Boston Capital Tax Credit Fund V LP

0001267425-19-000002.txt : 20190213 0001267425-19-000002.hdr.sgml : 20190213 20190213100911 ACCESSION NUMBER: 0001267425-19-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20181231 FILED AS OF DATE: 20190213 DATE AS OF CHANGE: 20190213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND V LP CENTRAL INDEX KEY: 0001267425 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-109898 FILM NUMBER: 19593766 BUSINESS ADDRESS: STREET 1: ONE BOSTON PL. STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PL. STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108 10-Q 1 b5121810q.htm BCTC V DECEMBER 2018 10-Q Boston Capital Tax Credit Fund V LP

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended December 31, 2018

or

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

For the transition period from _______ to _______

Commission file number 333-109898

BOSTON CAPITAL TAX CREDIT FUND V L.P.
(Exact name of registrant as specified in its charter)

Delaware	14-1897569
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts 02108
(Address of principal executive offices) (Zip Code)

(617) 624-8900

(Registrant's telephone number, including area code)

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

Yes ý

No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ý

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □		Accelerated Filer □
Non-accelerated filer ý		Smaller Reporting Company ý
		Emerging Growth Company □

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

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

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2018

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets	4-7
		Condensed Statements of Operations	8-15
		Condensed Statements of Changes in Partners' Capital (Deficit)	16-17
		Condensed Statements of Cash Flows	18-21
		Notes to Condensed Financial Statements	22-30

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		30-37

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		38

	Item 4. Controls and Procedures		38

PART II - OTHER INFORMATION

	Item 1. Legal Proceedings		39

	Item 1A. Risk Factors		39

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		39

	Item 3. Defaults Upon Senior Securities		39

	Item 4. Mine Safety Disclosures		39

	Item 5. Other Information		39

	Item 6. Exhibits		39


	Signatures		40

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		December 31, 2018	March 31, 2018

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ -	$ -

OTHER ASSETS

	Cash and cash equivalents	838,733	1,914,566
	Other assets	106,411	106,411
		$ 945,144	$ 2,020,977

LIABILITIES

	Accounts payable and accrued expenses	$ 343	$ 343
	Accounts payable affiliates	8,332,814	8,649,793
	Capital contributions payable	101	101
		8,333,258	8,650,237

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 11,777,706 issued and 11,763,506 outstanding as of December 31, 2018 and March 31, 2018.	(7,108,441)	(6,351,484)
General Partner		(279,673)	(277,776)
		(7,388,114)	(6,629,260)
		$ 945,144	$ 2,020,977

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 47

		December 31, 2018	March 31, 2018
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ -	$ -

OTHER ASSETS
	Cash and cash equivalents	267,871	776,230
	Other assets	-	-
		$ 267,871	$ 776,230

LIABILITIES

	Accounts payable and accrued expenses	$ -	$ -
	Accounts payable affiliates	3,177,685	3,459,744
	Capital contributions payable	-	-
		3,177,685	3,459,744

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 3,478,334 issued and 3,476,634 outstanding as of December 31, 2018 and March 31, 2018.	(2,825,831)	(2,600,097)
General Partner		(83,983)	(83,417)
		(2,909,814)	(2,683,514)
		$ 267,871	$ 776,230

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 48

		December 31, 2018	March 31, 2018
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ -	$ -

OTHER ASSETS
	Cash and cash equivalents	242,595	666,873
	Other assets	-	-
		$ 242,595	$ 666,873

LIABILITIES

	Accounts payable and accrued expenses	$ -	$ -
	Accounts payable affiliates	1,861,506	2,138,501
	Capital contributions payable	-	-
		1,861,506	2,138,501

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 2,299,372 issued and 2,293,872 outstanding as of December 31, 2018 and March 31, 2018.	(1,564,102)	(1,417,187)
General Partner		(54,809)	(54,441)
		(1,618,911)	(1,471,628)
		$ 242,595	$ 666,873

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 49

		December 31, 2018	March 31, 2018
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ -	$ -

OTHER ASSETS
	Cash and cash equivalents	328,267	471,463
	Other assets	106,411	106,411
		$ 434,678	$ 577,874

LIABILITIES

	Accounts payable and accrued expenses	$ 343	$ 343
	Accounts payable affiliates	3,293,623	3,051,548
	Capital contributions payable	101	101
		3,294,067	3,051,992

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 6,000,000 issued and 5,993,000 outstanding as of December 31, 2018 and March 31, 2018.	(2,718,508)	(2,334,200)
General Partner		(140,881)	(139,918)
		(2,859,389)	(2,474,118)
		$ 434,678	$ 577,874

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

		2018	2017

Income
	Interest income	$ 1,155	$ 1,471
Other income		18,285	37,182
		19,440	38,653

Share of income (loss) from Operating Partnerships(Note D)		-	113,050

Expenses
	Professional fees	12,177	6,651
	Fund management fee, net (Note C)	197,988	247,958
	General and administrative expenses	29,864	22,855
		240,029	277,464

NET INCOME (LOSS)		$ (220,589)	$ (125,761)

Net income (loss) allocated to assignees		$ (220,037)	$ (125,447)

Net income (loss) allocated to general partner		$ (552)	$ (314)

Net income (loss) per BAC		$ (.02)	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 47

		2018	2017

Income
	Interest income	$ 371	$ 506
Other income		4,200	12,981
		4,571	13,487

Share of income (loss) from Operating Partnerships(Note D)		-	189,672

Expenses
	Professional fees	3,999	2,217
	Fund management fee, net (Note C)	60,602	70,723
	General and administrative expenses	8,975	6,981
		73,576	79,921

NET INCOME (LOSS)		$ (69,005)	$ 123,238

Net income (loss) allocated to assignees		$ (68,832)	$ 122,930

Net income (loss) allocated to general partner		$ (173)	$ 308

Net income (loss) per BAC		$ (.02)	$ .04

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 48

		2018	2017

Income
	Interest income	$ 333	$ 376
Other income		4,200	12,950
		4,533	13,326

Share of income (loss) from Operating Partnerships(Note D)		-	-

Expenses
	Professional fees	3,151	2,217
	Fund management fee, net (Note C)	36,785	50,196
	General and administrative expenses	6,823	5,313
		46,759	57,726

NET INCOME (LOSS)		$ (42,226)	$ (44,400)

Net income (loss) allocated to assignees		$ (42,120)	$ (44,289)

Net income (loss) allocated to general partner		$ (106)	$ (111)

Net income (loss) per BAC		$ (.02)	$ (.02)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 49

		2018	2017

Income
	Interest income	$ 451	$ 589
Other income		9,885	11,251
		10,336	11,840

Share of income (loss) from Operating Partnerships(Note D)		-	(76,622)

Expenses
	Professional fees	5,027	2,217
	Fund management fee, net (Note C)	100,601	127,039
	General and administrative expenses	14,066	10,561
		119,694	139,817

NET INCOME (LOSS)		$ (109,358)	$ (204,599)

Net income (loss) allocated to assignees		$ (109,085)	$ (204,088)

Net income (loss) allocated to general partner		$ (273)	$ (511)

Net income (loss) per BAC		$ (.02)	$ (.03)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

		2018	2017

Income
	Interest income	$ 6,151	$ 1,787
Other income		47,694	141,736
		53,845	143,523

Share of income (loss) from Operating Partnerships(Note D)		-	(40,194)

Expenses
	Professional fees	109,320	85,593
	Fund management fee, net (Note C)	619,447	738,554
	General and administrative expenses	83,932	54,941
		812,699	879,088

NET INCOME (LOSS)		$ (758,854)	$ (775,759)

Net income (loss) allocated to assignees		$ (756,957)	$ (773,820)

Net income (loss) allocated to general partner		$ (1,897)	$ (1,939)

Net income (loss) per BAC		$ (.06)	$ (.07)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 47

		2018	2017

Income
	Interest income	$ 1,939	$ 602
Other income		11,664	45,082
		13,603	45,684

Share of income (loss) from Operating Partnerships(Note D)		-	189,672

Expenses
	Professional fees	35,546	25,665
	Fund management fee, net (Note C)	178,518	231,474
	General and administrative expenses	25,839	17,449
		239,903	274,588

NET INCOME (LOSS)		$ (226,300)	$ (39,232)

Net income (loss) allocated to assignees		$ (225,734)	$ (39,134)

Net income (loss) allocated to general partner		$ (566)	$ (98)

Net income (loss) per BAC		$ (.06)	$ (.01)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 48

		2018	2017

Income
	Interest income	$ 2,121	$ 462
Other income		7,901	30,621
		10,022	31,083

Share of income (loss) from Operating Partnerships(Note D)		-	-

Expenses
	Professional fees	31,349	22,682
	Fund management fee, net (Note C)	105,570	139,788
	General and administrative expenses	20,386	14,687
		157,305	177,157

NET INCOME (LOSS)		$ (147,283)	$ (146,074)

Net income (loss) allocated to assignees		$ (146,915)	$ (145,709)

Net income (loss) allocated to general partner		$ (368)	$ (365)

Net income (loss) per BAC		$ (.06)	$ (.06)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 49

		2018	2017

Income
	Interest income	$ 2,091	$ 723
Other income		28,129	66,033
		30,220	66,756

Share of income (loss) from Operating Partnerships(Note D)		-	(229,866)

Expenses
	Professional fees	42,425	37,246
	Fund management fee, net (Note C)	335,359	367,292
	General and administrative expenses	37,707	22,805
		415,491	427,343

