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[13] Includes $- and $273,454, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[14] Includes $877,411 and $1,328,188, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[15] Includes $569,552 and $825,886, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[16] Includes $- and $1,097,000, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[17] Includes $630,691 and $328,000, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[18] Includes $2,720,765 and $1,504,603, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[19] Includes $2,515,373 and $571,611, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[20] Includes $2,349,732 and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[21] Includes $3,273,698 and $32,421, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[22] Includes $1,645,989 and $102,774, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[23] Includes $93,700 and $790,011, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[24] Includes $70,500 and $457,440, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[25] Includes $- and $3,214,695, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[26] Includes $- and $2,492,094, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

[27] Includes $393,183 and $-, respectively, in 2017 and 2016 from gain on disposal of operating limited partnership.

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [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, 2017 and 2016 are as follows:

	Issued				Outstanding
	2017		2016		2017		2016
Series 20		3,866,700		3,866,700		3,833,200		3,843,500
Series 21		1,892,700		1,892,700		1,879,500		1,881,000
Series 22		2,564,400		2,564,400		2,557,045		2,559,800
Series 23		3,336,727		3,336,727		3,314,827		3,323,327
Series 24		2,169,878		2,169,878		2,154,253		2,158,878
Series 25		3,026,109		3,026,109		3,016,809		3,020,309
Series 26		3,995,900		3,995,900		3,977,000		3,983,600
Series 27		2,460,700		2,460,700		2,446,400		2,453,500
Series 28		4,000,738		4,000,738		3,990,738		3,994,238
Series 29		3,991,800		3,991,800		3,965,300		3,980,400
Series 30		2,651,000		2,651,000		2,631,000		2,636,000
Series 31		4,417,857		4,417,857		4,395,557		4,396,557
Series 32		4,754,198		4,754,198		4,740,198		4,740,698
Series 33		2,636,533		2,636,533		2,626,533		2,628,033
Series 34		3,529,319		3,529,319		3,517,419		3,523,019
Series 35		3,300,463		3,300,463		3,288,363		3,293,763
Series 36		2,106,838		2,106,838		2,095,704		2,098,204
Series 37		2,512,500		2,512,500		2,495,600		2,507,500
Series 38		2,543,100		2,543,100		2,540,100		2,540,100
Series 39		2,292,151		2,292,151		2,288,351		2,290,151
Series 40		2,630,256		2,630,256		2,622,756		2,623,756
Series 41		2,891,626		2,891,626		2,884,126		2,891,626
Series 42		2,744,262		2,744,262		2,736,262		2,736,262
Series 43		3,637,987		3,637,987		3,632,487		3,637,987
Series 44		2,701,973		2,701,973		2,699,473		2,699,973
Series 45		4,014,367		4,014,367		4,009,667		4,014,367
Series 46		2,980,998		2,980,998		2,971,998		2,971,998
		83,651,080		83,651,080		83,310,666		83,428,546

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 $401,660 and $603,571 as of March 31, 2017 and 2016, 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, 2017 and 2016 of $- and $1,464,002, 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 has determined that there is no material impact to its financial statements as a result of this guidance.

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 2013 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, 2017 and 2016 are as follows:

	2017		2016
Series 20		3,840,925		3,854,150
Series 21		1,880,625		1,886,400
Series 22		2,559,111		2,560,550
Series 23		3,321,202		3,330,752
Series 24		2,157,722		2,161,503
Series 25		3,019,434		3,023,459
Series 26		3,981,950		3,988,925
Series 27		2,451,725		2,458,150
Series 28		3,993,363		3,997,613
Series 29		3,976,625		3,987,225
Series 30		2,634,750		2,641,250
Series 31		4,396,307		4,406,457
Series 32		4,740,573		4,746,323
Series 33		2,627,658		2,633,658
Series 34		3,521,619		3,523,169
Series 35		3,292,413		3,295,263
Series 36		2,097,579		2,101,429
Series 37		2,504,525		2,511,250
Series 38		2,540,100		2,542,350
Series 39		2,289,701		2,290,901
Series 40		2,623,506		2,627,506
Series 41		2,889,751		2,891,626
Series 42		2,736,262		2,742,262
Series 43		3,636,612		3,637,987
Series 44		2,699,848		2,701,473
Series 45		4,013,192		4,014,367
Series 46		2,971,998		2,977,998
		83,399,076		83,533,996

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.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2017 and 2016, 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, 2017 and 2016, are as follows:

			2017
					Fund Management Fee net
	Gross Fund		Asset Management		of Asset Management and
	Management Fee		and Reporting Fee		Reporting Fee
Series 20	$	24,843	$	1,367	$	23,476
Series 21		10,872		2,051		8,821
Series 22		29,208		1,100		28,108
Series 23		37,362		5,080		32,282
Series 24		50,352		10,067		40,285
Series 25		23,736		7,360		16,376
Series 26		93,076		5,341		87,735
Series 27		116,442		16,630		99,812
Series 28		44,679		23,000		21,679
Series 29		82,187		7,655		74,532
Series 30		69,684		10,216		59,468
Series 31		134,262		13,000		121,262
Series 32		163,266		18,460		144,806
Series 33		65,592		8,670		56,922
Series 34		70,741		29,315		41,426
Series 35		93,350		49,903		43,447
Series 36		46,580		41,910		4,670
Series 37		117,308		10,518		106,790
Series 38		130,774		27,354		103,420
Series 39		56,801		4,200		52,601
Series 40		137,464		11,425		126,039
Series 41		224,592		27,952		196,640
Series 42		171,480		19,180		152,300
Series 43		230,772		40,748		190,024
Series 44		239,076		32,904		206,172
Series 45		282,759		59,598		223,161
Series 46		236,084		28,475		207,609
	$	2,983,342	$	513,479	$	2,469,863

			2016
					Fund Management Fee
					net of Asset
	Gross Fund		Asset Management		Management and
	Management Fee		and Reporting Fee		Reporting Fee
Series 20	$	32,952	$	4,547	$	28,405
Series 21		23,153		2,051		21,102
Series 22		42,810		5,911		36,899
Series 23		61,058		17,569		43,489
Series 24		50,352		5,858		44,494
Series 25		23,736		7,360		16,376
Series 26		103,978		21,841		82,137
Series 27		153,432		21,380		132,052
Series 28		97,548		10,250		87,298
Series 29		87,860		14,619		73,241
Series 30		84,544		39,690		44,854
Series 31		172,957		34,914		138,043
Series 32		203,918		19,042		184,876
Series 33		72,927		20,420		52,507
Series 34		115,404		32,215		83,189
Series 35		132,845		16,403		116,442
Series 36		126,759		10,242		116,517
Series 37		157,320		11,514		145,806
Series 38		164,400		20,692		143,708
Series 39		123,228		11,135		112,093
Series 40		193,581		13,204		180,377
Series 41		228,916		44,348		184,568
Series 42		196,400		39,673		156,727
Series 43		256,108		62,264		193,844
Series 44		254,628		34,849		219,779
Series 45		283,200		76,242		206,958
Series 46		249,528		31,291		218,237
	$	3,693,542	$	629,524	$	3,064,018

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, 2017 and 2016, total fund management fees accrued were $39,156,659 and $48,686,899, respectively.

The fund management fees paid for the years ended March 31, 2017 and 2016, are as follows:

	2017		2016
Series 20	$	-	$	95,580
Series 21		150,000		3,177
Series 22		-		32,873
Series 23		-		215,459
Series 24		50,352		50,352
Series 25		23,736		23,736
Series 26		93,076		103,978
Series 27		116,442		153,432
Series 28		44,679		97,548
Series 29		181,500		323,993
Series 30		-		346,084
Series 31		134,262		3,075,470
Series 32		756,790		118,416
Series 33		900,000		53,079
Series 34		319,000		589,727
Series 35		2,035,603		44,000
Series 36		571,611		25,000
Series 37		575,000		-
Series 38		635,421		25,000
Series 39		677,774		29,999
Series 40		315,722		-
Series 41		100,000		-
Series 42		2,312,520		153,508
Series 43		2,520,094		50,000
Series 44		-		-
Series 45		-		-
Series 46		-		25,000
	$	12,513,582	$	5,635,411

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, 2017 and 2016, are as follows:

	2017		2016
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		-		133,578
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		220,455		220,455
Series 40		-		-
Series 41		-		-
Series 42		-		-
Series 43		-		-
Series 44		206,053		191,791
Series 45		54,659		38,091
Series 46		-		-
	$	481,167	$	583,915

During the year ended March 31, 2017, $14,262 and $16,568 for Series 44 and Series 45, respectively, was advanced to the Fund by an affiliate of the general partner. In addition $133,578 for Series 34 was paid by the Fund to an affiliate of the general partner. During the year ended March 31, 2016, $103,171 and $14,906 for Series 44 and Series 45, respectively, was advanced to the Fund by an affiliate of the general partner. In addition $54,660, $370,404, $359,757 and $221,615 for Series 33, Series 40, Series 41 and Series 42, respectively, was paid by the Fund to an affiliate of the general partner. All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

During the years ended March 31, 2017 and 2016, 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:

	2017		2016
Series 20	$	16,622	$	12,732
Series 21		13,370		10,033
Series 22		14,832		11,286
Series 23		16,444		12,754
Series 24		14,350		12,258
Series 25		15,309		12,389
Series 26		18,547		15,060
Series 27		40,226		11,955
Series 28		16,420		13,986
Series 29		17,578		13,243
Series 30		14,993		11,526
Series 31		18,151		15,216
Series 32		17,965		14,108
Series 33		14,218		10,788
Series 34		15,394		12,228
Series 35		15,420		11,982
Series 36		13,183		10,821
Series 37		13,591		10,713
Series 38		14,212		11,412
Series 39		13,065		10,834
Series 40		15,081		11,475
Series 41		16,909		13,418
Series 42		16,382		13,235
Series 43		18,397		14,178
Series 44		14,621		10,671
Series 45		20,809		14,906
Series 46		16,678		12,545
	$	452,767	$	335,752

Accounts payable - affiliates at March 31, 2017 and 2016 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.

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

12 Months Ended

Mar. 31, 2017

Investments In Operating Partnerships [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2017 and 2016, 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, 2017 and 2016 by series are as follows:

	2017		2016
Series 20		3		4
Series 21		2		2
Series 22		3		3
Series 23		4		6
Series 24		6		6
Series 25		4		4
Series 26		13		14
Series 27		5		7
Series 28		5		6
Series 29		8		8
Series 30		8		8
Series 31		10		17
Series 32		7		10
Series 33		5		5
Series 34		4		7
Series 35		3		6
Series 36		3		7
Series 37		2		6
Series 38		4		8
Series 39		1		7
Series 40		10		14
Series 41		17		18
Series 42		15		15
Series 43		19		19
Series 44		7		8
Series 45		27		28
Series 46		14		15
		209		258

During the year ended March 31, 2017 the Fund disposed of forty nine 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, 2017 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain on Disposition
Series 20		-		1	$	138,000	$	138,000
Series 23		2		-		488,550		488,550
Series 26		1		-		18,500		18,500
Series 27		1		1		3,016,000		3,016,000
Series 28		1		-		5,000		5,000
Series 31		7		-		877,411		877,411
Series 32		2		1		569,552		569,552
Series 34		3		-		630,691		630,691
Series 35		1		2		2,720,765		2,720,765
Series 36		3		1		2,515,373		2,515,373
Series 37		3		1		2,349,732		2,349,732
Series 38		1		3		3,273,698		3,273,698
Series 39		4		2		1,645,989		1,645,989
Series 40		4		-		93,700		93,700
Series 41		1		-		70,500		70,500
Series 44		-		1		-		-
Series 45		1		-		-		-
Series 46		-		1		393,183		393,183
Total		35		14	$	18,806,644	$	18,806,644

During the year ended March 31, 2016 the Fund disposed of forty 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, 2016 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain on Disposition
Series 21		2		-	$	326,273	$	326,273
Series 22		3		-		238,796		248,148
Series 23		3		-		247,429		247,429
Series 24		-		-		96,715		16,675
Series 26		3		-		128,000		59,000
Series 28		5		-		1,405,521		1,405,521
Series 29		1		1		199,000		199,000
Series 30		3		-		324,454		273,454
Series 31		1		1		1,328,188		1,328,188
Series 32		-		1		825,886		825,886
Series 33		1		-		1,097,000		1,097,000
Series 34		2		-		328,000		328,000
Series 35		2		1		1,504,603		1,504,603
Series 36		2		-		571,611		571,611
Series 38		2		-		32,421		32,421
Series 39		2		-		102,774		102,774
Series 40		2		-		790,011		790,011
Series 41		1		-		457,440		457,440
Series 42		5		-		3,254,655		3,214,695
Series 43		4		-		2,492,094		2,492,094
Total		44		4	$	15,750,871	$	15,520,223

* Partnership proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015. Partnership proceeds from disposition does not include $9,352 which was due to a writeoff of capital contribution payable Series 22.

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, 2017 and 2016, contributions are payable to operating limited partnerships as follows:

	2017		2016
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		-		-
Series 28		-		-
Series 29		8,235		8,235
Series 30		105,139		105,139
Series 31		66,294		66,294
Series 32		1,229		1,229
Series 33		69,154		69,154
Series 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		-		-
	$	578,113	$	578,113

 

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	226,703,371		$	1,140,993		$	524,510
Acquisition costs of operating limited partnerships		9,097,175			162,528			85,843
Cumulative distributions from operating limited partnerships		(1,675,040	)		-			(22,441	)
Cumulative impairment loss in investments in operating limited partnerships		(122,872,037	)		(337,192	)		(38,116	)
Cumulative losses from operating limited partnerships		(111,253,469	)		(966,329	)		(549,796	)
Investments in operating limited partnerships per balance sheet		-			-			-

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(1,145,457	)		-			-
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(1,902,879	)		-			-
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).		183,255			7,136			15,685
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(57,696,047	)		(1,066,850	)		(325,745	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		357,746			-			-
Cumulative impairment loss in investments in operating limited partnerships		122,872,037			337,192			38,116
Other		(1,455,539	)		(2,935	)		(43,375	)
Equity per operating limited partnerships’ combined financial statements	$	61,213,116		$	(725,457	)	$	(315,319	)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	755,045		$	3,303,139		$	2,879,744
Acquisition costs of operating limited partnerships		78,016			482,854			310,375
Cumulative distributions from operating limited partnerships		-			-			(34,932	)
Cumulative impairment loss in investments in operating limited partnerships		(325,787	)		(2,213,351	)		(1,151,381	)
Cumulative losses from operating limited partnerships		(507,274	)		(1,572,642	)		(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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		-			-			(30,158	)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(39,009	)		(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).		7,927			(5,691	)		841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(856,165	)		(970,072	)		(2,267,378	)
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		325,787			2,213,351			1,151,381
Other		1,125			(97,940	)		107,836
Equity per operating limited partnerships’ combined financial statements	$	(560,335	)	$	1,111,952		$	(1,122,338	)

The Fund’s investments in operating limited partnerships at March 31, 2017 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		$	5,164,819		$	5,994,660
Acquisition costs of operating limited partnerships		167,460			772,454			813,797
Cumulative distributions from operating limited partnerships		(57,503	)		(30,449	)		(1,096	)
Cumulative impairment loss in investments in operating limited partnerships		(1,430,062	)		(1,350,275	)		(3,487,976	)
Cumulative losses from operating limited partnerships		(118,763	)		(4,556,549	)		(3,319,385	)
Investments in operating limited partnerships per balance sheet		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		-			(51,000	)		-
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			(59,837	)		(222,527	)
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			45,732			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(456,606	)		(4,815,872	)		(1,317,831	)
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		1,430,062			1,350,275			3,487,976
Other		(78,352	)		(94,916	)		(84,291	)
Equity per operating limited partnerships’ combined financial statements	$	926,343		$	(3,453,802	)	$	1,863,327

 

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	2,736,848		$	9,231,659		$	5,493,284
Acquisition costs of operating limited partnerships		388,894			1,333,588			667,262
Cumulative distributions from operating limited partnerships		(5,079	)		(14,324	)		(29,318	)
Cumulative impairment loss in investments in operating limited partnerships		(930,910	)		(5,444,545	)		(2,194,151	)
Cumulative losses from operating limited partnerships		(2,189,753	)		(5,106,378	)		(3,937,077	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(12,030	)		-			(112,197	)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(62,189	)		(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).		33,990			39,537			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,819,446	)		(3,478,199	)		(2,083,473	)
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		930,910			5,444,545			2,194,151
Other		(45,965	)		(30,529	)		(21,265	)
Equity per operating limited partnerships’ combined financial statements	$	(974,730	)	$	1,386,265		$	(257,393	)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	5,898,003		$	14,149,131		$	8,367,365
Acquisition costs of operating limited partnerships		826,360			1,645,450			950,957
Cumulative distributions from operating limited partnerships		(31,355	)		(45,614	)		(3,170	)
Cumulative impairment loss in investments in operating limited partnerships		(3,574,025	)		(9,175,569	)		(6,568,884	)
Cumulative losses from operating limited partnerships		(3,118,983	)		(6,573,398	)		(2,746,268	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(47,462	)		(172,318	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(77,600	)		-			(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).		6,859			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,188,582	)		(3,395,101	)		(1,876,329	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			29,991			9,684
Cumulative impairment loss in investments in operating limited partnerships		3,574,025			9,175,569			6,568,884
Other		(50,995	)		251,165			(13,716	)
Equity per operating limited partnerships’ combined financial statements	$	216,245		$	5,889,306		$	4,341,862

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	6,257,458		$	5,386,247		$	4,276,900
Acquisition costs of operating limited partnerships		411,337			-			-
Cumulative distributions from operating limited partnerships		(20,308	)		(2,459	)		(27,291	)
Cumulative impairment loss in investments in operating limited partnerships		(3,951,725	)		(2,462,259	)		(2,406,542	)
Cumulative losses from operating limited partnerships		(2,696,762	)		(2,921,529	)		(1,843,067	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		-			-			-
The Fund has recorded acquisition costs at March 31, 2017 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).		(1,354,867	)		(2,237,121	)		(984,727	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			3,300			-
Cumulative impairment loss in investments in operating limited partnerships		3,951,725			2,462,259			2,406,542
Other		(139,920	)		2,467			(33,040	)
Equity per operating limited partnerships’ combined financial statements	$	2,168,388		$	230,905		$	1,388,775

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	7,549,550		$	9,815,140		$	671,150
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(65,908	)		(359,635	)		-
Cumulative impairment loss in investments in operating limited partnerships		(3,922,795	)		(7,194,962	)		(233,531	)
Cumulative losses from operating limited partnerships		(3,560,847	)		(2,260,543	)		(437,619	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2017 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).		(1,916,369	)		(866,648	)		(97,796	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		13,201			-			-
Cumulative impairment loss in investments in operating limited partnerships		3,922,795			7,194,962			233,531
Other		(12,299	)		(233,707	)		(72,294	)
Equity per operating limited partnerships’ combined financial statements	$	1,851,963		$	6,094,607		$	63,441

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	11,579,898		$	15,436,181		$	16,067,004
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(22,466	)		(38,570	)		(20,956	)
Cumulative impairment loss in investments in operating limited partnerships		(5,441,719	)		(5,854,800	)		(7,195,970	)
Cumulative losses from operating limited partnerships		(6,115,713	)		(9,542,811	)		(8,850,078	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(16,841	)		(33,807	)		(76,678	)
The Fund has recorded acquisition costs at March 31, 2017 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).		(2,230,853	)		(3,483,277	)		(4,285,267	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		32,119			-			20,012
Cumulative impairment loss in investments in operating limited partnerships		5,441,719			5,854,800			7,195,970
Other		(72,329	)		(325,495	)		(21,834	)
Equity per operating limited partnerships’ combined financial statements	$	3,153,815		$	2,012,221		$	2,832,203

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	23,300,481		$	13,739,925		$	25,600,776
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(271,984	)		(49,115	)		(320,688	)
Cumulative impairment loss in investments in operating limited partnerships		(11,001,252	)		(5,442,013	)		(16,541,124	)
Cumulative losses from operating limited partnerships		(12,027,245	)		(8,248,797	)		(8,738,964	)
Investments in operating limited partnerships per balance sheet		-			-			-

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(121,319	)		-			(129,725	)
The Fund has recorded acquisition costs at March 31, 2017 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).		(4,434,039	)		(4,416,600	)		(2,226,331	)
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		11,001,252			5,442,013			16,541,124
Other		(50,452	)		(90,418	)		(164,622	)
Equity per operating limited partnerships’ combined financial statements	$	6,395,442		$	934,995		$	14,043,755

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	19,944,593
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(200,379	)
Cumulative impairment loss in investments in operating limited partnerships		(13,001,121	)
Cumulative losses from operating limited partnerships		(6,743,093	)
Investments in operating limited partnerships per balance sheet		-

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(7,089	)
The Fund has recorded acquisition costs at March 31, 2017 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).		(1,244,503	)
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		13,001,121
Other		(37,443	)
Equity per operating limited partnerships’ combined financial statements	$	11,716,680

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	303,772,168		$	1,510,993		$	524,510
Acquisition costs of operating limited partnerships		12,667,316			215,748			85,843
Cumulative distributions from operating limited partnerships		(2,477,305	)		(7,394	)		(22,441	)
Cumulative impairment loss in investments in operating limited partnerships		(161,650,983	)		(409,509	)		(38,116	)
Cumulative losses from operating limited partnerships		(152,311,196	)		(1,309,838	)		(549,796	)
Investments in operating limited partnerships per balance sheet		-			-			-

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(1,202,653	)		-			-
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(3,413,891	)		-			-
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).		447,007			62,488			15,685
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(72,745,706	)		(988,006	)		(307,183	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		884,505			6,576			-
Cumulative impairment loss in investments in operating limited partnerships		161,650,983			409,509			38,116
Other		(1,837,057	)		(11,516	)		(42,053	)
Equity per operating limited partnerships’ combined financial statements	$	83,783,188		$	(520,949	)	$	(295,435	)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	755,045		$	4,968,423		$	2,879,744
Acquisition costs of operating limited partnerships		78,016			727,246			310,375
Cumulative distributions from operating limited partnerships		-			-			(34,932	)
Cumulative impairment loss in investments in operating limited partnerships		(325,787	)		(4,061,633	)		(1,151,381	)
Cumulative losses from operating limited partnerships		(507,274	)		(1,634,036	)		(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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		-			(11,581	)		(30,158	)
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(39,009	)		(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).		7,927			7,292			841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(866,909	)		(1,241,388	)		(2,084,698	)
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		325,787			4,061,633			1,151,381
Other		1,125			(133,388	)		115,558
Equity per operating limited partnerships’ combined financial statements	$	(571,079	)	$	2,654,872		$	(931,936	)

The Fund’s investments in operating limited partnerships at March 31, 2016 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		$	5,527,557		$	8,111,853
Acquisition costs of operating limited partnerships		167,460			824,628			1,143,307
Cumulative distributions from operating limited partnerships		(57,503	)		(40,236	)		(14,167	)
Cumulative impairment loss in investments in operating limited partnerships		(1,359,466	)		(1,822,975	)		(4,036,605	)
Cumulative losses from operating limited partnerships		(189,359	)		(4,488,974	)		(5,204,388	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		-			(51,000	)		(39,446	)
The Fund has recorded acquisition costs at March 31, 2016 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			45,732			195,417
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(343,851	)		(4,331,079	)		(1,587,855	)
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		1,359,466			1,822,975			4,036,605
Other		(67,544	)		(115,347	)		(291,605	)
Equity per operating limited partnerships’ combined financial statements	$	979,310		$	(2,516,740	)	$	1,863,912

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	5,944,962		$	9,231,659		$	5,493,284
Acquisition costs of operating limited partnerships		850,335			1,333,588			667,262
Cumulative distributions from operating limited partnerships		(110,655	)		(14,324	)		(29,318	)
Cumulative impairment loss in investments in operating limited partnerships		(2,158,606	)		(5,444,545	)		(2,194,151	)
Cumulative losses from operating limited partnerships		(4,526,036	)		(5,106,378	)		(3,937,077	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(12,030	)		-			(112,197	)
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(62,189	)		(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).		33,990			39,537			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(2,842,764	)		(2,951,824	)		(1,907,676	)
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		2,158,606			5,444,545			2,194,151
Other		(90,515	)		(30,530	)		(18,522	)
Equity per operating limited partnerships’ combined financial statements	$	(814,902	)	$	1,912,639		$	(78,853	)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	11,532,547		$	22,949,966		$	8,367,365
Acquisition costs of operating limited partnerships		1,632,942			2,929,785			950,957
Cumulative distributions from operating limited partnerships		(31,404	)		(101,208	)		(3,170	)
Cumulative impairment loss in investments in operating limited partnerships		(6,454,920	)		(13,361,331	)		(6,467,715	)
Cumulative losses from operating limited partnerships		(6,679,165	)		(12,417,212	)		(2,847,437	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(47,462	)		(172,318	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2016 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).		6,859			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(4,016,452	)		(4,963,274	)		(1,578,487	)
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		6,454,920			13,361,331			6,467,715
Other		(36,552	)		284,785			(13,716	)
Equity per operating limited partnerships’ combined financial statements	$	2,292,214		$	7,264,546		$	4,538,535

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	11,227,571		$	10,781,284		$	12,307,640
Acquisition costs of operating limited partnerships		749,824			-			-
Cumulative distributions from operating limited partnerships		(20,308	)		(5,084	)		(100,055	)
Cumulative impairment loss in investments in operating limited partnerships		(6,843,156	)		(5,230,309	)		(6,862,772	)
Cumulative losses from operating limited partnerships		(5,113,931	)		(5,545,891	)		(5,344,813	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(6,069	)		-			-
The Fund has recorded acquisition costs at March 31, 2016 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).		(1,642,674	)		(3,423,568	)		(2,019,997	)
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		6,843,156			5,230,309			6,862,772
Other		(194,626	)		(24,491	)		(126,915	)
Equity per operating limited partnerships’ combined financial statements	$	4,711,237		$	1,860,267		$	4,717,230

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	16,058,621		$	17,940,834		$	10,069,655
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(202,524	)		(515,435	)		(224,758	)
Cumulative impairment loss in investments in operating limited partnerships		(7,809,397	)		(10,253,381	)		(4,561,508	)
Cumulative losses from operating limited partnerships		(8,046,700	)		(7,172,018	)		(5,283,389	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2016 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).		(7,434,593	)		(4,229,837	)		(3,894,615	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		289,911			59,461			74,689
Cumulative impairment loss in investments in operating limited partnerships		7,809,397			10,253,381			4,561,508
Other		(109,071	)		(209,729	)		(106,547	)
Equity per operating limited partnerships’ combined financial statements	$	400,279		$	5,873,276		$	635,035

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	16,293,231		$	16,713,252		$	16,067,004
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(25,813	)		(50,099	)		(20,956	)
Cumulative impairment loss in investments in operating limited partnerships		(9,078,021	)		(6,847,483	)		(7,195,970	)
Cumulative losses from operating limited partnerships		(7,189,397	)		(9,815,670	)		(8,850,078	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(16,841	)		(33,807	)		(76,678	)
The Fund has recorded acquisition costs at March 31, 2016 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).		(2,222,136	)		(3,234,895	)		(3,747,535	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		47,439			1,049			20,012
Cumulative impairment loss in investments in operating limited partnerships		9,078,021			6,847,483			7,195,970
Other		(111,940	)		(294,216	)		(17,777	)
Equity per operating limited partnerships’ combined financial statements	$	6,774,543		$	3,285,614		$	3,373,992

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	23,300,481		$	15,745,838		$	25,706,915
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(271,984	)		(49,763	)		(320,692	)
Cumulative impairment loss in investments in operating limited partnerships		(10,917,292	)		(6,523,727	)		(16,411,048	)
Cumulative losses from operating limited partnerships		(12,111,205	)		(9,172,348	)		(8,975,175	)
Investments in operating limited partnerships per balance sheet		-			-			-

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(121,319	)		-			(129,725	)
The Fund has recorded acquisition costs at March 31, 2016 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).		(3,960,406	)		(4,381,035	)		(1,542,238	)
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		10,917,292			6,523,727			16,411,048
Other		(21,080	)		(64,791	)		(103,424	)
Equity per operating limited partnerships’ combined financial statements	$	6,814,487		$	2,077,901		$	14,658,970

The Fund’s investments in operating limited partnerships at March 31, 2016 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		(203,082	)
Cumulative impairment loss in investments in operating limited partnerships		(13,830,179	)
Cumulative losses from operating limited partnerships		(8,289,805	)
Investments in operating limited partnerships per balance sheet		-

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(7,189	)
The Fund has recorded acquisition costs at March 31, 2016 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).		(1,000,731	)
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		13,830,179
Other		(2,630	)
Equity per operating limited partnerships’ combined financial statements	$	12,824,223

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	394,212,193	$	2,085,075		$	1,489,227
Land		41,747,860		246,238			183,210
Other assets		49,639,300		582,694			366,699
	$	485,599,353	$	2,914,007		$	2,039,136
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	348,577,513	$	3,200,912		$	2,297,325
Accounts payable and accrued expenses		16,107,662		75,817			22,623
Other liabilities		40,891,893		50,451			40,020
		405,577,068		3,327,180			2,359,968
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		61,213,116		(725,457	)		(315,319	)
Other partners		18,809,169		312,284			(5,513	)
		80,022,285		(413,173	)		(320,832	)
	$	485,599,353	$	2,914,007		$	2,039,136

