FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

BOSTON CAPITAL TAX CREDIT FUND IV L.P. -

SERIES 20 THROUGH SERIES 46

MARCH 31, 2012 AND 2011

Boston Capital Tax Credit Fund IV L.P. -

Series 20 through Series 46

TABLE OF CONTENTS

	PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	F-3
FINANCIAL STATEMENTS
BALANCE SHEETS	F-6
STATEMENTS OF OPERATIONS	F-34
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-62
STATEMENTS OF CASH FLOWS	F-90
NOTES TO FINANCIAL STATEMENTS	F-146

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of

Boston Capital Tax Credit Fund IV L.P.

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund IV L.P. - Series 20 through Series 46, in total and for each series, as of March 31, 2012 and 2011, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2012. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain operating limited partnerships which investments represent $1,427,529 and $4,005,671 of the total partnership assets as of March 31, 2012 and 2011, respectively, and $58,569 and $(9,743), of the total partnership income (loss) for the years ended March 31, 2012 and 2011, respectively; of the assets for Series 20 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 20 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 21 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 21 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 22 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 22 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 23 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 23 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 24 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 24 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 25 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 25 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 26 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 26 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 27 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 27 for the years ended March 31, 2012 and 2011, $0 and $6,794, respectively; of the assets for Series 28 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 28 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 29 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 29 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 30 as of March 31, 2011 and 2010, $0 and $0, respectively, and of the income (loss) for Series 30 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 31 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 31 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 32 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 32 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 33 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 33 for the years ended March 31, 2012 and 2011, $0 and $12,616, respectively; of the assets for Series 34 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 34 for the years ended March 31, 2012 and 2011, $0 and $(50,405), respectively; of the assets for Series 35 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 35 for the years ended March 31, 2012 and 2011, $0 and $(32,094), respectively; of the assets for Series 36 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 36 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 37 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 37 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 38 as of March 31, 2012 and 2011, $0 and $5,286, respectively, and of the income (loss) for Series 38 for the years ended March 31, 2012 and 2011, $0 and $(43,310), respectively; of the assets for Series 39 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 39 for the years ended March 31, 2012 and 2011, $0 and $0, respectively; of the assets for Series 40 as of March 31, 2012 and 2011, $0 and $262,792, respectively, and of the income (loss) for Series 40 for the years ended March 31, 2012 and 2011, $0 and $(58,840), respectively; of the assets for Series 41 as of March 31, 2012 and 2011, $259,799 and $825,010, respectively, and of the income (loss) for Series 41 for the years ended March 31, 2012 and 2011, $(154,025) and $(157,292), respectively; of the assets for Series 42 as of March 31, 2012 and 2011, $490,652 and $1,023,374, respectively, and of the income (loss) for Series 42 for the years ended March 31, 2012 and 2011, $163,907 and $210,915, respectively; of the assets for Series 43 as of March 31, 2012 and 2011, $677,078 and $1,330,220, respectively, and of the income (loss) for Series 43 for the years ended March 31, 2012 and 2011, $48,687 and $136,200, respectively; of the assets for Series 44 as of March 31, 2012 and 2011, $0 and $558,989, respectively, and of the income (loss) for Series 44 for the years ended March 31, 2012 and 2011, $0 and $(34,327), respectively; of the assets for Series 45 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the (income) income (loss) for Series 45 for years ended March 31, 2012 and 2011, $0 and $0, respectively; and of the assets for Series 46 as of March 31, 2012 and 2011, $0 and $0, respectively, and of the income (loss) for Series 46 for the years ended March 31, 2012 and 2011, $0 and $0, respectively. Those statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to those operating limited partnerships, is based solely on the reports of the other auditors.

F-3

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

F-4

In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund IV L.P. - Series 20 through Series 46, in total and for each series, as of March 31, 2012 and 2011, and the results of its operations and its cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

/s/ Reznick Group, P.C.

REZNICK GROUP, P.C.

Bethesda, Maryland

July 13, 2012

F-5

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

March 31, 2012 and 2011

	Total
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	26,489,050		$	47,231,216
OTHER ASSETS
Cash and cash equivalents		7,526,780			7,926,372
Notes receivable		69,698			69,698
Deferred acquisition costs, net of accumulated amortization		2,567,553			5,139,203
Other assets		180,995			200,011
	$	36,834,076		$	60,566,500
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	72,296		$	184,088
Accounts payable - affiliates		54,365,790			51,518,653
Capital contributions payable		1,135,980			1,158,822
		55,574,066			52,861,563
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
83,651,080 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 83,651,080 issued and 83,646,580 and 83,649,080
outstanding at March 31, 2012 and 2011, respectively		(11,386,367	)		14,794,108
General partner		(7,353,623	)		(7,089,171	)
		(18,739,990	)		7,704,937
	$	36,834,076		$	60,566,500

(continued)

F-6

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 20
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		479,690			245,496
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	479,690		$	245,496
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	27,500		$	17,876
Accounts payable - affiliates		2,209,870			2,695,130
Capital contributions payable		-			-
		2,237,370			2,713,006
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
3,866,700  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 3,866,700 issued and 3,865,700 and 3,866,700
outstanding at March 31, 2012 and 2011, respectively		(1,431,851	)		(2,134,583	)
General partner		(325,829	)		(332,927	)
		(1,757,680	)		(2,467,510	)
	$	479,690		$	245,496

(continued) 

F-7

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 21
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		244,322			338,841
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	244,322		$	338,841
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	10,000		$	8,020
Accounts payable - affiliates		1,411,079			1,585,039
Capital contributions payable		-			-
		1,421,079			1,593,059
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
1,892,700  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 1,892,700 issued and 1,890,700 and 1,890,700
outstanding at March 31, 2012 and 2011, respectively		(1,003,039	)		(1,079,725	)
General partner		(173,718	)		(174,493	)
		(1,176,757	)		(1,254,218	)
	$	244,322		$	338,841

(continued) 

F-8

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 22
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		156,063			344,376
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		500			500
	$	156,563		$	344,876
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	12,501
Accounts payable - affiliates		3,025,264			3,001,623
Capital contributions payable		9,352			9,352
		3,034,616			3,023,476
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
2,564,400  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 2,564,400 at March 31, 2012 and 2011
issued and outstanding		(2,630,189	)		(2,432,731	)
General partner		(247,864	)		(245,869	)
		(2,878,053	)		(2,678,600	)
	$	156,563		$	344,876

(continued) 

F-9

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 23
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		114,217			325,579
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	114,217		$	325,579
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	19,800
Accounts payable - affiliates		2,427,842			2,443,015
Capital contributions payable		-			-
		2,427,842			2,462,815
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
3,336,727  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 3,336,727 at March 31, 2012 and 2011
issued and outstanding		(2,005,642	)		(1,831,017	)
General partner		(307,983	)		(306,219	)
		(2,313,625	)		(2,137,236	)
	$	114,217		$	325,579

(continued) 

F-10

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 24
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		278,922			200,227
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	278,922		$	200,227
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	5,000		$	8,178
Accounts payable - affiliates		2,667,771			2,610,014
Capital contributions payable		9,999			9,999
		2,682,770			2,628,191
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
2,169,878  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 2,169,878 at March 31, 2012 and 2011
issued and outstanding		(2,194,512	)		(2,218,387	)
General partner		(209,336	)		(209,577	)
		(2,403,848	)		(2,427,964	)
	$	278,922		$	200,227

(continued) 

F-11

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 25
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		492,120			562,226
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		1,250			1,250
	$	493,370		$	563,476
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	16,222		$	55,386
Accounts payable - affiliates		914,217			2,155,199
Capital contributions payable		-			10,001
		930,439			2,220,586
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
3,026,109  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 3,026,109 issued and 3,025,609 and 3,026,109
outstanding at March 31, 2012 and 2011, respectively		(175,254	)		(1,383,095	)
General partner		(261,815	)		(274,015	)
		(437,069	)		(1,657,110	)
	$	493,370		$	563,476

(continued) 

F-12

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 26
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		563,940			476,868
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		5,400			5,400
	$	569,340		$	482,268
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	5,101		$	30,000
Accounts payable - affiliates		2,560,808			2,300,560
Capital contributions payable		14,490			14,490
		2,580,399			2,345,050
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
3,995,900  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 3,995,900 at March 31, 2012 and 2011
issued and outstanding		(1,650,695	)		(1,503,901	)
General partner		(360,364	)		(358,881	)
		(2,011,059	)		(1,862,782	)
	$	569,340		$	482,268

(continued) 

F-13

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 27
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		312,310			550,614
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		65,391			130,783
Other assets		7,233			20,074
	$	384,934		$	701,471
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	10,000
Accounts payable - affiliates		2,175,083			2,195,499
Capital contributions payable		10,020			22,861
		2,185,103			2,228,360
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
2,460,700  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 2,460,700 at March 31, 2012 and 2011
issued and outstanding		(1,575,720	)		(1,305,173	)
General partner		(224,449	)		(221,716	)
		(1,800,169	)		(1,526,889	)
	$	384,934		$	701,471

(continued) 

F-14

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 28
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		329,156			259,714
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		3,550			3,550
	$	332,706		$	263,264
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	5,070		$	-
Accounts payable - affiliates		1,660,464			1,329,696
Capital contributions payable		40,968			40,968
		1,706,502			1,370,664
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
4,000,738  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 4,000,738 issued and 4,000,238 and 4,000,738
outstanding at March 31, 2012 and 2011, respectively		(1,016,310	)		(752,578	)
General partner		(357,486	)		(354,822	)
		(1,373,796	)		(1,107,400	)
	$	332,706		$	263,264

(continued) 

F-15

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 29
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		246,671			214,315
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	246,671		$	214,315
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		3,226,601			2,895,197
Capital contributions payable		10,197			10,197
		3,236,798			2,905,394
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
3,991,800  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 3,991,800 at March 31, 2012 and 2011
issued and outstanding		(2,621,579	)		(2,325,521	)
General partner		(368,548	)		(365,558	)
		(2,990,127	)		(2,691,079	)
	$	246,671		$	214,315

(continued) 

F-16

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 30
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		304,531			421,530
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		500			6,675
	$	305,031		$	428,205
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	10,000
Accounts payable - affiliates		1,470,602			1,396,458
Capital contributions payable		127,396			127,396
		1,597,998			1,533,854
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
2,651,000  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 2,651,000 at March 31, 2012 and 2011
issued and outstanding		(1,052,981	)		(867,536	)
General partner		(239,986	)		(238,113	)
		(1,292,967	)		(1,105,649	)
	$	305,031		$	428,205

(continued) 

F-17

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 31
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	31,776
OTHER ASSETS
Cash and cash equivalents		185,230			181,199
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		25,000			25,000
	$	210,230		$	237,975
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,711,114			2,346,962
Capital contributions payable		66,294			66,294
		2,777,408			2,413,256
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
4,417,857  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 4,417,857 at March 31, 2012 and 2011
issued and outstanding		(2,162,248	)		(1,774,270	)
General partner		(404,930	)		(401,011	)
		(2,567,178	)		(2,175,281	)
	$	210,230		$	237,975

(continued) 

F-18

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 32
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	52,794
OTHER ASSETS
Cash and cash equivalents		429,921			495,360
Notes receivable		46,908			46,908
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	476,829		$	595,062
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,634,439			2,411,011
Capital contributions payable		173,561			173,561
		2,808,000			2,584,572
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
4,754,198  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 4,754,198 issued and 4,753,698 and 4,754,195
outstanding at March 31, 2012 and 2011, respectively		(1,901,497	)		(1,563,253	)
General partner		(429,674	)		(426,257	)
		(2,331,171	)		(1,989,510	)
	$	476,829		$	595,062

(continued) 

F-19

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 33
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		277,132			240,231
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	277,132		$	240,231
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	3,403		$	3,403
Accounts payable - affiliates		1,769,570			1,639,856
Capital contributions payable		69,154			69,154
		1,842,127			1,712,413
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
2,636,533  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 2,636,533 at March 31, 2012 and 2011
issued and outstanding		(1,323,565	)		(1,231,680	)
General partner		(241,430	)		(240,502	)
		(1,564,995	)		(1,472,182	)
	$	277,132		$	240,231

(continued) 

F-20

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 34
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		14,637			64,486
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	14,637		$	64,486
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		3,340,741			3,022,850
Capital contributions payable		-			-
		3,340,741			3,022,850
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
3,529,319  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 3,529,319 at March 31, 2012 and 2011
issued and outstanding		(2,992,453	)		(2,628,390	)
General partner		(333,651	)		(329,974	)
		(3,326,104	)		(2,958,364	)
	$	14,637		$	64,486

(continued) 

F-21

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 35
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	93,491
OTHER ASSETS
Cash and cash equivalents		118,570			116,848
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	118,570		$	210,339
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,842,062			1,613,702
Capital contributions payable		-			-
		1,842,062			1,613,702
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
3,300,463  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 3,300,463 at March 31, 2012 and 2011
issued and outstanding		(1,424,232	)		(1,107,304	)
General partner		(299,260	)		(296,059	)
		(1,723,492	)		(1,403,363	)
	$	118,570		$	210,339

(continued) 

F-22

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 36
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	57,706
OTHER ASSETS
Cash and cash equivalents		159,780			133,266
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	159,780		$	190,972
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,001,422			1,840,826
Capital contributions payable		-			-
		2,001,422			1,840,826
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
2,106,837  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 2,106,837 at March 31, 2012 and 201
issued and outstanding		(1,644,562	)		(1,454,692	)
General partner		(197,080	)		(195,162	)
		(1,841,642	)		(1,649,854	)
	$	159,780		$	190,972

(continued) 

F-23

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 37
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	36,479
OTHER ASSETS
Cash and cash equivalents		378,738			346,391
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	378,738		$	382,870
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,837,419			1,632,555
Capital contributions payable		138,438			138,438
		1,975,857			1,770,993
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
2,512,500  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 2,512,500 at March 31, 2012 and 2011
issued and outstanding		(1,365,584	)		(1,158,678	)
General partner		(231,535	)		(229,445	)
		(1,597,119	)		(1,388,123	)
	$	378,738		$	382,870

(continued) 

F-24

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 38
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	30,033		$	999,523
OTHER ASSETS
Cash and cash equivalents		224,156			235,617
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	254,189		$	1,235,140
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,488,032			1,392,823
Capital contributions payable		-			-
		1,488,032			1,392,823
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized
beneficial assignee certificates (BACs), $10 stated value per BAC,
2,543,100  issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the
assignor limited partner, 2,543,100 at March 31, 2012 and 2011
issued and outstanding		(1,003,220	)		62,178
General partner		(230,623	)		(219,861	)
		(1,233,843	)		(157,683	)
	$	254,189		$	1,235,140

(continued) 

F-25

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 39
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	127,952		$	1,378,166
OTHER ASSETS
Cash and cash equivalents		182,356			187,805
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	310,308		$	1,565,971
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,324,299			1,187,499
Capital contributions payable		-			-
		1,324,299			1,187,499
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,292,152 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,152 at March 31, 2012 and 2011 issued and outstanding		(807,409	)		571,129
General partner		(206,582	)		(192,657	)
		(1,013,991	)		378,472
	$	310,308		$	1,565,971

(continued)

F-26

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 40
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	307,320		$	2,491,075
OTHER ASSETS
Cash and cash equivalents		81,751			109,745
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		-			-
Other assets		-			-
	$	389,071		$	2,600,820
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		2,406,215			2,206,199
Capital contributions payable		102			102
		2,406,317			2,206,301
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,630,256 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 at March 31, 2012 and 2011 issued and outstanding		(1,772,130	)		615,517
General partner		(245,116	)		(220,998	)
		(2,017,246	)		394,519
	$	389,071		$	2,600,820