NET INCOME (LOSS)		$ (385,271)	$ (590,453)

Net income (loss) allocated to assignees		$ (384,308)	$ (588,977)

Net income (loss) allocated to general partner		$ (963)	$ (1,476)

Net income (loss) per BAC		$ (.06)	$ (.10)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31,
(Unaudited)

	Assignees	General partner	Total

Partners' capital (deficit) April 1, 2018	$(6,351,484)	$(277,776)	$(6,629,260)

Net loss	(756,957)	(1,897)	(758,854)

Partners' capital (deficit), December 31, 2018	$(7,108,441)	$(279,673)	$(7,388,114)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31,
(Unaudited)

	Assignees	General partner	Total
Series 47
Partners' capital (deficit) April 1, 2018	$(2,600,097)	$ (83,417)	$(2,683,514)

Net loss	(225,734)	(566)	(226,300)

Partners' capital (deficit), December 31, 2018	$(2,825,831)	$ (83,983)	$(2,909,814)

	Assignees	General partner	Total
Series 48
Partners' capital (deficit) April 1, 2018	$(1,417,187)	$ (54,441)	$(1,471,628)

Net loss	(146,915)	(368)	(147,283)

Partners' capital (deficit), December 31, 2018	$(1,564,102)	$ (54,809)	$(1,618,911)

	Assignees	General partner	Total
Series 49
Partners' capital (deficit) April 1, 2018	$(2,334,200)	$(139,918)	$(2,474,118)

Net loss	(384,308)	(963)	(385,271)

Partners' capital (deficit), December 31, 2018	$(2,718,508)	$(140,881)	$(2,859,389)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

				2018		2017
Cash flows from operating activities:

	Net loss			$ (758,854)		$ (775,759)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Share of (income) loss from Operating Partnerships		-		40,194
	Changes in assets and liabilities
		Increase (Decrease) in accounts payable and accrued expenses		-		5,000
		Increase (Decrease) in accounts payable affiliates		(316,979)		796,976

			Net cash (used in) provided by operating activities	(1,075,833)		66,411

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships				-		189,672

Net cash provided by investing activities				-		189,672

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					(1,075,833)		256,083

Cash and cash equivalents, beginning					1,914,566		1,241,219

Cash and cash equivalents, ending					$ 838,733		$ 1,497,302

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

Series 47

					2018		2017
Cash flows from operating activities:

	Net loss				$ (226,300)		$ (39,232)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Share of (income) loss from Operating Partnerships			-		(189,672)
	Changes in assets and liabilities
		Increase (Decrease) in accounts payable and accrued expenses			-		5,000
		Increase (Decrease) in accounts payable affiliates			(282,059)		263,060

			Net cash (used in) provided by operating activities		(508,359)		39,156

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships					-		189,672

Net cash provided by investing activities					-		189,672

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(508,359)		228,828

Cash and cash equivalents, beginning				776,230		373,138

Cash and cash equivalents, ending				$ 267,871		$ 601,966

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

Series 48

					2018		2017
Cash flows from operating activities:

	Net loss				$ (147,283)		$ (146,074)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Share of (income) loss from Operating Partnerships			-		-
	Changes in assets and liabilities
		Increase (Decrease) in accounts payable and accrued expenses			-		-
		Increase (Decrease) in accounts payable affiliates			(276,995)		150,588

			Net cash (used in) provided by operating activities		(424,278)		4,514

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships					-		-

Net cash provided by investing activities					-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(424,278)		4,514

Cash and cash equivalents, beginning				666,873		347,379

Cash and cash equivalents, ending				$ 242,595		$ 351,893

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)

Series 49

					2018		2017
Cash flows from operating activities:

	Net loss				$ (385,271)		$ (590,453)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities
		Share of (income) loss from Operating Partnerships			-		229,866
	Changes in assets and liabilities
		Increase (Decrease) in accounts payable and accrued expenses			-		-
		Increase in accounts payable affiliates			242,075		383,328

			Net cash (used in) provided by operating activities		(143,196)		22,741

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships					-		-

Net cash provided by investing activities					-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(143,196)		22,741

Cash and cash equivalents, beginning				471,463		520,702

Cash and cash equivalents, ending				$ 328,267		$ 543,443

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
December 31, 2018
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc.

The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series, became effective. As of December 31, 2018, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2018:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$34,783,340
Series 48	August 12, 2004	2,299,372	$22,993,720
Series 49	April 29, 2005	6,000,000	$60,000,000

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2018 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2018.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 47	$ 62,652	$ 87,687
Series 48	38,835	50,196
Series 49	127,776	127,776
Total	$229,263	$265,659

The fund management fees paid for the quarters ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

The fund management fees paid for the nine months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 47	$ 470,015	$ -
Series 48	393,500	-
Series 49	141,253	-
Total	$1,004,768	$ -

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2018 and 2017, the Fund had limited partnership interests in 45 and 47 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:

	2018	2017
Series 47	12	13
Series 48	9	10
Series 49	24	24
Total	45	47

Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

During the nine months ended December 31, 2018, no Operating Partnerships were disposed.

During the nine months ended December 31, 2017, the Fund disposed of one Operating Partnership. A summary of the dispositions by Series for December 31, 2017 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition
Series 47	-		1		$	189,672		$	189,672
Series 48	-		-			-			-
Series 49	-		-			-			-
Total	-		1		$	189,672		$	189,672

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2018.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Total

		2018	2017
Revenues
	Rental	$ 13,734,315	$ 15,996,053
	Interest and other	328,969	379,973
		14,063,284	16,376,026

Expenses
	Interest	1,954,000	2,388,543
	Depreciation and amortization	3,634,148	4,165,774
	Operating expenses	9,506,824	12,266,884
		15,094,972	18,821,201

NET LOSS		$ (1,031,688)	$(2,445,175)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (1,021,372)	$(2,420,724)

Net loss allocated to other Partners		$ (10,316)	$ (24,451)

* Amounts include $1,021,372 and $2,190,858 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 47

		2018	2017
Revenues
	Rental	$ 4,139,341	$ 5,793,126
	Interest and other	77,533	121,742
		4,216,874	5,914,868

Expenses
	Interest	575,402	829,869
	Depreciation and amortization	914,609	1,256,865
	Operating expenses	2,938,201	4,150,276
		4,428,212	6,237,010

NET LOSS		$ (211,338)	$ (322,142)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (209,225)	$ (318,921)

Net loss allocated to other Partners		$ (2,113)	$ (3,221)

* Amounts include $209,225 and $318,921 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 48

		2018	2017
Revenues
	Rental	$ 2,248,381	$ 3,029,720
	Interest and other	44,403	72,250
		2,292,784	3,101,970

Expenses
	Interest	272,056	358,327
	Depreciation and amortization	597,719	769,026
	Operating expenses	1,625,109	3,130,443
		2,494,884	4,257,796

NET LOSS		$ (202,100)	$(1,155,826)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (200,079)	$(1,144,268)

Net loss allocated to other Partners		$ (2,021)	$ (11,558)

* Amounts include $200,079 and $1,144,268 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 49

		2018	2017
Revenues
	Rental	$ 7,346,593	$ 7,173,207
	Interest and other	207,033	185,981
		7,553,626	7,359,188

Expenses
	Interest	1,106,542	1,200,347
	Depreciation and amortization	2,121,820	2,139,883
	Operating expenses	4,943,514	4,986,165
		8,171,876	8,326,395

NET LOSS		$ (618,250)	$ (967,207)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (612,068)	$ (957,535)

Net loss allocated to other Partners		$ (6,182)	$ (9,672)

* Amounts include $612,068 and $727,669 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2018
(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - 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 Fund'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 2014 remain open.

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2018. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds is the proceeds of the Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended December 31, 2018 were $229,263 and total fund management fees accrued as of December 31, 2018 were $8,332,814. During the quarter ended December 31, 2018, none of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations of the Fund.

Capital Resources

The Fund offered BACs in the Offering declared effective by the Securities and Exchange Commission on January 2, 2004. The Fund received $34,783,340, $22,993,720 and $60,000,000 representing 3,478,334, 2,299,372 and 6,000,000 BACs from investors admitted as BAC Holders in Series 47, Series 48 and Series 49, respectively, as of December 31, 2018.

Series 47

The Fund commenced offering BACs in Series 47 on January 2, 2004. Offers and sales of BACs in Series 47 were completed on April 30, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $26,409,598. Series 47 has since sold its interest in 3 of the Operating Partnerships and 12 remain.

During the quarter ended December 31, 2018, Series 47 did not record any releases of capital contributions. Series 47 has released all payments of its capital contributions to the Operating Partnerships.

Series 48

The Fund commenced offering BACs in Series 48 on May 11, 2004. Offers and sales of BACs in Series 48 were completed on August 12, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $17,452,406. Series 48 has since sold its interest in 2 of the Operating Partnerships and 9 remain.

During the quarter ended December 31, 2018, Series 48 did not record any releases of capital contributions. Series 48 has released all payments of its capital contributions to the Operating Partnerships.

Series 49

The Fund commenced offering BACs in Series 49 on August 24, 2004. Offers and sales of BACs in Series 49 were completed on April 29, 2005. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $45,728,155.

During the quarter ended December 31, 2018, Series 49 did not record any releases of capital contributions. Series 49 has outstanding contributions payable to 1 Operating Partnership in the amount of $101, as of December 31, 2018. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their partnership agreement.