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,945,141		$	4,805,126		$	3,402,825
Land		426,603			522,075			636,838
Other assets		1,013,637			1,248,448			644,794
	$	3,385,381		$	6,575,649		$	4,684,457
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,834,362		$	4,961,827		$	5,238,205
Accounts payable and accrued expenses		88,761			157,317			118,124
Other liabilities		65,589			820,842			411,627
		3,988,712			5,939,986			5,767,956
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(560,335	)		1,111,952			(1,122,338	)
Other partners		(42,996	)		(476,289	)		38,839
		(603,331	)		635,663			(1,083,499	)
	$	3,385,381		$	6,575,649		$	4,684,457

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25			Series 26			Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,013,338		$	7,274,962		$	12,049,493
Land		203,400			620,110			1,360,969
Other assets		919,878			1,105,294			1,862,638
	$	4,136,616		$	9,000,366		$	15,273,100
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,290,404		$	10,309,719		$	9,390,191
Accounts payable and accrued expenses		62,955			1,437,631			346,277
Other liabilities		31,649			1,110,272			2,149,189
		3,385,008			12,857,622			11,885,657
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		926,343			(3,453,802	)		1,863,327
Other partners		(174,735	)		(403,454	)		1,524,116
		751,608			(3,857,256	)		3,387,443
	$	4,136,616		$	9,000,366		$	15,273,100

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28			Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,949,712		$	9,381,511	$	6,657,707
Land		251,300			694,245		415,348
Other assets		445,890			2,959,653		831,281
	$	4,646,902		$	13,035,409	$	7,904,336
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	4,563,975		$	6,879,017	$	7,235,178
Accounts payable and accrued expenses		177,233			1,061,966		337,340
Other liabilities		1,022,213			3,393,759		699,680
		5,763,421			11,334,742		8,272,198
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(974,730	)		1,386,265		(257,393	)
Other partners		(141,789	)		314,402		(110,469	)
		(1,116,519	)		1,700,667		(367,862	)
	$	4,646,902		$	13,035,409	$	7,904,336

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	8,072,673		$	14,247,643	$	14,983,903
Land		725,013			1,185,852		1,328,537
Other assets		1,458,129			1,880,115		1,256,727
	$	10,255,815		$	17,313,610	$	17,569,167
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	9,530,208		$	7,147,321	$	6,828,064
Accounts payable and accrued expenses		534,648			1,213,357		623,125
Other liabilities		340,754			876,272		897,122
		10,405,610			9,236,950		8,348,311
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		216,245			5,889,306		4,341,862
Other partners		(366,040	)		2,187,354		4,878,994
		(149,795	)		8,076,660		9,220,856
	$	10,255,815		$	17,313,610	$	17,569,167

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34			Series 35			Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	4,939,111		$	6,496,199		$	5,418,554
Land		230,576			671,988			655,300
Other assets		1,074,019			808,787			684,276
	$	6,243,706		$	7,976,974		$	6,758,130
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,273,740		$	5,448,834		$	3,488,113
Accounts payable and accrued expenses		222,965			179,364			676,964
Other liabilities		818,633			2,602,051			311,735
		4,315,338			8,230,249			4,476,812
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		2,168,388			230,905			1,388,775
Other partners		(240,020	)		(484,180	)		892,543
		1,928,368			(253,275	)		2,281,318
	$	6,243,706		$	7,976,974		$	6,758,130

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37			Series 38			Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	4,913,034		$	7,584,676		$	704,469
Land		300,501			670,346			50,000
Other assets		379,600			989,351			36,912
	$	5,593,135		$	9,244,373		$	791,381
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	2,708,987		$	4,509,814		$	705,510
Accounts payable and accrued expenses		539,389			185,976			9,232
Other liabilities		599,151			544,697			23,287
		3,847,527			5,240,487			738,029
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,851,963			6,094,607			63,441
Other partners		(106,355	)		(2,090,721	)		(10,089	)
		1,745,608			4,003,886			53,352
	$	5,593,135		$	9,244,373		$	791,381

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	34,036,000	$	52,194,620	$	38,829,717
Land		3,816,175		7,423,381		5,877,411
Other assets		2,777,597		5,236,886		4,108,842
	$	40,629,772	$	64,854,887	$	48,815,970
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	32,191,614	$	53,514,163	$	34,987,875
Accounts payable and accrued expenses		1,056,318		1,675,342		2,490,974
Other liabilities		1,710,051		2,686,207		3,815,676
		34,957,983		57,875,712		41,294,525
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		3,153,815		2,012,221		2,832,203
Other partners		2,517,974		4,966,954		4,689,242
		5,671,789		6,979,175		7,521,445
	$	40,629,772	$	64,854,887	$	48,815,970

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	41,562,908	$	31,835,019		$	41,406,048
Land		4,306,232		3,008,317			3,989,836
Other assets		3,973,680		3,488,635			6,245,976
	$	49,842,820	$	38,331,971		$	51,641,860
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	36,674,057	$	36,988,184		$	29,953,961
Accounts payable and accrued expenses		1,350,023		318,124			815,588
Other liabilities		4,916,891		5,494,147			2,853,533
		42,940,971		42,800,455			33,623,082
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,395,442		934,995			14,043,755
Other partners		506,407		(5,403,479	)		3,975,023
		6,901,849		(4,468,484	)		18,018,778
	$	49,842,820	$	38,331,971		$	51,641,860

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	30,933,502
Land		1,948,059
Other assets		3,258,862
	$	36,140,423
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	19,425,953
Accounts payable and accrued expenses		330,229
Other liabilities		2,606,395
		22,362,577
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		11,716,680
Other partners		2,061,166
		13,777,846
	$	36,140,423

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	529,415,678	$	3,332,620		$	1,572,107
Land		53,226,657		310,538			183,210
Other assets		66,317,024		1,186,975			331,854
	$	648,959,359	$	4,830,133		$	2,087,171
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	457,774,123	$	4,827,573		$	2,329,701
Accounts payable and accrued expenses		23,355,176		110,814			10,649
Other liabilities		66,468,250		59,330			38,458
		547,597,549		4,997,717			2,378,808
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		83,783,188		(520,949	)		(295,435	)
Other partners		17,578,622		353,365			3,798
		101,361,810		(167,584	)		(291,637	)
	$	648,959,359	$	4,830,133		$	2,087,171

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	2,058,605		$	8,270,196		$	3,627,508
Land		426,603			911,443			636,838
Other assets		1,074,777			3,582,210			653,001
	$	3,559,985		$	12,763,849		$	4,917,347
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,876,441		$	7,344,377		$	5,325,953
Accounts payable and accrued expenses		100,050			347,926			114,929
Other liabilities		69,420			4,908,882			327,523
		4,045,911			12,601,185			5,768,405
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(571,079	)		2,654,872			(931,936	)
Other partners		85,153			(2,492,208	)		80,878
		(485,926	)		162,664			(851,058	)
	$	3,559,985		$	12,763,849		$	4,917,347

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25			Series 26			Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,131,767		$	8,657,081		$	17,241,309
Land		203,400			680,110			2,571,668
Other assets		933,501			1,418,158			2,384,013
	$	4,268,668		$	10,755,349		$	22,196,990
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,346,127		$	11,360,063		$	15,287,429
Accounts payable and accrued expenses		70,325			1,389,206			508,324
Other liabilities		26,620			1,058,361			2,746,562
		3,443,072			13,807,630			18,542,315
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		979,310			(2,516,740	)		1,863,912
Other partners		(153,714	)		(535,541	)		1,790,763
		825,596			(3,052,281	)		3,654,675
	$	4,268,668		$	10,755,349		$	22,196,990

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28			Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	7,014,398		$	9,835,315	$	7,036,190
Land		266,222			694,245		415,348
Other assets		744,475			1,439,626		725,493
	$	8,025,095		$	11,969,186	$	8,177,031
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	8,538,924		$	7,052,254	$	7,370,572
Accounts payable and accrued expenses		328,623			966,993		310,357
Other liabilities		936,630			1,675,171		666,265
		9,804,177			9,694,418		8,347,194
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(814,902	)		1,912,639		(78,853	)
Other partners		(964,180	)		362,129		(91,310	)
		(1,779,082	)		2,274,768		(170,163	)
	$	8,025,095		$	11,969,186	$	8,177,031

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31		Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	16,497,019	$	20,224,966	$	15,649,517
Land		1,102,473		1,360,852		1,328,537
Other assets		2,515,292		2,411,015		1,467,582
	$	20,114,784	$	23,996,833	$	18,445,636
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	16,249,514	$	10,787,090	$	7,137,297
Accounts payable and accrued expenses		661,063		2,769,726		671,157
Other liabilities		568,549		1,094,844		894,554
		17,479,126		14,651,660		8,703,008
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		2,292,214		7,264,546		4,538,535
Other partners		343,444		2,080,627		5,204,093
		2,635,658		9,345,173		9,742,628
	$	20,114,784	$	23,996,833	$	18,445,636

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	10,453,950	$	20,625,675	$	17,723,639
Land		1,133,280		2,695,102		1,833,180
Other assets		1,991,614		2,613,971		2,466,948
	$	13,578,844	$	25,934,748	$	22,023,767
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	7,233,483	$	15,676,104	$	12,638,012
Accounts payable and accrued expenses		254,244		399,861		1,971,020
Other liabilities		1,250,258		6,129,396		502,961
		8,737,985		22,205,361		15,111,993
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		4,711,237		1,860,267		4,717,230
Other partners		129,622		1,869,120		2,194,544
		4,840,859		3,729,387		6,911,774
	$	13,578,844	$	25,934,748	$	22,023,767

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37			Series 38			Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	21,832,900		$	17,129,023		$	10,554,350
Land		1,625,738			1,519,206			1,061,888
Other assets		2,111,926			1,991,354			1,179,735
	$	25,570,564		$	20,639,583		$	12,795,973
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	17,549,703		$	13,819,417		$	10,114,858
Accounts payable and accrued expenses		2,360,796			250,053			222,241
Other liabilities		6,332,846			2,874,467			2,335,993
		26,243,345			16,943,937			12,673,092
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		400,279			5,873,276			635,035
Other partners		(1,073,060	)		(2,177,630	)		(512,154	)
		(672,781	)		3,695,646			122,881
	$	25,570,564		$	20,639,583		$	12,795,973

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40			Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	44,047,875		$	56,126,204	$	40,671,186
Land		4,690,941			7,583,381		5,877,411
Other assets		3,736,506			6,160,084		4,492,349
	$	52,475,322		$	69,869,669	$	51,040,946
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	39,778,652		$	55,916,451	$	36,161,415
Accounts payable and accrued expenses		1,618,018			1,636,364		2,534,425
Other liabilities		4,687,420			3,729,671		3,819,627
		46,084,090			61,282,486		42,515,467
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,774,543			3,285,614		3,373,992
Other partners		(383,311	)		5,301,569		5,151,487
		6,391,232			8,587,183		8,525,479
	$	52,475,322		$	69,869,669	$	51,040,946

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	43,756,712	$	36,930,412		$	47,639,086
Land		4,306,232		3,130,916			4,314,836
Other assets		4,165,140		4,122,248			6,771,223
	$	52,228,084	$	44,183,576		$	58,725,145
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	37,823,234	$	40,047,937		$	36,009,724
Accounts payable and accrued expenses		1,260,622		679,030			1,383,333
Other liabilities		4,929,604		6,225,735			5,238,485
		44,013,460		46,952,702			42,631,542
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,814,487		2,077,901			14,658,970
Other partners		1,400,137		(4,847,027	)		1,434,633
		8,214,624		(2,769,126	)		16,093,603
	$	52,228,084	$	44,183,576		$	58,725,145

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	37,776,068
Land		2,363,059
Other assets		3,645,954
	$	43,785,081
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	24,171,818
Accounts payable and accrued expenses		425,027
Other liabilities		3,340,618
		27,937,463
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		12,824,223
Other partners		3,023,395
		15,847,618
	$	43,785,081

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	85,755,446		$	889,757		$	493,555
Interest and other		2,943,930			51,176			3,440
		88,699,376			940,933			496,995
Expenses
Interest		17,012,370			67,782			39,664
Depreciation and amortization		22,495,020			257,685			82,880
Taxes and insurance		10,332,106			96,986			68,302
Repairs and maintenance		19,174,823			304,750			129,182
Operating expenses		29,285,986			360,239			195,717
Impairment loss		-			-			-
Other expenses		1,936,798			14,439			-
		100,237,103			1,101,881			515,745
NET INCOME (LOSS)	$	(11,537,727	)	$	(160,948	)	$	(18,750	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(8,901,790	)	$	(106,474	)	$	(39,102	)
Net income (loss) allocated to other partners	$	(2,635,937	)	$	(54,474	)	$	20,352

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	780,062		$	1,426,787		$	1,218,703
Interest and other		36,302			112,584			28,210
		816,364			1,539,371			1,246,913
Expenses
Interest		70,347			117,886			127,601
Depreciation and amortization		166,222			286,650			361,276
Taxes and insurance		110,615			155,346			117,868
Repairs and maintenance		289,406			284,376			357,522
Operating expenses		283,947			864,097			486,157
Impairment loss		-			-			-
Other expenses		13,232			14,212			11,156
		933,769			1,722,567			1,461,580
NET INCOME (LOSS)	$	(117,405	)	$	(183,196	)	$	(214,667	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(45,959	)	$	(159,714	)	$	(185,148	)
Net income (loss) allocated to other partners	$	(71,446	)	$	(23,482	)	$	(29,519	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	857,567		$	2,172,933		$	3,174,381
Interest and other		20,950			57,555			25,493
		878,517			2,230,488			3,199,874
Expenses
Interest		80,735			306,650			509,261
Depreciation and amortization		176,707			572,435			661,245
Taxes and insurance		92,956			296,029			366,487
Repairs and maintenance		188,389			687,453			605,819
Operating expenses		368,878			850,626			974,005
Impairment loss		-			-			-
Other expenses		8,814			15,500			38,677
		916,479			2,728,693			3,155,494
NET INCOME (LOSS)	$	(37,962	)	$	(498,205	)	$	44,380
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(112,755	)	$	(500,992	)	$	(164,034	)
Net income (loss) allocated to other partners	$	74,793		$	2,787		$	208,414

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	1,002,280		$	1,870,776		$	1,509,820
Interest and other		25,270			170,891			38,014
		1,027,550			2,041,667			1,547,834
Expenses
Interest		163,031			417,247			157,690
Depreciation and amortization		225,777			541,192			405,826
Taxes and insurance		132,749			269,958			197,172
Repairs and maintenance		213,513			457,333			335,232
Operating expenses		437,570			909,738			625,657
Impairment loss		-			-			-
Other expenses		-			20,300			9,527
		1,172,640			2,615,768			1,731,104
NET INCOME (LOSS)	$	(145,090	)	$	(574,101	)	$	(183,270	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(198,898	)	$	(531,118	)	$	(187,074	)
Net income (loss) allocated to other partners	$	53,808		$	(42,983	)	$	3,804

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	1,706,240		$	2,847,292		$	2,625,326
Interest and other		48,995			86,930			86,895
		1,755,235			2,934,222			2,712,221
Expenses
Interest		168,268			468,653			441,719
Depreciation and amortization		573,233			816,277			707,952
Taxes and insurance		288,339			348,890			335,238
Repairs and maintenance		284,817			745,036			623,753
Operating expenses		935,094			929,535			990,872
Impairment loss		-			-			-
Other expenses		6,013			220,748			110,459
		2,255,764			3,529,139			3,209,993
NET INCOME (LOSS)	$	(500,529	)	$	(594,917	)	$	(497,772	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(497,487	)	$	(529,907	)	$	(297,842	)
Net income (loss) allocated to other partners	$	(3,042	)	$	(65,010	)	$	(199,930	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	971,745		$	1,806,433		$	1,365,067
Interest and other		35,012			69,612			90,846
		1,006,757			1,876,045			1,455,913
Expenses
Interest		104,262			290,660			257,096
Depreciation and amortization		275,627			485,344			400,786
Taxes and insurance		141,495			203,459			252,292
Repairs and maintenance		286,631			260,199			277,928
Operating expenses		326,343			620,343			434,010
Impairment loss		-			-			-
Other expenses		-			25,200			33,541
		1,134,358			1,885,205			1,655,653
NET INCOME (LOSS)	$	(127,601	)	$	(9,160	)	$	(199,740	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(136,875	)	$	(40,749	)	$	(131,250	)
Net income (loss) allocated to other partners	$	9,274		$	31,589		$	(68,490	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	1,039,639		$	1,774,853		$	168,432
Interest and other		102,567			21,673			-
		1,142,206			1,796,526			168,432
Expenses
Interest		160,035			247,122			6,237
Depreciation and amortization		358,716			372,627			29,091
Taxes and insurance		201,945			214,991			15,558
Repairs and maintenance		193,056			414,817			60,340
Operating expenses		402,404			633,207			70,601
Impairment loss		-			-			-
Other expenses		23,041			18,000			-
		1,339,197			1,900,764			181,827
NET INCOME (LOSS)	$	(196,991	)	$	(104,238	)	$	(13,395	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(141,806	)	$	(144,427	)	$	(13,393	)
Net income (loss) allocated to other partners	$	(55,185	)	$	40,189		$	(2	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	7,913,892		$	12,012,632		$	7,743,859
Interest and other		203,429			279,982			260,401
		8,117,321			12,292,614			8,004,260
Expenses
Interest		2,291,713			3,221,005			1,812,102
Depreciation and amortization		1,873,123			2,810,380			2,129,667
Taxes and insurance		1,045,058			1,452,787			865,086
Repairs and maintenance		1,488,255			2,489,498			1,833,446
Operating expenses		1,783,214			3,034,020			2,567,479
Impairment loss		-			-			-
Other expenses		296,558			340,154			297,284
		8,777,921			13,347,844			9,505,064
NET INCOME (LOSS)	$	(660,600	)	$	(1,055,230	)	$	(1,500,804	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(695,283	)	$	(535,125	)	$	(678,898	)
Net income (loss) allocated to other partners	$	34,683		$	(520,105	)	$	(821,906	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	7,766,042		$	7,687,702		$	8,007,329
Interest and other		468,895			327,166			178,014
		8,234,937			8,014,868			8,185,343
Expenses
Interest		1,506,832			1,873,630			1,104,605
Depreciation and amortization		2,528,048			1,868,001			2,250,286
Taxes and insurance		817,994			554,655			948,985
Repairs and maintenance		1,962,505			1,516,605			1,937,661
Operating expenses		3,247,142			2,660,711			2,758,102
Impairment loss		-			-			-
Other expenses		69,965			97,607			214,186
		10,132,486			8,571,209			9,213,825
NET INCOME (LOSS)	$	(1,897,549	)	$	(556,341	)	$	(1,028,482	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(749,824	)	$	(596,043	)	$	(915,282	)
Net income (loss) allocated to other partners	$	(1,147,725	)	$	39,702		$	(113,200	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	4,922,342
Interest and other		113,628
		5,035,970
Expenses
Interest		1,000,537
Depreciation and amortization		1,277,967
Taxes and insurance		740,866
Repairs and maintenance		947,301
Operating expenses		1,536,278
Impairment loss		-
Other expenses		38,185
		5,541,134
NET INCOME (LOSS)	$	(505,164	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(566,331	)
Net income (loss) allocated to other partners	$	61,167

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	111,776,843		$	1,185,836		$	501,207
Interest and other		4,528,841			47,917			3,473
		116,305,684			1,233,753			504,680
Expenses
Interest		22,696,497			103,823			42,173
Depreciation and amortization		30,995,689			319,299			83,029
Taxes and insurance		14,155,041			133,186			65,006
Repairs and maintenance		23,031,379			340,694			108,441
Operating expenses		38,937,669			484,527			185,059
Impairment loss		-			-			-
Other expenses		2,310,183			16,039			-
		132,126,458			1,397,568			483,708
NET INCOME (LOSS)	$	(15,820,774	)	$	(163,815	)	$	20,972
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(11,941,106	)	$	(109,408	)	$	-
Net income (loss) allocated to other partners	$	(3,879,668	)	$	(54,407	)	$	20,972

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	779,764		$	2,536,702		$	1,202,358
Interest and other		43,150			89,120			23,919
		822,914			2,625,822			1,226,277
Expenses
Interest		72,934			275,105			121,338
Depreciation and amortization		179,088			982,215			351,255
Taxes and insurance		119,915			392,801			121,189
Repairs and maintenance		237,302			502,492			312,955
Operating expenses		285,458			1,088,431			474,834
Impairment loss		-			-			-
Other expenses		13,232			39,202			20,286
		907,929			3,280,246			1,401,857
NET INCOME (LOSS)	$	(85,015	)	$	(654,424	)	$	(175,580	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(57,309	)	$	(372,667	)	$	(146,078	)
Net income (loss) allocated to other partners	$	(27,706	)	$	(281,757	)	$	(29,502	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	869,428		$	2,376,345		$	4,652,943
Interest and other		32,201			59,021			43,508
		901,629			2,435,366			4,696,451
Expenses
Interest		84,140			374,082			874,561
Depreciation and amortization		170,873			618,827			916,029
Taxes and insurance		98,899			341,777			602,180
Repairs and maintenance		206,013			640,467			825,870
Operating expenses		350,467			896,421			1,405,937
Impairment loss		-			-			-
Other expenses		8,889			15,500			48,712
		919,281			2,887,074			4,673,289
NET INCOME (LOSS)	$	(17,652	)	$	(451,708	)	$	23,162
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(70,287	)	$	(461,073	)	$	(226,075	)
Net income (loss) allocated to other partners	$	52,635		$	9,365		$	249,237

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	1,621,261		$	1,976,028		$	1,493,470
Interest and other		34,516			182,610			143,545
		1,655,777			2,158,638			1,637,015
Expenses
Interest		171,663			457,017			165,357
Depreciation and amortization		503,916			535,120			405,307
Taxes and insurance		198,050			321,634			200,403
Repairs and maintenance		381,359			433,100			364,975
Operating expenses		912,589			843,779			696,234
Impairment loss		-			-			-
Other expenses		-			27,700			6,747
		2,167,577			2,618,350			1,839,023
NET INCOME (LOSS)	$	(511,800	)	$	(459,712	)	$	(202,008	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(533,920	)	$	(442,926	)	$	(174,671	)
Net income (loss) allocated to other partners	$	22,120		$	(16,786	)	$	(27,337	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	3,857,615		$	3,937,997		$	2,587,763
Interest and other		136,085			522,343			90,053
		3,993,700			4,460,340			2,677,816
Expenses
Interest		346,210			679,912			446,506
Depreciation and amortization		1,077,795			1,225,244			726,280
Taxes and insurance		606,394			491,697			343,569
Repairs and maintenance		710,461			756,911			491,833
Operating expenses		1,763,442			1,518,818			1,017,937
Impairment loss		-			-			-
Other expenses		21,482			280,517			106,005
		4,525,784			4,953,099			3,132,130
NET INCOME (LOSS)	$	(532,084	)	$	(492,759	)	$	(454,314	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(551,230	)	$	(513,975	)	$	(250,938	)
Net income (loss) allocated to other partners	$	19,146		$	21,216		$	(203,376	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	2,461,028		$	5,117,009		$	3,882,110
Interest and other		71,256			187,870			100,935
		2,532,284			5,304,879			3,983,045
Expenses
Interest		391,137			1,128,100			716,386
Depreciation and amortization		647,172			1,617,552			1,292,043
Taxes and insurance		335,716			637,437			563,732
Repairs and maintenance		487,407			780,180			591,114
Operating expenses		1,000,614			1,725,195			1,502,446
Impairment loss		-			-			-
Other expenses		10,300			63,200			80,836
		2,872,346			5,951,664			4,746,557
NET INCOME (LOSS)	$	(340,062	)	$	(646,785	)	$	(763,512	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(360,810	)	$	(403,942	)	$	(381,014	)
Net income (loss) allocated to other partners	$	20,748		$	(242,843	)	$	(382,498	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	4,887,918		$	4,461,135		$	2,910,257
Interest and other		224,158			168,050			141,742
		5,112,076			4,629,185			3,051,999
Expenses
Interest		979,187			870,411			586,862
Depreciation and amortization		1,536,522			1,082,815			688,543
Taxes and insurance		762,488			530,136			301,988
Repairs and maintenance		948,457			915,337			599,784
Operating expenses		2,099,524			1,760,555			1,261,653
Impairment loss		-			-			-
Other expenses		120,646			85,767			106,939
		6,446,824			5,245,021			3,545,769
NET INCOME (LOSS)	$	(1,334,748	)	$	(615,836	)	$	(493,770	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(973,078	)	$	(401,471	)	$	(283,760	)
Net income (loss) allocated to other partners	$	(361,670	)	$	(214,365	)	$	(210,010	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	8,988,443		$	12,011,209		$	7,616,395
Interest and other		274,699			362,739			436,587
		9,263,142			12,373,948			8,052,982
Expenses
Interest		2,623,328			3,198,557			1,728,329
Depreciation and amortization		2,297,137			2,904,618			2,165,627
Taxes and insurance		1,278,199			1,530,747			935,026
Repairs and maintenance		1,459,904			2,347,072			2,050,409
Operating expenses		2,139,931			2,864,489			2,287,940
Impairment loss		-			-			-
Other expenses		88,325			331,540			303,017
		9,886,824			13,177,023			9,470,348
NET INCOME (LOSS)	$	(623,682	)	$	(803,075	)	$	(1,417,366	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(485,428	)	$	(652,535	)	$	(820,041	)
Net income (loss) allocated to other partners	$	(138,254	)	$	(150,540	)	$	(597,325	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	7,586,036		$	7,672,594		$	8,630,960
Interest and other		410,256			301,391			182,275
		7,996,292			7,973,985			8,813,235
Expenses
Interest		1,466,381			2,015,917			1,399,484
Depreciation and amortization		2,577,315			2,052,878			2,530,687
Taxes and insurance		820,521			560,059			1,056,860
Repairs and maintenance		1,888,325			1,587,593			1,864,206
Operating expenses		2,921,473			2,450,076			2,954,780
Impairment loss		-			-			-
Other expenses		83,350			102,792			237,084
		9,757,365			8,769,315			10,043,101
NET INCOME (LOSS)	$	(1,761,073	)	$	(795,330	)	$	(1,229,866	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(980,275	)	$	(612,970	)	$	(843,380	)
Net income (loss) allocated to other partners	$	(780,798	)	$	(182,360	)	$	(386,486	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,973,032
Interest and other		215,422
		6,188,454
Expenses
Interest		1,377,597
Depreciation and amortization		1,508,503
Taxes and insurance		805,432
Repairs and maintenance		1,198,718
Operating expenses		2,045,060
Impairment loss		-
Other expenses		92,076
		7,027,386
NET INCOME (LOSS)	$	(838,932	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(831,845	)
Net income (loss) allocated to other partners	$	(7,087	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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

NOTES RECEIVABLE

12 Months Ended

Mar. 31, 2017

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2017 and 2016 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, 2017 and 2016. These notes are secured by future installments of capital contributions or paid upon demand. The notes at March 31, 2017 and 2016 by series are as follows:

	2017		2016
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

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

12 Months Ended

Mar. 31, 2017

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, 2017 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	15,103,290		$	65,321		$	(44,938	)
Operating limited partnership rents received in advance		155			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(9,530,240	)		24,843			(139,128	)
Other		8,210,250			522,385			18,446
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(8,901,790	)		(106,474	)		(39,102	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(2,914,770	)		(17,784	)		(33,177	)
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		(17,518,111	)		(131,295	)		1,060
Income (loss) for tax return purposes, December 31, 2016	$	(15,551,216	)	$	356,996		$	(236,839	)

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, 2017 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(72,794	)	$	402,128		$	(75,371	)
Operating limited partnership rents received in advance		-			-			(358	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		29,208			37,362			-
Other		547,008			60,716			30,366
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(45,959	)		(159,714	)		(185,148	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(19,546	)		(28,172	)		(52,400	)
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		(31,291	)		(703,528	)		(10,228	)
Income (loss) for tax return purposes, December 31, 2016	$	406,626		$	(391,208	)	$	(293,139	)

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, 2017 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(51,336	)	$	(126,723	)	$	2,675,164
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			-			-
Other		65,984			708			3,509,504
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(112,755	)		(500,992	)		(164,034	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(61,003	)		(102,807	)		106,695
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		(6,578	)		(11,559	)		(2,896,130	)
Income (loss) for tax return purposes, December 31, 2016	$	(165,688	)	$	(741,373	)	$	3,231,199

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, 2017 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(64,444	)	$	(173,797	)	$	(103,851	)
Operating limited partnership rents received in advance		-			8,486			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(99,313	)		69,684
Other		87,980			97,387			21,360
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(198,898	)		(531,118	)		(187,074	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(70,559	)		(111,292	)		(104,590	)
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		(10,783	)		217,422			(285,411	)
Income (loss) for tax return purposes, December 31, 2016	$	(256,704	)	$	(592,225	)	$	(589,882	)

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, 2017 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	698,887		$	374,024		$	(94,282	)
Operating limited partnership rents received in advance		-			(1,053	)		3,591
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(593,524	)		(834,408	)
Other		1,772,400			76,514			116,153
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(497,487	)		(529,907	)		(297,842	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(120,866	)		(148,783	)		(122,731	)
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		(879,687	)		(580,023	)		(5,328	)
Income (loss) for tax return purposes, December 31, 2016	$	973,247		$	(1,402,752	)	$	(1,234,847	)

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, 2017 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	556,742		$	2,641,797		$	2,482,508
Operating limited partnership rents  received in advance		-			2,642			(1,519	)
Accrued partnership fund management  fee not deducted (deducted) for  income tax purposes		(248,259	)		(1,942,253	)		(525,031	)
Other		(1,066,168	)		1,264,928			889,821
Operating limited partnership losses not  recognized for financial reporting  purposes under equity method of  accounting		(136,875	)		(40,749	)		(131,250	)
Excess of tax depreciation over book  depreciation on operating limited  partnership assets		(70,296	)		(79,294	)		(29,683	)
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		(647,142	)		(2,304,632	)		(2,582,560	)
Income (loss) for tax return  purposes, December 31, 2016	$	(1,611,998	)	$	(457,561	)	$	102,286