(continued)

F-27

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 41
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	892,598		$	2,811,584
OTHER ASSETS
Cash and cash equivalents		194,350			215,834
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		226,608			458,451
Other assets		1,218			1,218
	$	1,314,774		$	3,487,087
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	8,924
Accounts payable - affiliates		2,656,140			2,418,072
Capital contributions payable		100			100
		2,656,240			2,427,096
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,891,626 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 at March 31, 2012 and 2011 issued and outstanding		(1,078,882	)		1,298,560
General partner		(262,584	)		(238,569	)
		(1,341,466	)		1,059,991
	$	1,314,774		$	3,487,087

(continued)

F-28

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 42
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	1,676,228		$	3,740,801
OTHER ASSETS
Cash and cash equivalents		341,295			311,423
Notes receivable		22,790			22,790
Deferred acquisition costs, net of accumulated amortization		345,802			430,304
Other assets		51,003			51,003
	$	2,437,118		$	4,556,321
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,773,533			1,523,753
Capital contributions payable		73,433			73,433
		1,846,966			1,597,186
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,744,262 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 at March 31, 2012 and 2011 issued and outstanding		825,189			3,170,482
General partner		(235,037	)		(211,347	)
		590,152			2,959,135
	$	2,437,118		$	4,556,321

(continued)

F-29

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 43
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	4,021,942		$	6,613,148
OTHER ASSETS
Cash and cash equivalents		226,214			234,982
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		333,960			593,492
Other assets		85,341			85,341
	$	4,667,457		$	7,526,963
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,959,668			1,704,370
Capital contributions payable		121,112			121,112
		2,080,780			1,825,482
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,637,987 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 at March 31, 2012 and 2011 issued and outstanding		2,882,332			5,965,988
General partner		(295,655	)		(264,507	)
		2,586,677			5,701,481
	$	4,667,457		$	7,526,963

(continued)

F-30

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 44
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	2,365,868		$	5,205,103
OTHER ASSETS
Cash and cash equivalents		423,458			395,938
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		1,413,990			1,696,790
Other assets		-			-
	$	4,203,316		$	7,297,831
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,093,203			808,505
Capital contributions payable		254,640			254,640
		1,347,843			1,063,145
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,701,193 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,193 at March 31, 2012 and 2011 issued and outstanding		3,064,367			6,409,788
General partner		(208,894	)		(175,102	)
		2,855,473			6,234,686
	$	4,203,316		$	7,297,831

(continued)

F-31

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 45
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	8,228,807		$	12,086,770
OTHER ASSETS
Cash and cash equivalents		462,109			425,893
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		89,078			1,638,551
Other assets		-			-
	$	8,779,994		$	14,151,214
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		1,000,557			633,993
Capital contributions payable		16,724			16,724
		1,017,281			650,717
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,014,367 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 at March 31, 2012 and 2011 issued and outstanding		8,038,748			13,719,154
General partner		(276,035	)		(218,657	)
		7,762,713			13,500,497
	$	8,779,994		$	14,151,214

(continued)

F-32

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2012 and 2011

	Series 46
	2012			2011
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	8,838,302		$	11,632,800
OTHER ASSETS
Cash and cash equivalents		305,141			291,568
Notes receivable		-			-
Deferred acquisition costs, net of accumulated amortization		92,724			190,832
Other assets		-			-
	$	9,236,167		$	12,115,200
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	-		$	-
Accounts payable - affiliates		777,775			528,247
Capital contributions payable		-			-
		777,775			528,247
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,980,998 issued to the assignees at March 31, 2012 and 2011		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 at March 31, 2012 and 2011 issued and outstanding		8,636,551			11,733,826
General partner		(178,159	)		(146,873	)
		8,458,392			11,586,953
	$	9,236,167		$	12,115,200

(see notes to financial statements)

F-33

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS

Years ended March 31, 2012 and 2011

	Total
	2012			2011
Income
Interest income	$	29,891		$	137,688
Miscellaneous		475,884			607,819
		505,775			745,507
Share of income (losses) from operating limited
partnerships *		(3,024,768	)		(3,954,019	)
Expenses and loss
Fund management fee		5,052,521			5,297,336
Amortization		976,537			1,786,355
General and administrative expenses		507,411			576,759
Professional fees		696,658			711,340
Impairment loss		16,692,807			23,038,128
		23,925,934			31,409,918
NET INCOME (LOSS)	$	(26,444,927	)	$	(34,618,430	)
Net income (loss) allocated to general partner	$	(264,452	)	$	(346,184	)
Net income (loss) allocated to limited partners	$	(26,180,475	)	$	(34,272,246	)
Net income (loss) per BAC	$	(0.31	)	$	(0.41	)

* Includes $2,427,719 and $4,781,533, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-34

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 20
	2012		2011
Income
Interest income	$	1,642	$	3,664
Miscellaneous		760		82,647
		2,402		86,311
Share of income (losses) from operating limited
partnerships *		852,350		921,489
Expenses and loss
Fund management fee		101,267		164,780
Amortization		-		-
General and administrative expenses		19,364		23,592
Professional fees		24,291		37,188
Impairment loss		-		-
		144,922		225,560
NET INCOME (LOSS)	$	709,830	$	782,240
Net income (loss) allocated to general partner	$	7,098	$	7,822
Net income (loss) allocated to limited partners	$	702,732	$	774,418
Net income (loss) per BAC	$	0.18	$	0.20

* Includes $852,350 and $921,489, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-35

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 21
	2012		2011
Income
Interest income	$	980	$	1,051
Miscellaneous		7,046		1,538
		8,026		2,589
Share of income (losses) from operating limited
partnerships *		118,002		25,729
Expenses and loss
Fund management fee		16,783		(3,588	)
Amortization		-		-
General and administrative expenses		14,280		16,262
Professional fees		17,504		25,936
Impairment loss		-		-
		48,567		38,610
NET INCOME (LOSS)	$	77,461	$	(10,292	)
Net income (loss) allocated to general partner	$	775	$	(103	)
Net income (loss) allocated to limited partners	$	76,686	$	(10,189	)
Net income (loss) per BAC	$	0.04	$	(0.01	)

* Includes $118,002 and $25,729, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-36

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 22
	2012			2011
Income
Interest income	$	315		$	357
Miscellaneous		9,352			15,840
		9,667			16,197
Share of income (losses) from operating limited
partnerships *		-			754,900
Expenses and loss
Fund management fee		164,875			182,982
Amortization		-			-
General and administrative expenses		17,181			19,193
Professional fees		27,064			27,686
Impairment loss		-			-
		209,120			229,861
NET INCOME (LOSS)	$	(199,453	)	$	541,236
Net income (loss) allocated to general partner	$	(1,995	)	$	5,412
Net income (loss) allocated to limited partners	$	(197,458	)	$	535,824
Net income (loss) per BAC	$	(0.08	)	$	0.21

* Includes $- and $754,900, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-37

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 23
	2012			2011
Income
Interest income	$	352		$	697
Miscellaneous		10,135			114,766
		10,487			115,463
Share of income (losses) from operating limited
partnerships *		-			688,724
Expenses and loss
Fund management fee		137,115			141,628
Amortization		-			-
General and administrative expenses		18,693			25,904
Professional fees		31,068			26,264
Impairment loss		-			-
		186,876			193,796
NET INCOME (LOSS)	$	(176,389	)	$	610,391
Net income (loss) allocated to general partner	$	(1,764	)	$	6,104
Net income (loss) allocated to limited partners	$	(174,625	)	$	604,287
Net income (loss) per BAC	$	(0.05	)	$	0.18

* Includes $- and $688,724, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-38

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 24
	2012		2011
Income
Interest income	$	1,106	$	1,467
Miscellaneous		42,091		88,954
		43,197		90,421
Share of income (losses) from operating limited
partnerships *		139,151		-
Expenses and loss
Fund management fee		117,357		162,294
Amortization		-		-
General and administrative expenses		15,729		18,356
Professional fees		25,146		27,085
Impairment loss		-		-
		158,232		207,735
NET INCOME (LOSS)	$	24,116	$	(117,314	)
Net income (loss) allocated to general partner	$	241	$	(1,173	)
Net income (loss) allocated to limited partners	$	23,875	$	(116,141	)
Net income (loss) per BAC	$	0.01	$	(0.05	)

* Includes $139,151 and $-, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-39

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 25
	2012		2011
Income
Interest income	$	2,918	$	3,185
Miscellaneous		70,827		170,778
		73,745		173,963
Share of income (losses) from operating limited
partnerships *		1,215,347		469,513
Expenses and loss
Fund management fee		28,664		158,216
Amortization		-		-
General and administrative expenses		17,120		20,742
Professional fees		23,267		24,441
Impairment loss		-		-
		69,051		203,399
NET INCOME (LOSS)	$	1,220,041	$	440,077
Net income (loss) allocated to general partner	$	12,200	$	4,401
Net income (loss) allocated to limited partners	$	1,207,841	$	435,676
Net income (loss) per BAC	$	0.40	$	0.14

* Includes $1,215,347 and $469,513, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-40

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 26
	2012			2011
Income
Interest income	$	794		$	1,217
Miscellaneous		157,922			26,680
		158,716			27,897
Share of income (losses) from operating limited
partnerships *		44,244			1,451,966
Expenses and loss
Fund management fee		293,043			274,363
Amortization		-			-
General and administrative expenses		20,943			25,779
Professional fees		37,251			38,952
Impairment loss		-			-
		351,237			339,094
NET INCOME (LOSS)	$	(148,277	)	$	1,140,769
Net income (loss) allocated to general partner	$	(1,483	)	$	11,408
Net income (loss) allocated to limited partners	$	(146,794	)	$	1,129,361
Net income (loss) per BAC	$	(0.04	)	$	0.28

* Includes $44,244 and $1,451,966, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-41

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 27
	2012			2011
Income
Interest income	$	1,248		$	1,478
Miscellaneous		20,283			11,791
		21,531			13,269
Share of income (losses) from operating limited
partnerships *		-			(676,060	)
Expenses and loss
Fund management fee		192,567			242,040
Amortization		65,392			68,492
General and administrative expenses		15,672			16,798
Professional fees		21,180			21,215
Impairment loss		-			24,309
		294,811			372,854
NET INCOME (LOSS)	$	(273,280	)	$	(1,035,645	)
Net income (loss) allocated to general partner	$	(2,733	)	$	(10,356	)
Net income (loss) allocated to limited partners	$	(270,547	)	$	(1,025,289	)
Net income (loss) per BAC	$	(0.11	)	$	(0.42	)

* Includes $- and $(682,853), respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-42

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 28
	2012			2011
Income
Interest income	$	1,719		$	3,842
Miscellaneous		34,420			28,868
		36,139			32,710
Share of income (losses) from operating limited
partnerships *		37,059			-
Expenses and loss
Fund management fee		293,175			269,189
Amortization		-			-
General and administrative expenses		19,488			23,318
Professional fees		26,931			27,112
Impairment loss		-			-
		339,594			319,619
NET INCOME (LOSS)	$	(266,396	)	$	(286,909	)
Net income (loss) allocated to general partner	$	(2,664	)	$	(2,869	)
Net income (loss) allocated to limited partners	$	(263,732	)	$	(284,040	)
Net income (loss) per BAC	$	(0.07	)	$	(0.07	)

*Includes $37,059 and $-, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-43

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 29
	2012			2011
Income
Interest income	$	1,166		$	1,709
Miscellaneous		17,029			12,038
		18,195			13,747
Share of income (losses) from operating limited
partnerships		-			(24,395	)
Expenses and loss
Fund management fee		258,261			283,476
Amortization		-			28,950
General and administrative expenses		19,728			23,550
Professional fees		39,254			30,185
Impairment loss		-			-
		317,243			366,161
NET INCOME (LOSS)	$	(299,048	)	$	(376,809	)
Net income (loss) allocated to general partner	$	(2,990	)	$	(3,768	)
Net income (loss) allocated to limited partners	$	(296,058	)	$	(373,041	)
Net income (loss) per BAC	$	(0.07	)	$	(0.09	)

(continued)

F-44

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 30
	2012			2011
Income
Interest income	$	1,764		$	3,780
Miscellaneous		2,165			2,535
		3,929			6,315
Share of income (losses) from operating limited
partnerships *		-			83,888
Expenses and loss
Fund management fee		152,732			167,720
Amortization		-			26,275
General and administrative expenses		15,251			18,424
Professional fees		23,264			23,469
Impairment loss		-			15,589
		191,247			251,477
NET INCOME (LOSS)	$	(187,318	)	$	(161,274	)
Net income (loss) allocated to general partner	$	(1,873	)	$	(1,613	)
Net income (loss) allocated to limited partners	$	(185,445	)	$	(159,661	)
Net income (loss) per BAC	$	(0.07	)	$	(0.06	)

* Includes $- and $151,341, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-45

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 31
	2012			2011
Income
Interest income	$	963		$	2,172
Miscellaneous		8,648			2,107
		9,611			4,279
Share of income (losses) from operating limited
partnerships		-			156,023
Expenses and loss
Fund management fee		322,878			301,200
Amortization		-			-
General and administrative expenses		19,655			23,490
Professional fees		27,199			29,342
Impairment loss		31,776			166,611
		401,508			520,643
NET INCOME (LOSS)	$	(391,897	)	$	(360,341	)
Net income (loss) allocated to general partner	$	(3,919	)	$	(3,603	)
Net income (loss) allocated to limited partners	$	(387,978	)	$	(356,738	)
Net income (loss) per BAC	$	(0.09	)	$	(0.08	)

(continued)

F-46

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 32
	2012			2011
Income
Interest income	$	1,975		$	3,923
Miscellaneous		1,799			6,262
		3,774			10,185
Share of income (losses) from operating limited
partnerships *		(40,621	)		186,600
Expenses and loss
Fund management fee		248,887			253,986
Amortization		-			-
General and administrative expenses		19,513			23,608
Professional fees		24,241			27,583
Impairment loss		12,173			272,560
		304,814			577,737
NET INCOME (LOSS)	$	(341,661	)	$	(380,952	)
Net income (loss) allocated to general partner	$	(3,417	)	$	(3,810	)
Net income (loss) allocated to limited partners	$	(338,244	)	$	(377,142	)
Net income (loss) per BAC	$	(0.07	)	$	(0.08	)

* Includes $- and $559,998, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-47

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 33
	2012			2011
Income
Interest income	$	1,086		$	1,521
Miscellaneous		4,650			4,452
		5,736			5,973
Share of income (losses) from operating limited
partnerships *		21,566			(52,927	)
Expenses and loss
Fund management fee		84,495			117,876
Amortization		-			-
General and administrative expenses		17,132			19,102
Professional fees		18,488			20,657
Impairment loss		-			37,226
		120,115			194,861
NET INCOME (LOSS)	$	(92,813	)	$	(241,815	)
Net income (loss) allocated to general partner	$	(928	)	$	(2,418	)
Net income (loss) allocated to limited partners	$	(91,885	)	$	(239,397	)
Net income (loss) per BAC	$	(0.03	)	$	(0.09	)

* Includes $21,566 and $60,000, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-48