Results of Operations

As of December 31, 2018, the Fund held limited partnership interests in 45 Operating Partnerships. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

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 certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2018 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 47	$ 62,652	$ 2,050	$ 60,602
Series 48	38,835	2,050	36,785
Series 49	127,776	27,175	100,601
	$229,263	$31,275	$197,988

	9 Months Gross Fund Management Fee	9 Months Reporting Fee	9 Months Fund Management Fee Net of Reporting Fee
Series 47	$187,956	$ 9,438	$178,518
Series 48	116,505	10,935	105,570
Series 49	383,328	47,969	335,359
	$687,789	$68,342	$619,447

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

Series 47

As of December 31, 2018 and 2017, the average Qualified Occupancy was 100%. The series had a total of 12 properties at December 31, 2018, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2018 and 2017, Series 47 reflects a net loss from Operating Partnerships of $(211,338) and $(322,142), respectively, which includes depreciation and amortization of $914,609 and $1,256,865, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In October 2017, the operating general partner of CP Continental Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on December 20, 2017. The sales price of the property was $8,100,000, which included the outstanding mortgage balance of approximately $5,656,256 and cash proceeds to the investment partnership of $194,672. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $189,672 were returned to cash reserves held by Series 47. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $189,672 as of December 31, 2017. In January 2018, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $51,515 which was returned to the cash reserves.

The Masters Apartments, L.P (Crawford Park Apartments Homes) is a 144-unit family property located in Dallas, TX. Operations fell below breakeven in 2016 when management re-branded the property to improve its reputation and resident profile. With over 60 evictions, the property suffered a drastic decline in rental income. In addition, operating expenses increased as management worked to correct deferred maintenance items throughout 2016 and 2017. In 2018, operations are above breakeven, after accounting for reserve withdrawals for expensed improvements. Management continues to focus on renting to residents that meet the stringent tenant selection criteria. The property is 90% occupied through December 2018. The investment general partner will continue to work closely with the operating general partner and the management company to improve operations and occupancy. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to The Masters Apartments, L.P. expires on December 31, 2020.

In March 2018, the investment general partner transferred their respective interests in Wellington Park Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $10,799,677 and cash proceeds to the investment partnerships of $350,000 and $350,000 to Series 47 and Series 48, respectively. Of the total proceeds received, $6,500 and $6,500 for Series 47 and Series 48, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $343,500 and $343,500 for Series 47 and Series 48, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $343,500 and $343,500 for Series 47 and Series 48, respectively, as of March 31, 2018.

Series 48

As of December 31, 2018 and 2017, the average Qualified Occupancy was 100%. The series had a total of 9 properties at December 31, 2018, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2018 and 2017, Series 48 reflects a net loss from Operating Partnerships of $(202,100) and $(1,155,826), respectively, which includes depreciation and amortization of $597,719 and $769,026, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Wyndam-Emporia L.P. (Wyndam Place Senior Residences) is a 42-unit senior property located in Emporia, KS. The property is operating above breakeven in 2018 due to management stabilizing occupancy to 100% and reducing vacancy loss by 85% compared to 2017. Effective January 1, 2016, the operating general partner modified the existing loan resulting in an annual debt service reduction of $14,000. The 15-year low income housing tax credit compliance period with respect to Wyndam-Emporia L.P. expires on December 31, 2020.

The Masters Apartments, L.P (Crawford Park Apartments Homes) is a 144-unit family property located in Dallas, TX. Operations fell below breakeven in 2016 when management re-branded the property to improve its reputation and resident profile. With over 60 evictions, the property suffered a drastic decline in rental income. In addition, operating expenses increased as management worked to correct deferred maintenance items throughout 2016 and 2017. In 2018, operations are above breakeven, after accounting for reserve withdrawals for expensed improvements. Management continues to focus on renting to residents that meet the stringent tenant selection criteria. The property is 90% occupied through December 2018. The investment general partner will continue to work closely with the operating general partner and the management company to improve operations and occupancy. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to The Masters Apartments, L.P. expires on December 31, 2020.

In March 2018, the investment general partner transferred their respective interests in Wellington Park Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $10,799,677 and cash proceeds to the investment partnerships of $350,000 and $350,000 to Series 47 and Series 48, respectively. Of the total proceeds received, $6,500 and $6,500 for Series 47 and Series 48, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $343,500 and $343,500 for Series 47 and Series 48, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $343,500 and $343,500 for Series 47 and Series 48, respectively, as of March 31, 2018.

Series 49

As of December 31, 2018 and 2017, the average Qualified Occupancy was 100%. The series had a total of 24 properties at December 31, 2018, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2018 and 2017, Series 49 reflects a net loss from Operating Partnerships of $(618,250) and $(967,207), respectively, which includes depreciation and amortization of $2,121,820 and $2,139,883, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rosewood Place, L.L.C. (Rosewood Senior) is a 144-unit apartment development for seniors located in Lenexa, Kansas. The property operated above breakeven during 2015, 2016 and 2017. The investment general partner continues to monitor the personal Chapter 7 bankruptcy of the principal of the operating general partner and regularly receives verbal updates from the bankruptcy trustee on the status and progress on the liquidation of the operating general partner's personal assets, including the eventual sale of his operating general partner interest in the subject Operating Partnership. Although the operating general partner's operating deficit guarantee has not expired, it has no ability to honor this guarantee due to aforementioned personal bankruptcy filing by its principal. The 15-year low income tax credit compliance period with respect to Rosewood Place, L.L.C. expires on December 31, 2021.

Linden-Bartlesville Partners, L.P. (The Linden's Apartments) is a 54-unit family property located in Bartlesville, OK. Operations have been consistently below breakeven since the fourth quarter of 2014 due to low occupancy levels and the inability to increase rents due to unanticipated competition in the market. A debt modification was secured during 2016, which reduced annual debt service payments by approximately $11,000. The investment limited partner will continue to work with the operating general partner and the management company to monitor and improve operations. As of December 2018, the property is maintaining occupancy of 85%. The operating general partner's obligation to fund deficits under the operating deficit guaranty expired; however, the operating general partner continues to fund deficits and confirmed its commitment to continue doing so. The 15-year low income housing tax credit compliance period with respect to Linden-Bartlesville Partners, L.P. expires on December 31, 2020.

Linden-Shawnee Partners, L.P. (Linden's Apartments) is a 54-unit family property in Shawnee, OK. Operations remain above breakeven through November 2018. The investment limited partner will continue to work with the operating general partner and the management company to improve occupancy and operations. The operating general partner's operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period with respect to Linden-Shawnee Partners, L.P. expires on December 31, 2020. As the property stabilized and is operating above breakeven, the investment general partner will cease reporting for Linden-Shawnee Partners, L.P. subsequent to December 2018.

Columbia Blackshear Senior Residences, L.P. (Columbia Senior Residences)is a 78- unit elderly property in Atlanta, GA. Operations fell below breakeven through the third quarter of 2018 due to increased maintenance and administrative costs. Operations remain below breakeven. Emergency elevator repairs have resulted in a significant increase to maintenance expenses, management received reimbursement of the expense through replacement reserves during fourth quarter 2018. Turnover expense increased due to the passing of several residents. Manager and maintenance payroll expenses have increased because of positive performance reviews. Despite the increase in turnover occupancy has remained strong at average of 99% through 2018 and the property received its first Project Based Rental Assistance contract rent increase in ten years. The investment limited partner will continue to work with the operating general partner and the management company to improve operations. Although, the operating deficit guarantee has expired the operating general partner continues to fund deficits and confirmed its commitment to continue to do so. The 15- year low income housing tax credit compliance period with respect to Columbia Blackshear Residences, L.P. expires on December 31, 2021.

Rural Housing Partners of Kewaunee L.P. (Sunset Manor Apartments) is a 38-unit family property located in Kewaunee, WI. Due to low occupancy and insufficient rental income the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve the occupancy level. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Kewaunee, LP expires on December 31, 2019.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

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

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

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

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended, March 31, 2018 and 2017. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

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

Principal Accounting Policies and Estimates - continued

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

Item 3		Quantitative and Qualitative Disclosures About Market Risk

		Not Applicable
Item 4	Controls and Procedures

	(a)		Evaluation of Disclosure Controls and Procedures
			As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates V LLC, carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)		Changes in Internal Controls

			There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended December 31, 2018 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

None

Item 1A.

Risk Factors

There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2018.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults upon Senior Securities

None

Item 4.

Mine Safety Disclosures

Not Applicable

Item 5.

Other Information

None

Item 6.

Exhibits

(a)Exhibits

31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

BCTC V CERT 302

31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

BCTC V CERT 302

32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

BCTC V CERT 906

32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

BCTC V CERT 906

101. The following materials from the Boston Capital Tax Credit Fund V L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herein

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund V L.P.

		By:	Boston Capital Associates V LLC, General Partner


Date: February 13, 2019			By:	/s/ John P. Manning John P. Manning

				Managing Member

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

DATE:	SIGNATURE:	TITLE:

February 13, 2019	/s/ John P. Manning John P. Manning	Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer), BCTC V Assignor Corp.







February 13, 2019	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), Boston Capital Partners II Corp.; Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), BCTC V Assignor Corp.