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, 2017 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	2,213,042		$	3,212,273		$	1,554,531
Operating limited partnership rents received in advance		(6,374	)		-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(457,692	)		(504,647	)		(620,973	)
Other		1,380,551			2,040,553			(1,571,550	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(141,806	)		(144,427	)		(13,393	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(20,612	)		(112,811	)		(13,019	)
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		(1,854,291	)		(2,730,241	)		(1,069,742	)
Income (loss) for tax return purposes, December 31, 2016	$	1,112,818		$	1,760,700		$	(1,734,146	)

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, 2017 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(79,129	)	$	(137,219	)	$	(199,189	)
Operating limited partnership rents received in advance		(2,549	)		-			240
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(178,258	)		124,592			(2,141,040	)
Other		(2,082,251	)		(176,849	)		124,991
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(695,283	)		(535,125	)		(678,898	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(115,566	)		(207,789	)		(215,303	)
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		(158,655	)		(202,362	)		(67,226	)
Income (loss) for tax return purposes, December 31, 2016	$	(3,311,691	)	$	(1,134,752	)	$	(3,176,425	)

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, 2017 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(246,031	)	$	(231,517	)	$	(244,274	)
Operating limited partnership rents received in advance		(323	)		-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(2,289,322	)		239,076			282,759
Other		(137,271	)		(62,471	)		239,056
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(749,824	)		(596,043	)		(915,282	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(195,524	)		(295,249	)		(274,370	)
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		186,238			(128,192	)		(137,774	)
Income (loss) for tax return purposes, December 31, 2016	$	(3,432,057	)	$	(1,074,396	)	$	(1,049,885	)

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, 2017 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	171,768
Operating limited partnership rents received in advance		(2,628	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		236,084
Other		439,999
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(566,331	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(398,239	)
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		(488,173	)
Income (loss) for tax return purposes, December 31, 2016	$	(607,520	)

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, 2016 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	10,666,816		$	(66,671	)	$	279,798
Operating limited partnership rents received in advance		33,570			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(1,941,869	)		(62,628	)		19,976
Other		21,948,565			952			1,171,340
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(11,617,242	)		(109,408	)		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(4,565,374	)		(40,532	)		(35,256	)
Impairment loss not recognized for tax purposes		1,464,002			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(17,613,704	)		(4,798	)		(390,000	)
Income (loss) for tax return purposes, December 31, 2015	$	(1,625,236	)	$	(283,085	)	$	1,045,858

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, 2016 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	178,017		$	168,719		$	27,462
Operating limited partnership rents received in advance		-			-			358
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		9,937			(154,401	)		-
Other		634,033			573,118			157,886
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(57,309	)		(372,667	)		(146,078	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(11,278	)		(74,999	)		(39,106	)
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		(222,930	)		12,654			51,324
Income (loss) for tax return purposes, December 31, 2015	$	530,470		$	152,424		$	51,846

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, 2016 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(33,376	)	$	(66,471	)	$	(152,027	)
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			-			-
Other		50,851			1,509,253			106,892
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(70,287	)		(461,073	)		(226,075	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(65,924	)		(123,216	)		(253,680	)
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		(14,657	)		(95,955	)		(20,623	)
Income (loss) for tax return purposes, December 31, 2015	$	(133,393	)	$	762,538		$	(545,513	)

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, 2016 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	1,295,112		$	355,117		$	191,558
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(236,133	)		(261,540	)
Other		751,162			1,907,192			(733,450	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(533,920	)		(442,926	)		(174,671	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(67,191	)		(128,069	)		(91,676	)
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		(1,394,145	)		(380,363	)		2,962
Income (loss) for tax return purposes, December 31, 2015	$	51,018		$	1,074,818		$	(1,066,817	)

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, 2016 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	1,144,794		$	615,369		$	1,023,616
Operating limited partnership rents received in advance		-			10,480			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(2,902,513	)		85,502			19,848
Other		5,881,305			2,948,629			358,642
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(551,230	)		(513,975	)		(250,938	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(136,785	)		(201,736	)		(124,116	)
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		(1,294,196	)		(878,598	)		(1,094,625	)
Income (loss) for tax return purposes, December 31, 2015	$	2,141,375		$	2,065,671		$	(67,573	)

 

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, 2016 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	316,271		$	1,374,252		$	444,498
Operating limited partnership rents received in advance		-			388			530
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(474,323	)		88,845			101,759
Other		3,365,399			(981,206	)		389,350
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(360,810	)		(403,942	)		(381,014	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(126,064	)		(131,468	)		(110,314	)
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		(333,873	)		(1,587,306	)		(659,104	)
Income (loss) for tax return purposes, December 31, 2015	$	2,386,600		$	(1,640,437	)	$	(214,295	)

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, 2016 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(161,074	)	$	(91,569	)	$	49,450
Operating limited partnership rents received in advance		1,620			7,881			7,879
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		157,320			139,400			93,229
Other		1,915,796			178,787			(1,089,112	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(973,078	)		(401,471	)		(283,760	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(159,522	)		(354,740	)		(255,315	)
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		(80,976	)		(178,037	)		(266,500	)
Income (loss) for tax return purposes, December 31, 2015	$	700,086		$	(699,749	)	$	(1,744,129	)

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, 2016 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	584,797		$	302,913		$	3,133,162
Operating limited partnership rents received in advance		255			-			1,603
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		193,581			228,916			42,892
Other		689,192			617,780			268,792
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(485,428	)		(652,535	)		(820,041	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(211,853	)		(250,072	)		(226,546	)
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		(1,904,213	)		(631,463	)		(3,303,390	)
Income (loss) for tax return purposes, December 31, 2015	$	(1,133,669	)	$	(384,461	)	$	(903,528	)

 

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, 2016 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	2,323,909		$	(323,040	)	$	(1,050,682	)
Operating limited partnership rents received in advance		718			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		206,108			254,628			283,200
Other		679,343			69,815			195,977
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(980,275	)		(612,970	)		(674,036	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(185,336	)		(455,768	)		(236,814	)
Impairment loss not recognized for tax purposes		-			-			661,498
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(2,689,401	)		(8,597	)		(136,780	)
Income (loss) for tax return purposes, December 31, 2015	$	(644,934	)	$	(1,075,932	)	$	(957,637	)

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, 2016 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(1,197,088	)
Operating limited partnership rents received in advance		1,858
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		224,528
Other		330,847
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(677,325	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(467,998	)
Impairment loss not recognized for tax purposes		802,504
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(110,114	)
Income (loss) for tax return purposes, December 31, 2015	$	(1,092,788	)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2017 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2016	$	23,526,808		$	(1,140,956	)	$	(984,278	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		57,696,047			1,066,850			325,745
Impairment loss in investment in operating limited partnerships		(122,872,037	)		(337,192	)		(38,116	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2017		(183,255	)		(7,136	)		(15,685	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		40,854,170			(152,183	)		712,334
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, 2017 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2016	$	(876,538	)	$	1,392,317		$	(1,278,780	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		856,165			970,072			2,267,378
Impairment loss in investment in operating limited partnerships		(325,787	)		(2,213,351	)		(1,151,381	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2017		(7,927	)		5,691			(841	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		130,550			(154,729	)		163,624
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, 2017 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2016	$	(268,984	)	$	(5,065,008	)	$	(1,594,442	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		456,606			4,815,872			1,317,831
Impairment loss in investment in operating limited partnerships		(1,430,062	)		(1,350,275	)		(3,487,976	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		(31,239	)		(45,732	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,273,679			1,645,143			3,764,587
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, 2017 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2016	$	(1,601,638	)	$	(313,449	)	$	(1,084,631	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,819,446			3,478,199			2,083,473
Impairment loss in investment in operating limited partnerships		(930,910	)		(5,444,545	)		(2,194,151	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		(33,990	)		(39,537	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		747,092			2,319,332			1,195,309
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, 2017 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2016	$	(1,182,450	)	$	5,351,336		$	2,508,935
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,188,582			3,395,101			1,876,329
Impairment loss in investment in operating limited partnerships		(3,574,025	)		(9,175,569	)		(6,568,884	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2017		(6,859	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,574,752			245,019			2,183,620
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, 2017 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2016	$	1,488,403		$	(884,003	)	$	1,174,145
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,354,867			2,237,121			984,727
Impairment loss in investment in operating limited partnerships		(3,951,725	)		(2,462,259	)		(2,406,542	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,108,455			1,109,141			247,670
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, 2017 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2016	$	1,316,599		$	5,168,309		$	767,711
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,916,369			866,648			97,796
Impairment loss in investment in operating limited partnerships		(3,922,795	)		(7,194,962	)		(233,531	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		689,827			1,160,005			(631,976	)
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, 2017 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2016	$	1,822,558		$	(1,243,644	)	$	388,430
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,230,853			3,483,277			4,285,267
Impairment loss in investment in operating limited partnerships		(5,441,719	)		(5,854,800	)		(7,195,970	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,388,308			3,615,167			2,522,273
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, 2017 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2016	$	3,816,055		$	(1,407,277	)	$	10,366,187
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,434,039			4,416,600			2,226,331
Impairment loss in investment in operating limited partnerships		(11,001,252	)		(5,442,013	)		(16,541,124	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,751,158			2,432,690			3,948,606
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, 2017 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2016	$	6,891,901
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,244,503
Impairment loss in investment in operating limited partnerships		(13,001,121	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2017		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		4,864,717
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, 2016 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2015	$	42,328,796		$	(1,403,428	)	$	(930,445	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		72,745,706			988,006			307,183
Impairment loss in investment in operating limited partnerships		(161,650,983	)		(409,509	)		(38,116	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2016		(447,007	)		(62,488	)		(15,685	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		46,045,221			316,802			677,063
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, 2016 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2015	$	(1,342,882	)	$	1,555,007		$	(1,072,670	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		866,909			1,241,388			2,084,698
Impairment loss in investment in operating limited partnerships		(325,787	)		(4,061,633	)		(1,151,381	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2016		(7,927	)		(7,292	)		(841	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		586,150			1,272,530			140,194
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, 2016 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2015	$	(155,992	)	$	(4,443,416	)	$	(2,029,960	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		343,851			4,331,079			1,587,855
Impairment loss in investment in operating limited partnerships		(1,359,466	)		(1,822,975	)		(4,036,605	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		(31,239	)		(45,732	)		(195,417	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,202,846			1,981,044			4,674,127
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, 2016 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2015	$	(1,206,640	)	$	223,088		$	(814,327	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,842,764			2,951,824			1,907,676
Impairment loss in investment in operating limited partnerships		(2,158,606	)		(5,444,545	)		(2,194,151	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		(33,990	)		(39,537	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		556,472			2,309,170			1,100,802
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, 2016 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2015	$	(1,472,464	)	$	6,009,792		$	2,809,764
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,016,452			4,963,274			1,578,487
Impairment loss in investment in operating limited partnerships		(6,454,920	)		(13,361,331	)		(6,467,715	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2016		(6,859	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		3,917,791			2,204,152			2,079,464
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, 2016 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2015	$	3,684,015		$	1,050,380		$	2,972,631
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,642,674			3,423,568			2,019,997
Impairment loss in investment in operating limited partnerships		(6,843,156	)		(5,230,309	)		(6,862,772	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,516,467			756,361			1,870,144
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, 2016 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2015	$	1,963,079		$	5,210,561		$	2,593,091
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		7,434,593			4,229,837			3,894,615
Impairment loss in investment in operating limited partnerships		(7,809,397	)		(10,253,381	)		(4,561,508	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		(1,588,275	)		812,983			(1,926,198	)
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, 2016 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2015	$	4,806,539		$	(305,488	)	$	1,160,438
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,222,136			3,234,895			3,747,535
Impairment loss in investment in operating limited partnerships		(9,078,021	)		(6,847,483	)		(7,195,970	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,049,346			3,918,076			2,287,997
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, 2016 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2015	$	4,937,763		$	(644,029	)	$	11,346,861
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,960,406			4,381,035			1,542,238
Impairment loss in investment in operating limited partnerships		(10,917,292	)		(6,523,727	)		(16,411,048	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,019,123			2,786,721			3,521,949
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, 2016 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2015	$	7,827,528
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,000,731
Impairment loss in investment in operating limited partnerships		(13,830,179	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2016		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		5,001,920
Investments in operating limited partnerships - as reported	$	-

XML

CASH EQUIVALENTS

12 Months Ended

Mar. 31, 2017

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents Disclosure [Text Block]

NOTE F - CASH EQUIVALENTS

Cash equivalents of $27,084,576 and $21,634,841 as of March 31, 2017 and 2016, 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, 2017

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, 2017.

XML

SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE H - SUBSEQUENT EVENTS

Subsequent to March 31, 2017, the Fund has entered into agreements to either sell or transfer its interests in three operating limited partnerships, all of which closed by June 2017. 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 $4,383,735. The gain on the dispositions of these operating limited partnerships was $4,334,997 and was recognized in the first quarter of the fiscal year ended 2018.

XML

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2017

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

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [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 $401,660 and $603,571 as of March 31, 2017 and 2016, 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, 2017 and 2016 of $- and $1,464,002, 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 has determined that there is no material impact to its financial statements as a result of this guidance.

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 2013 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, 2017 and 2016 are as follows:

	2017		2016
Series 20		3,840,925		3,854,150
Series 21		1,880,625		1,886,400
Series 22		2,559,111		2,560,550
Series 23		3,321,202		3,330,752
Series 24		2,157,722		2,161,503
Series 25		3,019,434		3,023,459
Series 26		3,981,950		3,988,925
Series 27		2,451,725		2,458,150
Series 28		3,993,363		3,997,613
Series 29		3,976,625		3,987,225
Series 30		2,634,750		2,641,250
Series 31		4,396,307		4,406,457
Series 32		4,740,573		4,746,323
Series 33		2,627,658		2,633,658
Series 34		3,521,619		3,523,169
Series 35		3,292,413		3,295,263
Series 36		2,097,579		2,101,429
Series 37		2,504,525		2,511,250
Series 38		2,540,100		2,542,350
Series 39		2,289,701		2,290,901
Series 40		2,623,506		2,627,506
Series 41		2,889,751		2,891,626
Series 42		2,736,262		2,742,262
Series 43		3,636,612		3,637,987
Series 44		2,699,848		2,701,473
Series 45		4,013,192		4,014,367
Series 46		2,971,998		2,977,998
		83,399,076		83,533,996

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.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2017

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, 2017 and 2016 are as follows:

	Issued				Outstanding
	2017		2016		2017		2016
Series 20		3,866,700		3,866,700		3,833,200		3,843,500
Series 21		1,892,700		1,892,700		1,879,500		1,881,000
Series 22		2,564,400		2,564,400		2,557,045		2,559,800
Series 23		3,336,727		3,336,727		3,314,827		3,323,327
Series 24		2,169,878		2,169,878		2,154,253		2,158,878
Series 25		3,026,109		3,026,109		3,016,809		3,020,309
Series 26		3,995,900		3,995,900		3,977,000		3,983,600
Series 27		2,460,700		2,460,700		2,446,400		2,453,500
Series 28		4,000,738		4,000,738		3,990,738		3,994,238
Series 29		3,991,800		3,991,800		3,965,300		3,980,400
Series 30		2,651,000		2,651,000		2,631,000		2,636,000
Series 31		4,417,857		4,417,857		4,395,557		4,396,557
Series 32		4,754,198		4,754,198		4,740,198		4,740,698
Series 33		2,636,533		2,636,533		2,626,533		2,628,033
Series 34		3,529,319		3,529,319		3,517,419		3,523,019
Series 35		3,300,463		3,300,463		3,288,363		3,293,763
Series 36		2,106,838		2,106,838		2,095,704		2,098,204
Series 37		2,512,500		2,512,500		2,495,600		2,507,500
Series 38		2,543,100		2,543,100		2,540,100		2,540,100
Series 39		2,292,151		2,292,151		2,288,351		2,290,151
Series 40		2,630,256		2,630,256		2,622,756		2,623,756
Series 41		2,891,626		2,891,626		2,884,126		2,891,626
Series 42		2,744,262		2,744,262		2,736,262		2,736,262
Series 43		3,637,987		3,637,987		3,632,487		3,637,987
Series 44		2,701,973		2,701,973		2,699,473		2,699,973
Series 45		4,014,367		4,014,367		4,009,667		4,014,367
Series 46		2,980,998		2,980,998		2,971,998		2,971,998
		83,651,080		83,651,080		83,310,666		83,428,546

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, 2017 and 2016 are as follows:

	2017		2016
Series 20		3,840,925		3,854,150
Series 21		1,880,625		1,886,400
Series 22		2,559,111		2,560,550
Series 23		3,321,202		3,330,752
Series 24		2,157,722		2,161,503
Series 25		3,019,434		3,023,459
Series 26		3,981,950		3,988,925
Series 27		2,451,725		2,458,150
Series 28		3,993,363		3,997,613
Series 29		3,976,625		3,987,225
Series 30		2,634,750		2,641,250
Series 31		4,396,307		4,406,457
Series 32		4,740,573		4,746,323
Series 33		2,627,658		2,633,658
Series 34		3,521,619		3,523,169
Series 35		3,292,413		3,295,263
Series 36		2,097,579		2,101,429
Series 37		2,504,525		2,511,250
Series 38		2,540,100		2,542,350
Series 39		2,289,701		2,290,901
Series 40		2,623,506		2,627,506
Series 41		2,889,751		2,891,626
Series 42		2,736,262		2,742,262
Series 43		3,636,612		3,637,987
Series 44		2,699,848		2,701,473
Series 45		4,013,192		4,014,367
Series 46		2,971,998		2,977,998
		83,399,076		83,533,996

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RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Mar. 31, 2017

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, 2017 and 2016, are as follows:

			2017
					Fund Management Fee net
	Gross Fund		Asset Management		of Asset Management and
	Management Fee		and Reporting Fee		Reporting Fee
Series 20	$	24,843	$	1,367	$	23,476
Series 21		10,872		2,051		8,821
Series 22		29,208		1,100		28,108
Series 23		37,362		5,080		32,282
Series 24		50,352		10,067		40,285
Series 25		23,736		7,360		16,376
Series 26		93,076		5,341		87,735
Series 27		116,442		16,630		99,812
Series 28		44,679		23,000		21,679
Series 29		82,187		7,655		74,532
Series 30		69,684		10,216		59,468
Series 31		134,262		13,000		121,262
Series 32		163,266		18,460		144,806
Series 33		65,592		8,670		56,922
Series 34		70,741		29,315		41,426
Series 35		93,350		49,903		43,447
Series 36		46,580		41,910		4,670
Series 37		117,308		10,518		106,790
Series 38		130,774		27,354		103,420
Series 39		56,801		4,200		52,601
Series 40		137,464		11,425		126,039
Series 41		224,592		27,952		196,640
Series 42		171,480		19,180		152,300
Series 43		230,772		40,748		190,024
Series 44		239,076		32,904		206,172
Series 45		282,759		59,598		223,161
Series 46		236,084		28,475		207,609
	$	2,983,342	$	513,479	$	2,469,863

			2016
					Fund Management Fee
					net of Asset
	Gross Fund		Asset Management		Management and
	Management Fee		and Reporting Fee		Reporting Fee
Series 20	$	32,952	$	4,547	$	28,405
Series 21		23,153		2,051		21,102
Series 22		42,810		5,911		36,899
Series 23		61,058		17,569		43,489
Series 24		50,352		5,858		44,494
Series 25		23,736		7,360		16,376
Series 26		103,978		21,841		82,137
Series 27		153,432		21,380		132,052
Series 28		97,548		10,250		87,298
Series 29		87,860		14,619		73,241
Series 30		84,544		39,690		44,854
Series 31		172,957		34,914		138,043
Series 32		203,918		19,042		184,876
Series 33		72,927		20,420		52,507
Series 34		115,404		32,215		83,189
Series 35		132,845		16,403		116,442
Series 36		126,759		10,242		116,517
Series 37		157,320		11,514		145,806
Series 38		164,400		20,692		143,708
Series 39		123,228		11,135		112,093
Series 40		193,581		13,204		180,377
Series 41		228,916		44,348		184,568
Series 42		196,400		39,673		156,727
Series 43		256,108		62,264		193,844
Series 44		254,628		34,849		219,779
Series 45		283,200		76,242		206,958
Series 46		249,528		31,291		218,237
	$	3,693,542	$	629,524	$	3,064,018

Schedule Of Management Fees Paid [Table Text Block]

The fund management fees paid for the years ended March 31, 2017 and 2016, are as follows:

	2017		2016
Series 20	$	-	$	95,580
Series 21		150,000		3,177
Series 22		-		32,873
Series 23		-		215,459
Series 24		50,352		50,352
Series 25		23,736		23,736
Series 26		93,076		103,978
Series 27		116,442		153,432
Series 28		44,679		97,548
Series 29		181,500		323,993
Series 30		-		346,084
Series 31		134,262		3,075,470
Series 32		756,790		118,416
Series 33		900,000		53,079
Series 34		319,000		589,727
Series 35		2,035,603		44,000
Series 36		571,611		25,000
Series 37		575,000		-
Series 38		635,421		25,000
Series 39		677,774		29,999
Series 40		315,722		-
Series 41		100,000		-
Series 42		2,312,520		153,508
Series 43		2,520,094		50,000
Series 44		-		-
Series 45		-		-
Series 46		-		25,000
	$	12,513,582	$	5,635,411

Schedule Of Advances From Affiliate [Table Text Block]

The total advances as of March 31, 2017 and 2016, are as follows:

	2017		2016
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		-		133,578
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		220,455		220,455
Series 40		-		-
Series 41		-		-
Series 42		-		-
Series 43		-		-
Series 44		206,053		191,791
Series 45		54,659		38,091
Series 46		-		-
	$	481,167	$	583,915

Schedule Of General Administrative and Professional Fees [Table Text Block]

During the years ended March 31, 2017 and 2016, 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:

	2017		2016
Series 20	$	16,622	$	12,732
Series 21		13,370		10,033
Series 22		14,832		11,286
Series 23		16,444		12,754
Series 24		14,350		12,258
Series 25		15,309		12,389
Series 26		18,547		15,060
Series 27		40,226		11,955
Series 28		16,420		13,986
Series 29		17,578		13,243
Series 30		14,993		11,526
Series 31		18,151		15,216
Series 32		17,965		14,108
Series 33		14,218		10,788
Series 34		15,394		12,228
Series 35		15,420		11,982
Series 36		13,183		10,821
Series 37		13,591		10,713
Series 38		14,212		11,412
Series 39		13,065		10,834
Series 40		15,081		11,475
Series 41		16,909		13,418
Series 42		16,382		13,235
Series 43		18,397		14,178
Series 44		14,621		10,671
Series 45		20,809		14,906
Series 46		16,678		12,545
	$	452,767	$	335,752

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Tables)

12 Months Ended

Mar. 31, 2017

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, 2017 and 2016 by series are as follows:

	2017		2016
Series 20		3		4
Series 21		2		2
Series 22		3		3
Series 23		4		6
Series 24		6		6
Series 25		4		4
Series 26		13		14
Series 27		5		7
Series 28		5		6
Series 29		8		8
Series 30		8		8
Series 31		10		17
Series 32		7		10
Series 33		5		5
Series 34		4		7
Series 35		3		6
Series 36		3		7
Series 37		2		6
Series 38		4		8
Series 39		1		7
Series 40		10		14
Series 41		17		18
Series 42		15		15
Series 43		19		19
Series 44		7		8
Series 45		27		28
Series 46		14		15
		209		258

Schedule Of Dispositions By Series [Table Text Block]

During the year ended March 31, 2017 the Fund disposed of forty nine 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, 2017 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain on Disposition
Series 20		-		1	$	138,000	$	138,000
Series 23		2		-		488,550		488,550
Series 26		1		-		18,500		18,500
Series 27		1		1		3,016,000		3,016,000
Series 28		1		-		5,000		5,000
Series 31		7		-		877,411		877,411
Series 32		2		1		569,552		569,552
Series 34		3		-		630,691		630,691
Series 35		1		2		2,720,765		2,720,765
Series 36		3		1		2,515,373		2,515,373
Series 37		3		1		2,349,732		2,349,732
Series 38		1		3		3,273,698		3,273,698
Series 39		4		2		1,645,989		1,645,989
Series 40		4		-		93,700		93,700
Series 41		1		-		70,500		70,500
Series 44		-		1		-		-
Series 45		1		-		-		-
Series 46		-		1		393,183		393,183
Total		35		14	$	18,806,644	$	18,806,644

During the year ended March 31, 2016 the Fund disposed of forty 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, 2016 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain on Disposition
Series 21		2		-	$	326,273	$	326,273
Series 22		3		-		238,796		248,148
Series 23		3		-		247,429		247,429
Series 24		-		-		96,715		16,675
Series 26		3		-		128,000		59,000
Series 28		5		-		1,405,521		1,405,521
Series 29		1		1		199,000		199,000
Series 30		3		-		324,454		273,454
Series 31		1		1		1,328,188		1,328,188
Series 32		-		1		825,886		825,886
Series 33		1		-		1,097,000		1,097,000
Series 34		2		-		328,000		328,000
Series 35		2		1		1,504,603		1,504,603
Series 36		2		-		571,611		571,611
Series 38		2		-		32,421		32,421
Series 39		2		-		102,774		102,774
Series 40		2		-		790,011		790,011
Series 41		1		-		457,440		457,440
Series 42		5		-		3,254,655		3,214,695
Series 43		4		-		2,492,094		2,492,094
Total		44		4	$	15,750,871	$	15,520,223

* Partnership proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015. Partnership proceeds from disposition does not include $9,352 which was due to a writeoff of capital contribution payable Series 22.