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 34
	2012			2011
Income
Interest income	$	55		$	182
Miscellaneous		22,853			1,539
		22,908			1,721
Share of income (losses) from operating limited
partnerships		(83,056	)		(227,070	)
Expenses and loss
Fund management fee		259,042			279,042
Amortization		-			224,375
General and administrative expenses		19,505			21,853
Professional fees		29,045			21,047
Impairment loss		-			225,080
		307,592			771,397
NET INCOME (LOSS)	$	(367,740	)	$	(996,746	)
Net income (loss) allocated to general partner	$	(3,677	)	$	(9,967	)
Net income (loss) allocated to limited partners	$	(364,063	)	$	(986,779	)
Net income (loss) per BAC	$	(0.10	)	$	(0.28	)

(continued)

F-49

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 35
	2012			2011
Income
Interest income	$	256		$	831
Miscellaneous		3,475			4,094
		3,731			4,925
Share of income (losses) from operating limited
partnerships		(78,017	)		(609,403	)
Expenses and loss
Fund management fee		186,375			203,016
Amortization		-			72,288
General and administrative expenses		19,072			21,224
Professional fees		24,922			19,441
Impairment loss		15,474			2,017,720
		245,843			2,333,689
NET INCOME (LOSS)	$	(320,129	)	$	(2,938,167	)
Net income (loss) allocated to general partner	$	(3,201	)	$	(29,382	)
Net income (loss) allocated to limited partners	$	(316,928	)	$	(2,908,785	)
Net income (loss) per BAC	$	(0.10	)	$	(0.88	)

(continued)

F-50

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 36
	2012			2011
Income
Interest income	$	252		$	673
Miscellaneous		18,309			-
		18,561			673
Share of income (losses) from operating limited
partnerships		(54,048	)		(336,138	)
Expenses and loss
Fund management fee		120,118			153,365
Amortization		-			-
General and administrative expenses		16,713			17,888
Professional fees		19,470			19,270
Impairment loss		-			1,405,263
		156,301			1,595,786
NET INCOME (LOSS)	$	(191,788	)	$	(1,931,251	)
Net income (loss) allocated to general partner	$	(1,918	)	$	(19,313	)
Net income (loss) allocated to limited partners	$	(189,870	)	$	(1,911,938	)
Net income (loss) per BAC	$	(0.09	)	$	(0.91	)

(continued)

F-51

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 37
	2012			2011
Income
Interest income	$	1,646		$	3,602
Miscellaneous		41,499			-
		43,145			3,602
Share of income (losses) from operating limited
partnerships		(32,821	)		(228,964	)
Expenses and loss
Fund management fee		186,346			184,364
Amortization		-			118,248
General and administrative expenses		16,854			18,635
Professional fees		16,120			15,990
Impairment loss		-			1,324,065
		219,320			1,661,302
NET INCOME (LOSS)	$	(208,996	)	$	(1,886,664	)
Net income (loss) allocated to general partner	$	(2,090	)	$	(18,867	)
Net income (loss) allocated to limited partners	$	(206,906	)	$	(1,867,797	)
Net income (loss) per BAC	$	(0.08	)	$	(0.74	)

(continued)

F-52

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 38
	2012			2011
Income
Interest income	$	399		$	940
Miscellaneous		2,000			-
		2,399			940
Share of income (losses) from operating limited
partnerships		(131,305	)		(564,465	)
Expenses and loss
Fund management fee		141,498			145,865
Amortization		-			13,960
General and administrative expenses		17,927			19,375
Professional fees		19,660			18,966
Impairment loss		768,169			2,180,548
		947,254			2,378,714
NET INCOME (LOSS)	$	(1,076,160	)	$	(2,942,239	)
Net income (loss) allocated to general partner	$	(10,762	)	$	(29,422	)
Net income (loss) allocated to limited partners	$	(1,065,398	)	$	(2,912,817	)
Net income (loss) per BAC	$	(0.42	)	$	(1.15	)

(continued)

F-53

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 39
	2012			2011
Income
Interest income	$	1,421		$	2,845
Miscellaneous		-			-
		1,421			2,845
Share of income (losses) from operating limited
partnerships		(367,461	)		(890,369	)
Expenses and loss
Fund management fee		122,665			111,465
Amortization		-			11,116
General and administrative expenses		16,878			18,112
Professional fees		19,415			18,313
Impairment loss		867,465			1,711,047
		1,026,423			1,870,053
NET INCOME (LOSS)	$	(1,392,463	)	$	(2,757,577	)
Net income (loss) allocated to general partner	$	(13,925	)	$	(27,576	)
Net income (loss) allocated to limited partners	$	(1,378,538	)	$	(2,730,001	)
Net income (loss) per BAC	$	(0.60	)	$	(1.19	)

(continued)

F-54

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 40
	2012			2011
Income
Interest income	$	196		$	649
Miscellaneous		-			-
		196			649
Share of income (losses) from operating limited
partnerships		(350,722	)		(601,594	)
Expenses and loss
Fund management fee		185,311			179,279
Amortization		-			53,036
General and administrative expenses		17,907			20,102
Professional fees		24,988			24,711
Impairment loss		1,833,033			1,870,900
		2,061,239			2,148,028
NET INCOME (LOSS)	$	(2,411,765	)	$	(2,748,973	)
Net income (loss) allocated to general partner	$	(24,118	)	$	(27,490	)
Net income (loss) allocated to limited partners	$	(2,387,647	)	$	(2,721,483	)
Net income (loss) per BAC	$	(0.91	)	$	(1.03	)

(continued)

F-55

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 41
	2012			2011
Income
Interest income	$	1,065		$	1,435
Miscellaneous		-			32,502
		1,065			33,937
Share of income (losses) from operating limited
partnerships *		(717,992	)		(302,783	)
Expenses and loss
Fund management fee		214,742			184,032
Amortization		152,816			222,512
General and administrative expenses		20,718			22,718
Professional fees		28,544			27,285
Impairment loss		1,267,710			1,300,406
		1,684,530			1,756,953
NET INCOME (LOSS)	$	(2,401,457	)	$	(2,025,799	)
Net income (loss) allocated to general partner	$	(24,015	)	$	(20,258	)
Net income (loss) allocated to limited partners	$	(2,377,442	)	$	(2,005,541	)
Net income (loss) per BAC	$	(0.82	)	$	(0.69	)

* Includes $- and $380,726, respectively, in 2012 and 2011 from gain/(loss) on disposal of operating limited partnership.

(continued)

F-56

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 42
	2012			2011
Income
Interest income	$	603		$	7,667
Miscellaneous		621			218
		1,224			7,885
Share of income (losses) from operating limited
partnerships		(453,445	)		(347,607	)
Expenses and loss
Fund management fee		204,470			130,906
Amortization		71,717			99,384
General and administrative expenses		21,441			23,194
Professional fees		31,771			32,586
Impairment loss		1,587,363			1,711,651
		1,916,762			1,997,721
NET INCOME (LOSS)	$	(2,368,983	)	$	(2,337,443	)
Net income (loss) allocated to general partner	$	(23,690	)	$	(23,374	)
Net income (loss) allocated to limited partners	$	(2,345,293	)	$	(2,314,069	)
Net income (loss) per BAC	$	(0.85	)	$	(0.84	)

(continued)

F-57

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 43
	2012			2011
Income
Interest income	$	623		$	1,966
Miscellaneous		-			25
		623			1,991
Share of income (losses) from operating limited
partnerships		(491,020	)		(503,263	)
Expenses and loss
Fund management fee		267,852			187,208
Amortization		98,916			247,749
General and administrative expenses		22,433			24,829
Professional fees		34,034			35,621
Impairment loss		2,201,172			2,993,098
		2,624,407			3,488,505
NET INCOME (LOSS)	$	(3,114,804	)	$	(3,989,777	)
Net income (loss) allocated to general partner	$	(31,148	)	$	(39,898	)
Net income (loss) allocated to limited partners	$	(3,083,656	)	$	(3,949,879	)
Net income (loss) per BAC	$	(0.85	)	$	(1.09	)

(continued)

F-58

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 44
	2012			2011
Income
Interest income	$	1,351		$	78,270
Miscellaneous		-			25
		1,351			78,295
Share of income (losses) from operating limited
partnerships		(698,324	)		(1,281,159	)
Expenses and loss
Fund management fee		201,750			267,673
Amortization		282,800			283,982
General and administrative expenses		20,188			20,415
Professional fees		21,491			31,133
Impairment loss		2,156,011			1,396,160
		2,682,240			1,999,363
NET INCOME (LOSS)	$	(3,379,213	)	$	(3,202,227	)
Net income (loss) allocated to general partner	$	(33,792	)	$	(32,022	)
Net income (loss) allocated to limited partners	$	(3,345,421	)	$	(3,170,205	)
Net income (loss) per BAC	$	(1.24	)	$	(1.17	)

(continued)

F-59

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 45
	2012			2011
Income
Interest income	$	2,054		$	4,018
Miscellaneous		-			25
		2,054			4,043
Share of income (losses) from operating limited
partnerships		(1,247,995	)		(1,187,195	)
Expenses and loss
Fund management fee		318,236			341,411
Amortization		273,092			273,092
General and administrative expenses		25,447			27,606
Professional fees		36,595			35,839
Impairment loss		3,838,473			2,445,786
		4,491,843			3,123,734
NET INCOME (LOSS)	$	(5,737,784	)	$	(4,306,886	)
Net income (loss) allocated to general partner	$	(57,378	)	$	(43,069	)
Net income (loss) allocated to limited partners	$	(5,680,406	)	$	(4,263,817	)
Net income (loss) per BAC	$	(1.42	)	$	(1.06	)

(continued)

F-60

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 46
	2012			2011
Income
Interest income	$	1,942		$	4,547
Miscellaneous		-			135
		1,942			4,682
Share of income (losses) from operating limited
partnerships		(705,660	)		(859,459	)
Expenses and loss
Fund management fee		232,017			213,548
Amortization		31,804			42,896
General and administrative expenses		22,579			22,690
Professional fees		24,455			24,023
Impairment loss		2,113,988			1,940,109
		2,424,843			2,243,266
NET INCOME (LOSS)	$	(3,128,561	)	$	(3,098,043	)
Net income (loss) allocated to general partner	$	(31,286	)	$	(30,980	)
Net income (loss) allocated to limited partners	$	(3,097,275	)	$	(3,067,063	)
Net income (loss) per BAC	$	(1.04	)	$	(1.03	)

(see notes to financial statements)

F-61

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2012 and 2011

Total	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	49,066,354		$	(6,742,987	)	$	42,323,367
Net income (loss)		(34,272,246	)		(346,184	)		(34,618,430	)
Partners’ capital (deficit), March 31, 2011		14,794,108			(7,089,171	)		7,704,937
Net income (loss)		(26,180,475	)		(264,452	)		(26,444,927	)
Partners’ capital (deficit), March 31, 2012	$	(11,386,367	)	$	(7,353,623	)	$	(18,739,990	)

(continued)

F-62

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 20	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(2,909,001	)	$	(340,749	)	$	(3,249,750	)
Net income (loss)		774,418			7,822			782,240
Partners’ capital (deficit), March 31, 2011		(2,134,583	)		(332,927	)		(2,467,510	)
Net income (loss)		702,732			7,098			709,830
Partners’ capital (deficit), March 31, 2012	$	(1,431,851	)	$	(325,829	)	$	(1,757,680	)

(continued)

F-63

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 21	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(1,069,536	)	$	(174,390	)	$	(1,243,926	)
Net income (loss)		(10,189	)		(103	)		(10,292	)
Partners’ capital (deficit), March 31, 2011		(1,079,725	)		(174,493	)		(1,254,218	)
Net income (loss)		76,686			775			77,461
Partners’ capital (deficit), March 31, 2012	$	(1,003,039	)	$	(173,718	)	$	(1,176,757	)

(continued)

F-64

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 22	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(2,968,555	)	$	(251,281	)	$	(3,219,836	)
Net income (loss)		535,824			5,412			541,236
Partners’ capital (deficit), March 31, 2011		(2,432,731	)		(245,869	)		(2,678,600	)
Net income (loss)		(197,458	)		(1,995	)		(199,453	)
Partners’ capital (deficit), March 31, 2012	$	(2,630,189	)	$	(247,864	)	$	(2,878,053	)

(continued)

F-65

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 23	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(2,435,304	)	$	(312,323	)	$	(2,747,627	)
Net income (loss)		604,287			6,104			610,391
Partners’ capital (deficit), March 31, 2011		(1,831,017	)		(306,219	)		(2,137,236	)
Net income (loss)		(174,625	)		(1,764	)		(176,389	)
Partners’ capital (deficit), March 31, 2012	$	(2,005,642	)	$	(307,983	)	$	(2,313,625	)

(continued)

F-66

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 24	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(2,102,246	)	$	(208,404	)	$	(2,310,650	)
Net income (loss)		(116,141	)		(1,173	)		(117,314	)
Partners’ capital (deficit), March 31, 2011		(2,218,387	)		(209,577	)		(2,427,964	)
Net income (loss)		23,875			241			24,116
Partners’ capital (deficit), March 31, 2012	$	(2,194,512	)	$	(209,336	)	$	(2,403,848	)

(continued)

F-67

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 25	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(1,818,771	)	$	(278,416	)	$	(2,097,187	)
Net income (loss)		435,676			4,401			440,077
Partners’ capital (deficit), March 31, 2011		(1,383,095	)		(274,015	)		(1,657,110	)
Net income (loss)		1,207,841			12,200			1,220,041
Partners’ capital (deficit), March 31, 2012	$	(175,254	)	$	(261,815	)	$	(437,069	)

(continued)

F-68

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 26	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(2,633,262	)	$	(370,289	)	$	(3,003,551	)
Net income (loss)		1,129,361			11,408			1,140,769
Partners’ capital (deficit), March 31, 2011		(1,503,901	)		(358,881	)		(1,862,782	)
Net income (loss)		(146,794	)		(1,483	)		(148,277	)
Partners’ capital (deficit), March 31, 2012	$	(1,650,695	)	$	(360,364	)	$	(2,011,059	)

(continued)

F-69

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 27	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(279,884	)	$	(211,360	)	$	(491,244	)
Net income (loss)		(1,025,289	)		(10,356	)		(1,035,645	)
Partners’ capital (deficit), March 31, 2011		(1,305,173	)		(221,716	)		(1,526,889	)
Net income (loss)		(270,547	)		(2,733	)		(273,280	)
Partners’ capital (deficit), March 31, 2012	$	(1,575,720	)	$	(224,449	)	$	(1,800,169	)

(continued)

F-70

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 28	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(468,538	)	$	(351,953	)	$	(820,491	)
Net income (loss)		(284,040	)		(2,869	)		(286,909	)
Partners’ capital (deficit), March 31, 2011		(752,578	)		(354,822	)		(1,107,400	)
Net income (loss)		(263,732	)		(2,664	)		(266,396	)
Partners’ capital (deficit), March 31, 2012	$	(1,016,310	)	$	(357,486	)	$	(1,373,796	)

(continued)

F-71

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 29	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(1,952,480	)	$	(361,790	)	$	(2,314,270	)
Net income (loss)		(373,041	)		(3,768	)		(376,809	)
Partners’ capital (deficit), March 31, 2011		(2,325,521	)		(365,558	)		(2,691,079	)
Net income (loss)		(296,058	)		(2,990	)		(299,048	)
Partners’ capital (deficit), March 31, 2012	$	(2,621,579	)	$	(368,548	)	$	(2,990,127	)

(continued)

F-72

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 30	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(707,875	)	$	(236,500	)	$	(944,375	)
Net income (loss)		(159,661	)		(1,613	)		(161,274	)
Partners’ capital (deficit), March 31, 2011		(867,536	)		(238,113	)		(1,105,649	)
Net income (loss)		(185,445	)		(1,873	)		(187,318	)
Partners’ capital (deficit), March 31, 2012	$	(1,052,981	)	$	(239,986	)	$	(1,292,967	)