EX-31 2 b510cert302jpm.htm BCTC V CERTIFICATION 302 SECURITIES AND EXCHANGE COMMISSION

Exhibit 31.a

I, John P. Manning, certify that:

I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	/s/ John P. Manning
February 13, 2019	John P. Manning
	Principal
	Executive Officer

EX-31 3 b510cert302mnt.htm BCTC V CERTIFICATION 302 SECURITIES AND EXCHANGE COMMISSION

Exhibit 31.b

I, Marc N. Teal, certify that:

I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	/s/ Marc N. Teal
February 13, 2019	Marc N. Teal
	Principal Financial Officer

EX-32 4 b510cert906jpm.htm BCTC V CERTIFICATION 906 EXHIBIT 99

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Manning, Principal Executive Officer of the Fund's general partner, Boston Capital Associates V, L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.


Date:
February 13, 2019		/s/ John P. Manning

		John P. Manning
		Principal Executive Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32 5 b510cert906mnt.htm BCTC V CERTIFICATION 906 EXHIBIT 99

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc N. Teal, Principal Financial Officer of the Fund's general partner, Boston Capital Associates V L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.


Date:
February 13, 2019		/s/ Marc N. Teal

		Marc N. Teal
		Principal Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

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<div style="background: none;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE G - SUBSEQUENT EVENTS</div></div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

415491

427343

<div style="background: none;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE F - INCOME TAXES</div></div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 Fund’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 2014 remain open.</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="background: none;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE E - TAXABLE LOSS</div></div></div></div><div style="background: none;"> </div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund's taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. </div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="background: none;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS</div></div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> </div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">At December 31, 2018 and 2017, the Fund had limited partnership interests in 45 and 47 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:444;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">12</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">9</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">10</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">24</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">24</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">45</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">47</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> </div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">During the nine months ended December 31, 2018, no Operating Partnerships were disposed.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: courier; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">During the nine months ended December 31, 2017, the Fund disposed of one Operating Partnership. A summary of the dispositions by Series for December 31, 2017 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="1" cellspacing="1" style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:584;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating Partnership Interest Transferred</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Sale of Underlying Operating Partnership</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Partnership Proceeds from Disposition </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:21%;"><div style="background: none; line-height: normal;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Gain/(Loss) on Disposition</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:16%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">189,672</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">189,672</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:16%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:16%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:16%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">189,672</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">189,672</div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;;text-align:center;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> </div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.</div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2018.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;">  </div><div style="background: none;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/>Nine Months Ended September 30,<br/>(Unaudited)</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Total</div></div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:600;"><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Rental</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 13,734,315</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 15,996,053</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest and other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    328,969</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    379,973</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 14,063,284</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 16,376,026</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,954,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">2,388,543</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Depreciation and amortization</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">3,634,148</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">4,165,774</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  9,506,824</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">12,266,884</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 15,094,972</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 18,821,201</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> (1,031,688)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">(2,445,175)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> (1,021,372)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">(2,420,724)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other Partners</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (10,316)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (24,451)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">* Amounts include $1,021,372 and $2,190,858 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="background: none;;text-align:center;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 47</div></div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"> </div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:600;"><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Rental</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  4,139,341</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  5,793,126</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest and other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">     77,533</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    121,742</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,216,874</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  5,914,868</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">575,402</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">829,869</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Depreciation and amortization</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">914,609</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,256,865</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  2,938,201</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,150,276</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,428,212</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  6,237,010</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (211,338)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (322,142)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (209,225)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (318,921)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other Partners</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (2,113)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (3,221)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">* Amounts include $209,225 and $318,921 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;">  </div><div style="background: none;;text-align:center;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 48</div></div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:600;"><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Rental</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  2,248,381</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  3,029,720</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest and other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">     44,403</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">     72,250</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  2,292,784</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3,101,970</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">272,056</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">358,327</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Depreciation and amortization</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">597,719</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">769,026</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  1,625,109</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3,130,443</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  2,494,884</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,257,796</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (202,100)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">(1,155,826)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (200,079)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">(1,144,268)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other Partners</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (2,021)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (11,558)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">* Amounts include $200,079 and $1,144,268 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </div><div style="background: none;;text-align:center;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 49</div></div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:600;"><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Rental</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  7,346,593</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  7,173,207</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest and other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    207,033</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    185,981</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  7,553,626</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  7,359,188</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,106,542</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,200,347</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Depreciation and amortization</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">2,121,820</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">2,139,883</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,943,514</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,986,165</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  8,171,876</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  8,326,395</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (618,250)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (967,207)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (612,068)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (957,535)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other Partners</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (6,182)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (9,672)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">* Amounts include $612,068 and $727,669 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</div></div></div>

-384308

-588977

-963

-1476

<div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">At December 31, 2018 and 2017, the Fund had limited partnership interests in 45 and 47 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:444;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">12</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">13</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">9</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">10</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">24</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">24</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">45</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">47</div></div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2018.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;">  </div><div style="background: none;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/>Nine Months Ended September 30,<br/>(Unaudited)</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Total</div></div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:600;"><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Rental</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 13,734,315</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 15,996,053</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest and other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    328,969</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    379,973</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 14,063,284</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 16,376,026</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,954,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">2,388,543</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Depreciation and amortization</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">3,634,148</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">4,165,774</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  9,506,824</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">12,266,884</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 15,094,972</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;"> 18,821,201</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> (1,031,688)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">(2,445,175)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;"> (1,021,372)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">(2,420,724)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other Partners</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (10,316)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (24,451)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">* Amounts include $1,021,372 and $2,190,858 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="background: none;;text-align:center;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 47</div></div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"> </div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:600;"><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Rental</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  4,139,341</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  5,793,126</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest and other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">     77,533</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    121,742</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,216,874</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  5,914,868</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">575,402</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">829,869</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Depreciation and amortization</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">914,609</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,256,865</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  2,938,201</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,150,276</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,428,212</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  6,237,010</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="line-height: normal;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (211,338)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (322,142)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (209,225)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (318,921)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: "courier new";"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: "courier new";;text-align:right;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: "courier new";;text-align:right;"> </div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other Partners</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (2,113)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (3,221)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">* Amounts include $209,225 and $318,921 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;">  </div><div style="background: none;;text-align:center;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 48</div></div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:600;"><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Rental</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  2,248,381</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  3,029,720</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest and other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">     44,403</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">     72,250</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  2,292,784</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3,101,970</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">272,056</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">358,327</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Depreciation and amortization</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">597,719</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">769,026</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  1,625,109</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  3,130,443</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  2,494,884</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,257,796</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (202,100)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">(1,155,826)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (200,079)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">(1,144,268)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other Partners</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (2,021)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">   (11,558)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">* Amounts include $200,079 and $1,144,268 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </div><div style="background: none;;text-align:center;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series 49</div></div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:600;"><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Revenues</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Rental</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  7,346,593</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  7,173,207</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest and other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    207,033</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">    185,981</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  7,553,626</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  7,359,188</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Interest</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,106,542</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1,200,347</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Depreciation and amortization</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">2,121,820</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">2,139,883</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:5%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:48%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,943,514</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  4,986,165</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  8,171,876</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  8,326,395</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">NET LOSS</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (618,250)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (967,207)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (612,068)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><br/><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">  (957,535)</div></div></div></td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"> </td></tr><tr><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:53%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Net loss allocated to other Partners</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:26%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (6,182)</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:21%;"><div style="background: none; line-height: normal; margin-top: 6pt; margin-bottom: 6pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">    (9,672)</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">* Amounts include $612,068 and $727,669 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. </div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-decoration: none;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</div></div></div>

-6351484

-277776

-6629260

-756957

-1897

-7108441

-279673

-7388114

-2600097

-83417

-2683514

-2825831

-83983

-2909814

-225734

-566

-1417187

-54441

-1471628

-1564102

-54809

-1618911

-146915

-368

-2334200

-139918

-2474118

-2718508

-140881

-2859389

-384308

-963

12 13 9 10 24 24 45 47

-758854

-775759

0

-316979

796976

-1075833

66411

-1075833

256083

1241219

1497302

-226300

-39232

0

-282059

263060

-508359

39156

-508359

228828

373138

601966

13734315 15996053 328969 379973 14063284 16376026

-147283

-146074

0

0

-276995

150588

-424278

4514

-424278

4514

347379

351893

4139341 5793126 77533 121742 4216874 5914868

-385271

-590453

0

242075

383328

-143196

22741

2248381 3029720 44403 72250 2292784 3101970

-143196

22741

520702

543443

7346593 7173207 207033 185981

<div style="background: none;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE C - RELATED PARTY TRANSACTIONS</div></div></div></div><div style="background: none;"> </div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:</div></div></div><div style="background: none;"> </div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2018 and 2017 are as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:444;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 62,652</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 87,687</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">38,835</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">50,196</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">127,776</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">127,776</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">229,263</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">265,659</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The fund management fees paid for the quarters ended December 31, 2018 and 2017 are as follows:</div></div></div><div style="background: none;"> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:444;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">      -</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The fund management fees paid for the nine months ended December 31, 2018 and 2017 are as follows:</div></div></div><div style="background: none;"> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:444;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  470,015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">393,500</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  141,253</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">1,004,768</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2018 and 2017 are as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:444;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 62,652</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$ 87,687</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">38,835</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">50,196</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">127,776</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">127,776</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:39%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:31%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">229,263</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;;height:11;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">265,659</div></div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The fund management fees paid for the quarters ended December 31, 2018 and 2017 are as follows:</div></div></div><div style="background: none;"> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:444;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">      -</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The fund management fees paid for the nine months ended December 31, 2018 and 2017 are as follows:</div></div></div><div style="background: none;"> </div><table border="0" cellpadding="7" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px;;width:444;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2018</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">2017</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$  470,015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$      -</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">393,500</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">  141,253</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:41%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">1,004,768</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:top;;width:30%;"><div style="background: none; line-height: normal; margin-top: 5pt; margin-bottom: 5pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$<div style="text-decoration:underline;display:inline;">      -</div></div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