Schedule Of Contributions Payable [Table Text Block]

At March 31, 2017 and 2016, contributions are payable to operating limited partnerships as follows:

	2017		2016
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		-		-
Series 28		-		-
Series 29		8,235		8,235
Series 30		105,139		105,139
Series 31		66,294		66,294
Series 32		1,229		1,229
Series 33		69,154		69,154
Series 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		-		-
	$	578,113	$	578,113

Schedule Of Partnerships Investments In Operating Limited Partnerships [Table Text Block]

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	226,703,371		$	1,140,993		$	524,510
Acquisition costs of operating limited partnerships		9,097,175			162,528			85,843
Cumulative distributions from operating limited partnerships		(1,675,040	)		-			(22,441	)
Cumulative impairment loss in investments in operating limited partnerships		(122,872,037	)		(337,192	)		(38,116	)
Cumulative losses from operating limited partnerships		(111,253,469	)		(966,329	)		(549,796	)
Investments in operating limited partnerships per balance sheet		-			-			-

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(1,145,457	)		-			-
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(1,902,879	)		-			-
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).		183,255			7,136			15,685
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(57,696,047	)		(1,066,850	)		(325,745	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		357,746			-			-
Cumulative impairment loss in investments in operating limited partnerships		122,872,037			337,192			38,116
Other		(1,455,539	)		(2,935	)		(43,375	)
Equity per operating limited partnerships’ combined financial statements	$	61,213,116		$	(725,457	)	$	(315,319	)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	755,045		$	3,303,139		$	2,879,744
Acquisition costs of operating limited partnerships		78,016			482,854			310,375
Cumulative distributions from operating limited partnerships		-			-			(34,932	)
Cumulative impairment loss in investments in operating limited partnerships		(325,787	)		(2,213,351	)		(1,151,381	)
Cumulative losses from operating limited partnerships		(507,274	)		(1,572,642	)		(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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		-			-			(30,158	)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(39,009	)		(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).		7,927			(5,691	)		841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(856,165	)		(970,072	)		(2,267,378	)
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		325,787			2,213,351			1,151,381
Other		1,125			(97,940	)		107,836
Equity per operating limited partnerships’ combined financial statements	$	(560,335	)	$	1,111,952		$	(1,122,338	)

The Fund’s investments in operating limited partnerships at March 31, 2017 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		$	5,164,819		$	5,994,660
Acquisition costs of operating limited partnerships		167,460			772,454			813,797
Cumulative distributions from operating limited partnerships		(57,503	)		(30,449	)		(1,096	)
Cumulative impairment loss in investments in operating limited partnerships		(1,430,062	)		(1,350,275	)		(3,487,976	)
Cumulative losses from operating limited partnerships		(118,763	)		(4,556,549	)		(3,319,385	)
Investments in operating limited partnerships per balance sheet		-			-			-

The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		-			(51,000	)		-
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			(59,837	)		(222,527	)
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			45,732			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(456,606	)		(4,815,872	)		(1,317,831	)
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		1,430,062			1,350,275			3,487,976
Other		(78,352	)		(94,916	)		(84,291	)
Equity per operating limited partnerships’ combined financial statements	$	926,343		$	(3,453,802	)	$	1,863,327

 

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	2,736,848		$	9,231,659		$	5,493,284
Acquisition costs of operating limited partnerships		388,894			1,333,588			667,262
Cumulative distributions from operating limited partnerships		(5,079	)		(14,324	)		(29,318	)
Cumulative impairment loss in investments in operating limited partnerships		(930,910	)		(5,444,545	)		(2,194,151	)
Cumulative losses from operating limited partnerships		(2,189,753	)		(5,106,378	)		(3,937,077	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(12,030	)		-			(112,197	)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(62,189	)		(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).		33,990			39,537			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,819,446	)		(3,478,199	)		(2,083,473	)
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		930,910			5,444,545			2,194,151
Other		(45,965	)		(30,529	)		(21,265	)
Equity per operating limited partnerships’ combined financial statements	$	(974,730	)	$	1,386,265		$	(257,393	)

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	5,898,003		$	14,149,131		$	8,367,365
Acquisition costs of operating limited partnerships		826,360			1,645,450			950,957
Cumulative distributions from operating limited partnerships		(31,355	)		(45,614	)		(3,170	)
Cumulative impairment loss in investments in operating limited partnerships		(3,574,025	)		(9,175,569	)		(6,568,884	)
Cumulative losses from operating limited partnerships		(3,118,983	)		(6,573,398	)		(2,746,268	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(47,462	)		(172,318	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(77,600	)		-			(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).		6,859			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,188,582	)		(3,395,101	)		(1,876,329	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			29,991			9,684
Cumulative impairment loss in investments in operating limited partnerships		3,574,025			9,175,569			6,568,884
Other		(50,995	)		251,165			(13,716	)
Equity per operating limited partnerships’ combined financial statements	$	216,245		$	5,889,306		$	4,341,862

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	6,257,458		$	5,386,247		$	4,276,900
Acquisition costs of operating limited partnerships		411,337			-			-
Cumulative distributions from operating limited partnerships		(20,308	)		(2,459	)		(27,291	)
Cumulative impairment loss in investments in operating limited partnerships		(3,951,725	)		(2,462,259	)		(2,406,542	)
Cumulative losses from operating limited partnerships		(2,696,762	)		(2,921,529	)		(1,843,067	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		-			-			-
The Fund has recorded acquisition costs at March 31, 2017 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).		(1,354,867	)		(2,237,121	)		(984,727	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			3,300			-
Cumulative impairment loss in investments in operating limited partnerships		3,951,725			2,462,259			2,406,542
Other		(139,920	)		2,467			(33,040	)
Equity per operating limited partnerships’ combined financial statements	$	2,168,388		$	230,905		$	1,388,775

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	7,549,550		$	9,815,140		$	671,150
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(65,908	)		(359,635	)		-
Cumulative impairment loss in investments in operating limited partnerships		(3,922,795	)		(7,194,962	)		(233,531	)
Cumulative losses from operating limited partnerships		(3,560,847	)		(2,260,543	)		(437,619	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2017 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).		(1,916,369	)		(866,648	)		(97,796	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		13,201			-			-
Cumulative impairment loss in investments in operating limited partnerships		3,922,795			7,194,962			233,531
Other		(12,299	)		(233,707	)		(72,294	)
Equity per operating limited partnerships’ combined financial statements	$	1,851,963		$	6,094,607		$	63,441

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	11,579,898		$	15,436,181		$	16,067,004
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(22,466	)		(38,570	)		(20,956	)
Cumulative impairment loss in investments in operating limited partnerships		(5,441,719	)		(5,854,800	)		(7,195,970	)
Cumulative losses from operating limited partnerships		(6,115,713	)		(9,542,811	)		(8,850,078	)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(16,841	)		(33,807	)		(76,678	)
The Fund has recorded acquisition costs at March 31, 2017 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).		(2,230,853	)		(3,483,277	)		(4,285,267	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		32,119			-			20,012
Cumulative impairment loss in investments in operating limited partnerships		5,441,719			5,854,800			7,195,970
Other		(72,329	)		(325,495	)		(21,834	)
Equity per operating limited partnerships’ combined financial statements	$	3,153,815		$	2,012,221		$	2,832,203

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	23,300,481		$	13,739,925		$	25,600,776
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(271,984	)		(49,115	)		(320,688	)
Cumulative impairment loss in investments in operating limited partnerships		(11,001,252	)		(5,442,013	)		(16,541,124	)
Cumulative losses from operating limited partnerships		(12,027,245	)		(8,248,797	)		(8,738,964	)
Investments in operating limited partnerships per balance sheet		-			-			-

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(121,319	)		-			(129,725	)
The Fund has recorded acquisition costs at March 31, 2017 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).		(4,434,039	)		(4,416,600	)		(2,226,331	)
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		11,001,252			5,442,013			16,541,124
Other		(50,452	)		(90,418	)		(164,622	)
Equity per operating limited partnerships’ combined financial statements	$	6,395,442		$	934,995		$	14,043,755

The Fund’s investments in operating limited partnerships at March 31, 2017 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	$	19,944,593
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(200,379	)
Cumulative impairment loss in investments in operating limited partnerships		(13,001,121	)
Cumulative losses from operating limited partnerships		(6,743,093	)
Investments in operating limited partnerships per balance sheet		-

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).		(7,089	)
The Fund has recorded acquisition costs at March 31, 2017 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).		(1,244,503	)
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		13,001,121
Other		(37,443	)
Equity per operating limited partnerships’ combined financial statements	$	11,716,680

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	303,772,168		$	1,510,993		$	524,510
Acquisition costs of operating limited partnerships		12,667,316			215,748			85,843
Cumulative distributions from operating limited partnerships		(2,477,305	)		(7,394	)		(22,441	)
Cumulative impairment loss in investments in operating limited partnerships		(161,650,983	)		(409,509	)		(38,116	)
Cumulative losses from operating limited partnerships		(152,311,196	)		(1,309,838	)		(549,796	)
Investments in operating limited partnerships per balance sheet		-			-			-

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(1,202,653	)		-			-
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(3,413,891	)		-			-
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).		447,007			62,488			15,685
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(72,745,706	)		(988,006	)		(307,183	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		884,505			6,576			-
Cumulative impairment loss in investments in operating limited partnerships		161,650,983			409,509			38,116
Other		(1,837,057	)		(11,516	)		(42,053	)
Equity per operating limited partnerships’ combined financial statements	$	83,783,188		$	(520,949	)	$	(295,435	)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	755,045		$	4,968,423		$	2,879,744
Acquisition costs of operating limited partnerships		78,016			727,246			310,375
Cumulative distributions from operating limited partnerships		-			-			(34,932	)
Cumulative impairment loss in investments in operating limited partnerships		(325,787	)		(4,061,633	)		(1,151,381	)
Cumulative losses from operating limited partnerships		(507,274	)		(1,634,036	)		(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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		-			(11,581	)		(30,158	)
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(39,009	)		(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).		7,927			7,292			841
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(866,909	)		(1,241,388	)		(2,084,698	)
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		325,787			4,061,633			1,151,381
Other		1,125			(133,388	)		115,558
Equity per operating limited partnerships’ combined financial statements	$	(571,079	)	$	2,654,872		$	(931,936	)

The Fund’s investments in operating limited partnerships at March 31, 2016 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		$	5,527,557		$	8,111,853
Acquisition costs of operating limited partnerships		167,460			824,628			1,143,307
Cumulative distributions from operating limited partnerships		(57,503	)		(40,236	)		(14,167	)
Cumulative impairment loss in investments in operating limited partnerships		(1,359,466	)		(1,822,975	)		(4,036,605	)
Cumulative losses from operating limited partnerships		(189,359	)		(4,488,974	)		(5,204,388	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		-			(51,000	)		(39,446	)
The Fund has recorded acquisition costs at March 31, 2016 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			45,732			195,417
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(343,851	)		(4,331,079	)		(1,587,855	)
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		1,359,466			1,822,975			4,036,605
Other		(67,544	)		(115,347	)		(291,605	)
Equity per operating limited partnerships’ combined financial statements	$	979,310		$	(2,516,740	)	$	1,863,912

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	5,944,962		$	9,231,659		$	5,493,284
Acquisition costs of operating limited partnerships		850,335			1,333,588			667,262
Cumulative distributions from operating limited partnerships		(110,655	)		(14,324	)		(29,318	)
Cumulative impairment loss in investments in operating limited partnerships		(2,158,606	)		(5,444,545	)		(2,194,151	)
Cumulative losses from operating limited partnerships		(4,526,036	)		(5,106,378	)		(3,937,077	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(12,030	)		-			(112,197	)
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(62,189	)		(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).		33,990			39,537			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(2,842,764	)		(2,951,824	)		(1,907,676	)
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		2,158,606			5,444,545			2,194,151
Other		(90,515	)		(30,530	)		(18,522	)
Equity per operating limited partnerships’ combined financial statements	$	(814,902	)	$	1,912,639		$	(78,853	)

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	11,532,547		$	22,949,966		$	8,367,365
Acquisition costs of operating limited partnerships		1,632,942			2,929,785			950,957
Cumulative distributions from operating limited partnerships		(31,404	)		(101,208	)		(3,170	)
Cumulative impairment loss in investments in operating limited partnerships		(6,454,920	)		(13,361,331	)		(6,467,715	)
Cumulative losses from operating limited partnerships		(6,679,165	)		(12,417,212	)		(2,847,437	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(47,462	)		(172,318	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2016 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).		6,859			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(4,016,452	)		(4,963,274	)		(1,578,487	)
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		6,454,920			13,361,331			6,467,715
Other		(36,552	)		284,785			(13,716	)
Equity per operating limited partnerships’ combined financial statements	$	2,292,214		$	7,264,546		$	4,538,535

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	11,227,571		$	10,781,284		$	12,307,640
Acquisition costs of operating limited partnerships		749,824			-			-
Cumulative distributions from operating limited partnerships		(20,308	)		(5,084	)		(100,055	)
Cumulative impairment loss in investments in operating limited partnerships		(6,843,156	)		(5,230,309	)		(6,862,772	)
Cumulative losses from operating limited partnerships		(5,113,931	)		(5,545,891	)		(5,344,813	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(6,069	)		-			-
The Fund has recorded acquisition costs at March 31, 2016 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).		(1,642,674	)		(3,423,568	)		(2,019,997	)
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		6,843,156			5,230,309			6,862,772
Other		(194,626	)		(24,491	)		(126,915	)
Equity per operating limited partnerships’ combined financial statements	$	4,711,237		$	1,860,267		$	4,717,230

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	16,058,621		$	17,940,834		$	10,069,655
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(202,524	)		(515,435	)		(224,758	)
Cumulative impairment loss in investments in operating limited partnerships		(7,809,397	)		(10,253,381	)		(4,561,508	)
Cumulative losses from operating limited partnerships		(8,046,700	)		(7,172,018	)		(5,283,389	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2016 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).		(7,434,593	)		(4,229,837	)		(3,894,615	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		289,911			59,461			74,689
Cumulative impairment loss in investments in operating limited partnerships		7,809,397			10,253,381			4,561,508
Other		(109,071	)		(209,729	)		(106,547	)
Equity per operating limited partnerships’ combined financial statements	$	400,279		$	5,873,276		$	635,035

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	16,293,231		$	16,713,252		$	16,067,004
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(25,813	)		(50,099	)		(20,956	)
Cumulative impairment loss in investments in operating limited partnerships		(9,078,021	)		(6,847,483	)		(7,195,970	)
Cumulative losses from operating limited partnerships		(7,189,397	)		(9,815,670	)		(8,850,078	)
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, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(16,841	)		(33,807	)		(76,678	)
The Fund has recorded acquisition costs at March 31, 2016 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).		(2,222,136	)		(3,234,895	)		(3,747,535	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		47,439			1,049			20,012
Cumulative impairment loss in investments in operating limited partnerships		9,078,021			6,847,483			7,195,970
Other		(111,940	)		(294,216	)		(17,777	)
Equity per operating limited partnerships’ combined financial statements	$	6,774,543		$	3,285,614		$	3,373,992

The Fund’s investments in operating limited partnerships at March 31, 2016 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	$	23,300,481		$	15,745,838		$	25,706,915
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(271,984	)		(49,763	)		(320,692	)
Cumulative impairment loss in investments in operating limited partnerships		(10,917,292	)		(6,523,727	)		(16,411,048	)
Cumulative losses from operating limited partnerships		(12,111,205	)		(9,172,348	)		(8,975,175	)
Investments in operating limited partnerships per balance sheet		-			-			-

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(121,319	)		-			(129,725	)
The Fund has recorded acquisition costs at March 31, 2016 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).		(3,960,406	)		(4,381,035	)		(1,542,238	)
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		10,917,292			6,523,727			16,411,048
Other		(21,080	)		(64,791	)		(103,424	)
Equity per operating limited partnerships’ combined financial statements	$	6,814,487		$	2,077,901		$	14,658,970

The Fund’s investments in operating limited partnerships at March 31, 2016 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		(203,082	)
Cumulative impairment loss in investments in operating limited partnerships		(13,830,179	)
Cumulative losses from operating limited partnerships		(8,289,805	)
Investments in operating limited partnerships per balance sheet		-

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A).		(7,189	)
The Fund has recorded acquisition costs at March 31, 2016 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).		(1,000,731	)
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		13,830,179
Other		(2,630	)
Equity per operating limited partnerships’ combined financial statements	$	12,824,223

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, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	394,212,193	$	2,085,075		$	1,489,227
Land		41,747,860		246,238			183,210
Other assets		49,639,300		582,694			366,699
	$	485,599,353	$	2,914,007		$	2,039,136
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	348,577,513	$	3,200,912		$	2,297,325
Accounts payable and accrued expenses		16,107,662		75,817			22,623
Other liabilities		40,891,893		50,451			40,020
		405,577,068		3,327,180			2,359,968
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		61,213,116		(725,457	)		(315,319	)
Other partners		18,809,169		312,284			(5,513	)
		80,022,285		(413,173	)		(320,832	)
	$	485,599,353	$	2,914,007		$	2,039,136

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,945,141		$	4,805,126		$	3,402,825
Land		426,603			522,075			636,838
Other assets		1,013,637			1,248,448			644,794
	$	3,385,381		$	6,575,649		$	4,684,457
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,834,362		$	4,961,827		$	5,238,205
Accounts payable and accrued expenses		88,761			157,317			118,124
Other liabilities		65,589			820,842			411,627
		3,988,712			5,939,986			5,767,956
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(560,335	)		1,111,952			(1,122,338	)
Other partners		(42,996	)		(476,289	)		38,839
		(603,331	)		635,663			(1,083,499	)
	$	3,385,381		$	6,575,649		$	4,684,457

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25			Series 26			Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,013,338		$	7,274,962		$	12,049,493
Land		203,400			620,110			1,360,969
Other assets		919,878			1,105,294			1,862,638
	$	4,136,616		$	9,000,366		$	15,273,100
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,290,404		$	10,309,719		$	9,390,191
Accounts payable and accrued expenses		62,955			1,437,631			346,277
Other liabilities		31,649			1,110,272			2,149,189
		3,385,008			12,857,622			11,885,657
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		926,343			(3,453,802	)		1,863,327
Other partners		(174,735	)		(403,454	)		1,524,116
		751,608			(3,857,256	)		3,387,443
	$	4,136,616		$	9,000,366		$	15,273,100

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28			Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,949,712		$	9,381,511	$	6,657,707
Land		251,300			694,245		415,348
Other assets		445,890			2,959,653		831,281
	$	4,646,902		$	13,035,409	$	7,904,336
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	4,563,975		$	6,879,017	$	7,235,178
Accounts payable and accrued expenses		177,233			1,061,966		337,340
Other liabilities		1,022,213			3,393,759		699,680
		5,763,421			11,334,742		8,272,198
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(974,730	)		1,386,265		(257,393	)
Other partners		(141,789	)		314,402		(110,469	)
		(1,116,519	)		1,700,667		(367,862	)
	$	4,646,902		$	13,035,409	$	7,904,336

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	8,072,673		$	14,247,643	$	14,983,903
Land		725,013			1,185,852		1,328,537
Other assets		1,458,129			1,880,115		1,256,727
	$	10,255,815		$	17,313,610	$	17,569,167
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	9,530,208		$	7,147,321	$	6,828,064
Accounts payable and accrued expenses		534,648			1,213,357		623,125
Other liabilities		340,754			876,272		897,122
		10,405,610			9,236,950		8,348,311
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		216,245			5,889,306		4,341,862
Other partners		(366,040	)		2,187,354		4,878,994
		(149,795	)		8,076,660		9,220,856
	$	10,255,815		$	17,313,610	$	17,569,167

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34			Series 35			Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	4,939,111		$	6,496,199		$	5,418,554
Land		230,576			671,988			655,300
Other assets		1,074,019			808,787			684,276
	$	6,243,706		$	7,976,974		$	6,758,130
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,273,740		$	5,448,834		$	3,488,113
Accounts payable and accrued expenses		222,965			179,364			676,964
Other liabilities		818,633			2,602,051			311,735
		4,315,338			8,230,249			4,476,812
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		2,168,388			230,905			1,388,775
Other partners		(240,020	)		(484,180	)		892,543
		1,928,368			(253,275	)		2,281,318
	$	6,243,706		$	7,976,974		$	6,758,130

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37			Series 38			Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	4,913,034		$	7,584,676		$	704,469
Land		300,501			670,346			50,000
Other assets		379,600			989,351			36,912
	$	5,593,135		$	9,244,373		$	791,381
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	2,708,987		$	4,509,814		$	705,510
Accounts payable and accrued expenses		539,389			185,976			9,232
Other liabilities		599,151			544,697			23,287
		3,847,527			5,240,487			738,029
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,851,963			6,094,607			63,441
Other partners		(106,355	)		(2,090,721	)		(10,089	)
		1,745,608			4,003,886			53,352
	$	5,593,135		$	9,244,373		$	791,381

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	34,036,000	$	52,194,620	$	38,829,717
Land		3,816,175		7,423,381		5,877,411
Other assets		2,777,597		5,236,886		4,108,842
	$	40,629,772	$	64,854,887	$	48,815,970
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	32,191,614	$	53,514,163	$	34,987,875
Accounts payable and accrued expenses		1,056,318		1,675,342		2,490,974
Other liabilities		1,710,051		2,686,207		3,815,676
		34,957,983		57,875,712		41,294,525
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		3,153,815		2,012,221		2,832,203
Other partners		2,517,974		4,966,954		4,689,242
		5,671,789		6,979,175		7,521,445
	$	40,629,772	$	64,854,887	$	48,815,970

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	41,562,908	$	31,835,019		$	41,406,048
Land		4,306,232		3,008,317			3,989,836
Other assets		3,973,680		3,488,635			6,245,976
	$	49,842,820	$	38,331,971		$	51,641,860
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	36,674,057	$	36,988,184		$	29,953,961
Accounts payable and accrued expenses		1,350,023		318,124			815,588
Other liabilities		4,916,891		5,494,147			2,853,533
		42,940,971		42,800,455			33,623,082
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,395,442		934,995			14,043,755
Other partners		506,407		(5,403,479	)		3,975,023
		6,901,849		(4,468,484	)		18,018,778
	$	49,842,820	$	38,331,971		$	51,641,860

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	30,933,502
Land		1,948,059
Other assets		3,258,862
	$	36,140,423
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	19,425,953
Accounts payable and accrued expenses		330,229
Other liabilities		2,606,395
		22,362,577
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		11,716,680
Other partners		2,061,166
		13,777,846
	$	36,140,423

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	529,415,678	$	3,332,620		$	1,572,107
Land		53,226,657		310,538			183,210
Other assets		66,317,024		1,186,975			331,854
	$	648,959,359	$	4,830,133		$	2,087,171
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	457,774,123	$	4,827,573		$	2,329,701
Accounts payable and accrued expenses		23,355,176		110,814			10,649
Other liabilities		66,468,250		59,330			38,458
		547,597,549		4,997,717			2,378,808
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		83,783,188		(520,949	)		(295,435	)
Other partners		17,578,622		353,365			3,798
		101,361,810		(167,584	)		(291,637	)
	$	648,959,359	$	4,830,133		$	2,087,171

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	2,058,605		$	8,270,196		$	3,627,508
Land		426,603			911,443			636,838
Other assets		1,074,777			3,582,210			653,001
	$	3,559,985		$	12,763,849		$	4,917,347
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,876,441		$	7,344,377		$	5,325,953
Accounts payable and accrued expenses		100,050			347,926			114,929
Other liabilities		69,420			4,908,882			327,523
		4,045,911			12,601,185			5,768,405
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(571,079	)		2,654,872			(931,936	)
Other partners		85,153			(2,492,208	)		80,878
		(485,926	)		162,664			(851,058	)
	$	3,559,985		$	12,763,849		$	4,917,347

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25			Series 26			Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	3,131,767		$	8,657,081		$	17,241,309
Land		203,400			680,110			2,571,668
Other assets		933,501			1,418,158			2,384,013
	$	4,268,668		$	10,755,349		$	22,196,990
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	3,346,127		$	11,360,063		$	15,287,429
Accounts payable and accrued expenses		70,325			1,389,206			508,324
Other liabilities		26,620			1,058,361			2,746,562
		3,443,072			13,807,630			18,542,315
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		979,310			(2,516,740	)		1,863,912
Other partners		(153,714	)		(535,541	)		1,790,763
		825,596			(3,052,281	)		3,654,675
	$	4,268,668		$	10,755,349		$	22,196,990

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28			Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	7,014,398		$	9,835,315	$	7,036,190
Land		266,222			694,245		415,348
Other assets		744,475			1,439,626		725,493
	$	8,025,095		$	11,969,186	$	8,177,031
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	8,538,924		$	7,052,254	$	7,370,572
Accounts payable and accrued expenses		328,623			966,993		310,357
Other liabilities		936,630			1,675,171		666,265
		9,804,177			9,694,418		8,347,194
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(814,902	)		1,912,639		(78,853	)
Other partners		(964,180	)		362,129		(91,310	)
		(1,779,082	)		2,274,768		(170,163	)
	$	8,025,095		$	11,969,186	$	8,177,031

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31		Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	16,497,019	$	20,224,966	$	15,649,517
Land		1,102,473		1,360,852		1,328,537
Other assets		2,515,292		2,411,015		1,467,582
	$	20,114,784	$	23,996,833	$	18,445,636
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	16,249,514	$	10,787,090	$	7,137,297
Accounts payable and accrued expenses		661,063		2,769,726		671,157
Other liabilities		568,549		1,094,844		894,554
		17,479,126		14,651,660		8,703,008
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		2,292,214		7,264,546		4,538,535
Other partners		343,444		2,080,627		5,204,093
		2,635,658		9,345,173		9,742,628
	$	20,114,784	$	23,996,833	$	18,445,636

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34		Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	10,453,950	$	20,625,675	$	17,723,639
Land		1,133,280		2,695,102		1,833,180
Other assets		1,991,614		2,613,971		2,466,948
	$	13,578,844	$	25,934,748	$	22,023,767
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	7,233,483	$	15,676,104	$	12,638,012
Accounts payable and accrued expenses		254,244		399,861		1,971,020
Other liabilities		1,250,258		6,129,396		502,961
		8,737,985		22,205,361		15,111,993
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		4,711,237		1,860,267		4,717,230
Other partners		129,622		1,869,120		2,194,544
		4,840,859		3,729,387		6,911,774
	$	13,578,844	$	25,934,748	$	22,023,767

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37			Series 38			Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	21,832,900		$	17,129,023		$	10,554,350
Land		1,625,738			1,519,206			1,061,888
Other assets		2,111,926			1,991,354			1,179,735
	$	25,570,564		$	20,639,583		$	12,795,973
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	17,549,703		$	13,819,417		$	10,114,858
Accounts payable and accrued expenses		2,360,796			250,053			222,241
Other liabilities		6,332,846			2,874,467			2,335,993
		26,243,345			16,943,937			12,673,092
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		400,279			5,873,276			635,035
Other partners		(1,073,060	)		(2,177,630	)		(512,154	)
		(672,781	)		3,695,646			122,881
	$	25,570,564		$	20,639,583		$	12,795,973

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40			Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	44,047,875		$	56,126,204	$	40,671,186
Land		4,690,941			7,583,381		5,877,411
Other assets		3,736,506			6,160,084		4,492,349
	$	52,475,322		$	69,869,669	$	51,040,946
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	39,778,652		$	55,916,451	$	36,161,415
Accounts payable and accrued expenses		1,618,018			1,636,364		2,534,425
Other liabilities		4,687,420			3,729,671		3,819,627
		46,084,090			61,282,486		42,515,467
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,774,543			3,285,614		3,373,992
Other partners		(383,311	)		5,301,569		5,151,487
		6,391,232			8,587,183		8,525,479
	$	52,475,322		$	69,869,669	$	51,040,946

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	43,756,712	$	36,930,412		$	47,639,086
Land		4,306,232		3,130,916			4,314,836
Other assets		4,165,140		4,122,248			6,771,223
	$	52,228,084	$	44,183,576		$	58,725,145
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	37,823,234	$	40,047,937		$	36,009,724
Accounts payable and accrued expenses		1,260,622		679,030			1,383,333
Other liabilities		4,929,604		6,225,735			5,238,485
		44,013,460		46,952,702			42,631,542
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		6,814,487		2,077,901			14,658,970
Other partners		1,400,137		(4,847,027	)		1,434,633
		8,214,624		(2,769,126	)		16,093,603
	$	52,228,084	$	44,183,576		$	58,725,145

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	37,776,068
Land		2,363,059
Other assets		3,645,954
	$	43,785,081
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	24,171,818
Accounts payable and accrued expenses		425,027
Other liabilities		3,340,618
		27,937,463
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		12,824,223
Other partners		3,023,395
		15,847,618
	$	43,785,081

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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	85,755,446		$	889,757		$	493,555
Interest and other		2,943,930			51,176			3,440
		88,699,376			940,933			496,995
Expenses
Interest		17,012,370			67,782			39,664
Depreciation and amortization		22,495,020			257,685			82,880
Taxes and insurance		10,332,106			96,986			68,302
Repairs and maintenance		19,174,823			304,750			129,182
Operating expenses		29,285,986			360,239			195,717
Impairment loss		-			-			-
Other expenses		1,936,798			14,439			-
		100,237,103			1,101,881			515,745
NET INCOME (LOSS)	$	(11,537,727	)	$	(160,948	)	$	(18,750	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(8,901,790	)	$	(106,474	)	$	(39,102	)
Net income (loss) allocated to other partners	$	(2,635,937	)	$	(54,474	)	$	20,352

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	780,062		$	1,426,787		$	1,218,703
Interest and other		36,302			112,584			28,210
		816,364			1,539,371			1,246,913
Expenses
Interest		70,347			117,886			127,601
Depreciation and amortization		166,222			286,650			361,276
Taxes and insurance		110,615			155,346			117,868
Repairs and maintenance		289,406			284,376			357,522
Operating expenses		283,947			864,097			486,157
Impairment loss		-			-			-
Other expenses		13,232			14,212			11,156
		933,769			1,722,567			1,461,580
NET INCOME (LOSS)	$	(117,405	)	$	(183,196	)	$	(214,667	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(45,959	)	$	(159,714	)	$	(185,148	)
Net income (loss) allocated to other partners	$	(71,446	)	$	(23,482	)	$	(29,519	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	857,567		$	2,172,933		$	3,174,381
Interest and other		20,950			57,555			25,493
		878,517			2,230,488			3,199,874
Expenses
Interest		80,735			306,650			509,261
Depreciation and amortization		176,707			572,435			661,245
Taxes and insurance		92,956			296,029			366,487
Repairs and maintenance		188,389			687,453			605,819
Operating expenses		368,878			850,626			974,005
Impairment loss		-			-			-
Other expenses		8,814			15,500			38,677
		916,479			2,728,693			3,155,494
NET INCOME (LOSS)	$	(37,962	)	$	(498,205	)	$	44,380
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(112,755	)	$	(500,992	)	$	(164,034	)
Net income (loss) allocated to other partners	$	74,793		$	2,787		$	208,414

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	1,002,280		$	1,870,776		$	1,509,820
Interest and other		25,270			170,891			38,014
		1,027,550			2,041,667			1,547,834
Expenses
Interest		163,031			417,247			157,690
Depreciation and amortization		225,777			541,192			405,826
Taxes and insurance		132,749			269,958			197,172
Repairs and maintenance		213,513			457,333			335,232
Operating expenses		437,570			909,738			625,657
Impairment loss		-			-			-
Other expenses		-			20,300			9,527
		1,172,640			2,615,768			1,731,104
NET INCOME (LOSS)	$	(145,090	)	$	(574,101	)	$	(183,270	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(198,898	)	$	(531,118	)	$	(187,074	)
Net income (loss) allocated to other partners	$	53,808		$	(42,983	)	$	3,804