(continued)

F-73

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 31	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(1,417,532	)	$	(397,408	)	$	(1,814,940	)
Net income (loss)		(356,738	)		(3,603	)		(360,341	)
Partners’ capital (deficit), March 31, 2011		(1,774,270	)		(401,011	)		(2,175,281	)
Net income (loss)		(387,978	)		(3,919	)		(391,897	)
Partners’ capital (deficit), March 31, 2012	$	(2,162,248	)	$	(404,930	)	$	(2,567,178	)

(continued)

F-74

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 32	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(1,186,111	)	$	(422,447	)	$	(1,608,558	)
Net income (loss)		(377,142	)		(3,810	)		(380,952	)
Partners’ capital (deficit), March 31, 2011		(1,563,253	)		(426,257	)		(1,989,510	)
Net income (loss)		(338,244	)		(3,417	)		(341,661	)
Partners’ capital (deficit), March 31, 2012	$	(1,901,497	)	$	(429,674	)	$	(2,331,171	)

(continued)

F-75

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 33	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(992,283	)	$	(238,084	)	$	(1,230,367	)
Net income (loss)		(239,397	)		(2,418	)		(241,815	)
Partners’ capital (deficit), March 31, 2011		(1,231,680	)		(240,502	)		(1,472,182	)
Net income (loss)		(91,885	)		(928	)		(92,813	)
Partners’ capital (deficit), March 31, 2012	$	(1,323,565	)	$	(241,430	)	$	(1,564,995	)

(continued)

F-76

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 34	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	(1,641,611	)	$	(320,007	)	$	(1,961,618	)
Net income (loss)		(986,779	)		(9,967	)		(996,746	)
Partners’ capital (deficit), March 31, 2011		(2,628,390	)		(329,974	)		(2,958,364	)
Net income (loss)		(364,063	)		(3,677	)		(367,740	)
Partners’ capital (deficit), March 31, 2012	$	(2,992,453	)	$	(333,651	)	$	(3,326,104	)

(continued)

F-77

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 35	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	1,801,481		$	(266,677	)	$	1,534,804
Net income (loss)		(2,908,785	)		(29,382	)		(2,938,167	)
Partners’ capital (deficit), March 31, 2011		(1,107,304	)		(296,059	)		(1,403,363	)
Net income (loss)		(316,928	)		(3,201	)		(320,129	)
Partners’ capital (deficit), March 31, 2012	$	(1,424,232	)	$	(299,260	)	$	(1,723,492	)

(continued)

F-78

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 36	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	457,246		$	(175,849	)	$	281,397
Net income (loss)		(1,911,938	)		(19,313	)		(1,931,251	)
Partners’ capital (deficit), March 31, 2011		(1,454,692	)		(195,162	)		(1,649,854	)
Net income (loss)		(189,870	)		(1,918	)		(191,788	)
Partners’ capital (deficit), March 31, 2012	$	(1,644,562	)	$	(197,080	)	$	(1,841,642	)

(continued)

F-79

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 37	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	709,119		$	(210,578	)	$	498,541
Net income (loss)		(1,867,797	)		(18,867	)		(1,886,664	)
Partners’ capital (deficit), March 31, 2011		(1,158,678	)		(229,445	)		(1,388,123	)
Net income (loss)		(206,906	)		(2,090	)		(208,996	)
Partners’ capital (deficit), March 31, 2012	$	(1,365,584	)	$	(231,535	)	$	(1,597,119	)

(continued)

F-80

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 38	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	2,974,995		$	(190,439	)	$	2,784,556
Net income (loss)		(2,912,817	)		(29,422	)		(2,942,239	)
Partners’ capital (deficit), March 31, 2011		62,178			(219,861	)		(157,683	)
Net income (loss)		(1,065,398	)		(10,762	)		(1,076,160	)
Partners’ capital (deficit), March 31, 2012	$	(1,003,220	)	$	(230,623	)	$	(1,233,843	)

(continued)

F-81

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 39	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	3,301,130		$	(165,081	)	$	3,136,049
Net income (loss)		(2,730,001	)		(27,576	)		(2,757,577	)
Partners’ capital (deficit), March 31, 2011		571,129			(192,657	)		378,472
Net income (loss)		(1,378,538	)		(13,925	)		(1,392,463	)
Partners’ capital (deficit), March 31, 2012	$	(807,409	)	$	(206,582	)	$	(1,013,991	)

(continued)

F-82

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 40	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	3,337,000		$	(193,508	)	$	3,143,492
Net income (loss)		(2,721,483	)		(27,490	)		(2,748,973	)
Partners’ capital (deficit), March 31, 2011		615,517			(220,998	)		394,519
Net income (loss)		(2,387,647	)		(24,118	)		(2,411,765	)
Partners’ capital (deficit), March 31, 2012	$	(1,772,130	)	$	(245,116	)	$	(2,017,246	)

(continued)

F-83

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 41	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	3,304,101		$	(218,311	)	$	3,085,790
Net income (loss)		(2,005,541	)		(20,258	)		(2,025,799	)
Partners’ capital (deficit), March 31, 2011		1,298,560			(238,569	)		1,059,991
Net income (loss)		(2,377,442	)		(24,015	)		(2,401,457	)
Partners’ capital (deficit), March 31, 2012	$	(1,078,882	)	$	(262,584	)	$	(1,341,466	)

(continued)

F-84

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 42	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	5,484,551		$	(187,973	)	$	5,296,578
Net income (loss)		(2,314,069	)		(23,374	)		(2,337,443	)
Partners’ capital (deficit), March 31, 2011		3,170,482			(211,347	)		2,959,135
Net income (loss)		(2,345,293	)		(23,690	)		(2,368,983	)
Partners’ capital (deficit), March 31, 2012	$	825,189		$	(235,037	)	$	590,152

(continued)

F-85

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 43	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	9,915,867		$	(224,609	)	$	9,691,258
Net income (loss)		(3,949,879	)		(39,898	)		(3,989,777	)
Partners’ capital (deficit), March 31, 2011		5,965,988			(264,507	)		5,701,481
Net income (loss)		(3,083,656	)		(31,148	)		(3,114,804	)
Partners’ capital (deficit), March 31, 2012	$	2,882,332		$	(295,655	)	$	2,586,677

(continued)

F-86

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 44	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	9,579,993		$	(143,080	)	$	9,436,913
Net income (loss)		(3,170,205	)		(32,022	)		(3,202,227	)
Partners’ capital (deficit), March 31, 2011		6,409,788			(175,102	)		6,234,686
Net income (loss)		(3,345,421	)		(33,792	)		(3,379,213	)
Partners’ capital (deficit), March 31, 2012	$	3,064,367		$	(208,894	)	$	2,855,473

(continued)

F-87

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 45	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	17,982,971		$	(175,588	)	$	17,807,383
Net income (loss)		(4,263,817	)		(43,069	)		(4,306,886	)
Partners’ capital (deficit), March 31, 2011		13,719,154			(218,657	)		13,500,497
Net income (loss)		(5,680,406	)		(57,378	)		(5,737,784	)
Partners’ capital (deficit), March 31, 2012	$	8,038,748		$	(276,035	)	$	7,762,713

(continued)

F-88

Boston Capital Tax Credit Fund IV L.P.

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

Years ended March 31, 2012 and 2011

Series 46	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2010	$	14,800,889		$	(115,893	)	$	14,684,996
Net income (loss)		(3,067,063	)		(30,980	)		(3,098,043	)
Partners’ capital (deficit), March 31, 2011		11,733,826			(146,873	)		11,586,953
Net income (loss)		(3,097,275	)		(31,286	)		(3,128,561	)
Partners’ capital (deficit), March 31, 2012	$	8,636,551		$	(178,159	)	$	8,458,392

(see notes to financial statements)

F-89

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Years ended March 31, 2012 and 2011

	Total
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(26,444,927	)	$	(34,618,430	)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships		3,024,768			3,954,019
Impairment loss		16,692,807			23,038,128
Distributions received from operating limited partnerships		311,726			182,237
Amortization		976,537			1,786,355
Changes in assets and liabilities
Other assets		(113,566	)		(165,855	)
Accounts payable and accrued expenses		(111,792	)		93,836
Accounts payable - affiliates		2,847,137			314,146
Net cash provided by (used in) operating activities		(2,817,310	)		(5,415,564	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(10,001	)		(259,901	)
Proceeds from disposition of operating limited partnerships		2,427,719			7,102,968
Net cash provided by (used in) investing activities		2,417,718			6,843,067
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(399,592	)		1,427,503
Cash and cash equivalents, beginning		7,926,372			6,498,869
Cash and cash equivalents, ending	$	7,526,780		$	7,926,372

(see notes to financial statements)

F-90

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Total
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	8,915
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	12,841	$	653,373
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	18,818

(continued)

F-91

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 20
	2012			2011
Cash flows from operating activities
Net income (loss)	$	709,830		$	782,240
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships		(852,350	)		(921,489	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			2,633
Accounts payable and accrued expenses		9,624			10,376
Accounts payable - affiliates		(485,260	)		(737,086	)
Net cash provided by (used in) operating activities		(618,156	)		(863,326	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		852,350			921,489
Net cash provided by (used in) investing activities		852,350			921,489
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		234,194			58,163
Cash and cash equivalents, beginning		245,496			187,333
Cash and cash equivalents, ending	$	479,690		$	245,496

(continued)

F-92

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 20
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-93

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 21
	2012			2011
Cash flows from operating activities
Net income (loss)	$	77,461		$	(10,292	)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships		(118,002	)		(25,729	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		1,980			(7,788	)
Accounts payable - affiliates		(173,960	)		69,765
Net cash provided by (used in) operating activities		(212,521	)		25,956
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		118,002			25,729
Net cash provided by (used in) investing activities		118,002			25,729
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(94,519	)		51,685
Cash and cash equivalents, beginning		338,841			287,156
Cash and cash equivalents, ending	$	244,322		$	338,841

(continued)

F-94

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 21
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships
and decreased its capital contribution obligation to operating limited
partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital
contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships
and recorded a receivable for tax credits not generated by the operating
limited partnerships.	$	-	$	-

(continued)

F-95

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 22
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(199,453	)	$	541,236
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships		-			(754,900	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			2,500
Accounts payable and accrued expenses		(12,501	)		(7,614	)
Accounts payable - affiliates		23,641			(342,631	)
Net cash provided by (used in) operating activities		(188,313	)		(561,409	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			754,900
Net cash provided by (used in) investing activities		-			754,900
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(188,313	)		193,491
Cash and cash equivalents, beginning		344,376			150,885
Cash and cash equivalents, ending	$	156,063		$	344,376

(continued)

F-96

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 22
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships
and decreased its capital contribution obligation to operating limited
partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital
contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships
and recorded a receivable for tax credits not generated by the operating
limited partnerships.	$	-	$	-

(continued)

F-97

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 23
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(176,389	)	$	610,391
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships		-			(688,724	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(19,800	)		(10,373	)
Accounts payable - affiliates		(15,173	)		(371,006	)
Net cash provided by (used in) operating activities		(211,362	)		(459,712	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			688,724
Net cash provided by (used in) investing activities		-			688,724
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(211,362	)		229,012
Cash and cash equivalents, beginning		325,579			96,567
Cash and cash equivalents, ending	$	114,217		$	325,579

(continued)

F-98

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 23
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-99

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 24
	2012			2011
Cash flows from operating activities
Net income (loss)	$	24,116		$	(117,314	)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships		(139,151	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(3,178	)		(7,500	)
Accounts payable - affiliates		57,757			77,900
Net cash provided by (used in) operating activities		(60,456	)		(46,914	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		139,151			-
Net cash provided by (used in) investing activities		139,151			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		78,695			(46,914	)
Cash and cash equivalents, beginning		200,227			247,141
Cash and cash equivalents, ending	$	278,922		$	200,227

(continued)

F-100

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 24
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-101

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 25
	2012			2011
Cash flows from operating activities
Net income (loss)	$	1,220,041		$	440,077
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships		(1,215,347	)		(469,513	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(39,164	)		54,408
Accounts payable - affiliates		(1,240,982	)		(188,789	)
Net cash provided by (used in) operating activities		(1,275,452	)		(163,817	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(10,001	)		-
Proceeds from disposition of operating limited partnerships		1,215,347			469,513
Net cash provided by (used in) investing activities		1,205,346			469,513
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(70,106	)		305,696
Cash and cash equivalents, beginning		562,226			256,530
Cash and cash equivalents, ending	$	492,120		$	562,226

(continued)

F-102

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 25
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-103

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 26
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(148,277	)	$	1,140,769
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships		(44,244	)		(1,451,966	)
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(24,899	)		30,000
Accounts payable - affiliates		260,248			(1,006,313	)
Net cash provided by (used in) operating activities		42,828			(1,287,510	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		44,244			1,451,966
Net cash provided by (used in) investing activities		44,244			1,451,966
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		87,072			164,456
Cash and cash equivalents, beginning		476,868			312,412
Cash and cash equivalents, ending	$	563,940		$	476,868

(continued)

F-104

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 26
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-105

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 27
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(273,280	)	$	(1,035,645	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			676,060
Impairment loss		-			24,309
Distributions received from operating limited partnerships		-			100
Amortization		65,392			68,492
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		(10,000	)		10,000
Accounts payable - affiliates		(20,416	)		(1,105,169	)
Net cash provided by (used in) operating activities		(238,304	)		(1,361,853	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			1,638,582
Net cash provided by (used in) investing activities		-			1,638,582
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(238,304	)		276,729
Cash and cash equivalents, beginning		550,614			273,885
Cash and cash equivalents, ending	$	312,310		$	550,614

(continued)

F-106

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 27
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	12,841	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)  

F-107

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 28
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(266,396	)	$	(286,909	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(37,059	)		-
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		5,070			-
Accounts payable - affiliates		330,768			284,116
Net cash provided by (used in) operating activities		32,383			(2,793	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		37,059			-
Net cash provided by (used in) investing activities		37,059			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		69,442			(2,793	)
Cash and cash equivalents, beginning		259,714			262,507
Cash and cash equivalents, ending	$	329,156		$	259,714

(continued)

F-108

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

		Series 28
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

 (continued)

F-109

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 29
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(299,048	)	$	(376,809	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			24,395
Impairment loss		-			-
Distributions received from operating limited partnerships		-			-
Amortization		-			28,950
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		331,404			331,404
Net cash provided by (used in) operating activities		32,356			7,940
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		32,356			7,940
Cash and cash equivalents, beginning		214,315			206,375
Cash and cash equivalents, ending	$	246,671		$	214,315

(continued) 

F-110

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

		Series 29
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued) 

F-111

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 30
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(187,318	)	$	(161,274	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(83,888	)
Impairment loss		-			15,589
Distributions received from operating limited partnerships		-			-
Amortization		-			26,275
Changes in assets and liabilities
Other assets		6,175			-
Accounts payable and accrued expenses		(10,000	)		10,000
Accounts payable - affiliates		74,144			183,160
Net cash provided by (used in) operating activities		(116,999	)		(10,138	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			151,341
Net cash provided by (used in) investing activities		-			151,341
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(116,999	)		141,203
Cash and cash equivalents, beginning		421,530			280,327
Cash and cash equivalents, ending	$	304,531		$	421,530

(continued) 

F-112

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

		Series 30
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued) 