3478334

34783340

2299372

22993720

6000000

60000000

2004-04-30 2004-08-12 2005-04-29

62652

87687

38835

127776

127776

229263

265659

50196

470015

141253

1004768

393500

0

0

0

0

250000 7000000 10

117777060

8500000

<div style="background: none;"><div style="text-decoration:underline;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES</div></div></div></div><div style="background: none;"> </div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The condensed financial statements herein as of December 31, 2018 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.</div></div></div><div style="background: none;"> </div><div style="background: none;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2018. </div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0

0

0

0

0

0

0

0

0.0050

-0.02

-0.01

-0.02

0.04

-0.02

-0.02

-0.02

-0.03

-0.06

-0.07

-0.06

-0.01

-0.06

-0.06

-0.06

-0.10

<div style="background: none;"><div style="font-family: courier; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">During the nine months ended December 31, 2017, the Fund disposed of one Operating Partnership. A summary of the dispositions by Series for December 31, 2017 is as follows:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "courier new"; text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="1" cellspacing="1" style="border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:584;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Operating Partnership Interest Transferred</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Sale of Underlying Operating Partnership</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Partnership Proceeds from Disposition </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:21%;"><div style="background: none; line-height: normal;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Gain/(Loss) on Disposition</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 47</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:16%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">189,672</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">189,672</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 48</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:16%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Series 49</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:16%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:15%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:19%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">-</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">1</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:16%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">189,672</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:3%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:right;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">$</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; font-family: "courier new";;vertical-align:bottom;;width:18%;"><div style="background: none; line-height: normal; margin-top: 2pt; margin-bottom: 2pt;;text-align:justify;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;">189,672</div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0

5000

1 1

0

189672

0

189672

0

5000

0

0

189672

189672

0

0

1954000 2388543 3634148 4165774 9506824 12266884 15094972 18821201 -1031688 -2445175 -1021372 -2420724 -10316 -24451

0

0

0

0

575402 829869 914609 1256865 2938201 4150276 4428212 6237010 -211338 -322142 -209225 -318921 -2113 -3221

0

0

0

0

0

0

272056 358327 597719 769026 1625109 3130443 2494884 4257796 -202100 -1155826 -200079 -1144268 -2021 -11558 7553626 7359188 1106542 1200347 2121820 2139883 4943514 4986165 8171876 8326395 -618250 -967207 -612068 -957535 -6182 -9672 1021372 2190858 209225 318921 200079 1144268 612068 727669 0 0 0 0 0 0

11777706

11763506

11777706

11763506

2293872

2299372

2293872

5993000

6000000

5993000

3476634

3478334

3476634

<div style="background: none; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">NOTE A – ORGANIZATION</div></div></div></div><div style="background: none; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"> </div></div><div style="background: none; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of </div></div><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;">October 15, 2003</div></div><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc. </div></div></div><div style="background: none; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"> </div></div><div style="background: none; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.</div></div></div><div style="background: none; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"> </div></div><div style="background: none; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;">A Registration Statement on Form S-</div></div><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;">11</div><div style="font-size:10pt;;display:inline;"> and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective </div><div style="font-size:10pt;;display:inline;">January 2, 2004</div><div style="font-size:10pt;;display:inline;"> in connection with a public offering ("Offering") in one or more series of a minimum of </div><div style="font-size:10pt;;display:inline;">250,000</div><div style="font-size:10pt;;display:inline;"> BACs and a maximum of </div><div style="font-size:10pt;;display:inline;">7,000,000</div><div style="font-size:10pt;;display:inline;"> BACs at $</div><div style="font-size:10pt;;display:inline;">10</div><div style="font-size:10pt;;display:inline;"> per BAC. On </div><div style="font-size:10pt;;display:inline;">August 10, 2004</div><div style="font-size:10pt;;display:inline;">, an amendment to Form S-</div><div style="font-size:10pt;;display:inline;">11</div><div style="font-size:10pt;;display:inline;">, which registered an additional </div><div style="font-size:10pt;;display:inline;">8,500,000</div><div style="font-size:10pt;;display:inline;"> BACs for sale to the public in one or more series, became effective. As of </div><div style="font-size:10pt;;display:inline;">December 31, 2018</div><div style="font-size:10pt;;display:inline;">, subscriptions had been received and accepted by the Fund for </div><div style="font-size:10pt;;display:inline;">11,777,706</div><div style="font-size:10pt;;display:inline;"> BACs representing capital contributions of $</div><div style="font-size:10pt;;display:inline;">117,777,060</div></div><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">.</div></div></div><div style="background: none; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"> </div></div><div style="background: none; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;">Below is a summary of the BACs sold and total equity raised, by series, as of </div><div style="font-size:10pt;;display:inline;">December 31, 2018</div></div><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table style="font-family: "times new roman"; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; border-spacing: 0px;;width:638;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">Series</div></div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:26%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">Closing Date</div></div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:24%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">BACs Sold</div></div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">Equity Raised</div></div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">Series </div><div style="font-size:10pt;;display:inline;">47</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:26%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">April 30, 2004</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:24%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">3,478,334</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">$</div><div style="font-size:10pt;;display:inline;">34,783,340</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">Series </div><div style="font-size:10pt;;display:inline;">48</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:26%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">August 12, 2004</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:24%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">2,299,372</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">$</div><div style="font-size:10pt;;display:inline;">22,993,720</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">Series </div><div style="font-size:10pt;;display:inline;">49</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:26%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">April 29, 2005</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:24%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">6,000,000</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">$</div><div style="font-size:10pt;;display:inline;">60,000,000</div></div></div></div></td></tr></table><div style="clear:both;"></div><div style="clear:both;"></div><div style="clear: both; background: none;"></div><div style="background: none; margin-bottom: 0px; margin-top: 0px; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none; background: none; color: rgb(0, 0, 0); top: 0px;;display:inline;"> </div></div></div></div><div style="background: none; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Fund concluded its public offering of BACs in the Fund on April 29, 2005.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="background: none; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:10pt;;display:inline;">Below is a summary of the BACs sold and total equity raised, by series, as of </div><div style="font-size:10pt;;display:inline;">December 31, 2018</div></div><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">:</div></div></div><div style="background: none; margin-bottom: 0px; margin-top: 0px; font-size: 10pt;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; text-decoration: none; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table style="font-family: "times new roman"; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; border-spacing: 0px;;width:638;"><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">Series</div></div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:26%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">Closing Date</div></div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:24%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">BACs Sold</div></div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-size:10pt;;display:inline;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="text-decoration:underline;display:inline;">Equity Raised</div></div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">Series </div><div style="font-size:10pt;;display:inline;">47</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:26%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">April 30, 2004</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:24%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">3,478,334</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">$</div><div style="font-size:10pt;;display:inline;">34,783,340</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">Series </div><div style="font-size:10pt;;display:inline;">48</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:26%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">August 12, 2004</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:24%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">2,299,372</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">$</div><div style="font-size:10pt;;display:inline;">22,993,720</div></div></div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">Series </div><div style="font-size:10pt;;display:inline;">49</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:26%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">April 29, 2005</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:24%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">6,000,000</div></div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:top;;width:25%;;height:14;"><div style="background: none; margin-top: 5pt; margin-bottom: 5pt; font-size: 10pt;;text-align:center;"><div style="font-family: "courier new"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;font-size:13px;;display:inline;"><div style="font-size:10pt;;display:inline;">$</div><div style="font-size:10pt;;display:inline;">60,000,000</div></div></div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