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	1,706,240		$	2,847,292		$	2,625,326
Interest and other		48,995			86,930			86,895
		1,755,235			2,934,222			2,712,221
Expenses
Interest		168,268			468,653			441,719
Depreciation and amortization		573,233			816,277			707,952
Taxes and insurance		288,339			348,890			335,238
Repairs and maintenance		284,817			745,036			623,753
Operating expenses		935,094			929,535			990,872
Impairment loss		-			-			-
Other expenses		6,013			220,748			110,459
		2,255,764			3,529,139			3,209,993
NET INCOME (LOSS)	$	(500,529	)	$	(594,917	)	$	(497,772	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(497,487	)	$	(529,907	)	$	(297,842	)
Net income (loss) allocated to other partners	$	(3,042	)	$	(65,010	)	$	(199,930	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	971,745		$	1,806,433		$	1,365,067
Interest and other		35,012			69,612			90,846
		1,006,757			1,876,045			1,455,913
Expenses
Interest		104,262			290,660			257,096
Depreciation and amortization		275,627			485,344			400,786
Taxes and insurance		141,495			203,459			252,292
Repairs and maintenance		286,631			260,199			277,928
Operating expenses		326,343			620,343			434,010
Impairment loss		-			-			-
Other expenses		-			25,200			33,541
		1,134,358			1,885,205			1,655,653
NET INCOME (LOSS)	$	(127,601	)	$	(9,160	)	$	(199,740	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(136,875	)	$	(40,749	)	$	(131,250	)
Net income (loss) allocated to other partners	$	9,274		$	31,589		$	(68,490	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	1,039,639		$	1,774,853		$	168,432
Interest and other		102,567			21,673			-
		1,142,206			1,796,526			168,432
Expenses
Interest		160,035			247,122			6,237
Depreciation and amortization		358,716			372,627			29,091
Taxes and insurance		201,945			214,991			15,558
Repairs and maintenance		193,056			414,817			60,340
Operating expenses		402,404			633,207			70,601
Impairment loss		-			-			-
Other expenses		23,041			18,000			-
		1,339,197			1,900,764			181,827
NET INCOME (LOSS)	$	(196,991	)	$	(104,238	)	$	(13,395	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(141,806	)	$	(144,427	)	$	(13,393	)
Net income (loss) allocated to other partners	$	(55,185	)	$	40,189		$	(2	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	7,913,892		$	12,012,632		$	7,743,859
Interest and other		203,429			279,982			260,401
		8,117,321			12,292,614			8,004,260
Expenses
Interest		2,291,713			3,221,005			1,812,102
Depreciation and amortization		1,873,123			2,810,380			2,129,667
Taxes and insurance		1,045,058			1,452,787			865,086
Repairs and maintenance		1,488,255			2,489,498			1,833,446
Operating expenses		1,783,214			3,034,020			2,567,479
Impairment loss		-			-			-
Other expenses		296,558			340,154			297,284
		8,777,921			13,347,844			9,505,064
NET INCOME (LOSS)	$	(660,600	)	$	(1,055,230	)	$	(1,500,804	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(695,283	)	$	(535,125	)	$	(678,898	)
Net income (loss) allocated to other partners	$	34,683		$	(520,105	)	$	(821,906	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	7,766,042		$	7,687,702		$	8,007,329
Interest and other		468,895			327,166			178,014
		8,234,937			8,014,868			8,185,343
Expenses
Interest		1,506,832			1,873,630			1,104,605
Depreciation and amortization		2,528,048			1,868,001			2,250,286
Taxes and insurance		817,994			554,655			948,985
Repairs and maintenance		1,962,505			1,516,605			1,937,661
Operating expenses		3,247,142			2,660,711			2,758,102
Impairment loss		-			-			-
Other expenses		69,965			97,607			214,186
		10,132,486			8,571,209			9,213,825
NET INCOME (LOSS)	$	(1,897,549	)	$	(556,341	)	$	(1,028,482	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(749,824	)	$	(596,043	)	$	(915,282	)
Net income (loss) allocated to other partners	$	(1,147,725	)	$	39,702		$	(113,200	)

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2016 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2016 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	4,922,342
Interest and other		113,628
		5,035,970
Expenses
Interest		1,000,537
Depreciation and amortization		1,277,967
Taxes and insurance		740,866
Repairs and maintenance		947,301
Operating expenses		1,536,278
Impairment loss		-
Other expenses		38,185
		5,541,134
NET INCOME (LOSS)	$	(505,164	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(566,331	)
Net income (loss) allocated to other partners	$	61,167

* Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	111,776,843		$	1,185,836		$	501,207
Interest and other		4,528,841			47,917			3,473
		116,305,684			1,233,753			504,680
Expenses
Interest		22,696,497			103,823			42,173
Depreciation and amortization		30,995,689			319,299			83,029
Taxes and insurance		14,155,041			133,186			65,006
Repairs and maintenance		23,031,379			340,694			108,441
Operating expenses		38,937,669			484,527			185,059
Impairment loss		-			-			-
Other expenses		2,310,183			16,039			-
		132,126,458			1,397,568			483,708
NET INCOME (LOSS)	$	(15,820,774	)	$	(163,815	)	$	20,972
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(11,941,106	)	$	(109,408	)	$	-
Net income (loss) allocated to other partners	$	(3,879,668	)	$	(54,407	)	$	20,972

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	779,764		$	2,536,702		$	1,202,358
Interest and other		43,150			89,120			23,919
		822,914			2,625,822			1,226,277
Expenses
Interest		72,934			275,105			121,338
Depreciation and amortization		179,088			982,215			351,255
Taxes and insurance		119,915			392,801			121,189
Repairs and maintenance		237,302			502,492			312,955
Operating expenses		285,458			1,088,431			474,834
Impairment loss		-			-			-
Other expenses		13,232			39,202			20,286
		907,929			3,280,246			1,401,857
NET INCOME (LOSS)	$	(85,015	)	$	(654,424	)	$	(175,580	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(57,309	)	$	(372,667	)	$	(146,078	)
Net income (loss) allocated to other partners	$	(27,706	)	$	(281,757	)	$	(29,502	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	869,428		$	2,376,345		$	4,652,943
Interest and other		32,201			59,021			43,508
		901,629			2,435,366			4,696,451
Expenses
Interest		84,140			374,082			874,561
Depreciation and amortization		170,873			618,827			916,029
Taxes and insurance		98,899			341,777			602,180
Repairs and maintenance		206,013			640,467			825,870
Operating expenses		350,467			896,421			1,405,937
Impairment loss		-			-			-
Other expenses		8,889			15,500			48,712
		919,281			2,887,074			4,673,289
NET INCOME (LOSS)	$	(17,652	)	$	(451,708	)	$	23,162
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(70,287	)	$	(461,073	)	$	(226,075	)
Net income (loss) allocated to other partners	$	52,635		$	9,365		$	249,237

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	1,621,261		$	1,976,028		$	1,493,470
Interest and other		34,516			182,610			143,545
		1,655,777			2,158,638			1,637,015
Expenses
Interest		171,663			457,017			165,357
Depreciation and amortization		503,916			535,120			405,307
Taxes and insurance		198,050			321,634			200,403
Repairs and maintenance		381,359			433,100			364,975
Operating expenses		912,589			843,779			696,234
Impairment loss		-			-			-
Other expenses		-			27,700			6,747
		2,167,577			2,618,350			1,839,023
NET INCOME (LOSS)	$	(511,800	)	$	(459,712	)	$	(202,008	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(533,920	)	$	(442,926	)	$	(174,671	)
Net income (loss) allocated to other partners	$	22,120		$	(16,786	)	$	(27,337	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	3,857,615		$	3,937,997		$	2,587,763
Interest and other		136,085			522,343			90,053
		3,993,700			4,460,340			2,677,816
Expenses
Interest		346,210			679,912			446,506
Depreciation and amortization		1,077,795			1,225,244			726,280
Taxes and insurance		606,394			491,697			343,569
Repairs and maintenance		710,461			756,911			491,833
Operating expenses		1,763,442			1,518,818			1,017,937
Impairment loss		-			-			-
Other expenses		21,482			280,517			106,005
		4,525,784			4,953,099			3,132,130
NET INCOME (LOSS)	$	(532,084	)	$	(492,759	)	$	(454,314	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(551,230	)	$	(513,975	)	$	(250,938	)
Net income (loss) allocated to other partners	$	19,146		$	21,216		$	(203,376	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	2,461,028		$	5,117,009		$	3,882,110
Interest and other		71,256			187,870			100,935
		2,532,284			5,304,879			3,983,045
Expenses
Interest		391,137			1,128,100			716,386
Depreciation and amortization		647,172			1,617,552			1,292,043
Taxes and insurance		335,716			637,437			563,732
Repairs and maintenance		487,407			780,180			591,114
Operating expenses		1,000,614			1,725,195			1,502,446
Impairment loss		-			-			-
Other expenses		10,300			63,200			80,836
		2,872,346			5,951,664			4,746,557
NET INCOME (LOSS)	$	(340,062	)	$	(646,785	)	$	(763,512	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(360,810	)	$	(403,942	)	$	(381,014	)
Net income (loss) allocated to other partners	$	20,748		$	(242,843	)	$	(382,498	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	4,887,918		$	4,461,135		$	2,910,257
Interest and other		224,158			168,050			141,742
		5,112,076			4,629,185			3,051,999
Expenses
Interest		979,187			870,411			586,862
Depreciation and amortization		1,536,522			1,082,815			688,543
Taxes and insurance		762,488			530,136			301,988
Repairs and maintenance		948,457			915,337			599,784
Operating expenses		2,099,524			1,760,555			1,261,653
Impairment loss		-			-			-
Other expenses		120,646			85,767			106,939
		6,446,824			5,245,021			3,545,769
NET INCOME (LOSS)	$	(1,334,748	)	$	(615,836	)	$	(493,770	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(973,078	)	$	(401,471	)	$	(283,760	)
Net income (loss) allocated to other partners	$	(361,670	)	$	(214,365	)	$	(210,010	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	8,988,443		$	12,011,209		$	7,616,395
Interest and other		274,699			362,739			436,587
		9,263,142			12,373,948			8,052,982
Expenses
Interest		2,623,328			3,198,557			1,728,329
Depreciation and amortization		2,297,137			2,904,618			2,165,627
Taxes and insurance		1,278,199			1,530,747			935,026
Repairs and maintenance		1,459,904			2,347,072			2,050,409
Operating expenses		2,139,931			2,864,489			2,287,940
Impairment loss		-			-			-
Other expenses		88,325			331,540			303,017
		9,886,824			13,177,023			9,470,348
NET INCOME (LOSS)	$	(623,682	)	$	(803,075	)	$	(1,417,366	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(485,428	)	$	(652,535	)	$	(820,041	)
Net income (loss) allocated to other partners	$	(138,254	)	$	(150,540	)	$	(597,325	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	7,586,036		$	7,672,594		$	8,630,960
Interest and other		410,256			301,391			182,275
		7,996,292			7,973,985			8,813,235
Expenses
Interest		1,466,381			2,015,917			1,399,484
Depreciation and amortization		2,577,315			2,052,878			2,530,687
Taxes and insurance		820,521			560,059			1,056,860
Repairs and maintenance		1,888,325			1,587,593			1,864,206
Operating expenses		2,921,473			2,450,076			2,954,780
Impairment loss		-			-			-
Other expenses		83,350			102,792			237,084
		9,757,365			8,769,315			10,043,101
NET INCOME (LOSS)	$	(1,761,073	)	$	(795,330	)	$	(1,229,866	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(980,275	)	$	(612,970	)	$	(843,380	)
Net income (loss) allocated to other partners	$	(780,798	)	$	(182,360	)	$	(386,486	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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, 2015 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2015 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,973,032
Interest and other		215,422
		6,188,454
Expenses
Interest		1,377,597
Depreciation and amortization		1,508,503
Taxes and insurance		805,432
Repairs and maintenance		1,198,718
Operating expenses		2,045,060
Impairment loss		-
Other expenses		92,076
		7,027,386
NET INCOME (LOSS)	$	(838,932	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(831,845	)
Net income (loss) allocated to other partners	$	(7,087	)

* Amounts include $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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.

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NOTES RECEIVABLE (Tables)

12 Months Ended

Mar. 31, 2017

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The notes at March 31, 2017 and 2016 by series are as follows:

	2017		2016
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

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RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Tables)

12 Months Ended

Mar. 31, 2017

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, 2017 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	15,103,290		$	65,321		$	(44,938	)
Operating limited partnership rents received in advance		155			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(9,530,240	)		24,843			(139,128	)
Other		8,210,250			522,385			18,446
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(8,901,790	)		(106,474	)		(39,102	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(2,914,770	)		(17,784	)		(33,177	)
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		(17,518,111	)		(131,295	)		1,060
Income (loss) for tax return purposes, December 31, 2016	$	(15,551,216	)	$	356,996		$	(236,839	)

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, 2017 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(72,794	)	$	402,128		$	(75,371	)
Operating limited partnership rents received in advance		-			-			(358	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		29,208			37,362			-
Other		547,008			60,716			30,366
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(45,959	)		(159,714	)		(185,148	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(19,546	)		(28,172	)		(52,400	)
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		(31,291	)		(703,528	)		(10,228	)
Income (loss) for tax return purposes, December 31, 2016	$	406,626		$	(391,208	)	$	(293,139	)

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, 2017 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(51,336	)	$	(126,723	)	$	2,675,164
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			-			-
Other		65,984			708			3,509,504
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(112,755	)		(500,992	)		(164,034	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(61,003	)		(102,807	)		106,695
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		(6,578	)		(11,559	)		(2,896,130	)
Income (loss) for tax return purposes, December 31, 2016	$	(165,688	)	$	(741,373	)	$	3,231,199

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, 2017 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(64,444	)	$	(173,797	)	$	(103,851	)
Operating limited partnership rents received in advance		-			8,486			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(99,313	)		69,684
Other		87,980			97,387			21,360
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(198,898	)		(531,118	)		(187,074	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(70,559	)		(111,292	)		(104,590	)
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		(10,783	)		217,422			(285,411	)
Income (loss) for tax return purposes, December 31, 2016	$	(256,704	)	$	(592,225	)	$	(589,882	)

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, 2017 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	698,887		$	374,024		$	(94,282	)
Operating limited partnership rents received in advance		-			(1,053	)		3,591
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(593,524	)		(834,408	)
Other		1,772,400			76,514			116,153
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(497,487	)		(529,907	)		(297,842	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(120,866	)		(148,783	)		(122,731	)
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		(879,687	)		(580,023	)		(5,328	)
Income (loss) for tax return purposes, December 31, 2016	$	973,247		$	(1,402,752	)	$	(1,234,847	)

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, 2017 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	556,742		$	2,641,797		$	2,482,508
Operating limited partnership rents  received in advance		-			2,642			(1,519	)
Accrued partnership fund management  fee not deducted (deducted) for  income tax purposes		(248,259	)		(1,942,253	)		(525,031	)
Other		(1,066,168	)		1,264,928			889,821
Operating limited partnership losses not  recognized for financial reporting  purposes under equity method of  accounting		(136,875	)		(40,749	)		(131,250	)
Excess of tax depreciation over book  depreciation on operating limited  partnership assets		(70,296	)		(79,294	)		(29,683	)
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		(647,142	)		(2,304,632	)		(2,582,560	)
Income (loss) for tax return  purposes, December 31, 2016	$	(1,611,998	)	$	(457,561	)	$	102,286

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, 2017 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	2,213,042		$	3,212,273		$	1,554,531
Operating limited partnership rents received in advance		(6,374	)		-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(457,692	)		(504,647	)		(620,973	)
Other		1,380,551			2,040,553			(1,571,550	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(141,806	)		(144,427	)		(13,393	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(20,612	)		(112,811	)		(13,019	)
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		(1,854,291	)		(2,730,241	)		(1,069,742	)
Income (loss) for tax return purposes, December 31, 2016	$	1,112,818		$	1,760,700		$	(1,734,146	)

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, 2017 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(79,129	)	$	(137,219	)	$	(199,189	)
Operating limited partnership rents received in advance		(2,549	)		-			240
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(178,258	)		124,592			(2,141,040	)
Other		(2,082,251	)		(176,849	)		124,991
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(695,283	)		(535,125	)		(678,898	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(115,566	)		(207,789	)		(215,303	)
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		(158,655	)		(202,362	)		(67,226	)
Income (loss) for tax return purposes, December 31, 2016	$	(3,311,691	)	$	(1,134,752	)	$	(3,176,425	)

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, 2017 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(246,031	)	$	(231,517	)	$	(244,274	)
Operating limited partnership rents received in advance		(323	)		-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(2,289,322	)		239,076			282,759
Other		(137,271	)		(62,471	)		239,056
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(749,824	)		(596,043	)		(915,282	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(195,524	)		(295,249	)		(274,370	)
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		186,238			(128,192	)		(137,774	)
Income (loss) for tax return purposes, December 31, 2016	$	(3,432,057	)	$	(1,074,396	)	$	(1,049,885	)

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, 2017 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	171,768
Operating limited partnership rents received in advance		(2,628	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		236,084
Other		439,999
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(566,331	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(398,239	)
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		(488,173	)
Income (loss) for tax return purposes, December 31, 2016	$	(607,520	)

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, 2016 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	10,666,816		$	(66,671	)	$	279,798
Operating limited partnership rents received in advance		33,570			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(1,941,869	)		(62,628	)		19,976
Other		21,948,565			952			1,171,340
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(11,617,242	)		(109,408	)		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(4,565,374	)		(40,532	)		(35,256	)
Impairment loss not recognized for tax purposes		1,464,002			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(17,613,704	)		(4,798	)		(390,000	)
Income (loss) for tax return purposes, December 31, 2015	$	(1,625,236	)	$	(283,085	)	$	1,045,858

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, 2016 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	178,017		$	168,719		$	27,462
Operating limited partnership rents received in advance		-			-			358
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		9,937			(154,401	)		-
Other		634,033			573,118			157,886
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(57,309	)		(372,667	)		(146,078	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(11,278	)		(74,999	)		(39,106	)
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		(222,930	)		12,654			51,324
Income (loss) for tax return purposes, December 31, 2015	$	530,470		$	152,424		$	51,846

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, 2016 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	(33,376	)	$	(66,471	)	$	(152,027	)
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			-			-
Other		50,851			1,509,253			106,892
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(70,287	)		(461,073	)		(226,075	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(65,924	)		(123,216	)		(253,680	)
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		(14,657	)		(95,955	)		(20,623	)
Income (loss) for tax return purposes, December 31, 2015	$	(133,393	)	$	762,538		$	(545,513	)

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, 2016 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	1,295,112		$	355,117		$	191,558
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(236,133	)		(261,540	)
Other		751,162			1,907,192			(733,450	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(533,920	)		(442,926	)		(174,671	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(67,191	)		(128,069	)		(91,676	)
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		(1,394,145	)		(380,363	)		2,962
Income (loss) for tax return purposes, December 31, 2015	$	51,018		$	1,074,818		$	(1,066,817	)

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, 2016 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	1,144,794		$	615,369		$	1,023,616
Operating limited partnership rents received in advance		-			10,480			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(2,902,513	)		85,502			19,848
Other		5,881,305			2,948,629			358,642
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(551,230	)		(513,975	)		(250,938	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(136,785	)		(201,736	)		(124,116	)
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		(1,294,196	)		(878,598	)		(1,094,625	)
Income (loss) for tax return purposes, December 31, 2015	$	2,141,375		$	2,065,671		$	(67,573	)

 

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, 2016 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	316,271		$	1,374,252		$	444,498
Operating limited partnership rents received in advance		-			388			530
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(474,323	)		88,845			101,759
Other		3,365,399			(981,206	)		389,350
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(360,810	)		(403,942	)		(381,014	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(126,064	)		(131,468	)		(110,314	)
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		(333,873	)		(1,587,306	)		(659,104	)
Income (loss) for tax return purposes, December 31, 2015	$	2,386,600		$	(1,640,437	)	$	(214,295	)

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, 2016 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(161,074	)	$	(91,569	)	$	49,450
Operating limited partnership rents received in advance		1,620			7,881			7,879
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		157,320			139,400			93,229
Other		1,915,796			178,787			(1,089,112	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(973,078	)		(401,471	)		(283,760	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(159,522	)		(354,740	)		(255,315	)
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		(80,976	)		(178,037	)		(266,500	)
Income (loss) for tax return purposes, December 31, 2015	$	700,086		$	(699,749	)	$	(1,744,129	)

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, 2016 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	584,797		$	302,913		$	3,133,162
Operating limited partnership rents received in advance		255			-			1,603
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		193,581			228,916			42,892
Other		689,192			617,780			268,792
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(485,428	)		(652,535	)		(820,041	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(211,853	)		(250,072	)		(226,546	)
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		(1,904,213	)		(631,463	)		(3,303,390	)
Income (loss) for tax return purposes, December 31, 2015	$	(1,133,669	)	$	(384,461	)	$	(903,528	)

 

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, 2016 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	2,323,909		$	(323,040	)	$	(1,050,682	)
Operating limited partnership rents received in advance		718			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		206,108			254,628			283,200
Other		679,343			69,815			195,977
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(980,275	)		(612,970	)		(674,036	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(185,336	)		(455,768	)		(236,814	)
Impairment loss not recognized for tax purposes		-			-			661,498
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(2,689,401	)		(8,597	)		(136,780	)
Income (loss) for tax return purposes, December 31, 2015	$	(644,934	)	$	(1,075,932	)	$	(957,637	)

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, 2016 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(1,197,088	)
Operating limited partnership rents received in advance		1,858
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		224,528
Other		330,847
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(677,325	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(467,998	)
Impairment loss not recognized for tax purposes		802,504
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(110,114	)
Income (loss) for tax return purposes, December 31, 2015	$	(1,092,788	)

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, 2017 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2016	$	23,526,808		$	(1,140,956	)	$	(984,278	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		57,696,047			1,066,850			325,745
Impairment loss in investment in operating limited partnerships		(122,872,037	)		(337,192	)		(38,116	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2017		(183,255	)		(7,136	)		(15,685	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		40,854,170			(152,183	)		712,334
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, 2017 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2016	$	(876,538	)	$	1,392,317		$	(1,278,780	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		856,165			970,072			2,267,378
Impairment loss in investment in operating limited partnerships		(325,787	)		(2,213,351	)		(1,151,381	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2017		(7,927	)		5,691			(841	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		130,550			(154,729	)		163,624
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, 2017 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2016	$	(268,984	)	$	(5,065,008	)	$	(1,594,442	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		456,606			4,815,872			1,317,831
Impairment loss in investment in operating limited partnerships		(1,430,062	)		(1,350,275	)		(3,487,976	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		(31,239	)		(45,732	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,273,679			1,645,143			3,764,587
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, 2017 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2016	$	(1,601,638	)	$	(313,449	)	$	(1,084,631	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,819,446			3,478,199			2,083,473
Impairment loss in investment in operating limited partnerships		(930,910	)		(5,444,545	)		(2,194,151	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		(33,990	)		(39,537	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		747,092			2,319,332			1,195,309
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, 2017 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2016	$	(1,182,450	)	$	5,351,336		$	2,508,935
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,188,582			3,395,101			1,876,329
Impairment loss in investment in operating limited partnerships		(3,574,025	)		(9,175,569	)		(6,568,884	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2017		(6,859	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,574,752			245,019			2,183,620
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, 2017 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2016	$	1,488,403		$	(884,003	)	$	1,174,145
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,354,867			2,237,121			984,727
Impairment loss in investment in operating limited partnerships		(3,951,725	)		(2,462,259	)		(2,406,542	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,108,455			1,109,141			247,670
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, 2017 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2016	$	1,316,599		$	5,168,309		$	767,711
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,916,369			866,648			97,796
Impairment loss in investment in operating limited partnerships		(3,922,795	)		(7,194,962	)		(233,531	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		689,827			1,160,005			(631,976	)
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, 2017 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2016	$	1,822,558		$	(1,243,644	)	$	388,430
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,230,853			3,483,277			4,285,267
Impairment loss in investment in operating limited partnerships		(5,441,719	)		(5,854,800	)		(7,195,970	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,388,308			3,615,167			2,522,273
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, 2017 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2016	$	3,816,055		$	(1,407,277	)	$	10,366,187
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,434,039			4,416,600			2,226,331
Impairment loss in investment in operating limited partnerships		(11,001,252	)		(5,442,013	)		(16,541,124	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2017		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,751,158			2,432,690			3,948,606
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, 2017 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2016	$	6,891,901
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,244,503
Impairment loss in investment in operating limited partnerships		(13,001,121	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2017		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		4,864,717
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, 2016 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2015	$	42,328,796		$	(1,403,428	)	$	(930,445	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		72,745,706			988,006			307,183
Impairment loss in investment in operating limited partnerships		(161,650,983	)		(409,509	)		(38,116	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2016		(447,007	)		(62,488	)		(15,685	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		46,045,221			316,802			677,063
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, 2016 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2015	$	(1,342,882	)	$	1,555,007		$	(1,072,670	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		866,909			1,241,388			2,084,698
Impairment loss in investment in operating limited partnerships		(325,787	)		(4,061,633	)		(1,151,381	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2016		(7,927	)		(7,292	)		(841	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		586,150			1,272,530			140,194
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, 2016 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2015	$	(155,992	)	$	(4,443,416	)	$	(2,029,960	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		343,851			4,331,079			1,587,855
Impairment loss in investment in operating limited partnerships		(1,359,466	)		(1,822,975	)		(4,036,605	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		(31,239	)		(45,732	)		(195,417	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,202,846			1,981,044			4,674,127
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, 2016 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2015	$	(1,206,640	)	$	223,088		$	(814,327	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,842,764			2,951,824			1,907,676
Impairment loss in investment in operating limited partnerships		(2,158,606	)		(5,444,545	)		(2,194,151	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		(33,990	)		(39,537	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		556,472			2,309,170			1,100,802
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, 2016 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2015	$	(1,472,464	)	$	6,009,792		$	2,809,764
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,016,452			4,963,274			1,578,487
Impairment loss in investment in operating limited partnerships		(6,454,920	)		(13,361,331	)		(6,467,715	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2016		(6,859	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		3,917,791			2,204,152			2,079,464
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, 2016 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2015	$	3,684,015		$	1,050,380		$	2,972,631
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,642,674			3,423,568			2,019,997
Impairment loss in investment in operating limited partnerships		(6,843,156	)		(5,230,309	)		(6,862,772	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,516,467			756,361			1,870,144
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, 2016 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2015	$	1,963,079		$	5,210,561		$	2,593,091
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		7,434,593			4,229,837			3,894,615
Impairment loss in investment in operating limited partnerships		(7,809,397	)		(10,253,381	)		(4,561,508	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		(1,588,275	)		812,983			(1,926,198	)
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, 2016 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2015	$	4,806,539		$	(305,488	)	$	1,160,438
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,222,136			3,234,895			3,747,535
Impairment loss in investment in operating limited partnerships		(9,078,021	)		(6,847,483	)		(7,195,970	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,049,346			3,918,076			2,287,997
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, 2016 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2015	$	4,937,763		$	(644,029	)	$	11,346,861
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,960,406			4,381,035			1,542,238
Impairment loss in investment in operating limited partnerships		(10,917,292	)		(6,523,727	)		(16,411,048	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2016		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,019,123			2,786,721			3,521,949
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, 2016 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2015	$	7,827,528
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,000,731
Impairment loss in investment in operating limited partnerships		(13,830,179	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2016		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		5,001,920
Investments in operating limited partnerships - as reported	$	-

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	Mar. 31, 2017	Mar. 31, 2016
Capital Unit [Line Items]
Partners Capital Account Units Issued	83,651,080	83,651,080
Partners Capital Account Units Outstanding	83,310,666	83,428,546
Series Twenty [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,866,700	3,866,700
Partners Capital Account Units Outstanding	3,833,200	3,843,500
Series Twenty One [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	1,892,700	1,892,700
Partners Capital Account Units Outstanding	1,879,500	1,881,000
Series Twenty Two [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,564,400	2,564,400
Partners Capital Account Units Outstanding	2,557,045	2,559,800
Series Twenty Three [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,336,727	3,336,727
Partners Capital Account Units Outstanding	3,314,827	3,323,327
Series Twenty Four [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,169,878	2,169,878
Partners Capital Account Units Outstanding	2,154,253	2,158,878
Series Twenty Five [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,026,109	3,026,109
Partners Capital Account Units Outstanding	3,016,809	3,020,309
Series Twenty Six [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,995,900	3,995,900
Partners Capital Account Units Outstanding	3,977,000	3,983,600
Series Twenty Seven [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,460,700	2,460,700
Partners Capital Account Units Outstanding	2,446,400	2,453,500
Series Twenty Eight [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	4,000,738	4,000,738
Partners Capital Account Units Outstanding	3,990,738	3,994,238
Series Twenty Nine [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,991,800	3,991,800
Partners Capital Account Units Outstanding	3,965,300	3,980,400
Series Thirty [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,651,000	2,651,000
Partners Capital Account Units Outstanding	2,631,000	2,636,000
Series Thirty One [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	4,417,857	4,417,857
Partners Capital Account Units Outstanding	4,395,557	4,396,557
Series Thirty Two [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	4,754,198	4,754,198
Partners Capital Account Units Outstanding	4,740,198	4,740,698
Series Thirty Three [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,636,533	2,636,533
Partners Capital Account Units Outstanding	2,626,533	2,628,033
Series Thirty Four [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,529,319	3,529,319
Partners Capital Account Units Outstanding	3,517,419	3,523,019
Series Thirty Five [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,300,463	3,300,463
Partners Capital Account Units Outstanding	3,288,363	3,293,763
Series Thirty Six [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,106,838	2,106,838
Partners Capital Account Units Outstanding	2,095,704	2,098,204
Series Thirty Seven [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,512,500	2,512,500
Partners Capital Account Units Outstanding	2,495,600	2,507,500
Series Thirty Eight [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,543,100	2,543,100
Partners Capital Account Units Outstanding	2,540,100	2,540,100
Series Thirty Nine [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,292,151	2,292,151
Partners Capital Account Units Outstanding	2,288,351	2,290,151
Series Forty [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,630,256	2,630,256
Partners Capital Account Units Outstanding	2,622,756	2,623,756
Series Forty One [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	2,891,626	2,891,626
Partners Capital Account Units Outstanding	2,884,126	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	2,736,262	2,736,262
Series Forty Three [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	3,637,987	3,637,987
Partners Capital Account Units Outstanding	3,632,487	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	2,699,473	2,699,973
Series Forty Five [Member]
Capital Unit [Line Items]
Partners Capital Account Units Issued	4,014,367	4,014,367
Partners Capital Account Units Outstanding	4,009,667	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	2,971,998	2,971,998

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - shares	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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	83,399,076	83,533,996
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	3,840,925	3,854,150
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	1,880,625	1,886,400
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	2,559,111	2,560,550
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	3,321,202	3,330,752
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	2,157,722	2,161,503
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	3,019,434	3,023,459
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	3,981,950	3,988,925
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	2,451,725	2,458,150
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	3,993,363	3,997,613
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	3,976,625	3,987,225
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	2,634,750	2,641,250
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	4,396,307	4,406,457
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	4,740,573	4,746,323
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	2,627,658	2,633,658
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	3,521,619	3,523,169
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	3,292,413	3,295,263
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	2,097,579	2,101,429
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	2,504,525	2,511,250
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	2,540,100	2,542,350
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	2,289,701	2,290,901
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	2,623,506	2,627,506
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	2,889,751	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	2,736,262	2,742,262
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	3,636,612	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	2,699,848	2,701,473
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	4,013,192	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	2,971,998	2,977,998