F-113

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 31
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(391,897	)	$	(360,341	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		-			(156,023	)
Impairment loss		31,776			166,611
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		364,152			364,152
Net cash provided by (used in) operating activities		4,031			14,399
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		4,031			14,399
Cash and cash equivalents, beginning		181,199			166,800
Cash and cash equivalents, ending	$	185,230		$	181,199

(continued) 

F-114

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

		Series 31
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

 (continued)

F-115

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 32
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(341,661	)	$	(380,952	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		40,621			(186,600	)
Impairment loss		12,173			272,560
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		223,428			(110,227	)
Net cash provided by (used in) operating activities		(65,439	)		(405,219	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			559,998
Net cash provided by (used in) investing activities		-			559,998
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(65,439	)		154,779
Cash and cash equivalents, beginning		495,360			340,581
Cash and cash equivalents, ending	$	429,921		$	495,360

(continued) 

F-116

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

		Series 32
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued) 

F-117

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 33
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(92,813	)	$	(241,815	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		(21,566	)		52,927
Impairment loss		-			37,226
Distributions received from operating limited partnerships		-			-
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			3,403
Accounts payable - affiliates		129,714			144,375
Net cash provided by (used in) operating activities		15,335			(3,884	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		21,566			60,000
Net cash provided by (used in) investing activities		21,566			60,000
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		36,901			56,116
Cash and cash equivalents, beginning		240,231			184,115
Cash and cash equivalents, ending	$	277,132		$	240,231

(continued) 

F-118

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

		Series 33
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued) 

F-119

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 34
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(367,740	)	$	(996,746	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		83,056			227,070
Impairment loss		-			225,080
Distributions received from operating limited partnerships		-			-
Amortization		-			224,375
Changes in assets and liabilities
Other assets		(83,056	)		-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		317,891			310,569
Net cash provided by (used in) operating activities		(49,849	)		(9,652	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		(49,849	)		(9,652	)
Cash and cash equivalents, beginning		64,486			74,138
Cash and cash equivalents, ending	$	14,637		$	64,486

(continued) 

F-120

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 34
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued) 

F-121

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 35
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(320,129	)	$	(2,938,167	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		78,017			609,403
Impairment loss		15,474			2,017,720
Distributions received from operating limited partnerships		-			-
Amortization		-			72,288
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		228,360			228,360
Net cash provided by (used in) operating activities		1,722			(10,396	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		1,722			(10,396	)
Cash and cash equivalents, beginning		116,848			127,244
Cash and cash equivalents, ending	$	118,570		$	116,848

(continued) 

F-122

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

		Series 35
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued) 

F-123

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 36
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(191,788	)	$	(1,931,251	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		54,048			336,138
Impairment loss		-			1,405,263
Distributions received from operating limited partnerships		3,658			13,640
Amortization		-			-
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		160,596			166,621
Net cash provided by (used in) operating activities		26,514			(9,589	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS		26,514			(9,589	)
Cash and cash equivalents, beginning		133,266			142,855
Cash and cash equivalents, ending	$	159,780		$	133,266

(continued) 

F-124

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

		Series 36
		2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and  recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued) 

F-125

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 37
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(208,996	)	$	(1,886,664	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		32,821			228,964
Impairment loss		-			1,324,065
Distributions received from operating limited partnerships		3,658			47,169
Amortization		-			118,248
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		204,864			204,864
Net cash provided by (used in) operating activities		32,347			36,646
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		32,347			36,646
Cash and cash equivalents, beginning		346,391			309,745
Cash and cash equivalents, ending	$	378,738		$	346,391

(continued)

F-126

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 37
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-127

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 38
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(1,076,160	)	$	(2,942,239	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		131,305			564,465
Impairment loss		768,169			2,180,548
Distributions received from operating limited partnerships		70,016			45,159
Amortization		-			13,960
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		95,209			164,400
Net cash provided by (used in) operating activities		(11,461	)		26,293
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(11,461	)		26,293
Cash and cash equivalents, beginning		235,617			209,324
Cash and cash equivalents, ending	$	224,156		$	235,617

(continued)

F-128

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 38
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-129

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 39
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(1,392,463	)	$	(2,757,577	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		367,461			890,369
Impairment loss		867,465			1,711,047
Distributions received from operating limited partnerships		15,288			12,754
Amortization		-			11,116
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		136,800			136,800
Net cash provided by (used in) operating activities		(5,449	)		4,509
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(5,449	)		4,509
Cash and cash equivalents, beginning		187,805			183,296
Cash and cash equivalents, ending	$	182,356		$	187,805

(continued)

F-130

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 39
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-131

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 40
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(2,411,765	)	$	(2,748,973	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		350,722			601,594
Impairment loss		1,833,033			1,870,900
Distributions received from operating limited partnerships		-			675
Amortization		-			53,036
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		200,016			211,999
Net cash provided by (used in) operating activities		(27,994	)		(10,769	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(27,994	)		(10,769	)
Cash and cash equivalents, beginning		109,745			120,514
Cash and cash equivalents, ending	$	81,751		$	109,745

(continued)

F-132

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 40
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-133

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 41
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(2,401,457	)	$	(2,025,799	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		717,992			302,783
Impairment loss		1,267,710			1,300,406
Distributions received from operating limited partnerships		12,311			7,259
Amortization		152,816			222,512
Changes in assets and liabilities
Other assets		-			834
Accounts payable and accrued expenses		(8,924	)		8,924
Accounts payable - affiliates		238,068			(60,471	)
Net cash provided by (used in) operating activities		(21,484	)		(243,552	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			380,726
Net cash provided by (used in) investing activities		-			380,726
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(21,484	)		137,174
Cash and cash equivalents, beginning		215,834			78,660
Cash and cash equivalents, ending	$	194,350		$	215,834

(continued)

F-134

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 41
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-135

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 42
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(2,368,983	)	$	(2,337,443	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		453,445			347,607
Impairment loss		1,587,363			1,711,651
Distributions received from operating limited partnerships		36,550			1,005
Amortization		71,717			99,384
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		249,780			249,780
Net cash provided by (used in) operating activities		29,872			71,984
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			(109,361	)
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			(109,361	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		29,872			(37,377	)
Cash and cash equivalents, beginning		311,423			348,800
Cash and cash equivalents, ending	$	341,295		$	311,423

(continued)

F-136

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 42
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	270,143
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-137

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 43
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(3,114,804	)	$	(3,989,777	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		491,020			503,263
Impairment loss		2,201,172			2,993,098
Distributions received from operating limited partnerships		76,136			3,410
Amortization		98,916			247,749
Changes in assets and liabilities
Other assets		(16,506	)		(85,806	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		255,298			306,780
Net cash provided by (used in) operating activities		(8,768	)		(21,283	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,768	)		(21,283	)
Cash and cash equivalents, beginning		234,982			256,265
Cash and cash equivalents, ending	$	226,214		$	234,982

(continued)

F-138

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 43
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	186,626
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-139

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 44
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(3,379,213	)	$	(3,202,227	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		698,324			1,281,159
Impairment loss		2,156,011			1,396,160
Distributions received from operating limited partnerships		5,079			5,728
Amortization		282,800			283,982
Changes in assets and liabilities
Other assets		(20,179	)		(104,834	)
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		284,698			284,701
Net cash provided by (used in) operating activities		27,520			(55,331	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			(139,317	)
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			(139,317	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		27,520			(194,648	)
Cash and cash equivalents, beginning		395,938			590,586
Cash and cash equivalents, ending	$	423,458		$	395,938

(continued)

F-140

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 44
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	196,604
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-141

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 45
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(5,737,784	)	$	(4,306,886	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		1,247,995			1,187,195
Impairment loss		3,838,473			2,445,786
Distributions received from operating limited partnerships		47,876			22,953
Amortization		273,092			273,092
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		366,564			266,564
Net cash provided by (used in) operating activities		36,216			(111,296	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			-
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		36,216			(111,296	)
Cash and cash equivalents, beginning		425,893			537,189
Cash and cash equivalents, ending	$	462,109		$	425,893

(continued)

F-142

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 45
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	-
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	-

(continued)

F-143

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 46
	2012			2011
Cash flows from operating activities
Net income (loss)	$	(3,128,561	)	$	(3,098,043	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited partnerships		705,660			859,459
Impairment loss		2,113,988			1,940,109
Distributions received from operating limited partnerships		41,154			22,385
Amortization		31,804			42,896
Changes in assets and liabilities
Other assets		-			18,818
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		249,528			249,528
Net cash provided by (used in) operating activities		13,573			35,152
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		-			(11,223	)
Proceeds from disposition of operating limited partnerships		-			-
Net cash provided by (used in) investing activities		-			(11,223	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		13,573			23,929
Cash and cash equivalents, beginning		291,568			267,639
Cash and cash equivalents, ending	$	305,141		$	291,568

(continued)

F-144

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2012 and 2011

	Series 46
	2012		2011
Supplemental schedule of noncash investing and financing activities
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	-	$	8,915
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	-	$	18,818

See notes to financial statements 

F-145

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS

March 31, 2012 and 2011

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

F-146

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The BACs issued and outstanding in each series as of March 31, 2012 and 2011 are as follows:

	Issued				Outstanding
	2012		2011		2012		2011
Series 20		3,866,700		3,866,700		3,865,700		3,866,700
Series 21		1,892,700		1,892,700		1,890,700		1,890,700
Series 22		2,564,400		2,564,400		2,564,400		2,564,400
Series 23		3,336,727		3,336,727		3,336,727		3,336,727
Series 24		2,169,878		2,169,878		2,169,878		2,169,878
Series 25		3,026,109		3,026,109		3,025,609		3,026,109
Series 26		3,995,900		3,995,900		3,995,900		3,995,900
Series 27		2,460,700		2,460,700		2,460,700		2,460,700
Series 28		4,000,738		4,000,738		4,000,238		4,000,738
Series 29		3,991,800		3,991,800		3,991,800		3,991,800
Series 30		2,651,000		2,651,000		2,651,000		2,651,000
Series 31		4,417,857		4,417,857		4,417,857		4,417,857
Series 32		4,754,198		4,754,198		4,753,698		4,754,198
Series 33		2,636,533		2,636,533		2,636,533		2,636,533
Series 34		3,529,319		3,529,319		3,529,319		3,529,319
Series 35		3,300,463		3,300,463		3,300,463		3,300,463
Series 36		2,106,837		2,106,837		2,106,837		2,106,837
Series 37		2,512,500		2,512,500		2,512,500		2,512,500
Series 38		2,543,100		2,543,100		2,543,100		2,543,100
Series 39		2,292,152		2,292,152		2,292,152		2,292,152
Series 40		2,630,256		2,630,256		2,630,256		2,630,256
Series 41		2,891,626		2,891,626		2,891,626		2,891,626
Series 42		2,744,262		2,744,262		2,744,262		2,744,262
Series 43		3,637,987		3,637,987		3,637,987		3,637,987
Series 44		2,701,973		2,701,973		2,701,973		2,701,973
Series 45		4,014,367		4,014,367		4,014,367		4,014,367
Series 46		2,980,998		2,980,998		2,980,998		2,980,998
		83,651,080		83,651,080		83,646,580		83,649,080

F-147

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

Investments in Operating Limited Partnerships

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

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the Fund recorded a valuation allowance of $457,496 and $341,487 as of March 31, 2012 and 2011, respectively.

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the future net undiscounted cash flows expected to be generated by the operating limited partnerships including the low-income housing tax credits and the residual value upon sale or disposition of the equity interest in the operating limited partnerships. If the investment is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the investment exceeds the fair value of such investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. Impairment losses have been recognized for the years ended March 31, 2012 and 2011 of $16,692,807 and $23,038,128, respectively.

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

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

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

F-148

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

Investments in Operating Limited Partnerships (Continued)

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

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

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

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

F-149

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

Capitalized Expenses

Costs incurred with borrowing funds to make capital contributions to operating limited partnerships and certain other costs are capitalized and included in investment in operating limited partnerships. The costs were being amortized on the straight-line method over 27.5 years. As of March 31, 2012 and 2011, an impairment loss of $ - and $13,288, respectively, was recorded and the lives of the remaining capitalized interest were reassessed.

Accumulated amortization for capitalized interest as of March 31, 2012 and 2011, as well as the March 31, 2012 and 2011 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Capitalized Interest Impairment		Capitalized Interest Impairment		Remaining Life of Capitalized Interest
	2012		2011		2012		2011		Years
Series 20	$	-	$	-	$	-	$	-		-
Series 21		-		-		-		-		-
Series 22		-		-		-		-		-
Series 23		-		-		-		-		-
Series 24		-		-		-		-		-
Series 25		-		-		-		-		-
Series 26		-		-		-		-		-
Series 27		-		13,281		-		6,193		-
Series 28		-		-		-		-		-
Series 29		-		-		-		-		-
Series 30		-		-		-		-		-
Series 31		-		-		-		-		-
Series 32		-		-		-		-		-
Series 33		-		-		-		-		-
Series 34		-		-		-		-		-
Series 35		-		-		-		-		-
Series 36		-		-		-		-		-
Series 37		-		-		-		-		-
Series 38		-		-		-		-		-
Series 39		-		-		-		-		-
Series 40		-		-		-		-		-
Series 41		-		-		-		-		-
Series 42		-		-		-		-		-
Series 43		-		-		-		-		-
Series 44		-		3,618		-		7,095		-
Series 45		-		-		-		-		-
Series 46		-		-		-		-		-
	$	-	$	16,899	$	-	$	13,288

F-150

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

Deferred Acquisition Costs

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2012 and 2011, an impairment loss of $1,595,113 and $1,764,564, respectively, was recorded and the lives of the remaining acquisition costs were reassessed.

Accumulated amortization as of March 31, 2012 and 2011, as well as the March 31, 2012 and 2011 impairments and the remaining lives are as follows:

	Accumulated Amortization		Accumulated Amortization		Acquisition Costs Impairment		Acquisition Costs Impairment		Remaining Life Acquistion Costs
	2012		2011		2012		2011		Years
Series 20	$	-	$	-	$	-	$	-		-
Series 21		-		-		-		-		-
Series 22		-		-		-		-		-
Series 23		-		-		-		-		-
Series 24		-		-		-		-		-
Series 25		-		-		-		-		-
Series 26		-		-		-		-		-
Series 27		196,176		130,784		-		-		1
Series 28		-		-		-		-		-
Series 29		-		57,900		-		-		-
Series 30		-		26,275		-		-		-
Series 31		-		-		-		-		-
Series 32		-		-		-		-		-
Series 33		-		-		-		-		-
Series 34		-		224,375		-		-		-
Series 35		-		144,576		-		144,573		-
Series 36		-		-		-		-		-
Series 37		-		236,496		-		236,496		-
Series 38		-		13,960		-		27,916		-
Series 39		-		11,116		-		22,232		-
Series 40		-		106,072		-		106,069		-
Series 41		-		222,512		79,027		209,087		2
Series 42		-		99,384		12,785		166,004		5
Series 43		-		229,852		160,616		785,633		5
Series 44		848,399		565,599		-		-		5
Series 45		-		273,092		1,276,381		-		5
Series 46		-		42,896		66,304		66,554		5
	$	1,044,575	$	2,384,889	$	1,595,113	$	1,764,564

The annual amortization for deferred acquisition costs for the years 2013, 2014, 2015, 2016 and 2017 are estimated to be $633,806, $568,415, $455,111, $455,111, and $455,110 respectively.