xbrli:pure iso4217:USD xbrli:shares bctcv:Number iso4217:USD xbrli:shares Amounts include $1,021,372 and $2,190,858 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. Amounts include $209,225 and $318,921 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. Amounts include $200,079 and $1,144,268 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. Amounts include $612,068 and $727,669 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. 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Under the terms of the Partnership's investment in each Operating Partnership, the Partnership is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. Liabilities Total Liabilities Partners' Capital [Abstract] PARTNERS' CAPITAL (DEFICIT) Limited Partners' Capital Account Assignees Units of limited partnership interest General Partners' Capital Account General Partner Partners' Capital Partners Capital Partners' capital (deficit) Partners' capital (deficit) Liabilities and Equity Liabilities and Stockholders' Equity Balance Sheet Parenthetical [Abstract] Partners' Capital Account, Distribution Per Unit of Limited Partner Interest Beneficial assignee certificate, par value (in dollars per share) Limited Partners' Capital Account, Units Authorized Units of limited partnership interest, authorized Limited Partners' Capital Account, Units Issued Units of limited partnership interest, issued BACs Sold Limited Partners' Capital Account, Units Outstanding Units of limited partnership interest, outstanding Income Statement [Abstract] Revenues [Abstract] Income Revenues Interest Income, Operating Interest income Other Income Other income Revenues Total income Income (Loss) from Equity Method Investments Share of income (loss) from Operating Partnerships (Note D) Share of (income) loss from Operating Partnerships Gain/(Loss) on Disposition Operating Expenses [Abstract] Expenses Professional Fees Professional fees Fund Management Fee Fund management fee, net (Note C) Annual fund management fee charged on all apartment complexes owned by the Operating Partnerships net of reporting fees. General and Administrative Expense General and administrative expenses Operating Expenses Operating expenses Net Income (Loss) Attributable to Parent NET INCOME (LOSS) Net loss Net loss Net Income (Loss) Allocated to Limited Partners Net income (loss) allocated to assignees Net Income (Loss) Allocated to General Partners Net income (loss) allocated to general partner Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax Net income (loss) per BAC Statement of Partners' Capital [Abstract] Partner Type [Axis] Partner Type of Partners' Capital Account, Name [Domain] Assignees [Member] General Partner [Member] Statement of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income (loss) to net cash provided by operating activities Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities Increase (Decrease) in Due to Affiliates Increase (Decrease) in accounts payable affiliates Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in accounts payable and accrued expenses Net Cash Provided by (Used in) Operating Activities Net cash (used in) provided by operating activities Cash and Cash Equivalents, Period Increase (Decrease) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: Proceeds from Sale of Equity Method Investments Proceeds from the disposition of Operating Partnerships Partnership Proceeds from Disposition Net Cash Provided by (Used in) Investing Activities Net cash provided by investing activities Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Equity Method Investments and Joint Ventures [Abstract] Equity Method Investments and Joint Ventures Disclosure [Text Block] Equity Method Investments Disclosure [Text Block] Taxable Loss [Abstract] Taxable Loss [Text Block] The entire disclosure of expected change in the Partnership's taxable loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and IRS accounting methods. Income Tax Disclosure [Abstract] Income Tax Relating To Partnership Disclosure [Text Block] Description containing the income tax disclosure relating to Partnership that has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Subsequent Events [Abstract] Subsequent Events [Text Block] Schedule of Limited Partners' Capital Account by Class [Table Text Block] Schedule of Limited Partners' Capital Account by Class [Table Text Block] Schedule Of Gross Management Fee [Table Text Block] Tabular disclosure for gross management fee. Schedule Of Management Fees Paid [Table Text Block] Schedule Of Management Fees Paid [Table Text Block] Tabular disclosure for management fees paid. 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Document And Entity Information	9 Months Ended
Document And Entity Information	Dec. 31, 2018 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	BOSTON CAPITAL TAX CREDIT FUND V LP
Entity Central Index Key	0001267425
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Emerging Growth Company	false
Entity Small Business	true

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS - USD ($)	Dec. 31, 2018	Mar. 31, 2018
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$ 0	$ 0
OTHER ASSETS
Cash and cash equivalents	838,733	1,914,566
Other assets	106,411	106,411
Assets	945,144	2,020,977
LIABILITIES
Accounts payable and accrued expenses	343	343
Accounts payable affiliates	8,332,814	8,649,793
Capital contributions payable	101	101
Total Liabilities	8,333,258	8,650,237
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(7,108,441)	(6,351,484)
General Partner	(279,673)	(277,776)
Partners Capital	(7,388,114)	(6,629,260)
Liabilities and Stockholders' Equity	945,144	2,020,977
Series 47 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	267,871	776,230
Other assets	0	0
Assets	267,871	776,230
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates	3,177,685	3,459,744
Capital contributions payable	0	0
Total Liabilities	3,177,685	3,459,744
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(2,825,831)	(2,600,097)
General Partner	(83,983)	(83,417)
Partners Capital	(2,909,814)	(2,683,514)
Liabilities and Stockholders' Equity	267,871	776,230
Series 48 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	242,595	666,873
Other assets	0	0
Assets	242,595	666,873
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates	1,861,506	2,138,501
Capital contributions payable	0	0
Total Liabilities	1,861,506	2,138,501
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(1,564,102)	(1,417,187)
General Partner	(54,809)	(54,441)
Partners Capital	(1,618,911)	(1,471,628)
Liabilities and Stockholders' Equity	242,595	666,873
Series 49 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	328,267	471,463
Other assets	106,411	106,411
Assets	434,678	577,874
LIABILITIES
Accounts payable and accrued expenses	343	343
Accounts payable affiliates	3,293,623	3,051,548
Capital contributions payable	101	101
Total Liabilities	3,294,067	3,051,992
PARTNERS' CAPITAL (DEFICIT)
Assignees Units of limited partnership interest	(2,718,508)	(2,334,200)
General Partner	(140,881)	(139,918)
Partners Capital	(2,859,389)	(2,474,118)
Liabilities and Stockholders' Equity	$ 434,678	$ 577,874

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares	Dec. 31, 2018	Mar. 31, 2018
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	11,777,706	11,777,706
Units of limited partnership interest, outstanding	11,763,506	11,763,506
Series 47 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	3,478,334	3,478,334
Units of limited partnership interest, outstanding	3,476,634	3,476,634
Series 48 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	2,299,372	2,299,372
Units of limited partnership interest, outstanding	2,293,872	2,293,872
Series 49 [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	6,000,000	6,000,000
Units of limited partnership interest, outstanding	5,993,000	5,993,000

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income
Interest income	$ 1,155	$ 1,471	$ 6,151	$ 1,787
Other income	18,285	37,182	47,694	141,736
Total income	19,440	38,653	53,845	143,523
Share of income (loss) from Operating Partnerships (Note D)	0	113,050	0	(40,194)
Expenses
Professional fees	12,177	6,651	109,320	85,593
Fund management fee, net (Note C)	197,988	247,958	619,447	738,554
General and administrative expenses	29,864	22,855	83,932	54,941
Operating expenses	240,029	277,464	812,699	879,088
NET INCOME (LOSS)	(220,589)	(125,761)	(758,854)	(775,759)
Net income (loss) allocated to assignees	(220,037)	(125,447)	(756,957)	(773,820)
Net income (loss) allocated to general partner	$ (552)	$ (314)	$ (1,897)	$ (1,939)
Net income (loss) per BAC	$ (0.02)	$ (0.01)	$ (0.06)	$ (0.07)
Series 47 [Member]
Income
Interest income	$ 371	$ 506	$ 1,939	$ 602
Other income	4,200	12,981	11,664	45,082
Total income	4,571	13,487	13,603	45,684
Share of income (loss) from Operating Partnerships (Note D)	0	189,672	0	189,672
Expenses
Professional fees	3,999	2,217	35,546	25,665
Fund management fee, net (Note C)	60,602	70,723	178,518	231,474
General and administrative expenses	8,975	6,981	25,839	17,449
Operating expenses	73,576	79,921	239,903	274,588
NET INCOME (LOSS)	(69,005)	123,238	(226,300)	(39,232)
Net income (loss) allocated to assignees	(68,832)	122,930	(225,734)	(39,134)
Net income (loss) allocated to general partner	$ (173)	$ 308	$ (566)	$ (98)
Net income (loss) per BAC	$ (0.02)	$ 0.04	$ (0.06)	$ (0.01)
Series 48 [Member]
Income
Interest income	$ 333	$ 376	$ 2,121	$ 462
Other income	4,200	12,950	7,901	30,621
Total income	4,533	13,326	10,022	31,083
Share of income (loss) from Operating Partnerships (Note D)	0	0	0	0
Expenses
Professional fees	3,151	2,217	31,349	22,682
Fund management fee, net (Note C)	36,785	50,196	105,570	139,788
General and administrative expenses	6,823	5,313	20,386	14,687
Operating expenses	46,759	57,726	157,305	177,157
NET INCOME (LOSS)	(42,226)	(44,400)	(147,283)	(146,074)
Net income (loss) allocated to assignees	(42,120)	(44,289)	(146,915)	(145,709)
Net income (loss) allocated to general partner	$ (106)	$ (111)	$ (368)	$ (365)
Net income (loss) per BAC	$ (0.02)	$ (0.02)	$ (0.06)	$ (0.06)
Series 49 [Member]
Income
Interest income	$ 451	$ 589	$ 2,091	$ 723
Other income	9,885	11,251	28,129	66,033
Total income	10,336	11,840	30,220	66,756
Share of income (loss) from Operating Partnerships (Note D)	0	(76,622)	0	(229,866)
Expenses
Professional fees	5,027	2,217	42,425	37,246
Fund management fee, net (Note C)	100,601	127,039	335,359	367,292
General and administrative expenses	14,066	10,561	37,707	22,805
Operating expenses	119,694	139,817	415,491	427,343
NET INCOME (LOSS)	(109,358)	(204,599)	(385,271)	(590,453)
Net income (loss) allocated to assignees	(109,085)	(204,088)	(384,308)	(588,977)
Net income (loss) allocated to general partner	$ (273)	$ (511)	$ (963)	$ (1,476)
Net income (loss) per BAC	$ (0.02)	$ (0.03)	$ (0.06)	$ (0.10)