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	12 Months Ended
	Mar. 31, 2017 USD ($) shares	Mar. 31, 2016 USD ($) shares
Organization And Summary Of Significant Accounting Policy [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	101,500,000
Deferred Tax Assets, Valuation Allowance	$ 401,660	$ 603,571
Impairment loss	$ 0	$ 1,464,002
Amortization Period Of Acquisition Costs Straight Line Method	27 years 6 months

XML

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 2,983,342	$ 3,693,542
Asset Management and Reporting Fee	513,479	629,524
Fund Management Fee net of Asset Management and Reporting Fee	2,469,863	3,064,018
Series Twenty [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	24,843	32,952
Asset Management and Reporting Fee	1,367	4,547
Fund Management Fee net of Asset Management and Reporting Fee	23,476	28,405
Series Twenty One [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	10,872	23,153
Asset Management and Reporting Fee	2,051	2,051
Fund Management Fee net of Asset Management and Reporting Fee	8,821	21,102
Series Twenty Two [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	29,208	42,810
Asset Management and Reporting Fee	1,100	5,911
Fund Management Fee net of Asset Management and Reporting Fee	28,108	36,899
Series Twenty Three [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	37,362	61,058
Asset Management and Reporting Fee	5,080	17,569
Fund Management Fee net of Asset Management and Reporting Fee	32,282	43,489
Series Twenty Four [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	50,352	50,352
Asset Management and Reporting Fee	10,067	5,858
Fund Management Fee net of Asset Management and Reporting Fee	40,285	44,494
Series Twenty Five [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	23,736	23,736
Asset Management and Reporting Fee	7,360	7,360
Fund Management Fee net of Asset Management and Reporting Fee	16,376	16,376
Series Twenty Six [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	93,076	103,978
Asset Management and Reporting Fee	5,341	21,841
Fund Management Fee net of Asset Management and Reporting Fee	87,735	82,137
Series Twenty Seven [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	116,442	153,432
Asset Management and Reporting Fee	16,630	21,380
Fund Management Fee net of Asset Management and Reporting Fee	99,812	132,052
Series Twenty Eight [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	44,679	97,548
Asset Management and Reporting Fee	23,000	10,250
Fund Management Fee net of Asset Management and Reporting Fee	21,679	87,298
Series Twenty Nine [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	82,187	87,860
Asset Management and Reporting Fee	7,655	14,619
Fund Management Fee net of Asset Management and Reporting Fee	74,532	73,241
Series Thirty [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	69,684	84,544
Asset Management and Reporting Fee	10,216	39,690
Fund Management Fee net of Asset Management and Reporting Fee	59,468	44,854
Series Thirty One [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	134,262	172,957
Asset Management and Reporting Fee	13,000	34,914
Fund Management Fee net of Asset Management and Reporting Fee	121,262	138,043
Series Thirty Two [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	163,266	203,918
Asset Management and Reporting Fee	18,460	19,042
Fund Management Fee net of Asset Management and Reporting Fee	144,806	184,876
Series Thirty Three [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	65,592	72,927
Asset Management and Reporting Fee	8,670	20,420
Fund Management Fee net of Asset Management and Reporting Fee	56,922	52,507
Series Thirty Four [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	70,741	115,404
Asset Management and Reporting Fee	29,315	32,215
Fund Management Fee net of Asset Management and Reporting Fee	41,426	83,189
Series Thirty Five [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	93,350	132,845
Asset Management and Reporting Fee	49,903	16,403
Fund Management Fee net of Asset Management and Reporting Fee	43,447	116,442
Series Thirty Six [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	46,580	126,759
Asset Management and Reporting Fee	41,910	10,242
Fund Management Fee net of Asset Management and Reporting Fee	4,670	116,517
Series Thirty Seven [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	117,308	157,320
Asset Management and Reporting Fee	10,518	11,514
Fund Management Fee net of Asset Management and Reporting Fee	106,790	145,806
Series Thirty Eight [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	130,774	164,400
Asset Management and Reporting Fee	27,354	20,692
Fund Management Fee net of Asset Management and Reporting Fee	103,420	143,708
Series Thirty Nine [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	56,801	123,228
Asset Management and Reporting Fee	4,200	11,135
Fund Management Fee net of Asset Management and Reporting Fee	52,601	112,093
Series Forty [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	137,464	193,581
Asset Management and Reporting Fee	11,425	13,204
Fund Management Fee net of Asset Management and Reporting Fee	126,039	180,377
Series Forty One [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	224,592	228,916
Asset Management and Reporting Fee	27,952	44,348
Fund Management Fee net of Asset Management and Reporting Fee	196,640	184,568
Series Forty Two [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	171,480	196,400
Asset Management and Reporting Fee	19,180	39,673
Fund Management Fee net of Asset Management and Reporting Fee	152,300	156,727
Series Forty Three [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	230,772	256,108
Asset Management and Reporting Fee	40,748	62,264
Fund Management Fee net of Asset Management and Reporting Fee	190,024	193,844
Series Forty Four [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	239,076	254,628
Asset Management and Reporting Fee	32,904	34,849
Fund Management Fee net of Asset Management and Reporting Fee	206,172	219,779
Series Forty Five [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	282,759	283,200
Asset Management and Reporting Fee	59,598	76,242
Fund Management Fee net of Asset Management and Reporting Fee	223,161	206,958
Series Forty Six [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	236,084	249,528
Asset Management and Reporting Fee	28,475	31,291
Fund Management Fee net of Asset Management and Reporting Fee	$ 207,609	$ 218,237

XML

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Fund management fees paid	$ 12,513,582	$ 5,635,411
Series Twenty [Member]
Related Party Transaction [Line Items]
Fund management fees paid	0	95,580
Series Twenty One [Member]
Related Party Transaction [Line Items]
Fund management fees paid	150,000	3,177
Series Twenty Two [Member]
Related Party Transaction [Line Items]
Fund management fees paid	0	32,873
Series Twenty Three [Member]
Related Party Transaction [Line Items]
Fund management fees paid	0	215,459
Series Twenty Four [Member]
Related Party Transaction [Line Items]
Fund management fees paid	50,352	50,352
Series Twenty Five [Member]
Related Party Transaction [Line Items]
Fund management fees paid	23,736	23,736
Series Twenty Six [Member]
Related Party Transaction [Line Items]
Fund management fees paid	93,076	103,978
Series Twenty Seven [Member]
Related Party Transaction [Line Items]
Fund management fees paid	116,442	153,432
Series Twenty Eight [Member]
Related Party Transaction [Line Items]
Fund management fees paid	44,679	97,548
Series Twenty Nine [Member]
Related Party Transaction [Line Items]
Fund management fees paid	181,500	323,993
Series Thirty [Member]
Related Party Transaction [Line Items]
Fund management fees paid	0	346,084
Series Thirty One [Member]
Related Party Transaction [Line Items]
Fund management fees paid	134,262	3,075,470
Series Thirty Two [Member]
Related Party Transaction [Line Items]
Fund management fees paid	756,790	118,416
Series Thirty Three [Member]
Related Party Transaction [Line Items]
Fund management fees paid	900,000	53,079
Series Thirty Four [Member]
Related Party Transaction [Line Items]
Fund management fees paid	319,000	589,727
Series Thirty Five [Member]
Related Party Transaction [Line Items]
Fund management fees paid	2,035,603	44,000
Series Thirty Six [Member]
Related Party Transaction [Line Items]
Fund management fees paid	571,611	25,000
Series Thirty Seven [Member]
Related Party Transaction [Line Items]
Fund management fees paid	575,000	0
Series Thirty Eight [Member]
Related Party Transaction [Line Items]
Fund management fees paid	635,421	25,000
Series Thirty Nine [Member]
Related Party Transaction [Line Items]
Fund management fees paid	677,774	29,999
Series Forty [Member]
Related Party Transaction [Line Items]
Fund management fees paid	315,722	0
Series Forty One [Member]
Related Party Transaction [Line Items]
Fund management fees paid	100,000	0
Series Forty Two [Member]
Related Party Transaction [Line Items]
Fund management fees paid	2,312,520	153,508
Series Forty Three [Member]
Related Party Transaction [Line Items]
Fund management fees paid	2,520,094	50,000
Series Forty Four [Member]
Related Party Transaction [Line Items]
Fund management fees paid	0	0
Series Forty Five [Member]
Related Party Transaction [Line Items]
Fund management fees paid	0	0
Series Forty Six [Member]
Related Party Transaction [Line Items]
Fund management fees paid	$ 0	$ 25,000

XML

RELATED PARTY TRANSACTIONS (Details 2) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	$ 481,167	$ 583,915
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	0	0
Series Thirty Four [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	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	0	0
Series Forty One [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
Series Forty Two [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	0	0
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	206,053	191,791
Series Forty Five [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	54,659	38,091
Series Forty Six [Member]
Advances From Affiliate [Line Items]
Advances From The Affiliate Of General Partner	$ 0	$ 0

XML

RELATED PARTY TRANSACTIONS (Details 3) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	$ 452,767	$ 335,752
Series Twenty [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	16,622	12,732
Series Twenty One [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	13,370	10,033
Series Twenty Two [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	14,832	11,286
Series Twenty Three [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	16,444	12,754
Series Twenty Four [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	14,350	12,258
Series Twenty Five [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	15,309	12,389
Series Twenty Six [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	18,547	15,060
Series Twenty Seven [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	40,226	11,955
Series Twenty Eight [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	16,420	13,986
Series Twenty Nine [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	17,578	13,243
Series Thirty [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	14,993	11,526
Series Thirty One [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	18,151	15,216
Series Thirty Two [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	17,965	14,108
Series Thirty Three [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	14,218	10,788
Series Thirty Four [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	15,394	12,228
Series Thirty Five [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	15,420	11,982
Series Thirty Six [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	13,183	10,821
Series Thirty Seven [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	13,591	10,713
Series Thirty Eight [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	14,212	11,412
Series Thirty Nine [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	13,065	10,834
Series Forty [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	15,081	11,475
Series Forty One [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	16,909	13,418
Series Forty Two [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	16,382	13,235
Series Forty Three [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	18,397	14,178
Series Forty Four [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	14,621	10,671
Series Forty Five [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	20,809	14,906
Series Forty Six [Member]
General Administrative Expenses [Line Items]
General Administrative and Professional Fee Amount Paid	$ 16,678	$ 12,545

XML

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Percentage Of Annual Management Fee	0.50%
Accrued Management Fees	$ 39,156,659	$ 48,686,899
Series Thirty Three [Member]
Related Party Transaction [Line Items]
Repayment Of Advance From Affiliate		54,660
Series Thirty Four [Member]
Related Party Transaction [Line Items]
Repayment Of Advance From Affiliate	133,578
Series Forty [Member]
Related Party Transaction [Line Items]
Repayment Of Advance From Affiliate		370,404
Series Forty One [Member]
Related Party Transaction [Line Items]
Repayment Of Advance From Affiliate		359,757
Series Forty Two [Member]
Related Party Transaction [Line Items]
Repayment Of Advance From Affiliate		221,615
Series Forty Four [Member]
Related Party Transaction [Line Items]
Proceeds from Collection of Advance From An Affiliate	14,262	103,171
Series Forty Five [Member]
Related Party Transaction [Line Items]
Proceeds from Collection of Advance From An Affiliate	$ 16,568	$ 14,906

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details) - Number	Mar. 31, 2017	Mar. 31, 2016
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	209	258
Series Twenty [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	3	4
Series Twenty One [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	2	2
Series Twenty Two [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	3	3
Series Twenty Three [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	4	6
Series Twenty Four [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	6	6
Series Twenty Five [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	4	4
Series Twenty Six [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	13	14
Series Twenty Seven [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	5	7
Series Twenty Eight [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	5	6
Series Twenty Nine [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	8	8
Series Thirty [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	8	8
Series Thirty One [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	10	17
Series Thirty Two [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	7	10
Series Thirty Three [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	5	5
Series Thirty Four [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	4	7
Series Thirty Five [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	3	6
Series Thirty Six [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	3	7
Series Thirty Seven [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	2	6
Series Thirty Eight [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	4	8
Series Thirty Nine [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	1	7
Series Forty [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	10	14
Series Forty One [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	17	18
Series Forty Two [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	15	15
Series Forty Three [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	19	19
Series Forty Four [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	7	8
Series Forty Five [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	27	28
Series Forty Six [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	14	15

XML

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 1)		12 Months Ended
		Mar. 31, 2017 USD ($) Number	Mar. 31, 2016 USD ($) Number
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		35	44
Sale of Underlying Operating Partnership | Number		14	4
Fund Proceeds from Disposition | $		$ 18,806,644	$ 15,750,871	[1]
Gain on Disposition | $		$ 18,806,644	15,520,223
Series Twenty [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		0
Sale of Underlying Operating Partnership | Number		1
Fund Proceeds from Disposition | $		$ 138,000	0
Gain on Disposition | $		138,000	$ 0
Series Twenty One [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number			2
Sale of Underlying Operating Partnership | Number			0
Fund Proceeds from Disposition | $		0	$ 326,273	[1]
Gain on Disposition | $		0	$ 326,273
Series Twenty Two [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number			3
Sale of Underlying Operating Partnership | Number			0
Fund Proceeds from Disposition | $		0	$ 238,796	[1]
Gain on Disposition | $		$ 0	$ 248,148
Series Twenty Three [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		2	3
Sale of Underlying Operating Partnership | Number		0	0
Fund Proceeds from Disposition | $		$ 488,550	$ 247,429	[1]
Gain on Disposition | $		488,550	$ 247,429
Series Twenty Four [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number			0
Sale of Underlying Operating Partnership | Number			0
Fund Proceeds from Disposition | $		0	$ 96,715	[1]
Gain on Disposition | $		$ 0	$ 16,675
Series Twenty Six [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		1	3
Sale of Underlying Operating Partnership | Number		0	0
Fund Proceeds from Disposition | $		$ 18,500	$ 128,000	[1]
Gain on Disposition | $		$ 18,500	59,000
Series Twenty Seven [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		1
Sale of Underlying Operating Partnership | Number		1
Fund Proceeds from Disposition | $		$ 3,016,000	0
Gain on Disposition | $		$ 3,016,000	$ 0
Series Twenty Eight [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		1	5
Sale of Underlying Operating Partnership | Number		0	0
Fund Proceeds from Disposition | $		$ 5,000	$ 1,405,521	[1]
Gain on Disposition | $		5,000	$ 1,405,521
Series Twenty Nine [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number			1
Sale of Underlying Operating Partnership | Number			1
Fund Proceeds from Disposition | $		0	$ 199,000	[1]
Gain on Disposition | $		0	$ 199,000
Series Thirty [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number			3
Sale of Underlying Operating Partnership | Number			0
Fund Proceeds from Disposition | $		0	$ 324,454	[1]
Gain on Disposition | $		$ 0	$ 273,454
Series Thirty One [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		7	1
Sale of Underlying Operating Partnership | Number		0	1
Fund Proceeds from Disposition | $		$ 877,411	$ 1,328,188	[1]
Gain on Disposition | $		$ 877,411	$ 1,328,188
Series Thirty Two [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		2	0
Sale of Underlying Operating Partnership | Number		1	1
Fund Proceeds from Disposition | $		$ 569,552	$ 825,886	[1]
Gain on Disposition | $		569,552	$ 825,886
Series Thirty Three [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number			1
Sale of Underlying Operating Partnership | Number			0
Fund Proceeds from Disposition | $		0	$ 1,097,000	[1]
Gain on Disposition | $		$ 0	$ 1,097,000
Series Thirty Four [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		3	2
Sale of Underlying Operating Partnership | Number		0	0
Fund Proceeds from Disposition | $		$ 630,691	$ 328,000	[1]
Gain on Disposition | $		$ 630,691	$ 328,000
Series Thirty Five [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		1	2
Sale of Underlying Operating Partnership | Number		2	1
Fund Proceeds from Disposition | $		$ 2,720,765	$ 1,504,603	[1]
Gain on Disposition | $		$ 2,720,765	$ 1,504,603
Series Thirty Six [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		3	2
Sale of Underlying Operating Partnership | Number		1	0
Fund Proceeds from Disposition | $		$ 2,515,373	$ 571,611	[1]
Gain on Disposition | $		$ 2,515,373	571,611
Series Thirty Seven [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		3
Sale of Underlying Operating Partnership | Number		1
Fund Proceeds from Disposition | $		$ 2,349,732	0
Gain on Disposition | $		$ 2,349,732	$ 0
Series Thirty Eight [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		1	2
Sale of Underlying Operating Partnership | Number		3	0
Fund Proceeds from Disposition | $		$ 3,273,698	$ 32,421	[1]
Gain on Disposition | $		$ 3,273,698	$ 32,421
Series Thirty Nine [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		4	2
Sale of Underlying Operating Partnership | Number		2	0
Fund Proceeds from Disposition | $		$ 1,645,989	$ 102,774	[1]
Gain on Disposition | $		$ 1,645,989	$ 102,774
Series Forty [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		4	2
Sale of Underlying Operating Partnership | Number		0	0
Fund Proceeds from Disposition | $		$ 93,700	$ 790,011	[1]
Gain on Disposition | $		$ 93,700	$ 790,011
Series Forty One [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		1	1
Sale of Underlying Operating Partnership | Number		0	0
Fund Proceeds from Disposition | $		$ 70,500	$ 457,440	[1]
Gain on Disposition | $		70,500	$ 457,440
Series Fourty Two [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number			5
Sale of Underlying Operating Partnership | Number			0
Fund Proceeds from Disposition | $	[1]		$ 3,254,655
Gain on Disposition | $			$ 3,214,695
Series Forty Three [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number			4
Sale of Underlying Operating Partnership | Number			0
Fund Proceeds from Disposition | $		0	$ 2,492,094	[1]
Gain on Disposition | $		$ 0	2,492,094
Series Forty Four [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		0
Sale of Underlying Operating Partnership | Number		1
Fund Proceeds from Disposition | $		$ 0	0
Gain on Disposition | $		$ 0
Series Forty Five [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		1
Sale of Underlying Operating Partnership | Number		0
Fund Proceeds from Disposition | $		$ 0	0
Gain on Disposition | $		$ 0
Series Forty Six [Member]
Dispositions By Series Disclosure [Line Items]
Operating Partnership Interest Transferred | Number		0
Sale of Underlying Operating Partnership | Number		1
Fund Proceeds from Disposition | $		$ 393,183	0
Gain on Disposition | $		$ 393,183	$ 0

[1] Partnership proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015. Partnership proceeds from disposition does not include $9,352 which was due to a writeoff of capital contribution payable Series 22.

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 2) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Contributions Payable [Line Items]
Capital contributions payable	$ 578,113	$ 578,113
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	0	0
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	0
Series Twenty Seven [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
Series Twenty Eight [Member]
Contributions Payable [Line Items]
Capital contributions payable	0	0
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	105,139
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	1,229
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

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 3) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
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	$ 226,703,371		$ 303,772,168
Acquisition costs of operating limited partnerships	9,097,175		12,667,316
Cumulative distributions from operating limited partnerships	(1,675,040)		(2,477,305)
Cumulative impairment loss in investments in operating limited partnerships	(122,872,037)		(161,650,983)
Cumulative losses from operating limited partnerships	(111,253,469)		(152,311,196)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(1,145,457)		(1,202,653)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(1,902,879)		(3,413,891)
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).	183,255		447,007
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(57,696,047)		(72,745,706)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	357,746		884,505
Cumulative impairment loss in investments in operating limited partnerships	122,872,037		161,650,983
Other	(1,455,539)		(1,837,057)
Equity per operating limited partnerships' combined financial statements	61,213,116	$ 61,213,116	83,783,188	$ 83,783,188
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	1,140,993		1,510,993
Acquisition costs of operating limited partnerships	162,528		215,748
Cumulative distributions from operating limited partnerships	0		(7,394)
Cumulative impairment loss in investments in operating limited partnerships	(337,192)		(409,509)
Cumulative losses from operating limited partnerships	(966,329)		(1,309,838)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 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).	7,136		62,488
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,066,850)		(988,006)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		6,576
Cumulative impairment loss in investments in operating limited partnerships	337,192		409,509
Other	(2,935)		(11,516)
Equity per operating limited partnerships' combined financial statements	(725,457)	(725,457)	(520,949)	(520,949)
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	524,510		524,510
Acquisition costs of operating limited partnerships	85,843		85,843
Cumulative distributions from operating limited partnerships	(22,441)		(22,441)
Cumulative impairment loss in investments in operating limited partnerships	(38,116)		(38,116)
Cumulative losses from operating limited partnerships	(549,796)		(549,796)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 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).	15,685		15,685
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(325,745)		(307,183)
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	38,116		38,116
Other	(43,375)		(42,053)
Equity per operating limited partnerships' combined financial statements	(315,319)	(315,319)	(295,435)	(295,435)
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	755,045		755,045
Acquisition costs of operating limited partnerships	78,016		78,016
Cumulative distributions from operating limited partnerships	0		0
Cumulative impairment loss in investments in operating limited partnerships	(325,787)		(325,787)
Cumulative losses from operating limited partnerships	(507,274)		(507,274)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(39,009)		(39,009)
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).	7,927		7,927
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(856,165)		(866,909)
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	325,787		325,787
Other	1,125		1,125
Equity per operating limited partnerships' combined financial statements	(560,335)	(560,335)	(571,079)	(571,079)
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	3,303,139		4,968,423
Acquisition costs of operating limited partnerships	482,854		727,246
Cumulative distributions from operating limited partnerships	0		0
Cumulative impairment loss in investments in operating limited partnerships	(2,213,351)		(4,061,633)
Cumulative losses from operating limited partnerships	(1,572,642)		(1,634,036)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		(11,581)
The Fund has recorded acquisition costs at March 31, 2017 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).	(5,691)		7,292
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(970,072)		(1,241,388)
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	2,213,351		4,061,633
Other	(97,940)		(133,388)
Equity per operating limited partnerships' combined financial statements	1,111,952	1,111,952	2,654,872	2,654,872
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		2,879,744
Acquisition costs of operating limited partnerships	310,375		310,375
Cumulative distributions from operating limited partnerships	(34,932)		(34,932)
Cumulative impairment loss in investments in operating limited partnerships	(1,151,381)		(1,151,381)
Cumulative losses from operating limited partnerships	(2,003,806)		(2,003,806)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(30,158)		(30,158)
The Fund has recorded acquisition costs at March 31, 2017 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).	(2,267,378)		(2,084,698)
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		1,151,381
Other	107,836		115,558
Equity per operating limited partnerships' combined financial statements	(1,122,338)	(1,122,338)	(931,936)	(931,936)
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		1,438,868
Acquisition costs of operating limited partnerships	167,460		167,460
Cumulative distributions from operating limited partnerships	(57,503)		(57,503)
Cumulative impairment loss in investments in operating limited partnerships	(1,430,062)		(1,359,466)
Cumulative losses from operating limited partnerships	(118,763)		(189,359)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 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).	(456,606)		(343,851)
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	1,430,062		1,359,466
Other	(78,352)		(67,544)
Equity per operating limited partnerships' combined financial statements	926,343	926,343	979,310	979,310
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	5,164,819		5,527,557
Acquisition costs of operating limited partnerships	772,454		824,628
Cumulative distributions from operating limited partnerships	(30,449)		(40,236)
Cumulative impairment loss in investments in operating limited partnerships	(1,350,275)		(1,822,975)
Cumulative losses from operating limited partnerships	(4,556,549)		(4,488,974)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(51,000)		(51,000)
The Fund has recorded acquisition costs at March 31, 2017 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).	45,732		45,732
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(4,815,872)		(4,331,079)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	171,816		171,816
Cumulative impairment loss in investments in operating limited partnerships	1,350,275		1,822,975
Other	(94,916)		(115,347)
Equity per operating limited partnerships' combined financial statements	(3,453,802)	(3,453,802)	(2,516,740)	(2,516,740)
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	5,994,660		8,111,853
Acquisition costs of operating limited partnerships	813,797		1,143,307
Cumulative distributions from operating limited partnerships	(1,096)		(14,167)
Cumulative impairment loss in investments in operating limited partnerships	(3,487,976)		(4,036,605)
Cumulative losses from operating limited partnerships	(3,319,385)		(5,204,388)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		(39,446)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(222,527)		(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).	0		195,417
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,317,831)		(1,587,855)
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	3,487,976		4,036,605
Other	(84,291)		(291,605)
Equity per operating limited partnerships' combined financial statements	1,863,327	1,863,327	1,863,912	1,863,912
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	2,736,848		5,944,962
Acquisition costs of operating limited partnerships	388,894		850,335
Cumulative distributions from operating limited partnerships	(5,079)		(110,655)
Cumulative impairment loss in investments in operating limited partnerships	(930,910)		(2,158,606)
Cumulative losses from operating limited partnerships	(2,189,753)		(4,526,036)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(12,030)		(12,030)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(62,189)		(62,189)
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).	33,990		33,990
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,819,446)		(2,842,764)
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	930,910		2,158,606
Other	(45,965)		(90,515)
Equity per operating limited partnerships' combined financial statements	(974,730)	(974,730)	(814,902)	(814,902)
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	9,231,659		9,231,659
Acquisition costs of operating limited partnerships	1,333,588		1,333,588
Cumulative distributions from operating limited partnerships	(14,324)		(14,324)
Cumulative impairment loss in investments in operating limited partnerships	(5,444,545)		(5,444,545)
Cumulative losses from operating limited partnerships	(5,106,378)		(5,106,378)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 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		39,537
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(3,478,199)		(2,951,824)
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	5,444,545		5,444,545
Other	(30,529)		(30,530)
Equity per operating limited partnerships' combined financial statements	1,386,265	1,386,265	1,912,639	1,912,639
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	5,493,284		5,493,284
Acquisition costs of operating limited partnerships	667,262		667,262
Cumulative distributions from operating limited partnerships	(29,318)		(29,318)
Cumulative impairment loss in investments in operating limited partnerships	(2,194,151)		(2,194,151)
Cumulative losses from operating limited partnerships	(3,937,077)		(3,937,077)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(112,197)		(112,197)
The Fund has recorded acquisition costs at March 31, 2017 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).	(2,083,473)		(1,907,676)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	1,092		1,092
Cumulative impairment loss in investments in operating limited partnerships	2,194,151		2,194,151
Other	(21,265)		(18,522)
Equity per operating limited partnerships' combined financial statements	(257,393)	(257,393)	(78,853)	(78,853)
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	5,898,003		11,532,547
Acquisition costs of operating limited partnerships	826,360		1,632,942
Cumulative distributions from operating limited partnerships	(31,355)		(31,404)
Cumulative impairment loss in investments in operating limited partnerships	(3,574,025)		(6,454,920)
Cumulative losses from operating limited partnerships	(3,118,983)		(6,679,165)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(47,462)		(47,462)
The Fund has recorded acquisition costs at March 31, 2017 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).	6,859		6,859
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(3,188,582)		(4,016,452)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		8,501
Cumulative impairment loss in investments in operating limited partnerships	3,574,025		6,454,920
Other	(50,995)		(36,552)
Equity per operating limited partnerships' combined financial statements	216,245	216,245	2,292,214	2,292,214
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	14,149,131		22,949,966
Acquisition costs of operating limited partnerships	1,645,450		2,929,785
Cumulative distributions from operating limited partnerships	(45,614)		(101,208)
Cumulative impairment loss in investments in operating limited partnerships	(9,175,569)		(13,361,331)
Cumulative losses from operating limited partnerships	(6,573,398)		(12,417,212)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(172,318)		(172,318)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).	0		(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).	(3,395,101)		(4,963,274)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	29,991		38,357
Cumulative impairment loss in investments in operating limited partnerships	9,175,569		13,361,331
Other	251,165		284,785
Equity per operating limited partnerships' combined financial statements	5,889,306	5,889,306	7,264,546	7,264,546
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	8,367,365		8,367,365
Acquisition costs of operating limited partnerships	950,957		950,957
Cumulative distributions from operating limited partnerships	(3,170)		(3,170)
Cumulative impairment loss in investments in operating limited partnerships	(6,568,884)		(6,467,715)
Cumulative losses from operating limited partnerships	(2,746,268)		(2,847,437)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(179,468)		(179,468)
The Fund has recorded acquisition costs at March 31, 2017 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).	(1,876,329)		(1,578,487)
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	6,568,884		6,467,715
Other	(13,716)		(13,716)
Equity per operating limited partnerships' combined financial statements	4,341,862	4,341,862	4,538,535	4,538,535
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	6,257,458		11,227,571
Acquisition costs of operating limited partnerships	411,337		749,824
Cumulative distributions from operating limited partnerships	(20,308)		(20,308)
Cumulative impairment loss in investments in operating limited partnerships	(3,951,725)		(6,843,156)
Cumulative losses from operating limited partnerships	(2,696,762)		(5,113,931)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		(6,069)
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A).	(288,550)		(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).	0		0
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(1,354,867)		(1,642,674)
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	3,951,725		6,843,156
Other	(139,920)		(194,626)
Equity per operating limited partnerships' combined financial statements	2,168,388	2,168,388	4,711,237	4,711,237
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	5,386,247		10,781,284
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(2,459)		(5,084)
Cumulative impairment loss in investments in operating limited partnerships	(2,462,259)		(5,230,309)
Cumulative losses from operating limited partnerships	(2,921,529)		(5,545,891)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 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).	(2,237,121)		(3,423,568)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	3,300		78,017
Cumulative impairment loss in investments in operating limited partnerships	2,462,259		5,230,309
Other	2,467		(24,491)
Equity per operating limited partnerships' combined financial statements	230,905	230,905	1,860,267	1,860,267
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	4,276,900		12,307,640
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(27,291)		(100,055)
Cumulative impairment loss in investments in operating limited partnerships	(2,406,542)		(6,862,772)
Cumulative losses from operating limited partnerships	(1,843,067)		(5,344,813)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 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).	(984,727)		(2,019,997)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		1,370
Cumulative impairment loss in investments in operating limited partnerships	2,406,542		6,862,772
Other	(33,040)		(126,915)
Equity per operating limited partnerships' combined financial statements	1,388,775	1,388,775	4,717,230	4,717,230
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	7,549,550		16,058,621
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(65,908)		(202,524)
Cumulative impairment loss in investments in operating limited partnerships	(3,922,795)		(7,809,397)
Cumulative losses from operating limited partnerships	(3,560,847)		(8,046,700)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(155,365)		(155,365)
The Fund has recorded acquisition costs at March 31, 2017 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).	(1,916,369)		(7,434,593)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	13,201		289,911
Cumulative impairment loss in investments in operating limited partnerships	3,922,795		7,809,397
Other	(12,299)		(109,071)
Equity per operating limited partnerships' combined financial statements	1,851,963	1,851,963	400,279	400,279
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	9,815,140		17,940,834
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(359,635)		(515,435)
Cumulative impairment loss in investments in operating limited partnerships	(7,194,962)		(10,253,381)
Cumulative losses from operating limited partnerships	(2,260,543)		(7,172,018)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 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).	(866,648)		(4,229,837)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		59,461
Cumulative impairment loss in investments in operating limited partnerships	7,194,962		10,253,381
Other	(233,707)		(209,729)
Equity per operating limited partnerships' combined financial statements	6,094,607	6,094,607	5,873,276	5,873,276
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	671,150		10,069,655
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	0		(224,758)
Cumulative impairment loss in investments in operating limited partnerships	(233,531)		(4,561,508)
Cumulative losses from operating limited partnerships	(437,619)		(5,283,389)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 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).	(97,796)		(3,894,615)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		74,689
Cumulative impairment loss in investments in operating limited partnerships	233,531		4,561,508
Other	(72,294)		(106,547)
Equity per operating limited partnerships' combined financial statements	63,441	63,441	635,035	635,035
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	11,579,898		16,293,231
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(22,466)		(25,813)
Cumulative impairment loss in investments in operating limited partnerships	(5,441,719)		(9,078,021)
Cumulative losses from operating limited partnerships	(6,115,713)		(7,189,397)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(16,841)		(16,841)
The Fund has recorded acquisition costs at March 31, 2017 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).	(2,230,853)		(2,222,136)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	32,119		47,439
Cumulative impairment loss in investments in operating limited partnerships	5,441,719		9,078,021
Other	(72,329)		(111,940)
Equity per operating limited partnerships' combined financial statements	3,153,815	3,153,815	6,774,543	6,774,543
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	15,436,181		16,713,252
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(38,570)		(50,099)
Cumulative impairment loss in investments in operating limited partnerships	(5,854,800)		(6,847,483)
Cumulative losses from operating limited partnerships	(9,542,811)		(9,815,670)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(33,807)		(33,807)
The Fund has recorded acquisition costs at March 31, 2017 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).	(3,483,277)		(3,234,895)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	0		1,049
Cumulative impairment loss in investments in operating limited partnerships	5,854,800		6,847,483
Other	(325,495)		(294,216)
Equity per operating limited partnerships' combined financial statements	2,012,221	2,012,221	3,285,614	3,285,614
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	16,067,004		16,067,004
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(20,956)		(20,956)
Cumulative impairment loss in investments in operating limited partnerships	(7,195,970)		(7,195,970)
Cumulative losses from operating limited partnerships	(8,850,078)		(8,850,078)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(76,678)		(76,678)
The Fund has recorded acquisition costs at March 31, 2017 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).	(4,285,267)		(3,747,535)
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	7,195,970		7,195,970
Other	(21,834)		(17,777)
Equity per operating limited partnerships' combined financial statements	2,832,203	2,832,203	3,373,992	3,373,992
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	23,300,481		23,300,481
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(271,984)		(271,984)
Cumulative impairment loss in investments in operating limited partnerships	(11,001,252)		(10,917,292)
Cumulative losses from operating limited partnerships	(12,027,245)		(12,111,205)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(121,319)		(121,319)
The Fund has recorded acquisition costs at March 31, 2017 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).	(4,434,039)		(3,960,406)
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	11,001,252		10,917,292
Other	(50,452)		(21,080)
Equity per operating limited partnerships' combined financial statements	6,395,442	6,395,442	6,814,487	6,814,487
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	13,739,925		15,745,838
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(49,115)		(49,763)
Cumulative impairment loss in investments in operating limited partnerships	(5,442,013)		(6,523,727)
Cumulative losses from operating limited partnerships	(8,248,797)		(9,172,348)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	0		0
The Fund has recorded acquisition costs at March 31, 2017 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).	(4,416,600)		(4,381,035)
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	5,442,013		6,523,727
Other	(90,418)		(64,791)
Equity per operating limited partnerships' combined financial statements	934,995	934,995	2,077,901	2,077,901
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	25,600,776		25,706,915
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(320,688)		(320,692)
Cumulative impairment loss in investments in operating limited partnerships	(16,541,124)		(16,411,048)
Cumulative losses from operating limited partnerships	(8,738,964)		(8,975,175)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(129,725)		(129,725)
The Fund has recorded acquisition costs at March 31, 2017 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).	(2,226,331)		(1,542,238)
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	16,541,124		16,411,048
Other	(164,622)		(103,424)
Equity per operating limited partnerships' combined financial statements	14,043,755	14,043,755	14,658,970	14,658,970
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	19,944,593		22,323,066
Acquisition costs of operating limited partnerships	0		0
Cumulative distributions from operating limited partnerships	(200,379)		(203,082)
Cumulative impairment loss in investments in operating limited partnerships	(13,001,121)		(13,830,179)
Cumulative losses from operating limited partnerships	(6,743,093)		(8,289,805)
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A).	(7,089)		(7,189)
The Fund has recorded acquisition costs at March 31, 2017 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).	(1,244,503)		(1,000,731)
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	13,001,121		13,830,179
Other	(37,443)		(2,630)
Equity per operating limited partnerships' combined financial statements	$ 11,716,680	$ 11,716,680	$ 12,824,223	$ 12,824,223

