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