F-151

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

Income Taxes

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

Cash and Cash Equivalents

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

Fiscal Year

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

F-152

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

Net Loss Per Beneficial Assignee Certificate Unit

Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 2012 and 2011 are as follows:

	2012		2011
Series 20		3,866,367		3,866,700
Series 21		1,890,700		1,890,700
Series 22		2,564,400		2,564,400
Series 23		3,336,727		3,336,727
Series 24		2,169,878		2,169,878
Series 25		3,025,942		3,026,109
Series 26		3,995,900		3,995,900
Series 27		2,460,700		2,460,700
Series 28		4,000,571		4,000,738
Series 29		3,991,800		3,991,800
Series 30		2,651,000		2,651,000
Series 31		4,417,857		4,417,857
Series 32		4,754,031		4,754,198
Series 33		2,636,533		2,636,533
Series 34		3,529,319		3,529,319
Series 35		3,300,463		3,300,463
Series 36		2,106,837		2,106,837
Series 37		2,512,500		2,512,500
Series 38		2,543,100		2,543,100
Series 39		2,292,152		2,292,152
Series 40		2,630,256		2,630,256
Series 41		2,891,626		2,891,626
Series 42		2,744,262		2,744,262
Series 43		3,637,987		3,637,987
Series 44		2,701,973		2,701,973
Series 45		4,014,367		4,014,367
Series 46		2,980,998		2,980,998
		83,648,247		83,649,080

F-153

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

Use of Estimates

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

F-154

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

Recent Accounting Pronouncements

In June 2009, the Financail Accounting Standarnds Board (FASB) issued an amendment to the accounting and disclosure requirements for the consolidation of VIEs. The amended guidance modifies the consolidation model to one based on control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE is the entity that 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 amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment is effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 did not have a material effect on the Fund’s financial statements.

F-155

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2012 and 2011, the Fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Services, Inc. (BCS), Boston Capital Holdings Limited Partnership (BCHLP) and Boston Capital Asset Management Limited Partnership (BCAM), as follows:

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2012 and 2011, are as follows:

			2012
	Gross Fund Management Fee		Asset Management & Reporting Fee		Fund Management Fee net of Asset Management & Reporting Fee
Series 20	$	169,740	$	68,473	$	101,267
Series 21		94,047		77,264		16,783
Series 22		177,268		12,393		164,875
Series 23		148,983		11,868		137,115
Series 24		157,757		40,400		117,357
Series 25		119,018		90,354		28,664
Series 26		336,248		43,205		293,043
Series 27		233,712		41,145		192,567
Series 28		330,768		37,593		293,175
Series 29		331,404		73,143		258,261
Series 30		174,144		21,412		152,732
Series 31		364,152		41,274		322,878
Series 32		283,428		34,541		248,887
Series 33		129,714		45,219		84,495
Series 34		293,196		34,154		259,042
Series 35		228,360		41,985		186,375
Series 36		160,596		40,478		120,118
Series 37		204,864		18,518		186,346
Series 38		164,400		22,902		141,498
Series 39		136,800		14,135		122,665
Series 40		200,016		14,705		185,311
Series 41		238,068		23,326		214,742
Series 42		249,780		45,310		204,470
Series 43		306,780		38,928		267,852
Series 44		284,698		82,948		201,750
Series 45		366,564		48,328		318,236
Series 46		249,528		17,511		232,017
	$	6,134,033	$	1,081,512	$	5,052,521

F-156

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

			2011
	Gross Fund Management Fee		Asset Management & Reporting Fee		Fund Management Fee net of Asset Management & Reporting Fee
Series 20	$	227,914	$	63,134	$	164,780
Series 21		119,765		123,353		(3,588	)
Series 22		205,723		22,741		182,982
Series 23		177,348		35,720		141,628
Series 24		177,900		15,606		162,294
Series 25		211,211		52,995		158,216
Series 26		393,687		119,324		274,363
Series 27		294,831		52,791		242,040
Series 28		334,116		64,927		269,189
Series 29		331,404		47,928		283,476
Series 30		183,160		15,440		167,720
Series 31		364,152		62,952		301,200
Series 32		289,773		35,787		253,986
Series 33		138,265		20,389		117,876
Series 34		293,196		14,154		279,042
Series 35		228,360		25,344		203,016
Series 36		160,599		7,234		153,365
Series 37		204,864		20,500		184,364
Series 38		164,400		18,535		145,865
Series 39		136,800		25,335		111,465
Series 40		200,017		20,738		179,279
Series 41		239,529		55,497		184,032
Series 42		249,780		118,874		130,906
Series 43		306,780		119,572		187,208
Series 44		284,701		17,028		267,673
Series 45		366,564		25,153		341,411
Series 46		249,528		35,980		213,548
	$	6,534,367	$	1,237,031	$	5,297,336

All fund management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2012 and 2011, total fund management fees accrued were $52,937,181 and $49,714,148, respectively.

F-157

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

The fund management fees paid for the years ended March 31, 2012 and 2011, are as follows:

	2012		2011
Series 20	$	655,000	$	965,000
Series 21		160,000		50,000
Series 22		100,000		550,000
Series 23		100,000		550,000
Series 24		100,000		100,000
Series 25		1,360,000		400,000
Series 26		76,000		1,400,000
Series 27		200,000		1,400,000
Series 28		-		50,000
Series 29		-		-
Series 30		100,000		-
Series 31		-		-
Series 32		60,000		400,000
Series 33		-		-
Series 34		-		-
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		-		-
Series 40		-		-
Series 41		-		300,000
Series 42		-		-
Series 43		-		-
Series 44		-		-
Series 45		-		100,000
Series 46		-		-
	$	2,911,000	$	6,265,000

F-158

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

An affiliate of the general partner of the Fund has advanced funds to pay some operating expenses of the fund, and to make advances and/or loans to operating limited partnerships. These advances are included in accounts payable to affiliates. The total advances as of March 31, 2012 and 2011, are as follows:

	2012		2011
Series 20	$	-	$	-
Series 21		-		108,007
Series 22		-		53,627
Series 23		-		64,156
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		-		54,128
Series 28		-		-
Series 29		-		-
Series 30		-		-
Series 31		-		-
Series 32		-		-
Series 33		54,660		54,660
Series 34		104,982		80,287
Series 35		-		-
Series 36		129,612		129,612
Series 37		-		-
Series 38		-		69,191
Series 39		220,455		220,455
Series 40		337,528		337,528
Series 41		359,757		359,757
Series 42		221,615		221,615
Series 43		-		51,482
Series 44		-		-
Series 45		-		-
Series 46		-		-
	$	1,428,609	$	1,804,505

During the years ended March 31, 2012 and 2011, $24,695 and $17,373, respectively, for Series 34 was advanced to the Fund by an affiliate of the general partner. During the year ended March 31, 2012, $108,007, $53,627, $64,156, $54,128, $69,191 and $51,482 for Series 21, Series 22, Series 23, Series 27, Series 38 and Series 43, respectively, was paid by the Fund to an affiliate of the general partner. All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

F-159

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

During the years ended March 31, 2012 and 2011, general and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and/or Boston Capital Asset Management Limited Partnership were charged to each series’ operations as follows:

	2012		2011
Series 20	$	12,949	$	16,960
Series 21		10,692		12,885
Series 22		12,440		14,530
Series 23		12,752		15,050
Series 24		11,825		14,599
Series 25		11,970		15,625
Series 26		15,374		18,926
Series 27		11,593		13,004
Series 28		13,812		17,496
Series 29		13,588		17,166
Series 30		11,840		14,588
Series 31		13,937		17,688
Series 32		13,270		17,384
Series 33		13,397		15,619
Series 34		14,695		17,373
Series 35		14,328		16,823
Series 36		13,524		15,187
Series 37		13,395		15,014
Series 38		13,736		15,539
Series 39		13,353		14,940
Series 40		14,408		16,386
Series 41		15,494		17,657
Series 42		16,616		18,561
Series 43		16,282		18,996
Series 44		15,003		16,069
Series 45		18,871		21,100
Series 46		16,502		17,822
	$	375,646	$	442,987

Accounts payable - affiliates at March 31, 2012 and 2011 represents general and administrative expenses, fund management fees, and commissions which are payable to Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.

F-160

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2012 and 2011, the fund has limited partnership interests in operating limited partnerships, which own or are constructing or rehabilitating operating apartment complexes. The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2012 and 2011 by series are as follows:

	2012		2011
Series 20		12		17
Series 21		6		9
Series 22		20		22
Series 23		15		16
Series 24		18		20
Series 25		11		16
Series 26		39		40
Series 27		15		15
Series 28		24		26
Series 29		21		21
Series 30		17		17
Series 31		26		26
Series 32		15		15
Series 33		8		9
Series 34		14		14
Series 35		11		11
Series 36		11		11
Series 37		7		7
Series 38		10		10
Series 39		9		9
Series 40		16		16
Series 41		20		20
Series 42		22		22
Series 43		23		23
Series 44		10		10
Series 45		30		30
Series 46		15		15
		445		467

F-161

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

During the year ended March 31, 2012 the Fund disposed of twenty two Operating Partnerships. Gain (loss) on disposition is included in share of income (losses) from operating limited partnerships. A summary of the dispositions by Series for March 31, 2012 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 20		4		1	$	852,350	$	852,350
Series 21		3		-		118,002		118,002
Series 22		-		2		-		-
Series 23		-		1		-		-
Series 24		2		-		139,151		139,151
Series 25		4		1		1,215,347		1,215,347
Series 26		-		1		44,244		44,244
Series 28		1		1		37,059		37,059
Series 33		1		-		21,566		21,566
Total		15		7	$	2,427,719	$	2,427,719

During the year ended March 31, 2011 the Fund disposed of twenty four Operating Partnerships. Gain (loss) on disposition is included in share of income (losses) from operating limited partnerships. A summary of the dispositions by Series for March 31, 2011 is as follows. 

		Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
	Series 20	4	-	$	921,489	$	921,489
	Series 21	-	1		25,729		25,729
	Series 22	3	-		754,900		754,900
	Series 23	4	-		688,724		688,724
	Series 25	3	1		469,513		469,513
	Series 26	3	-		1,451,966		1,451,966
	Series 27	1	-		1,638,582		(682,853	)
	Series 30	1	-		151,341		151,341
*	Series 32	1	-		559,998		559,998
	Series 33	1	-		60,000		60,000
	Series 41	1	-		380,726		380,726
	Total	22	2	$	7,102,968	$	4,781,533

* Series 32 sold its membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC.

F-162

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations. At March 31, 2012 and 2011, contributions are payable to operating limited partnerships as follows:

	2012		2011
Series 20	$	-	$	-
Series 21		-		-
Series 22		9,352		9,352
Series 23		-		-
Series 24		9,999		9,999
Series 25		-		10,001
Series 26		14,490		14,490
Series 27		10,020		22,861
Series 28		40,968		40,968
Series 29		10,197		10,197
Series 30		127,396		127,396
Series 31		66,294		66,294
Series 32		173,561		173,561
Series 33		69,154		69,154
Series 34		-		-
Series 35		-		-
Series 36		-		-
Series 37		138,438		138,438
Series 38		-		-
Series 39		-		-
Series 40		102		102
Series 41		100		100
Series 42		73,433		73,433
Series 43		121,112		121,112
Series 44		254,640		254,640
Series 45		16,724		16,724
Series 46		-		-
	$	1,135,980	$	1,158,822

F-163

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Total			Series 20			Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	505,960,745		$	6,882,024		$	4,113,424
Acquisition costs of operating limited partnerships		34,246,077			862,696			661,389
Cumulative distributions from operating limited partnerships		(3,327,345	)		(33,517	)		(22,441	)
Cumulative impairment loss in investments in operating limited partnerships		(232,429,918	)		(1,648,785	)		(197,154	)
Cumulative losses from operating limited partnerships		(277,960,509	)		(6,062,418	)		(4,555,218	)
Investments in operating limited partnerships per balance sheet		26,489,050			-			-

F-164

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(3,297,940	)		-			-
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(4,409,848	)		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		1,482,646			86,256			236,024
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(80,780,371	)		(2,885,315	)		(2,808,604	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		1,442,934			7,898			-
Cumulative impairment loss in investments in operating limited partnerships		232,429,918			1,648,785			197,154
Other		(2,651,838	)		(23,926	)		(162,615	)
Equity per operating limited partnerships’ combined financial statements	$	170,704,551		$	(1,166,302	)	$	(2,538,041	)

F-165

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Series 22			Series 23			Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	9,924,845		$	12,936,474		$	9,867,638
Acquisition costs of operating limited partnerships		1,338,598			1,923,419			1,362,093
Cumulative distributions from operating limited partnerships		(72,218	)		(25,544	)		(94,006	)
Cumulative impairment loss in investments in operating limited partnerships		(3,958,929	)		(7,715,907	)		(3,630,235	)
Cumulative losses from operating limited partnerships		(7,232,296	)		(7,118,442	)		(7,505,490	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-166

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 22			Series 23			Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(481,359	)		(11,581	)		(30,158	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(249,133	)		(62,597	)		(267,328	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		90,435			49,191			81,405
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(4,966,027	)		(2,695,647	)		(3,600,661	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		4,764			34,901			61,209
Cumulative impairment loss in investments in operating limited partnerships		3,958,929			7,715,907			3,630,235
Other		(252,672	)		(69,448	)		98,321
Equity per operating limited partnerships’ combined financial statements	$	(1,895,063	)	$	4,960,726		$	(26,977	)

F-167

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Series 25			Series 26			Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	8,003,919		$	23,641,935		$	14,004,581
Acquisition costs of operating limited partnerships		1,152,325			3,329,810			2,051,185
Cumulative distributions from operating limited partnerships		(144,838	)		(166,720	)		(60,579	)
Cumulative impairment loss in investments in operating limited partnerships		(5,280,243	)		(11,211,839	)		(6,900,647	)
Cumulative losses from operating limited partnerships		(3,731,163	)		(15,593,186	)		(9,094,540	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-168

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25			Series 26			Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(51,732	)		(70,670	)		(286,388	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(66,355	)		(73,143	)		(369,748	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		50,739			120,610			266,164
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(604,305	)		(6,132,941	)		(2,165,786	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		21,215			187,072			41,321
Cumulative impairment loss in investments in operating limited partnerships		5,280,243			11,211,839			6,900,647
Other		(120,856	)		(420,929	)		(134,230	)
Equity per operating limited partnerships’ combined financial statements	$	4,508,949		$	4,821,838		$	4,251,980

F-169

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Series 28			Series 29			Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	26,819,918		$	28,419,361		$	14,875,401
Acquisition costs of operating limited partnerships		3,934,751			4,100,111			1,579,476
Cumulative distributions from operating limited partnerships		(570,203	)		(26,816	)		(53,204	)
Cumulative impairment loss in investments in operating limited partnerships		(16,993,020	)		(10,929,833	)		(6,597,720	)
Cumulative losses from operating limited partnerships		(13,191,446	)		(21,562,823	)		(9,803,953	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-170

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28			Series 29			Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(289,605	)		(158,645	)		(135,225	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(665,053	)		(596,128	)		(235,701	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		111,234			265,241			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(2,807,444	)		(5,819,395	)		(4,313,907	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		116,284			7,039			7,712
Cumulative impairment loss in investments in operating limited partnerships		16,993,020			10,929,833			6,597,720
Other		(292,910	)		(94,881	)		3,707
Equity per operating limited partnerships’ combined financial statements	$	13,165,526		$	4,533,064		$	1,924,306

F-171

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Series 31			Series 32			Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	29,153,095		$	29,700,384		$	14,744,596
Acquisition costs of operating limited partnerships		4,199,795			3,834,299			1,349,820
Cumulative distributions from operating limited partnerships		(66,005	)		(101,211	)		(30,285	)
Cumulative impairment loss in investments in operating limited partnerships		(15,609,298	)		(14,759,194	)		(9,065,379	)
Cumulative losses from operating limited partnerships		(17,677,587	)		(18,674,278	)		(6,998,752	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-172