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 4) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Buildings and improvements, net of accumulated depreciation		$ 394,212,193		$ 529,415,678
Land		41,747,860		53,226,657
Other assets		49,639,300		66,317,024
Total Assets		485,599,353		648,959,359
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		348,577,513		457,774,123
Accounts payable and accrued expenses		16,107,662		23,355,176
Other liabilities		40,891,893		66,468,250
Liabilities		405,577,068		547,597,549
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	$ 61,213,116	61,213,116	$ 83,783,188	83,783,188
Other partners		18,809,169		17,578,622
Partners Capital		80,022,285		101,361,810
Liabilities and Stockholders Equity		485,599,353		648,959,359
Series Twenty [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		2,085,075		3,332,620
Land		246,238		310,538
Other assets		582,694		1,186,975
Total Assets		2,914,007		4,830,133
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		3,200,912		4,827,573
Accounts payable and accrued expenses		75,817		110,814
Other liabilities		50,451		59,330
Liabilities		3,327,180		4,997,717
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(725,457)	(725,457)	(520,949)	(520,949)
Other partners		312,284		353,365
Partners Capital		(413,173)		(167,584)
Liabilities and Stockholders Equity		2,914,007		4,830,133
Series Twenty One [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		1,489,227		1,572,107
Land		183,210		183,210
Other assets		366,699		331,854
Total Assets		2,039,136		2,087,171
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		2,297,325		2,329,701
Accounts payable and accrued expenses		22,623		10,649
Other liabilities		40,020		38,458
Liabilities		2,359,968		2,378,808
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(315,319)	(315,319)	(295,435)	(295,435)
Other partners		(5,513)		3,798
Partners Capital		(320,832)		(291,637)
Liabilities and Stockholders Equity		2,039,136		2,087,171
Series Twenty Two [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		1,945,141		2,058,605
Land		426,603		426,603
Other assets		1,013,637		1,074,777
Total Assets		3,385,381		3,559,985
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		3,834,362		3,876,441
Accounts payable and accrued expenses		88,761		100,050
Other liabilities		65,589		69,420
Liabilities		3,988,712		4,045,911
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(560,335)	(560,335)	(571,079)	(571,079)
Other partners		(42,996)		85,153
Partners Capital		(603,331)		(485,926)
Liabilities and Stockholders Equity		3,385,381		3,559,985
Series Twenty Three [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		4,805,126		8,270,196
Land		522,075		911,443
Other assets		1,248,448		3,582,210
Total Assets		6,575,649		12,763,849
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		4,961,827		7,344,377
Accounts payable and accrued expenses		157,317		347,926
Other liabilities		820,842		4,908,882
Liabilities		5,939,986		12,601,185
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,111,952	1,111,952	2,654,872	2,654,872
Other partners		(476,289)		(2,492,208)
Partners Capital		635,663		162,664
Liabilities and Stockholders Equity		6,575,649		12,763,849
Series Twenty Four [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		3,402,825		3,627,508
Land		636,838		636,838
Other assets		644,794		653,001
Total Assets		4,684,457		4,917,347
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		5,238,205		5,325,953
Accounts payable and accrued expenses		118,124		114,929
Other liabilities		411,627		327,523
Liabilities		5,767,956		5,768,405
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(1,122,338)	(1,122,338)	(931,936)	(931,936)
Other partners		38,839		80,878
Partners Capital		(1,083,499)		(851,058)
Liabilities and Stockholders Equity		4,684,457		4,917,347
Series Twenty Five [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		3,013,338		3,131,767
Land		203,400		203,400
Other assets		919,878		933,501
Total Assets		4,136,616		4,268,668
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		3,290,404		3,346,127
Accounts payable and accrued expenses		62,955		70,325
Other liabilities		31,649		26,620
Liabilities		3,385,008		3,443,072
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	926,343	926,343	979,310	979,310
Other partners		(174,735)		(153,714)
Partners Capital		751,608		825,596
Liabilities and Stockholders Equity		4,136,616		4,268,668
Series Twenty Six [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		7,274,962		8,657,081
Land		620,110		680,110
Other assets		1,105,294		1,418,158
Total Assets		9,000,366		10,755,349
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		10,309,719		11,360,063
Accounts payable and accrued expenses		1,437,631		1,389,206
Other liabilities		1,110,272		1,058,361
Liabilities		12,857,622		13,807,630
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(3,453,802)	(3,453,802)	(2,516,740)	(2,516,740)
Other partners		(403,454)		(535,541)
Partners Capital		(3,857,256)		(3,052,281)
Liabilities and Stockholders Equity		9,000,366		10,755,349
Series Twenty Seven [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		12,049,493		17,241,309
Land		1,360,969		2,571,668
Other assets		1,862,638		2,384,013
Total Assets		15,273,100		22,196,990
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		9,390,191		15,287,429
Accounts payable and accrued expenses		346,277		508,324
Other liabilities		2,149,189		2,746,562
Liabilities		11,885,657		18,542,315
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,863,327	1,863,327	1,863,912	1,863,912
Other partners		1,524,116		1,790,763
Partners Capital		3,387,443		3,654,675
Liabilities and Stockholders Equity		15,273,100		22,196,990
Series Twenty Eight [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		3,949,712		7,014,398
Land		251,300		266,222
Other assets		445,890		744,475
Total Assets		4,646,902		8,025,095
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		4,563,975		8,538,924
Accounts payable and accrued expenses		177,233		328,623
Other liabilities		1,022,213		936,630
Liabilities		5,763,421		9,804,177
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(974,730)	(974,730)	(814,902)	(814,902)
Other partners		(141,789)		(964,180)
Partners Capital		(1,116,519)		(1,779,082)
Liabilities and Stockholders Equity		4,646,902		8,025,095
Series Twenty Nine [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		9,381,511		9,835,315
Land		694,245		694,245
Other assets		2,959,653		1,439,626
Total Assets		13,035,409		11,969,186
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		6,879,017		7,052,254
Accounts payable and accrued expenses		1,061,966		966,993
Other liabilities		3,393,759		1,675,171
Liabilities		11,334,742		9,694,418
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,386,265	1,386,265	1,912,639	1,912,639
Other partners		314,402		362,129
Partners Capital		1,700,667		2,274,768
Liabilities and Stockholders Equity		13,035,409		11,969,186
Series Thirty [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		6,657,707		7,036,190
Land		415,348		415,348
Other assets		831,281		725,493
Total Assets		7,904,336		8,177,031
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		7,235,178		7,370,572
Accounts payable and accrued expenses		337,340		310,357
Other liabilities		699,680		666,265
Liabilities		8,272,198		8,347,194
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	(257,393)	(257,393)	(78,853)	(78,853)
Other partners		(110,469)		(91,310)
Partners Capital		(367,862)		(170,163)
Liabilities and Stockholders Equity		7,904,336		8,177,031
Series Thirty One [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		8,072,673		16,497,019
Land		725,013		1,102,473
Other assets		1,458,129		2,515,292
Total Assets		10,255,815		20,114,784
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		9,530,208		16,249,514
Accounts payable and accrued expenses		534,648		661,063
Other liabilities		340,754		568,549
Liabilities		10,405,610		17,479,126
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	216,245	216,245	2,292,214	2,292,214
Other partners		(366,040)		343,444
Partners Capital		(149,795)		2,635,658
Liabilities and Stockholders Equity		10,255,815		20,114,784
Series Thirty Two [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		14,247,643		20,224,966
Land		1,185,852		1,360,852
Other assets		1,880,115		2,411,015
Total Assets		17,313,610		23,996,833
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		7,147,321		10,787,090
Accounts payable and accrued expenses		1,213,357		2,769,726
Other liabilities		876,272		1,094,844
Liabilities		9,236,950		14,651,660
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	5,889,306	5,889,306	7,264,546	7,264,546
Other partners		2,187,354		2,080,627
Partners Capital		8,076,660		9,345,173
Liabilities and Stockholders Equity		17,313,610		23,996,833
Series Thirty Three [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		14,983,903		15,649,517
Land		1,328,537		1,328,537
Other assets		1,256,727		1,467,582
Total Assets		17,569,167		18,445,636
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		6,828,064		7,137,297
Accounts payable and accrued expenses		623,125		671,157
Other liabilities		897,122		894,554
Liabilities		8,348,311		8,703,008
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	4,341,862	4,341,862	4,538,535	4,538,535
Other partners		4,878,994		5,204,093
Partners Capital		9,220,856		9,742,628
Liabilities and Stockholders Equity		17,569,167		18,445,636
Series Thirty Four [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		4,939,111		10,453,950
Land		230,576		1,133,280
Other assets		1,074,019		1,991,614
Total Assets		6,243,706		13,578,844
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		3,273,740		7,233,483
Accounts payable and accrued expenses		222,965		254,244
Other liabilities		818,633		1,250,258
Liabilities		4,315,338		8,737,985
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	2,168,388	2,168,388	4,711,237	4,711,237
Other partners		(240,020)		129,622
Partners Capital		1,928,368		4,840,859
Liabilities and Stockholders Equity		6,243,706		13,578,844
Series Thirty Five [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		6,496,199		20,625,675
Land		671,988		2,695,102
Other assets		808,787		2,613,971
Total Assets		7,976,974		25,934,748
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		5,448,834		15,676,104
Accounts payable and accrued expenses		179,364		399,861
Other liabilities		2,602,051		6,129,396
Liabilities		8,230,249		22,205,361
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	230,905	230,905	1,860,267	1,860,267
Other partners		(484,180)		1,869,120
Partners Capital		(253,275)		3,729,387
Liabilities and Stockholders Equity		7,976,974		25,934,748
Series Thirty Six [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		5,418,554		17,723,639
Land		655,300		1,833,180
Other assets		684,276		2,466,948
Total Assets		6,758,130		22,023,767
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		3,488,113		12,638,012
Accounts payable and accrued expenses		676,964		1,971,020
Other liabilities		311,735		502,961
Liabilities		4,476,812		15,111,993
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,388,775	1,388,775	4,717,230	4,717,230
Other partners		892,543		2,194,544
Partners Capital		2,281,318		6,911,774
Liabilities and Stockholders Equity		6,758,130		22,023,767
Series Thirty Seven [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		4,913,034		21,832,900
Land		300,501		1,625,738
Other assets		379,600		2,111,926
Total Assets		5,593,135		25,570,564
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		2,708,987		17,549,703
Accounts payable and accrued expenses		539,389		2,360,796
Other liabilities		599,151		6,332,846
Liabilities		3,847,527		26,243,345
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	1,851,963	1,851,963	400,279	400,279
Other partners		(106,355)		(1,073,060)
Partners Capital		1,745,608		(672,781)
Liabilities and Stockholders Equity		5,593,135		25,570,564
Series Thirty Eight [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		7,584,676		17,129,023
Land		670,346		1,519,206
Other assets		989,351		1,991,354
Total Assets		9,244,373		20,639,583
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		4,509,814		13,819,417
Accounts payable and accrued expenses		185,976		250,053
Other liabilities		544,697		2,874,467
Liabilities		5,240,487		16,943,937
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	6,094,607	6,094,607	5,873,276	5,873,276
Other partners		(2,090,721)		(2,177,630)
Partners Capital		4,003,886		3,695,646
Liabilities and Stockholders Equity		9,244,373		20,639,583
Series Thirty Nine [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		704,469		10,554,350
Land		50,000		1,061,888
Other assets		36,912		1,179,735
Total Assets		791,381		12,795,973
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		705,510		10,114,858
Accounts payable and accrued expenses		9,232		222,241
Other liabilities		23,287		2,335,993
Liabilities		738,029		12,673,092
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	63,441	63,441	635,035	635,035
Other partners		(10,089)		(512,154)
Partners Capital		53,352		122,881
Liabilities and Stockholders Equity		791,381		12,795,973
Series Forty [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		34,036,000		44,047,875
Land		3,816,175		4,690,941
Other assets		2,777,597		3,736,506
Total Assets		40,629,772		52,475,322
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		32,191,614		39,778,652
Accounts payable and accrued expenses		1,056,318		1,618,018
Other liabilities		1,710,051		4,687,420
Liabilities		34,957,983		46,084,090
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	3,153,815	3,153,815	6,774,543	6,774,543
Other partners		2,517,974		(383,311)
Partners Capital		5,671,789		6,391,232
Liabilities and Stockholders Equity		40,629,772		52,475,322
Series Forty One [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		52,194,620		56,126,204
Land		7,423,381		7,583,381
Other assets		5,236,886		6,160,084
Total Assets		64,854,887		69,869,669
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		53,514,163		55,916,451
Accounts payable and accrued expenses		1,675,342		1,636,364
Other liabilities		2,686,207		3,729,671
Liabilities		57,875,712		61,282,486
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	2,012,221	2,012,221	3,285,614	3,285,614
Other partners		4,966,954		5,301,569
Partners Capital		6,979,175		8,587,183
Liabilities and Stockholders Equity		64,854,887		69,869,669
Series Forty Two [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		38,829,717		40,671,186
Land		5,877,411		5,877,411
Other assets		4,108,842		4,492,349
Total Assets		48,815,970		51,040,946
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		34,987,875		36,161,415
Accounts payable and accrued expenses		2,490,974		2,534,425
Other liabilities		3,815,676		3,819,627
Liabilities		41,294,525		42,515,467
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	2,832,203	2,832,203	3,373,992	3,373,992
Other partners		4,689,242		5,151,487
Partners Capital		7,521,445		8,525,479
Liabilities and Stockholders Equity		48,815,970		51,040,946
Series Forty Three [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		41,562,908		43,756,712
Land		4,306,232		4,306,232
Other assets		3,973,680		4,165,140
Total Assets		49,842,820		52,228,084
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		36,674,057		37,823,234
Accounts payable and accrued expenses		1,350,023		1,260,622
Other liabilities		4,916,891		4,929,604
Liabilities		42,940,971		44,013,460
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	6,395,442	6,395,442	6,814,487	6,814,487
Other partners		506,407		1,400,137
Partners Capital		6,901,849		8,214,624
Liabilities and Stockholders Equity		49,842,820		52,228,084
Series Forty Four [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		31,835,019		36,930,412
Land		3,008,317		3,130,916
Other assets		3,488,635		4,122,248
Total Assets		38,331,971		44,183,576
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		36,988,184		40,047,937
Accounts payable and accrued expenses		318,124		679,030
Other liabilities		5,494,147		6,225,735
Liabilities		42,800,455		46,952,702
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	934,995	934,995	2,077,901	2,077,901
Other partners		(5,403,479)		(4,847,027)
Partners Capital		(4,468,484)		(2,769,126)
Liabilities and Stockholders Equity		38,331,971		44,183,576
Series Forty Five [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		41,406,048		47,639,086
Land		3,989,836		4,314,836
Other assets		6,245,976		6,771,223
Total Assets		51,641,860		58,725,145
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		29,953,961		36,009,724
Accounts payable and accrued expenses		815,588		1,383,333
Other liabilities		2,853,533		5,238,485
Liabilities		33,623,082		42,631,542
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	14,043,755	14,043,755	14,658,970	14,658,970
Other partners		3,975,023		1,434,633
Partners Capital		18,018,778		16,093,603
Liabilities and Stockholders Equity		51,641,860		58,725,145
Series Forty Six [Member]
ASSETS
Buildings and improvements, net of accumulated depreciation		30,933,502		37,776,068
Land		1,948,059		2,363,059
Other assets		3,258,862		3,645,954
Total Assets		36,140,423		43,785,081
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable		19,425,953		24,171,818
Accounts payable and accrued expenses		330,229		425,027
Other liabilities		2,606,395		3,340,618
Liabilities		22,362,577		27,937,463
PARTNERS' CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.	$ 11,716,680	11,716,680	$ 12,824,223	12,824,223
Other partners		2,061,166		3,023,395
Partners Capital		13,777,846		15,847,618
Liabilities and Stockholders Equity		$ 36,140,423		$ 43,785,081