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 9 months ended Dec. 31, 2018 - USD ($)	Total	Assignees [Member]	General Partner [Member]	Series 47 [Member]	Series 47 [Member] Assignees [Member]	Series 47 [Member] General Partner [Member]	Series 48 [Member]	Series 48 [Member] Assignees [Member]	Series 48 [Member] General Partner [Member]	Series 49 [Member]	Series 49 [Member] Assignees [Member]	Series 49 [Member] General Partner [Member]
Partners' capital (deficit) at Mar. 31, 2018	$ (6,629,260)	$ (6,351,484)	$ (277,776)	$ (2,683,514)	$ (2,600,097)	$ (83,417)	$ (1,471,628)	$ (1,417,187)	$ (54,441)	$ (2,474,118)	$ (2,334,200)	$ (139,918)
Net loss	(758,854)	(756,957)	(1,897)	(226,300)	(225,734)	(566)	(147,283)	(146,915)	(368)	(385,271)	(384,308)	(963)
Partners' capital (deficit) at Dec. 31, 2018	$ (7,388,114)	$ (7,108,441)	$ (279,673)	$ (2,909,814)	$ (2,825,831)	$ (83,983)	$ (1,618,911)	$ (1,564,102)	$ (54,809)	$ (2,859,389)	$ (2,718,508)	$ (140,881)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (220,589)	$ (125,761)	$ (758,854)	$ (775,759)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Share of (income) loss from Operating Partnerships	0	(113,050)	0	40,194
Changes in assets and liabilities
Increase (Decrease) in accounts payable and accrued expenses			0	5,000
Increase (Decrease) in accounts payable affiliates			(316,979)	796,976
Net cash (used in) provided by operating activities			(1,075,833)	66,411
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships			0	189,672
Net cash provided by investing activities			0	189,672
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(1,075,833)	256,083
Cash and cash equivalents, beginning			1,914,566	1,241,219
Cash and cash equivalents, ending	838,733	1,497,302	838,733	1,497,302
Series 47 [Member]
Cash flows from operating activities:
Net loss	(69,005)	123,238	(226,300)	(39,232)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Share of (income) loss from Operating Partnerships	0	(189,672)	0	(189,672)
Changes in assets and liabilities
Increase (Decrease) in accounts payable and accrued expenses			0	5,000
Increase (Decrease) in accounts payable affiliates			(282,059)	263,060
Net cash (used in) provided by operating activities			(508,359)	39,156
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships			0	189,672
Net cash provided by investing activities			0	189,672
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(508,359)	228,828
Cash and cash equivalents, beginning			776,230	373,138
Cash and cash equivalents, ending	267,871	601,966	267,871	601,966
Series 48 [Member]
Cash flows from operating activities:
Net loss	(42,226)	(44,400)	(147,283)	(146,074)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Share of (income) loss from Operating Partnerships	0	0	0	0
Changes in assets and liabilities
Increase (Decrease) in accounts payable and accrued expenses			0	0
Increase (Decrease) in accounts payable affiliates			(276,995)	150,588
Net cash (used in) provided by operating activities			(424,278)	4,514
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships			0	0
Net cash provided by investing activities			0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(424,278)	4,514
Cash and cash equivalents, beginning			666,873	347,379
Cash and cash equivalents, ending	242,595	351,893	242,595	351,893
Series 49 [Member]
Cash flows from operating activities:
Net loss	(109,358)	(204,599)	(385,271)	(590,453)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Share of (income) loss from Operating Partnerships	0	76,622	0	229,866
Changes in assets and liabilities
Increase (Decrease) in accounts payable and accrued expenses			0	0
Increase (Decrease) in accounts payable affiliates			242,075	383,328
Net cash (used in) provided by operating activities			(143,196)	22,741
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships			0	0
Net cash provided by investing activities			0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(143,196)	22,741
Cash and cash equivalents, beginning			471,463	520,702
Cash and cash equivalents, ending	$ 328,267	$ 543,443	$ 328,267	$ 543,443

XML 18 R7.htm IDEA: XBRL DOCUMENT

ORGANIZATION

9 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE A – ORGANIZATION

Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of 

October 15, 2003

, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc. 

The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-

11
 and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective 
January 2, 2004
 in connection with a public offering ("Offering") in one or more series of a minimum of 
250,000
 BACs and a maximum of 
7,000,000
 BACs at $
10
 per BAC. On 
August 10, 2004
, an amendment to Form S-
11
, which registered an additional 
8,500,000
 BACs for sale to the public in one or more series, became effective. As of 
December 31, 2018
, subscriptions had been received and accepted by the Fund for 
11,777,706
 BACs representing capital contributions of $
117,777,060

.

Below is a summary of the BACs sold and total equity raised, by series, as of 
December 31, 2018

:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$ 34,783,340
Series 48	August 12, 2004	2,299,372	$ 22,993,720
Series 49	April 29, 2005	6,000,000	$ 60,000,000

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

XML 19 R8.htm IDEA: XBRL DOCUMENT

ACCOUNTING AND FINANCIAL REPORTING POLICIES

9 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2018 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2018. 

XML 20 R9.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

9 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 47	$ 62,652	$ 87,687
Series 48	38,835	50,196
Series 49	127,776	127,776
Total	$ 229,263	$ 265,659

The fund management fees paid for the quarters ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

The fund management fees paid for the nine months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 47	$ 470,015	$ -
Series 48	393,500	-
Series 49	141,253	-
Total	$ 1,004,768	$ -

XML 21 R10.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS

9 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2018 and 2017, the Fund had limited partnership interests in 45 and 47 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:

	2018	2017
Series 47	12	13
Series 48	9	10
Series 49	24	24
Total	45	47

Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. 

During the nine months ended December 31, 2018, no Operating Partnerships were disposed.

During the nine months ended December 31, 2017, the Fund disposed of one Operating Partnership. A summary of the dispositions by Series for December 31, 2017 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition
Series 47	-		1		$	189,672		$	189,672
Series 48	-		-			-			-
Series 49	-		-			-			-
Total	-		1		$	189,672		$	189,672

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2018.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Total

		2018	2017
Revenues
	Rental	$ 13,734,315	$ 15,996,053
	Interest and other	328,969	379,973
		14,063,284	16,376,026


Expenses
	Interest	1,954,000	2,388,543
	Depreciation and amortization	3,634,148	4,165,774
	Operating expenses	9,506,824	12,266,884
		15,094,972	18,821,201


NET LOSS		$ (1,031,688)	$ (2,445,175)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (1,021,372)	$ (2,420,724)


Net loss allocated to other Partners		$ (10,316)	$ (24,451)

* Amounts include $1,021,372 and $2,190,858 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 47

		2018	2017
Revenues
	Rental	$ 4,139,341	$ 5,793,126
	Interest and other	77,533	121,742
		4,216,874	5,914,868


Expenses
	Interest	575,402	829,869
	Depreciation and amortization	914,609	1,256,865
	Operating expenses	2,938,201	4,150,276
		4,428,212	6,237,010


NET LOSS		$ (211,338)	$ (322,142)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (209,225)	$ (318,921)


Net loss allocated to other Partners		$ (2,113)	$ (3,221)

* Amounts include $209,225 and $318,921 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 48

		2018	2017
Revenues
	Rental	$ 2,248,381	$ 3,029,720
	Interest and other	44,403	72,250
		2,292,784	3,101,970

Expenses
	Interest	272,056	358,327
	Depreciation and amortization	597,719	769,026
	Operating expenses	1,625,109	3,130,443
		2,494,884	4,257,796

NET LOSS		$ (202,100)	$ (1,155,826)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (200,079)	$ (1,144,268)

Net loss allocated to other Partners		$ (2,021)	$ (11,558)

* Amounts include $200,079 and $1,144,268 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 49

		2018	2017
Revenues
	Rental	$ 7,346,593	$ 7,173,207
	Interest and other	207,033	185,981
		7,553,626	7,359,188

Expenses
	Interest	1,106,542	1,200,347
	Depreciation and amortization	2,121,820	2,139,883
	Operating expenses	4,943,514	4,986,165
		8,171,876	8,326,395

NET LOSS		$ (618,250)	$ (967,207)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (612,068)	$ (957,535)

Net loss allocated to other Partners		$ (6,182)	$ (9,672)

* Amounts include $612,068 and $727,669 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

XML 22 R11.htm IDEA: XBRL DOCUMENT

TAXABLE LOSS

9 Months Ended

Dec. 31, 2018

Taxable Loss [Abstract]

Taxable Loss [Text Block]

NOTE E - TAXABLE LOSS

The Fund's taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. 

XML 23 R12.htm IDEA: XBRL DOCUMENT

INCOME TAXES

9 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Tax Relating To Partnership Disclosure [Text Block]

NOTE F - 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 Fund’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 2014 remain open.