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31			Series 32			Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(67,462	)		(292,046	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(77,600	)		(1,284,335	)		(167,193	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		125,347			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(5,956,178	)		(4,297,514	)		(1,478,719	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		43,473			38,357			9,684
Cumulative impairment loss in investments in operating limited partnerships		15,609,298			14,759,194			9,065,379
Other		(322,661	)		370,500			(20,139	)
Equity per operating limited partnerships’ combined financial statements	$	9,354,217		$	9,294,156		$	7,229,544

F-173

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Series 34			Series 35			Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	25,641,952		$	23,763,922		$	15,262,574
Acquisition costs of operating limited partnerships		2,566,310			-			-
Cumulative distributions from operating limited partnerships		(26,077	)		(30,262	)		(116,200	)
Cumulative impairment loss in investments in operating limited partnerships		(11,558,475	)		(12,350,565	)		(7,658,323	)
Cumulative losses from operating limited partnerships		(16,623,710	)		(11,383,095	)		(7,488,051	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-174

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35			Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(38,698	)		-			(14,791	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(295,534	)		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(7,533,477	)		(2,177,825	)		(3,663,065	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		6,464			78,017			1,370
Cumulative impairment loss in investments in operating limited partnerships		11,558,475			12,350,565			7,658,323
Other		(197,594	)		(23,145	)		(49,225	)
Equity per operating limited partnerships’ combined financial statements	$	3,499,636		$	10,227,612		$	3,932,612

F-175

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Series 37			Series 38			Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	18,424,489		$	18,852,167		$	16,699,847
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(202,524	)		(525,869	)		(217,157	)
Cumulative impairment loss in investments in operating limited partnerships		(8,613,319	)		(10,442,358	)		(7,386,007	)
Cumulative losses from operating limited partnerships		(9,608,646	)		(7,853,907	)		(8,968,731	)
Investments in operating limited partnerships per balance sheet		-			30,033			127,952

F-176

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 37			Series 38			Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,463,441	)		(2,734,822	)		(2,674,914	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		303,810			59,461			279,219
Cumulative impairment loss in investments in operating limited partnerships		8,613,319			10,442,358			7,386,007
Other		21,909			(185,915	)		(64,084	)
Equity per operating limited partnerships’ combined financial statements	$	5,320,232		$	7,611,115		$	5,054,180

F-177

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Series 40			Series 41			Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	19,336,992		$	17,340,487		$	19,777,849
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(50,444	)		(53,111	)		(62,791	)
Cumulative impairment loss in investments in operating limited partnerships		(10,436,808	)		(6,398,746	)		(8,918,705	)
Cumulative losses from operating limited partnerships		(8,542,420	)		(9,996,032	)		(9,120,125	)
Investments in operating limited partnerships per balance sheet		307,320			892,598			1,676,228

F-178

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 40			Series 41			Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(25,172	)		(33,807	)		(439,845	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(219,933	)		(1,415,040	)		(1,218,759	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		78,811			1,049			20,012
Cumulative impairment loss in investments in operating limited partnerships		10,436,808			6,398,746			8,918,705
Other		(153,941	)		(227,795	)		(82,231	)
Equity per operating limited partnerships’ combined financial statements	$	10,423,893		$	5,615,751		$	8,874,110

F-179

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Series 43			Series 44			Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	26,617,048		$	19,383,213		$	29,449,544
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(241,623	)		(37,726	)		(212,482	)
Cumulative impairment loss in investments in operating limited partnerships		(9,563,330	)		(7,156,290	)		(9,980,277	)
Cumulative losses from operating limited partnerships		(12,790,153	)		(9,823,329	)		(11,027,978	)
Investments in operating limited partnerships per balance sheet		4,021,942			2,365,868			8,228,807

F-180

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(143,165	)		(255,844	)		(129,725	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(2,039,866	)		(2,851,078	)		(255,708	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			454			28,744
Cumulative impairment loss in investments in operating limited partnerships		9,563,330			7,156,290			9,980,277
Other		(56,511	)		(129,676	)		(40,079	)
Equity per operating limited partnerships’ combined financial statements	$	11,345,730		$	6,286,014		$	17,812,316

F-181

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2012 is summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,323,066
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(83,492	)
Cumulative impairment loss in investments in operating limited partnerships		(7,468,532	)
Cumulative losses from operating limited partnerships		(5,932,740	)
Investments in operating limited partnerships per balance sheet		8,838,302

F-182

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2012 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2011 (see note A).		(7,189	)
The Fund has recorded acquisition costs at March 31, 2012 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		4,594
Cumulative impairment loss in investments in operating limited partnerships		7,468,532
Other		(20,812	)
Equity per operating limited partnerships’ combined financial statements	$	16,283,427

F-183

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Total			Series 20			Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	535,997,243		$	13,968,992		$	5,810,495
Acquisition costs of operating limited partnerships		38,607,209			1,867,122			926,155
Cumulative distributions from operating limited partnerships		(3,157,011	)		(39,171	)		(23,970	)
Cumulative impairment loss in investments in operating limited partnerships		(227,774,198	)		(4,628,785	)		(558,938	)
Cumulative losses from operating limited partnerships		(296,442,027	)		(11,168,158	)		(6,153,742	)
Investments in operating limited partnerships per balance sheet		47,231,216			-			-

F-184

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 20			Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(3,314,827	)		-			-
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(4,745,848	)		(58,253	)		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		1,934,902			159,224			351,701
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(69,799,719	)		(4,390,990	)		(3,194,073	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		1,647,827			93,268			14,958
Cumulative impairment loss in investments in operating limited partnerships		227,774,198			4,628,785			558,938
Other		(2,621,766	)		(41,573	)		(46,953	)
Equity per operating limited partnerships’ combined financial statements	$	198,105,983		$	390,461		$	(2,315,429	)

F-185

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 22			Series 23			Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	14,885,856		$	17,217,528		$	12,091,171
Acquisition costs of operating limited partnerships		2,052,168			2,539,187			1,686,157
Cumulative distributions from operating limited partnerships		(72,218	)		(25,544	)		(116,661	)
Cumulative impairment loss in investments in operating limited partnerships		(5,199,302	)		(9,088,660	)		(4,342,280	)
Cumulative losses from operating limited partnerships		(11,666,504	)		(10,642,511	)		(9,318,387	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-186

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 22			Series 23			Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(481,359	)		(11,581	)		(30,158	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(258,235	)		(62,597	)		(406,662	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		192,813			148,731			81,405
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(5,943,983	)		(3,329,750	)		(3,647,829	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		107,392			34,901			61,209
Cumulative impairment loss in investments in operating limited partnerships		5,199,302			9,088,660			4,342,280
Other		(246,993	)		(69,436	)		52,967
Equity per operating limited partnerships’ combined financial statements	$	(1,431,063	)	$	5,798,928		$	453,212

F-187

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 25			Series 26			Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	13,833,721		$	24,396,440		$	14,004,581
Acquisition costs of operating limited partnerships		2,018,536			3,440,871			2,051,185
Cumulative distributions from operating limited partnerships		(235,378	)		(178,995	)		(60,579	)
Cumulative impairment loss in investments in operating limited partnerships		(7,580,319	)		(11,189,730	)		(6,874,310	)
Cumulative losses from operating limited partnerships		(8,036,560	)		(16,468,586	)		(9,120,877	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-188

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25			Series 26			Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(68,619	)		(70,670	)		(286,388	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(195,666	)		(73,143	)		(369,748	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		93,998			120,610			266,164
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(5,523,117	)		(5,096,582	)		(1,850,649	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		23,152			187,072			41,321
Cumulative impairment loss in investments in operating limited partnerships		7,580,319			11,189,730			6,874,310
Other		(449,038	)		(268,291	)		(115,513	)
Equity per operating limited partnerships’ combined financial statements	$	1,461,029		$	5,988,726		$	4,559,497

F-189

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 28			Series 29			Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	28,566,056		$	28,419,361		$	14,875,401
Acquisition costs of operating limited partnerships		4,191,674			4,100,111			1,579,476
Cumulative distributions from operating limited partnerships		(578,942	)		(26,816	)		(53,204	)
Cumulative impairment loss in investments in operating limited partnerships		(17,807,948	)		(10,917,337	)		(6,586,053	)
Cumulative losses from operating limited partnerships		(14,370,840	)		(21,575,319	)		(9,815,620	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-190

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28			Series 29			Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(289,605	)		(158,645	)		(135,225	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(665,053	)		(596,128	)		(235,701	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		129,668			265,241			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(2,211,713	)		(5,003,158	)		(3,614,190	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		116,284			7,039			7,712
Cumulative impairment loss in investments in operating limited partnerships		17,807,948			10,917,337			6,586,053
Other		(254,372	)		(84,208	)		9,630
Equity per operating limited partnerships’ combined financial statements	$	14,633,157		$	5,347,478		$	2,618,279

F-191

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 31			Series 32			Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	29,153,095		$	29,700,384		$	16,201,012
Acquisition costs of operating limited partnerships		4,199,795			3,834,299			1,554,163
Cumulative distributions from operating limited partnerships		(66,005	)		(101,211	)		(30,285	)
Cumulative impairment loss in investments in operating limited partnerships		(15,337,400	)		(14,747,021	)		(10,148,264	)
Cumulative losses from operating limited partnerships		(17,917,709	)		(18,633,657	)		(7,576,626	)
Investments in operating limited partnerships per balance sheet		31,776			52,794			-

F-192

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31			Series 32			Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(67,462	)		(292,046	)		(179,468	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(77,600	)		(1,284,335	)		(167,193	)
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		125,347			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(4,506,357	)		(2,827,815	)		(846,730	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		43,473			38,357			9,684
Cumulative impairment loss in investments in operating limited partnerships		15,337,400			14,747,021			10,148,264
Other		(324,850	)		371,828			(14,426	)
Equity per operating limited partnerships’ combined financial statements	$	10,561,727		$	10,805,804		$	8,950,131

F-193

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 34			Series 35			Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	25,641,952		$	23,763,922		$	15,262,574
Acquisition costs of operating limited partnerships		2,566,310			-			-
Cumulative distributions from operating limited partnerships		(26,077	)		(30,262	)		(112,542	)
Cumulative impairment loss in investments in operating limited partnerships		(11,515,855	)		(12,335,090	)		(7,631,014	)
Cumulative losses from operating limited partnerships		(16,666,330	)		(11,305,079	)		(7,461,312	)
Investments in operating limited partnerships per balance sheet		-			93,491			57,706

F-194

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35			Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(38,698	)		-			(14,791	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(295,534	)		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(6,024,334	)		(1,402,962	)		(2,991,705	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		6,464			78,017			1,370
Cumulative impairment loss in investments in operating limited partnerships		11,515,855			12,335,090			7,631,014
Other		(156,910	)		(20,063	)		(37,618	)
Equity per operating limited partnerships’ combined financial statements	$	5,006,843		$	11,083,573		$	4,645,976

F-195

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 37			Series 38			Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	18,424,489		$	18,852,167		$	16,699,847
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(198,866	)		(455,853	)		(201,869	)
Cumulative impairment loss in investments in operating limited partnerships		(8,573,117	)		(9,674,189	)		(6,518,542	)
Cumulative losses from operating limited partnerships		(9,616,027	)		(7,722,602	)		(8,601,270	)
Investments in operating limited partnerships per balance sheet		36,479			999,523			1,378,166

F-196

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 37			Series 38			Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(155,365	)		-			-
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,790,131	)		(26,361	)		(24,870	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		303,810			59,461			279,219
Cumulative impairment loss in investments in operating limited partnerships		8,573,117			9,674,189			6,518,542
Other		74,240			(206,103	)		(73,018	)
Equity per operating limited partnerships’ combined financial statements	$	7,042,150		$	10,500,709		$	8,078,039

F-197

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 40			Series 41			Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	19,336,992		$	17,340,487		$	19,777,849
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(50,444	)		(40,800	)		(26,241	)
Cumulative impairment loss in investments in operating limited partnerships		(8,603,775	)		(5,210,063	)		(7,344,121	)
Cumulative losses from operating limited partnerships		(8,191,698	)		(9,278,040	)		(8,666,686	)
Investments in operating limited partnerships per balance sheet		2,491,075			2,811,584			3,740,801

F-198

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 40			Series 41			Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(25,172	)		(33,807	)		(439,845	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(97,664	)		(688,361	)		(822,137	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		78,811			1,049			20,012
Cumulative impairment loss in investments in operating limited partnerships		8,603,775			5,210,063			7,344,121
Other		(171,528	)		(231,438	)		(82,015	)
Equity per operating limited partnerships’ combined financial statements	$	10,879,297		$	7,069,090		$	9,760,937

F-199

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 43			Series 44			Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	26,617,048		$	19,383,213		$	29,449,544
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(165,487	)		(32,647	)		(164,606	)
Cumulative impairment loss in investments in operating limited partnerships		(7,522,774	)		(5,000,278	)		(7,418,185	)
Cumulative losses from operating limited partnerships		(12,315,639	)		(9,145,185	)		(9,779,983	)
Investments in operating limited partnerships per balance sheet		6,613,148			5,205,103			12,086,770

F-200

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(143,165	)		(255,844	)		(129,725	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,578,414	)		(2,154,981	)		(210,863	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			454			28,744
Cumulative impairment loss in investments in operating limited partnerships		7,522,774			5,000,278			7,418,185
Other		(71,078	)		(125,328	)		(36,689	)
Equity per operating limited partnerships’ combined financial statements	$	12,343,265		$	7,669,682		$	19,156,422

F-201

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2011 is summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	22,323,066
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(42,338	)
Cumulative impairment loss in investments in operating limited partnerships		(5,420,848	)
Cumulative losses from operating limited partnerships		(5,227,080	)
Investments in operating limited partnerships per balance sheet		11,632,800

F-202

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A).		(7,189	)
The Fund has recorded acquisition costs at March 31, 2011 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		4,594
Cumulative impairment loss in investments in operating limited partnerships		5,420,848
Other		(2,990	)
Equity per operating limited partnerships’ combined financial statements	$	17,048,063

F-203

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,046,340,087	$	11,310,309		$	8,604,705
Land		100,304,748		843,313			1,494,930
Other assets		116,539,941		2,057,707			935,635
	$	1,263,184,776	$	14,211,329		$	11,035,270
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	878,138,430	$	13,459,193		$	10,367,311
Accounts payable and accrued expenses		40,712,629		338,837			580,881
Other liabilities		141,147,438		1,181,714			3,310,444
		1,059,998,497		14,979,744			14,258,636
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		170,704,551		(1,166,302	)		(2,538,041	)
Other partners		32,481,728		397,887			(685,325	)
		203,186,279		(768,415	)		(3,223,366	)
	$	1,263,184,776	$	14,211,329		$	11,035,270

F-204

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	20,360,763		$	24,798,213		$	21,710,245
Land		2,208,056			2,399,594			2,967,555
Other assets		3,899,292			4,583,381			2,851,603
	$	26,468,111		$	31,781,188		$	27,529,403
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	24,641,967		$	19,059,600		$	20,503,893
Accounts payable and accrued expenses		1,120,734			3,571,654			1,240,450
Other liabilities		2,415,269			4,334,626			4,731,230
		28,177,970			26,965,880			26,475,573
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(1,895,063	)		4,960,726			(26,977	)
Other partners		185,204			(145,418	)		1,080,807
		(1,709,859	)		4,815,308			1,053,830
	$	26,468,111		$	31,781,188		$	27,529,403