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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 5) - USD ($)	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015
Revenues
Rent	$ 85,755,446		$ 111,776,843
Interest and other	2,943,930		4,528,841
Operating Partnerships Revenues	88,699,376		116,305,684
Expenses
Interest	17,012,370		22,696,497
Depreciation and amortization	22,495,020		30,995,689
Taxes and insurance	10,332,106		14,155,041
Repairs and maintenance	19,174,823		23,031,379
Operating expenses	29,285,986		38,937,669
Impairment loss	0		0
Other expenses	1,936,798		2,310,183
Operating Partnerships Total Expenses	100,237,103		132,126,458
NET INCOME (LOSS)	(11,537,727)		(15,820,774)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(8,901,790)	[1]	(11,941,106)	[2]
Net income (loss) allocated to other partners	(2,635,937)		(3,879,668)
Series Twenty [Member]
Revenues
Rent	889,757		1,185,836
Interest and other	51,176		47,917
Operating Partnerships Revenues	940,933		1,233,753
Expenses
Interest	67,782		103,823
Depreciation and amortization	257,685		319,299
Taxes and insurance	96,986		133,186
Repairs and maintenance	304,750		340,694
Operating expenses	360,239		484,527
Impairment loss	0		0
Other expenses	14,439		16,039
Operating Partnerships Total Expenses	1,101,881		1,397,568
NET INCOME (LOSS)	(160,948)		(163,815)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(106,474)	[1]	(109,408)	[2]
Net income (loss) allocated to other partners	(54,474)		(54,407)
Series Twenty One [Member]
Revenues
Rent	493,555		501,207
Interest and other	3,440		3,473
Operating Partnerships Revenues	496,995		504,680
Expenses
Interest	39,664		42,173
Depreciation and amortization	82,880		83,029
Taxes and insurance	68,302		65,006
Repairs and maintenance	129,182		108,441
Operating expenses	195,717		185,059
Impairment loss	0		0
Other expenses	0		0
Operating Partnerships Total Expenses	515,745		483,708
NET INCOME (LOSS)	(18,750)		20,972
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(39,102)	[1]	0	[2]
Net income (loss) allocated to other partners	20,352		20,972
Series Twenty Two [Member]
Revenues
Rent	780,062		779,764
Interest and other	36,302		43,150
Operating Partnerships Revenues	816,364		822,914
Expenses
Interest	70,347		72,934
Depreciation and amortization	166,222		179,088
Taxes and insurance	110,615		119,915
Repairs and maintenance	289,406		237,302
Operating expenses	283,947		285,458
Impairment loss	0		0
Other expenses	13,232		13,232
Operating Partnerships Total Expenses	933,769		907,929
NET INCOME (LOSS)	(117,405)		(85,015)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(45,959)	[1]	(57,309)	[2]
Net income (loss) allocated to other partners	(71,446)		(27,706)
Series Twenty Three [Member]
Revenues
Rent	1,426,787		2,536,702
Interest and other	112,584		89,120
Operating Partnerships Revenues	1,539,371		2,625,822
Expenses
Interest	117,886		275,105
Depreciation and amortization	286,650		982,215
Taxes and insurance	155,346		392,801
Repairs and maintenance	284,376		502,492
Operating expenses	864,097		1,088,431
Impairment loss	0		0
Other expenses	14,212		39,202
Operating Partnerships Total Expenses	1,722,567		3,280,246
NET INCOME (LOSS)	(183,196)		(654,424)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(159,714)	[1]	(372,667)	[2]
Net income (loss) allocated to other partners	(23,482)		(281,757)
Series Twenty Four [Member]
Revenues
Rent	1,218,703		1,202,358
Interest and other	28,210		23,919
Operating Partnerships Revenues	1,246,913		1,226,277
Expenses
Interest	127,601		121,338
Depreciation and amortization	361,276		351,255
Taxes and insurance	117,868		121,189
Repairs and maintenance	357,522		312,955
Operating expenses	486,157		474,834
Impairment loss	0		0
Other expenses	11,156		20,286
Operating Partnerships Total Expenses	1,461,580		1,401,857
NET INCOME (LOSS)	(214,667)		(175,580)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(185,148)	[1]	(146,078)	[2]
Net income (loss) allocated to other partners	(29,519)		(29,502)
Series Twenty Five [Member]
Revenues
Rent	857,567		869,428
Interest and other	20,950		32,201
Operating Partnerships Revenues	878,517		901,629
Expenses
Interest	80,735		84,140
Depreciation and amortization	176,707		170,873
Taxes and insurance	92,956		98,899
Repairs and maintenance	188,389		206,013
Operating expenses	368,878		350,467
Impairment loss	0		0
Other expenses	8,814		8,889
Operating Partnerships Total Expenses	916,479		919,281
NET INCOME (LOSS)	(37,962)		(17,652)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(112,755)	[1]	(70,287)	[2]
Net income (loss) allocated to other partners	74,793		52,635
Series Twenty Six [Member]
Revenues
Rent	2,172,933		2,376,345
Interest and other	57,555		59,021
Operating Partnerships Revenues	2,230,488		2,435,366
Expenses
Interest	306,650		374,082
Depreciation and amortization	572,435		618,827
Taxes and insurance	296,029		341,777
Repairs and maintenance	687,453		640,467
Operating expenses	850,626		896,421
Impairment loss	0		0
Other expenses	15,500		15,500
Operating Partnerships Total Expenses	2,728,693		2,887,074
NET INCOME (LOSS)	(498,205)		(451,708)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(500,992)	[1]	(461,073)	[2]
Net income (loss) allocated to other partners	2,787		9,365
Series Twenty Seven [Member]
Revenues
Rent	3,174,381		4,652,943
Interest and other	25,493		43,508
Operating Partnerships Revenues	3,199,874		4,696,451
Expenses
Interest	509,261		874,561
Depreciation and amortization	661,245		916,029
Taxes and insurance	366,487		602,180
Repairs and maintenance	605,819		825,870
Operating expenses	974,005		1,405,937
Impairment loss	0		0
Other expenses	38,677		48,712
Operating Partnerships Total Expenses	3,155,494		4,673,289
NET INCOME (LOSS)	44,380		23,162
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(164,034)	[1]	(226,075)	[2]
Net income (loss) allocated to other partners	208,414		249,237
Series Twenty Eight [Member]
Revenues
Rent	1,002,280		1,621,261
Interest and other	25,270		34,516
Operating Partnerships Revenues	1,027,550		1,655,777
Expenses
Interest	163,031		171,663
Depreciation and amortization	225,777		503,916
Taxes and insurance	132,749		198,050
Repairs and maintenance	213,513		381,359
Operating expenses	437,570		912,589
Impairment loss	0		0
Other expenses	0		0
Operating Partnerships Total Expenses	1,172,640		2,167,577
NET INCOME (LOSS)	(145,090)		(511,800)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(198,898)	[1]	(533,920)	[2]
Net income (loss) allocated to other partners	53,808		22,120
Series Twenty Nine [Member]
Revenues
Rent	1,870,776		1,976,028
Interest and other	170,891		182,610
Operating Partnerships Revenues	2,041,667		2,158,638
Expenses
Interest	417,247		457,017
Depreciation and amortization	541,192		535,120
Taxes and insurance	269,958		321,634
Repairs and maintenance	457,333		433,100
Operating expenses	909,738		843,779
Impairment loss	0		0
Other expenses	20,300		27,700
Operating Partnerships Total Expenses	2,615,768		2,618,350
NET INCOME (LOSS)	(574,101)		(459,712)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(531,118)	[1]	(442,926)	[2]
Net income (loss) allocated to other partners	(42,983)		(16,786)
Series Thirty [Member]
Revenues
Rent	1,509,820		1,493,470
Interest and other	38,014		143,545
Operating Partnerships Revenues	1,547,834		1,637,015
Expenses
Interest	157,690		165,357
Depreciation and amortization	405,826		405,307
Taxes and insurance	197,172		200,403
Repairs and maintenance	335,232		364,975
Operating expenses	625,657		696,234
Impairment loss	0		0
Other expenses	9,527		6,747
Operating Partnerships Total Expenses	1,731,104		1,839,023
NET INCOME (LOSS)	(183,270)		(202,008)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(187,074)	[1]	(174,671)	[2]
Net income (loss) allocated to other partners	3,804		(27,337)
Series Thirty One [Member]
Revenues
Rent	1,706,240		3,857,615
Interest and other	48,995		136,085
Operating Partnerships Revenues	1,755,235		3,993,700
Expenses
Interest	168,268		346,210
Depreciation and amortization	573,233		1,077,795
Taxes and insurance	288,339		606,394
Repairs and maintenance	284,817		710,461
Operating expenses	935,094		1,763,442
Impairment loss	0		0
Other expenses	6,013		21,482
Operating Partnerships Total Expenses	2,255,764		4,525,784
NET INCOME (LOSS)	(500,529)		(532,084)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(497,487)	[1]	(551,230)	[2]
Net income (loss) allocated to other partners	(3,042)		19,146
Series Thirty Two [Member]
Revenues
Rent	2,847,292		3,937,997
Interest and other	86,930		522,343
Operating Partnerships Revenues	2,934,222		4,460,340
Expenses
Interest	468,653		679,912
Depreciation and amortization	816,277		1,225,244
Taxes and insurance	348,890		491,697
Repairs and maintenance	745,036		756,911
Operating expenses	929,535		1,518,818
Impairment loss	0		0
Other expenses	220,748		280,517
Operating Partnerships Total Expenses	3,529,139		4,953,099
NET INCOME (LOSS)	(594,917)		(492,759)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(529,907)	[1]	(513,975)	[2]
Net income (loss) allocated to other partners	(65,010)		21,216
Series Thirty Three [Member]
Revenues
Rent	2,625,326		2,587,763
Interest and other	86,895		90,053
Operating Partnerships Revenues	2,712,221		2,677,816
Expenses
Interest	441,719		446,506
Depreciation and amortization	707,952		726,280
Taxes and insurance	335,238		343,569
Repairs and maintenance	623,753		491,833
Operating expenses	990,872		1,017,937
Impairment loss	0		0
Other expenses	110,459		106,005
Operating Partnerships Total Expenses	3,209,993		3,132,130
NET INCOME (LOSS)	(497,772)		(454,314)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(297,842)	[1]	(250,938)	[2]
Net income (loss) allocated to other partners	(199,930)		(203,376)
Series Thirty Four [Member]
Revenues
Rent	971,745		2,461,028
Interest and other	35,012		71,256
Operating Partnerships Revenues	1,006,757		2,532,284
Expenses
Interest	104,262		391,137
Depreciation and amortization	275,627		647,172
Taxes and insurance	141,495		335,716
Repairs and maintenance	286,631		487,407
Operating expenses	326,343		1,000,614
Impairment loss	0		0
Other expenses	0		10,300
Operating Partnerships Total Expenses	1,134,358		2,872,346
NET INCOME (LOSS)	(127,601)		(340,062)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(136,875)	[1]	(360,810)	[2]
Net income (loss) allocated to other partners	9,274		20,748
Series Thirty Five [Member]
Revenues
Rent	1,806,433		5,117,009
Interest and other	69,612		187,870
Operating Partnerships Revenues	1,876,045		5,304,879
Expenses
Interest	290,660		1,128,100
Depreciation and amortization	485,344		1,617,552
Taxes and insurance	203,459		637,437
Repairs and maintenance	260,199		780,180
Operating expenses	620,343		1,725,195
Impairment loss	0		0
Other expenses	25,200		63,200
Operating Partnerships Total Expenses	1,885,205		5,951,664
NET INCOME (LOSS)	(9,160)		(646,785)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(40,749)	[1]	(403,942)	[2]
Net income (loss) allocated to other partners	31,589		(242,843)
Series Thirty Six [Member]
Revenues
Rent	1,365,067		3,882,110
Interest and other	90,846		100,935
Operating Partnerships Revenues	1,455,913		3,983,045
Expenses
Interest	257,096		716,386
Depreciation and amortization	400,786		1,292,043
Taxes and insurance	252,292		563,732
Repairs and maintenance	277,928		591,114
Operating expenses	434,010		1,502,446
Impairment loss	0		0
Other expenses	33,541		80,836
Operating Partnerships Total Expenses	1,655,653		4,746,557
NET INCOME (LOSS)	(199,740)		(763,512)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(131,250)	[1]	(381,014)	[2]
Net income (loss) allocated to other partners	(68,490)		(382,498)
Series Thirty Seven [Member]
Revenues
Rent	1,039,639		4,887,918
Interest and other	102,567		224,158
Operating Partnerships Revenues	1,142,206		5,112,076
Expenses
Interest	160,035		979,187
Depreciation and amortization	358,716		1,536,522
Taxes and insurance	201,945		762,488
Repairs and maintenance	193,056		948,457
Operating expenses	402,404		2,099,524
Impairment loss	0		0
Other expenses	23,041		120,646
Operating Partnerships Total Expenses	1,339,197		6,446,824
NET INCOME (LOSS)	(196,991)		(1,334,748)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(141,806)	[1]	(973,078)	[2]
Net income (loss) allocated to other partners	(55,185)		(361,670)
Series Thirty Eight [Member]
Revenues
Rent	1,774,853		4,461,135
Interest and other	21,673		168,050
Operating Partnerships Revenues	1,796,526		4,629,185
Expenses
Interest	247,122		870,411
Depreciation and amortization	372,627		1,082,815
Taxes and insurance	214,991		530,136
Repairs and maintenance	414,817		915,337
Operating expenses	633,207		1,760,555
Impairment loss	0		0
Other expenses	18,000		85,767
Operating Partnerships Total Expenses	1,900,764		5,245,021
NET INCOME (LOSS)	(104,238)		(615,836)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(144,427)	[1]	(401,471)	[2]
Net income (loss) allocated to other partners	40,189		(214,365)
Series Thirty Nine [Member]
Revenues
Rent	168,432		2,910,257
Interest and other	0		141,742
Operating Partnerships Revenues	168,432		3,051,999
Expenses
Interest	6,237		586,862
Depreciation and amortization	29,091		688,543
Taxes and insurance	15,558		301,988
Repairs and maintenance	60,340		599,784
Operating expenses	70,601		1,261,653
Impairment loss	0		0
Other expenses	0		106,939
Operating Partnerships Total Expenses	181,827		3,545,769
NET INCOME (LOSS)	(13,395)		(493,770)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(13,393)	[1]	(283,760)	[2]
Net income (loss) allocated to other partners	(2)		(210,010)
Series Forty [Member]
Revenues
Rent	7,913,892		8,988,443
Interest and other	203,429		274,699
Operating Partnerships Revenues	8,117,321		9,263,142
Expenses
Interest	2,291,713		2,623,328
Depreciation and amortization	1,873,123		2,297,137
Taxes and insurance	1,045,058		1,278,199
Repairs and maintenance	1,488,255		1,459,904
Operating expenses	1,783,214		2,139,931
Impairment loss	0		0
Other expenses	296,558		88,325
Operating Partnerships Total Expenses	8,777,921		9,886,824
NET INCOME (LOSS)	(660,600)		(623,682)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(695,283)	[1]	(485,428)	[2]
Net income (loss) allocated to other partners	34,683		(138,254)
Series Forty One [Member]
Revenues
Rent	12,012,632		12,011,209
Interest and other	279,982		362,739
Operating Partnerships Revenues	12,292,614		12,373,948
Expenses
Interest	3,221,005		3,198,557
Depreciation and amortization	2,810,380		2,904,618
Taxes and insurance	1,452,787		1,530,747
Repairs and maintenance	2,489,498		2,347,072
Operating expenses	3,034,020		2,864,489
Impairment loss	0		0
Other expenses	340,154		331,540
Operating Partnerships Total Expenses	13,347,844		13,177,023
NET INCOME (LOSS)	(1,055,230)		(803,075)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(535,125)	[1]	(652,535)	[2]
Net income (loss) allocated to other partners	(520,105)		(150,540)
Series Forty Two [Member]
Revenues
Rent	7,743,859		7,616,395
Interest and other	260,401		436,587
Operating Partnerships Revenues	8,004,260		8,052,982
Expenses
Interest	1,812,102		1,728,329
Depreciation and amortization	2,129,667		2,165,627
Taxes and insurance	865,086		935,026
Repairs and maintenance	1,833,446		2,050,409
Operating expenses	2,567,479		2,287,940
Impairment loss	0		0
Other expenses	297,284		303,017
Operating Partnerships Total Expenses	9,505,064		9,470,348
NET INCOME (LOSS)	(1,500,804)		(1,417,366)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(678,898)	[1]	(820,041)	[2]
Net income (loss) allocated to other partners	(821,906)		(597,325)
Series Forty Three [Member]
Revenues
Rent	7,766,042		7,586,036
Interest and other	468,895		410,256
Operating Partnerships Revenues	8,234,937		7,996,292
Expenses
Interest	1,506,832		1,466,381
Depreciation and amortization	2,528,048		2,577,315
Taxes and insurance	817,994		820,521
Repairs and maintenance	1,962,505		1,888,325
Operating expenses	3,247,142		2,921,473
Impairment loss	0		0
Other expenses	69,965		83,350
Operating Partnerships Total Expenses	10,132,486		9,757,365
NET INCOME (LOSS)	(1,897,549)		(1,761,073)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(749,824)	[1]	(980,275)	[2]
Net income (loss) allocated to other partners	(1,147,725)		(780,798)
Series Forty Four [Member]
Revenues
Rent	7,687,702		7,672,594
Interest and other	327,166		301,391
Operating Partnerships Revenues	8,014,868		7,973,985
Expenses
Interest	1,873,630		2,015,917
Depreciation and amortization	1,868,001		2,052,878
Taxes and insurance	554,655		560,059
Repairs and maintenance	1,516,605		1,587,593
Operating expenses	2,660,711		2,450,076
Impairment loss	0		0
Other expenses	97,607		102,792
Operating Partnerships Total Expenses	8,571,209		8,769,315
NET INCOME (LOSS)	(556,341)		(795,330)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(596,043)	[1]	(612,970)	[2]
Net income (loss) allocated to other partners	39,702		(182,360)
Series Forty Five [Member]
Revenues
Rent	8,007,329		8,630,960
Interest and other	178,014		182,275
Operating Partnerships Revenues	8,185,343		8,813,235
Expenses
Interest	1,104,605		1,399,484
Depreciation and amortization	2,250,286		2,530,687
Taxes and insurance	948,985		1,056,860
Repairs and maintenance	1,937,661		1,864,206
Operating expenses	2,758,102		2,954,780
Impairment loss	0		0
Other expenses	214,186		237,084
Operating Partnerships Total Expenses	9,213,825		10,043,101
NET INCOME (LOSS)	(1,028,482)		(1,229,866)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(915,282)	[1]	(843,380)	[2]
Net income (loss) allocated to other partners	(113,200)		(386,486)
Series Forty Six [Member]
Revenues
Rent	4,922,342		5,973,032
Interest and other	113,628		215,422
Operating Partnerships Revenues	5,035,970		6,188,454
Expenses
Interest	1,000,537		1,377,597
Depreciation and amortization	1,277,967		1,508,503
Taxes and insurance	740,866		805,432
Repairs and maintenance	947,301		1,198,718
Operating expenses	1,536,278		2,045,060
Impairment loss	0		0
Other expenses	38,185		92,076
Operating Partnerships Total Expenses	5,541,134		7,027,386
NET INCOME (LOSS)	(505,164)		(838,932)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	(566,331)	[1]	(831,845)	[2]
Net income (loss) allocated to other partners	$ 61,167		$ (7,087)

[1] Amounts include $106,474, $39,102, $45,959, $159,714, $185,148, $112,755, $500,992, $164,034, $198,898, $531,118, $187,074, $497,487, $529,907, $297,842, $136,875, $40,749, $131,250, $141,806, $144,427, $13,393, $695,283, $535,125, $678,898, $749,824, $596,043, $915,282 and $566,331 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 $109,408, $0, $57,309, $372,667, $146,078, $70,287, $461,073, $226,075, $533,920, $442,926, $174,671, $551,230, $513,975, $250,938, $360,810, $403,942, $381,014, $973,078, $401,471, $283,760, $485,428, $652,535, $820,041, $980,275, $612,970, $674,036 and $677,325 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

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Series Twenty [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 106,474		$ 109,408
Series Twenty One [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	39,102		0
Series Twenty Two [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	45,959		57,309
Write Off Of Capital Contribution Payable		$ 9,352
Series Twenty Three [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	159,714		372,667
Series Twenty Four [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	185,148		146,078
Fund Receivable				$ 80,040
Series Twenty Five [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	112,755		70,287
Series Twenty Six [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	500,992		461,073
Fund Receivable				69,000
Series Twenty Seven [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	164,034		226,075
Series Twenty Eight [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	198,898		533,920
Series Twenty Nine [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	531,118		442,926
Series Thirty [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	187,074		174,671
Fund Receivable				51,000
Series Thirty One [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	497,487		551,230
Series Thirty Two [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	529,907		513,975
Series Thirty Three [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	297,842		250,938
Series Thirty Four [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	136,875		360,810
Series Thirty Five [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	40,749		403,942
Series Thirty Six [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	131,250		381,014
Series Thirty Seven [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	141,806		973,078
Series Thirty Eight [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	144,427		401,471
Series Thirty Nine [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	13,393		283,760
Series Forty [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	695,283		485,428
Series Forty One [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	535,125		652,535
Series Forty Two [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	678,898		820,041
Fund Receivable				$ 39,960
Series Forty Three [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	749,824		980,275
Series Forty Four [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	596,043		612,970
Series Forty Five [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	915,282		674,036
Series Forty Six [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 566,331		$ 677,325

XML

NOTES RECEIVABLE (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
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

NOTES RECEIVABLE (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 22,790	$ 22,790
Notes Receivable Interest Rate Terms	prime + 1.75%	prime + 1.75%
Prime Rate	3.25%	3.25%

XML

RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	$ 15,103,290	$ 10,666,816
Operating limited partnership rents received in advance	155	33,570
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(9,530,240)	(1,941,869)
Other	8,210,250	21,948,565
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(8,901,790)	(11,617,242)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(2,914,770)	(4,565,374)
Impairment loss not recognized for tax purposes	0	1,464,002
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	(17,518,111)	(17,613,704)
Income (loss) for tax return purposes	(15,551,216)	(1,625,236)
Series Twenty [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	65,321	(66,671)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	24,843	(62,628)
Other	522,385	952
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(106,474)	(109,408)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(17,784)	(40,532)
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	(131,295)	(4,798)
Income (loss) for tax return purposes	356,996	(283,085)
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	(44,938)	279,798
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(139,128)	19,976
Other	18,446	1,171,340
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(39,102)	0
Excess of tax depreciation over book depreciation on operating limited partnership assets	(33,177)	(35,256)
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	1,060	(390,000)
Income (loss) for tax return purposes	(236,839)	1,045,858
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	(72,794)	178,017
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	29,208	9,937
Other	547,008	634,033
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(45,959)	(57,309)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(19,546)	(11,278)
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	(31,291)	(222,930)
Income (loss) for tax return purposes	406,626	530,470
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	402,128	168,719
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	37,362	(154,401)
Other	60,716	573,118
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(159,714)	(372,667)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(28,172)	(74,999)
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	(703,528)	12,654
Income (loss) for tax return purposes	(391,208)	152,424
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	(75,371)	27,462
Operating limited partnership rents received in advance	(358)	358
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	0	0
Other	30,366	157,886
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(185,148)	(146,078)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(52,400)	(39,106)
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	(10,228)	51,324
Income (loss) for tax return purposes	(293,139)	51,846
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	(51,336)	(33,376)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	0	0
Other	65,984	50,851
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(112,755)	(70,287)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(61,003)	(65,924)
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	(6,578)	(14,657)
Income (loss) for tax return purposes	(165,688)	(133,393)
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	(126,723)	(66,471)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	0	0
Other	708	1,509,253
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(500,992)	(461,073)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(102,807)	(123,216)
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	(11,559)	(95,955)
Income (loss) for tax return purposes	(741,373)	762,538
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	2,675,164	(152,027)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	0	0
Other	3,509,504	106,892
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(164,034)	(226,075)
Excess of tax depreciation over book depreciation on operating limited partnership assets	106,695	(253,680)
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	(2,896,130)	(20,623)
Income (loss) for tax return purposes	3,231,199	(545,513)
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	(64,444)	1,295,112
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	0	0
Other	87,980	751,162
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(198,898)	(533,920)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(70,559)	(67,191)
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	(10,783)	(1,394,145)
Income (loss) for tax return purposes	(256,704)	51,018
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	(173,797)	355,117
Operating limited partnership rents received in advance	8,486	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(99,313)	(236,133)
Other	97,387	1,907,192
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(531,118)	(442,926)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(111,292)	(128,069)
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	217,422	(380,363)
Income (loss) for tax return purposes	(592,225)	1,074,818
Series Thirty [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(103,851)	191,558
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	69,684	(261,540)
Other	21,360	(733,450)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(187,074)	(174,671)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(104,590)	(91,676)
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	(285,411)	2,962
Income (loss) for tax return purposes	(589,882)	(1,066,817)
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	698,887	1,144,794
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	0	(2,902,513)
Other	1,772,400	5,881,305
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(497,487)	(551,230)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(120,866)	(136,785)
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	(879,687)	(1,294,196)
Income (loss) for tax return purposes	973,247	2,141,375
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	374,024	615,369
Operating limited partnership rents received in advance	(1,053)	10,480
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(593,524)	85,502
Other	76,514	2,948,629
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(529,907)	(513,975)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(148,783)	(201,736)
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	(580,023)	(878,598)
Income (loss) for tax return purposes	(1,402,752)	2,065,671
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	(94,282)	1,023,616
Operating limited partnership rents received in advance	3,591	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(834,408)	19,848
Other	116,153	358,642
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(297,842)	(250,938)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(122,731)	(124,116)
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	(5,328)	(1,094,625)
Income (loss) for tax return purposes	(1,234,847)	(67,573)
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	556,742	316,271
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(248,259)	(474,323)
Other	(1,066,168)	3,365,399
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(136,875)	(360,810)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(70,296)	(126,064)
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	(647,142)	(333,873)
Income (loss) for tax return purposes	(1,611,998)	2,386,600
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	2,641,797	1,374,252
Operating limited partnership rents received in advance	2,642	388
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(1,942,253)	88,845
Other	1,264,928	(981,206)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(40,749)	(403,942)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(79,294)	(131,468)
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	(2,304,632)	(1,587,306)
Income (loss) for tax return purposes	(457,561)	(1,640,437)
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	2,482,508	444,498
Operating limited partnership rents received in advance	(1,519)	530
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(525,031)	101,759
Other	889,821	389,350
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(131,250)	(381,014)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(29,683)	(110,314)
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	(2,582,560)	(659,104)
Income (loss) for tax return purposes	102,286	(214,295)
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	2,213,042	(161,074)
Operating limited partnership rents received in advance	(6,374)	1,620
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(457,692)	157,320
Other	1,380,551	1,915,796
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(141,806)	(973,078)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(20,612)	(159,522)
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	(1,854,291)	(80,976)
Income (loss) for tax return purposes	1,112,818	700,086
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	3,212,273	(91,569)
Operating limited partnership rents received in advance	0	7,881
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(504,647)	139,400
Other	2,040,553	178,787
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(144,427)	(401,471)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(112,811)	(354,740)
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	(2,730,241)	(178,037)
Income (loss) for tax return purposes	1,760,700	(699,749)
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	1,554,531	49,450
Operating limited partnership rents received in advance	0	7,879
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(620,973)	93,229
Other	(1,571,550)	(1,089,112)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(13,393)	(283,760)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(13,019)	(255,315)
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	(1,069,742)	(266,500)
Income (loss) for tax return purposes	(1,734,146)	(1,744,129)
Series Forty [Member]
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items]
Net income (loss) for financial reporting purposes	(79,129)	584,797
Operating limited partnership rents received in advance	(2,549)	255
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(178,258)	193,581
Other	(2,082,251)	689,192
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(695,283)	(485,428)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(115,566)	(211,853)
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	(158,655)	(1,904,213)
Income (loss) for tax return purposes	(3,311,691)	(1,133,669)
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	(137,219)	302,913
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	124,592	228,916
Other	(176,849)	617,780
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(535,125)	(652,535)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(207,789)	(250,072)
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	(202,362)	(631,463)
Income (loss) for tax return purposes	(1,134,752)	(384,461)
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	(199,189)	3,133,162
Operating limited partnership rents received in advance	240	1,603
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(2,141,040)	42,892
Other	124,991	268,792
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(678,898)	(820,041)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(215,303)	(226,546)
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	(67,226)	(3,303,390)
Income (loss) for tax return purposes	(3,176,425)	(903,528)
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	(246,031)	2,323,909
Operating limited partnership rents received in advance	(323)	718
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	(2,289,322)	206,108
Other	(137,271)	679,343
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(749,824)	(980,275)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(195,524)	(185,336)
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	186,238	(2,689,401)
Income (loss) for tax return purposes	(3,432,057)	(644,934)
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	(231,517)	(323,040)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	239,076	254,628
Other	(62,471)	69,815
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(596,043)	(612,970)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(295,249)	(455,768)
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	(128,192)	(8,597)
Income (loss) for tax return purposes	(1,074,396)	(1,075,932)
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	(244,274)	(1,050,682)
Operating limited partnership rents received in advance	0	0
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	282,759	283,200
Other	239,056	195,977
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(915,282)	(674,036)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(274,370)	(236,814)
Impairment loss not recognized for tax purposes	0	661,498
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	(137,774)	(136,780)
Income (loss) for tax return purposes	(1,049,885)	(957,637)
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	171,768	(1,197,088)
Operating limited partnership rents received in advance	(2,628)	1,858
Accrued partnership fund management fee not deducted (deducted) for income tax purposes	236,084	224,528
Other	439,999	330,847
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(566,331)	(677,325)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(398,239)	(467,998)
Impairment loss not recognized for tax purposes	0	802,504
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	(488,173)	(110,114)
Income (loss) for tax return purposes	$ (607,520)	$ (1,092,788)

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RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Details 1) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Investments In Operating Limited Partnerships For Tax Purposes and Financial Statement Purposes Disclosure [Line Items]
Investments in operating limited partnerships - tax return	$ 23,526,808	$ 42,328,796
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	57,696,047	72,745,706
Impairment loss in investment in operating limited partnerships	(122,872,037)	(161,650,983)
Historic tax credits - cumulative	978,267	978,267
Less share of loss	(183,255)	(447,007)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	40,854,170	46,045,221
Investments in operating limited partnerships - as reported	0	0
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	(1,140,956)	(1,403,428)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,066,850	988,006
Impairment loss in investment in operating limited partnerships	(337,192)	(409,509)
Historic tax credits - cumulative	570,617	570,617
Less share of loss	(7,136)	(62,488)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	(152,183)	316,802
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	(984,278)	(930,445)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	325,745	307,183
Impairment loss in investment in operating limited partnerships	(38,116)	(38,116)
Historic tax credits - cumulative	0	0
Less share of loss	(15,685)	(15,685)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	712,334	677,063
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	(876,538)	(1,342,882)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	856,165	866,909
Impairment loss in investment in operating limited partnerships	(325,787)	(325,787)
Historic tax credits - cumulative	223,537	223,537
Less share of loss	(7,927)	(7,927)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	130,550	586,150
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	1,392,317	1,555,007
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	970,072	1,241,388
Impairment loss in investment in operating limited partnerships	(2,213,351)	(4,061,633)
Historic tax credits - cumulative	0	0
Less share of loss	5,691	(7,292)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	(154,729)	1,272,530
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	(1,278,780)	(1,072,670)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,267,378	2,084,698
Impairment loss in investment in operating limited partnerships	(1,151,381)	(1,151,381)
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	163,624	140,194
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	(268,984)	(155,992)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	456,606	343,851
Impairment loss in investment in operating limited partnerships	(1,430,062)	(1,359,466)
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	1,273,679	1,202,846
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	(5,065,008)	(4,443,416)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,815,872	4,331,079
Impairment loss in investment in operating limited partnerships	(1,350,275)	(1,822,975)
Historic tax credits - cumulative	0	0
Less share of loss	(45,732)	(45,732)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	1,645,143	1,981,044
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	(1,594,442)	(2,029,960)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,317,831	1,587,855
Impairment loss in investment in operating limited partnerships	(3,487,976)	(4,036,605)
Historic tax credits - cumulative	0	0
Less share of loss	0	(195,417)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	3,764,587	4,674,127
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	(1,601,638)	(1,206,640)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,819,446	2,842,764
Impairment loss in investment in operating limited partnerships	(930,910)	(2,158,606)
Historic tax credits - cumulative	0	0
Less share of loss	(33,990)	(33,990)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	747,092	556,472
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	(313,449)	223,088
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,478,199	2,951,824
Impairment loss in investment in operating limited partnerships	(5,444,545)	(5,444,545)
Historic tax credits - cumulative	0	0
Less share of loss	(39,537)	(39,537)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	2,319,332	2,309,170
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	(1,084,631)	(814,327)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,083,473	1,907,676
Impairment loss in investment in operating limited partnerships	(2,194,151)	(2,194,151)
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	1,195,309	1,100,802
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	(1,182,450)	(1,472,464)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,188,582	4,016,452
Impairment loss in investment in operating limited partnerships	(3,574,025)	(6,454,920)
Historic tax credits - cumulative	0	0
Less share of loss	(6,859)	(6,859)
Operating limited partnership impairment loss not recognized for tax purposes	0	0
Other	1,574,752	3,917,791
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	5,351,336	6,009,792
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,395,101	4,963,274
Impairment loss in investment in operating limited partnerships	(9,175,569)	(13,361,331)
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	245,019	2,204,152
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	2,508,935	2,809,764
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,876,329	1,578,487
Impairment loss in investment in operating limited partnerships	(6,568,884)	(6,467,715)
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	2,183,620	2,079,464
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	1,488,403	3,684,015
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,354,867	1,642,674
Impairment loss in investment in operating limited partnerships	(3,951,725)	(6,843,156)
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	1,108,455	1,516,467
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	(884,003)	1,050,380
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,237,121	3,423,568
Impairment loss in investment in operating limited partnerships	(2,462,259)	(5,230,309)
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	1,109,141	756,361
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	1,174,145	2,972,631
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	984,727	2,019,997
Impairment loss in investment in operating limited partnerships	(2,406,542)	(6,862,772)
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	247,670	1,870,144
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	1,316,599	1,963,079
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,916,369	7,434,593
Impairment loss in investment in operating limited partnerships	(3,922,795)	(7,809,397)
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	689,827	(1,588,275)
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	5,168,309	5,210,561
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	866,648	4,229,837
Impairment loss in investment in operating limited partnerships	(7,194,962)	(10,253,381)
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	1,160,005	812,983
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	767,711	2,593,091
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	97,796	3,894,615
Impairment loss in investment in operating limited partnerships	(233,531)	(4,561,508)
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	(631,976)	(1,926,198)
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	1,822,558	4,806,539
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,230,853	2,222,136
Impairment loss in investment in operating limited partnerships	(5,441,719)	(9,078,021)
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	1,388,308	2,049,346
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	(1,243,644)	(305,488)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	3,483,277	3,234,895
Impairment loss in investment in operating limited partnerships	(5,854,800)	(6,847,483)
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	3,615,167	3,918,076
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	388,430	1,160,438
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,285,267	3,747,535
Impairment loss in investment in operating limited partnerships	(7,195,970)	(7,195,970)
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	2,522,273	2,287,997
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	3,816,055	4,937,763
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,434,039	3,960,406
Impairment loss in investment in operating limited partnerships	(11,001,252)	(10,917,292)
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	2,751,158	2,019,123
Investments in operating limited partnerships - as reported	0	0
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	(1,407,277)	(644,029)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	4,416,600	4,381,035
Impairment loss in investment in operating limited partnerships	(5,442,013)	(6,523,727)
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	2,432,690	2,786,721
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	10,366,187	11,346,861
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	2,226,331	1,542,238
Impairment loss in investment in operating limited partnerships	(16,541,124)	(16,411,048)
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	3,948,606	3,521,949
Investments in operating limited partnerships - as reported	0	0
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	6,891,901	7,827,528
Operating limited partnership losses not recognized for financial reporting purposes under the equity method	1,244,503	1,000,731
Impairment loss in investment in operating limited partnerships	(13,001,121)	(13,830,179)
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	4,864,717	5,001,920
Investments in operating limited partnerships - as reported	$ 0	$ 0

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CASH EQUIVALENTS (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash and Cash Equivalents [Line Items]
Cash Equivalents	$ 27,084,576	$ 21,634,841
Money Market Accounts Interest Rate Minimum	0.10%
Money Market Accounts Interest Rate Maximum	0.35%

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SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member]	3 Months Ended
	Jun. 30, 2017 USD ($)
Subsequent Event [Line Items]
Estimated Cash Proceeds To Operating Partnership	$ 4,383,735
Estimated Gain On The Sale Of The Operating Partnerships	$ 4,334,997