XML 24 R13.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

9 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

XML 25 R14.htm IDEA: XBRL DOCUMENT

ORGANIZATION (Tables)

9 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Limited Partners' Capital Account by Class [Table Text Block]

Below is a summary of the BACs sold and total equity raised, by series, as of 
December 31, 2018

:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$ 34,783,340
Series 48	August 12, 2004	2,299,372	$ 22,993,720
Series 49	April 29, 2005	6,000,000	$ 60,000,000

XML 26 R15.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

Schedule Of Gross Management Fee [Table Text Block]

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 47	$ 62,652	$ 87,687
Series 48	38,835	50,196
Series 49	127,776	127,776
Total	$ 229,263	$ 265,659

Schedule Of Management Fees Paid [Table Text Block]

The fund management fees paid for the quarters ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 47	$ -	$ -
Series 48	-	-
Series 49	-	-
Total	$ -	$ -

The fund management fees paid for the nine months ended December 31, 2018 and 2017 are as follows:

	2018	2017
Series 47	$ 470,015	$ -
Series 48	393,500	-
Series 49	141,253	-
Total	$ 1,004,768	$ -

XML 27 R16.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

9 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

At December 31, 2018 and 2017, the Fund had limited partnership interests in 45 and 47 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2018 and 2017 is as follows:

	2018	2017
Series 47	12	13
Series 48	9	10
Series 49	24	24
Total	45	47

Schedule Of Number Of Operating Partnerships Disposed Table Text Block

During the nine months ended December 31, 2017, the Fund disposed of one Operating Partnership. A summary of the dispositions by Series for December 31, 2017 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition			Gain/(Loss) on Disposition
Series 47	-		1		$	189,672		$	189,672
Series 48	-		-			-			-
Series 49	-		-			-			-
Total	-		1		$	189,672		$	189,672

Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block]

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2018.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Total

		2018	2017
Revenues
	Rental	$ 13,734,315	$ 15,996,053
	Interest and other	328,969	379,973
		14,063,284	16,376,026


Expenses
	Interest	1,954,000	2,388,543
	Depreciation and amortization	3,634,148	4,165,774
	Operating expenses	9,506,824	12,266,884
		15,094,972	18,821,201


NET LOSS		$ (1,031,688)	$ (2,445,175)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (1,021,372)	$ (2,420,724)


Net loss allocated to other Partners		$ (10,316)	$ (24,451)

* Amounts include $1,021,372 and $2,190,858 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 47

		2018	2017
Revenues
	Rental	$ 4,139,341	$ 5,793,126
	Interest and other	77,533	121,742
		4,216,874	5,914,868


Expenses
	Interest	575,402	829,869
	Depreciation and amortization	914,609	1,256,865
	Operating expenses	2,938,201	4,150,276
		4,428,212	6,237,010


NET LOSS		$ (211,338)	$ (322,142)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (209,225)	$ (318,921)


Net loss allocated to other Partners		$ (2,113)	$ (3,221)

* Amounts include $209,225 and $318,921 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 48

		2018	2017
Revenues
	Rental	$ 2,248,381	$ 3,029,720
	Interest and other	44,403	72,250
		2,292,784	3,101,970

Expenses
	Interest	272,056	358,327
	Depreciation and amortization	597,719	769,026
	Operating expenses	1,625,109	3,130,443
		2,494,884	4,257,796

NET LOSS		$ (202,100)	$ (1,155,826)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (200,079)	$ (1,144,268)

Net loss allocated to other Partners		$ (2,021)	$ (11,558)

* Amounts include $200,079 and $1,144,268 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Series 49

		2018	2017
Revenues
	Rental	$ 7,346,593	$ 7,173,207
	Interest and other	207,033	185,981
		7,553,626	7,359,188

Expenses
	Interest	1,106,542	1,200,347
	Depreciation and amortization	2,121,820	2,139,883
	Operating expenses	4,943,514	4,986,165
		8,171,876	8,326,395

NET LOSS		$ (618,250)	$ (967,207)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (612,068)	$ (957,535)

Net loss allocated to other Partners		$ (6,182)	$ (9,672)

* Amounts include $612,068 and $727,669 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting. 

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

XML 28 R17.htm IDEA: XBRL DOCUMENT

ORGANIZATION (Details) - USD ($)	9 Months Ended
ORGANIZATION (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Capital Unit [Line Items]
BACs Sold	11,777,706	11,777,706
Equity Raised	$ 117,777,060
Series 47 [Member]
Capital Unit [Line Items]
Closing Date	Apr. 30, 2004
BACs Sold	3,478,334	3,478,334
Equity Raised	$ 34,783,340
Series 48 [Member]
Capital Unit [Line Items]
Closing Date	Aug. 12, 2004
BACs Sold	2,299,372	2,299,372
Equity Raised	$ 22,993,720
Series 49 [Member]
Capital Unit [Line Items]
Closing Date	Apr. 29, 2005
BACs Sold	6,000,000	6,000,000
Equity Raised	$ 60,000,000

XML 29 R18.htm IDEA: XBRL DOCUMENT

ORGANIZATION (Details Textual) - USD ($)	1 Months Ended
ORGANIZATION (Details Textual) - USD ($)	Aug. 31, 2004	Dec. 31, 2018	Mar. 31, 2018
Organization And Summary Of Significant Accounting Policies [Line Items]
Minimum Units Of Limited Partners Beneficial Interest For Sale		250,000
Maximum Units Of Limited Partners Beneficial Interest For Sale		7,000,000
Limited Partners Capital Account Per Units		$ 10
Limited Partners Capital Account Additional Units Registered For Sale	8,500,000
Units of limited partnership interest, issued		11,777,706	11,777,706
Limited Partners' Contributed Capital		$ 117,777,060

XML 30 R19.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details) - USD ($)	9 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 229,263	$ 265,659
Series 47 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	62,652	87,687
Series 48 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	38,835	50,196
Series 49 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 127,776	$ 127,776

XML 31 R20.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Management Fees Paid	$ 0	$ 0	$ 1,004,768	$ 0
Series 47 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	0	0	470,015	0
Series 48 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	0	0	393,500	0
Series 49 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	$ 0	$ 0	$ 141,253	$ 0

XML 32 R21.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details Textual)	9 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual)	Dec. 31, 2018
Related Party Transaction [Line Items]
Percentage Of Annual Management Fee	0.50%

XML 33 R22.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details)	Dec. 31, 2018	Dec. 31, 2017
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	45	47
Series Forty Seven [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	12	13
Series Forty Eight [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	9	10
Series Forty Nine [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	24	24

XML 34 R23.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1)	3 Months Ended		9 Months Ended
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) Number
Number Of Operating Partnerships Disposed Line Items [Line Items]
Operating Partnership Interest Transferred \| Number				0
Sale Of Underlying Operating Partnership \| Number				1
Partnership Proceeds from Disposition \| $			$ 0	$ 189,672
Gain/(Loss) on Disposition \| $	$ 0	$ 113,050	0	$ (40,194)
Series Forty Seven [Member]
Number Of Operating Partnerships Disposed Line Items [Line Items]
Operating Partnership Interest Transferred \| Number				0
Sale Of Underlying Operating Partnership \| Number				1
Partnership Proceeds from Disposition \| $			0	$ 189,672
Gain/(Loss) on Disposition \| $	0	189,672	0	$ 189,672
Series Forty Eight [Member]
Number Of Operating Partnerships Disposed Line Items [Line Items]
Operating Partnership Interest Transferred \| Number				0
Sale Of Underlying Operating Partnership \| Number				0
Partnership Proceeds from Disposition \| $			0	$ 0
Gain/(Loss) on Disposition \| $	0	0	0	$ 0
Series Forty Nine [Member]
Number Of Operating Partnerships Disposed Line Items [Line Items]
Operating Partnership Interest Transferred \| Number				0
Sale Of Underlying Operating Partnership \| Number				0
Partnership Proceeds from Disposition \| $			0	$ 0
Gain/(Loss) on Disposition \| $	$ 0	$ (76,622)	$ 0	$ (229,866)

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References + Details

XML 35 R24.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2) - USD ($)

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

$ 13,734,315

$ 15,996,053

Interest and other

328,969

379,973

Operating Partnerships Revenues

14,063,284

16,376,026

1,954,000

2,388,543

Depreciation and amortization

3,634,148

4,165,774

Operating expenses

9,506,824

12,266,884

Operating Partnerships Total Expenses

15,094,972

18,821,201

(1,031,688)

(2,445,175)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.

^[1]

(1,021,372)

(2,420,724)

Net loss allocated to other Partners

(10,316)

(24,451)

Series Forty Seven [Member]

4,139,341

5,793,126

Interest and other

77,533

121,742

Operating Partnerships Revenues

4,216,874

5,914,868

575,402

829,869

Depreciation and amortization

914,609

1,256,865

Operating expenses

2,938,201

4,150,276

Operating Partnerships Total Expenses

4,428,212

6,237,010

(211,338)

(322,142)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.

^[2]

(209,225)

(318,921)

Net loss allocated to other Partners

(2,113)

(3,221)

Series Forty Eight [Member]

2,248,381

3,029,720

Interest and other

44,403

72,250

Operating Partnerships Revenues

2,292,784

3,101,970

272,056

358,327

Depreciation and amortization

597,719

769,026

Operating expenses

1,625,109

3,130,443

Operating Partnerships Total Expenses

2,494,884

4,257,796

(202,100)

(1,155,826)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.

^[3]

(200,079)

(1,144,268)

Net loss allocated to other Partners

(2,021)

(11,558)

Series Forty Nine [Member]

7,346,593

7,173,207

Interest and other

207,033

185,981

Operating Partnerships Revenues

7,553,626

7,359,188

1,106,542

1,200,347

Depreciation and amortization

2,121,820

2,139,883

Operating expenses

4,943,514

4,986,165

Operating Partnerships Total Expenses

8,171,876

8,326,395

(618,250)

(967,207)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.

^[4]

(612,068)

(957,535)

Net loss allocated to other Partners

$ (6,182)

$ (9,672)

[1]	Amounts include $1,021,372 and $2,190,858 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting.
[2]	Amounts include $209,225 and $318,921 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting.
[3]	Amounts include $200,079 and $1,144,268 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting.
[4]	Amounts include $612,068 and $727,669 for 2018 and 2017, respectively, of loss not recognized under the equity method of accounting.

XML 36 R25.htm IDEA: XBRL DOCUMENT

INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 1,021,372	$ 2,190,858
Series Forty Seven [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	209,225	318,921
Series Forty Eight [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	200,079	1,144,268
Series Forty Nine [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 612,068	$ 727,669

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