F-205

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	12,279,264	$	45,301,842	$	39,234,050
Land		1,660,408		4,007,128		4,755,394
Other assets		2,185,002		7,079,790		4,908,152
	$	16,124,674	$	56,388,760	$	48,897,596
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	10,272,889	$	42,454,341	$	33,046,630
Accounts payable and accrued expenses		121,539		3,488,144		1,018,185
Other liabilities		244,914		5,357,118		7,304,198
		10,639,342		51,299,603		41,369,013
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		4,508,949		4,821,838		4,251,980
Other partners		976,383		267,319		3,276,603
		5,485,332		5,089,157		7,528,583
	$	16,124,674	$	56,388,760	$	48,897,596

F-206

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28		Series 29			Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	43,710,623	$	40,703,968		$	25,554,946
Land		4,990,798		2,816,806			1,748,946
Other assets		5,369,814		5,202,949			2,976,534
	$	54,071,235	$	48,723,723		$	30,280,426
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	34,564,738	$	36,913,384		$	22,991,726
Accounts payable and accrued expenses		1,727,332		1,715,580			1,222,069
Other liabilities		3,438,796		6,087,562			6,351,090
		39,730,866		44,716,526			30,564,885
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		13,165,526		4,533,064			1,924,306
Other partners		1,174,843		(525,867	)		(2,208,765	)
		14,340,369		4,007,197			(284,459	)
	$	54,071,235	$	48,723,723		$	30,280,426

F-207

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	47,416,838		$	44,658,505	$	35,691,325
Land		4,222,958			2,921,802		3,784,552
Other assets		6,802,237			4,745,901		3,617,933
	$	58,442,033		$	52,326,208	$	43,093,810
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	44,265,758		$	32,551,306	$	25,540,259
Accounts payable and accrued expenses		1,148,813			3,123,046		1,134,224
Other liabilities		5,801,934			3,690,437		3,329,817
		51,216,505			39,364,789		30,004,300
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		9,354,217			9,294,156		7,229,544
Other partners		(2,128,689	)		3,667,263		5,859,966
		7,225,528			12,961,419		13,089,510
	$	58,442,033		$	52,326,208	$	43,093,810

F-208

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34			Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	42,419,956		$	40,272,987	$	35,374,277
Land		4,885,556			3,734,936		2,791,180
Other assets		5,144,360			3,202,711		3,451,519
	$	52,449,872		$	47,210,634	$	41,616,976
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	41,618,431		$	23,437,862	$	35,203,607
Accounts payable and accrued expenses		2,384,077			1,051,430		1,535,878
Other liabilities		8,088,849			8,800,338		3,421,533
		52,091,357			33,289,630		40,161,018
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		3,499,636			10,227,612		3,932,612
Other partners		(3,141,121	)		3,693,392		(2,476,654	)
		358,515			13,921,004		1,455,958
	$	52,449,872		$	47,210,634	$	41,616,976

F-209

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 37			Series 38			Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	34,594,643		$	23,362,052		$	19,012,564
Land		2,423,561			1,581,706			1,238,488
Other assets		2,895,188			2,378,237			2,048,079
	$	39,913,392		$	27,321,995		$	22,299,131
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	28,494,169		$	17,038,108		$	13,637,045
Accounts payable and accrued expenses		2,450,990			279,581			374,667
Other liabilities		4,818,637			2,610,565			2,628,147
		35,763,796			19,928,254			16,639,859
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,320,232			7,611,115			5,054,180
Other partners		(1,170,636	)		(217,374	)		605,092
		4,149,596			7,393,741			5,659,272
	$	39,913,392		$	27,321,995		$	22,299,131

F-210

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	56,697,944	$	68,623,409	$	63,737,104
Land		5,081,041		8,000,805		7,582,655
Other assets		5,001,611		6,937,279		6,786,134
	$	66,780,596	$	83,561,493	$	78,105,893
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	46,232,526	$	62,163,827	$	50,820,530
Accounts payable and accrued expenses		1,758,019		1,219,169		2,697,281
Other liabilities		7,372,571		9,099,604		9,693,262
		55,363,116		72,482,600		63,211,073
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,423,893		5,615,751		8,874,110
Other partners		993,587		5,463,142		6,020,710
		11,417,480		11,078,893		14,894,820
	$	66,780,596	$	83,561,493	$	78,105,893

F-211

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	62,443,837	$	60,696,928		$	75,011,299
Land		6,704,151		6,053,669			7,041,701
Other assets		5,178,687		4,805,514			7,548,750
	$	74,326,675	$	71,556,111		$	89,601,750
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	48,698,072	$	56,048,250		$	58,515,541
Accounts payable and accrued expenses		1,800,994		1,191,979			1,925,285
Other liabilities		8,119,955		9,350,701			6,453,974
		58,619,021		66,590,930			66,894,800
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		11,345,730		6,286,014			17,812,316
Other partners		4,361,924		(1,320,833	)		4,894,634
		15,707,654		4,965,181			22,706,950
	$	74,326,675	$	71,556,111		$	89,601,750

F-212

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	42,757,491
Land		2,363,059
Other assets		3,945,942
	$	49,066,492
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	25,597,467
Accounts payable and accrued expenses		491,791
Other liabilities		3,110,153
		29,199,411
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		16,283,427
Other partners		3,583,654
		19,867,081
	$	49,066,492

F-213

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

		Total		Series 20			Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,185,687,649	$	25,124,099		$	12,573,978
Land		107,878,238		2,301,401			1,564,465
Other assets		125,763,940		3,939,342			1,339,339
	$	1,419,329,827	$	31,364,842		$	15,477,782
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	973,660,765	$	27,391,263		$	13,743,168
Accounts payable and accrued expenses		50,030,427		3,296,298			368,966
Other liabilities		156,608,277		2,414,689			4,895,151
		1,180,299,469		33,102,250			19,007,285
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		198,105,983		390,461			(2,315,429	)
Other partners		40,924,375		(2,127,869	)		(1,214,074	)
		239,030,358		(1,737,408	)		(3,529,503	)
	$	1,419,329,827	$	31,364,842		$	15,477,782

F-214

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 22			Series 23			Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	36,833,434		$	35,513,204		$	34,821,594
Land		3,835,556			3,257,094			3,511,379
Other assets		4,642,328			4,735,110			4,702,520
	$	45,311,318		$	43,505,408		$	43,035,493
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	39,713,625		$	28,718,509		$	34,679,699
Accounts payable and accrued expenses		4,283,298			6,827,958			2,071,965
Other liabilities		8,457,697			5,255,633			5,608,560
		52,454,620			40,802,100			42,360,224
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		(1,431,063	)		5,798,928			453,212
Other partners		(5,712,239	)		(3,095,620	)		222,057
		(7,143,302	)		2,703,308			675,269
	$	45,311,318		$	43,505,408		$	43,035,493

F-215

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 25		Series 26		Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	33,893,768	$	48,128,940	$	41,359,165
Land		2,818,519		4,051,128		4,755,394
Other assets		7,294,012		7,829,086		4,807,064
	$	44,006,299	$	60,009,154	$	50,921,623
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	32,300,851	$	44,598,830	$	33,944,244
Accounts payable and accrued expenses		1,438,326		3,132,628		899,978
Other liabilities		7,353,164		4,972,900		7,687,836
		41,092,341		52,704,358		42,532,058
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		1,461,029		5,988,726		4,559,497
Other partners		1,452,929		1,316,070		3,830,068
		2,913,958		7,304,796		8,389,565
	$	44,006,299	$	60,009,154	$	50,921,623

F-216

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 28		Series 29		Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	50,735,714	$	43,309,464	$	26,706,428
Land		5,523,586		2,816,806		1,752,595
Other assets		5,472,783		4,712,537		2,860,867
	$	61,732,083	$	50,838,807	$	31,319,890
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	39,039,612	$	37,406,351	$	23,394,240
Accounts payable and accrued expenses		1,733,586		1,615,951		1,302,025
Other liabilities		4,011,012		6,191,718		5,839,205
		44,784,210		45,214,020		30,535,470
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		14,633,157		5,347,478		2,618,279
Other partners		2,314,716		277,309		(1,833,859	)
		16,947,873		5,624,787		784,420
	$	61,732,083	$	50,838,807	$	31,319,890

F-217

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 31			Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	49,808,667		$	47,048,702	$	39,281,460
Land		4,222,958			2,921,802		3,885,940
Other assets		6,598,358			4,551,429		2,822,154
	$	60,629,983		$	54,521,933	$	45,989,554
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	44,946,969		$	32,929,213	$	26,859,214
Accounts payable and accrued expenses		1,211,715			2,735,257		964,451
Other liabilities		5,366,501			3,585,418		2,703,499
		51,525,185			39,249,888		30,527,164
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,561,727			10,805,804		8,950,131
Other partners		(1,456,929	)		4,466,241		6,512,259
		9,104,798			15,272,045		15,462,390
	$	60,629,983		$	54,521,933	$	45,989,554

F-218

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 34			Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	44,477,752		$	41,990,764	$	37,160,857
Land		4,889,205			3,734,936		2,791,180
Other assets		4,569,409			3,432,760		3,484,781
	$	53,936,366		$	49,158,460	$	43,436,818
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	42,392,025		$	24,089,220	$	35,285,812
Accounts payable and accrued expenses		2,204,398			1,131,698		1,531,936
Other liabilities		6,774,142			8,651,223		3,472,678
		51,370,565			33,872,141		40,290,426
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		5,006,843			11,083,573		4,645,976
Other partners		(2,441,042	)		4,202,746		(1,499,584	)
		2,565,801			15,286,319		3,146,392
	$	53,936,366		$	49,158,460	$	43,436,818

F-219

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 37			Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	36,574,721		$	28,656,496	$	24,194,294
Land		2,423,561			2,144,257		1,801,039
Other assets		3,147,033			2,369,434		2,036,394
	$	42,145,315		$	33,170,187	$	28,031,727
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	28,829,074		$	17,351,630	$	13,848,504
Accounts payable and accrued expenses		2,887,318			286,902		461,998
Other liabilities		3,550,056			2,276,469		2,292,990
		35,266,448			19,915,001		16,603,492
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		7,042,150			10,500,709		8,078,039
Other partners		(163,283	)		2,754,477		3,350,196
		6,878,867			13,255,186		11,428,235
	$	42,145,315		$	33,170,187	$	28,031,727

F-220

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 40		Series 41		Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	59,104,464	$	71,403,042	$	66,308,765
Land		5,081,041		8,000,805		7,582,655
Other assets		4,285,734		6,618,473		7,467,044
	$	68,471,239	$	86,022,320	$	81,358,464
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	47,032,390	$	62,397,070	$	51,224,552
Accounts payable and accrued expenses		1,141,307		1,002,078		2,836,413
Other liabilities		7,533,612		9,801,587		10,804,124
		55,707,309		73,200,735		64,865,089
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		10,879,297		7,069,090		9,760,937
Other partners		1,884,633		5,752,495		6,732,438
		12,763,930		12,821,585		16,493,375
	$	68,471,239	$	86,022,320	$	81,358,464

F-221

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	65,112,203	$	63,454,771		$	77,907,950
Land		6,704,151		6,053,669			7,041,701
Other assets		5,587,394		5,069,036			7,470,856
	$	77,403,748	$	74,577,476		$	92,420,507
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	49,354,891	$	56,620,220		$	59,529,863
Accounts payable and accrued expenses		1,931,924		801,385			1,496,592
Other liabilities		8,307,853		9,799,333			5,873,721
		59,594,668		67,220,938			66,900,176
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		12,343,265		7,669,682			19,156,422
Other partners		5,465,815		(313,144	)		6,363,909
		17,809,080		7,356,538			25,520,331
	$	77,403,748	$	74,577,476		$	92,420,507

F-222

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	44,202,953
Land		2,411,415
Other assets		3,918,663
	$	50,533,031
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	26,039,726
Accounts payable and accrued expenses		434,076
Other liabilities		3,127,506
		29,601,308
PARTNERS’ CAPITAL (DEFICIT)
Boston Capital Tax Credit Fund IV L.P.		17,048,063
Other partners		3,883,660
		20,931,723
	$	50,533,031

F-223

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	191,296,302		$	2,916,300		$	1,974,411
Interest and other		7,126,499			223,648			48,885
		198,422,801			3,139,948			2,023,296
Expenses
Interest		45,119,323			526,025			840,853
Depreciation and amortization		58,636,237			829,789			403,340
Taxes and insurance		23,542,550			355,527			252,450
Repairs and maintenance		34,350,100			796,901			296,525
Operating expenses		69,919,589			1,137,224			607,046
Impairment loss		8,943,450			-			-
Other expenses		4,804,439			82,862			65,398
		245,315,688			3,728,328			2,465,612
NET LOSS	$	(46,892,887	)	$	(588,380	)	$	(442,316	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(27,864,777	)	$	(536,012	)	$	(156,402	)
Net income (loss) allocated to other partners	$	(19,028,110	)	$	(52,368	)	$	(285,914	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-224

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	4,584,586		$	5,284,459		$	5,258,834
Interest and other		142,774			158,925			107,865
		4,727,360			5,443,384			5,366,699
Expenses
Interest		1,032,388			918,357			999,872
Depreciation and amortization		1,395,580			1,413,208			1,473,502
Taxes and insurance		659,210			752,522			551,541
Repairs and maintenance		1,113,229			1,078,779			1,056,079
Operating expenses		1,533,706			1,939,456			2,028,526
Impairment loss		-			-			-
Other expenses		124,089			102,839			114,339
		5,858,202			6,205,161			6,223,859
NET LOSS	$	(1,130,842	)	$	(761,777	)	$	(857,160	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(588,334	)	$	(402,596	)	$	(469,351	)
Net income (loss) allocated to other partners	$	(542,508	)	$	(359,181	)	$	(387,809	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-225

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	2,840,686		$	9,464,501		$	8,045,997
Interest and other		108,326			338,854			126,875
		2,949,012			9,803,355			8,172,872
Expenses
Interest		517,436			1,743,058			1,776,720
Depreciation and amortization		691,949			2,652,080			2,263,469
Taxes and insurance		250,117			1,236,877			877,222
Repairs and maintenance		645,159			1,782,077			1,421,445
Operating expenses		948,328			3,670,932			2,266,652
Impairment loss		-			-			-
Other expenses		65,073			416,429			308,889
		3,118,062			11,501,453			8,914,397
NET LOSS	$	(169,050	)	$	(1,698,098	)	$	(741,525	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(169,546	)	$	(1,187,293	)	$	(331,280	)
Net income (loss) allocated to other partners	$	496		$	(510,805	)	$	(410,245	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-226

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	9,796,227		$	7,939,853		$	6,082,283
Interest and other		188,444			252,162			140,105
		9,984,671			8,192,015			6,222,388
Expenses
Interest		1,677,421			1,622,262			1,076,260
Depreciation and amortization		2,535,821			2,596,632			1,326,964
Taxes and insurance		1,150,763			977,864			700,260
Repairs and maintenance		1,748,050			1,258,157			1,139,734
Operating expenses		3,306,723			3,244,054			2,958,679
Impairment loss		-			-			-
Other expenses		325,843			133,546			69,134
		10,744,621			9,832,515			7,271,031
NET LOSS	$	(759,950	)	$	(1,640,500	)	$	(1,048,643	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(968,689	)	$	(949,962	)	$	(739,185	)
Net income (loss) allocated to other partners	$	208,739		$	(690,538	)	$	(309,458	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-227

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	10,522,615		$	7,423,588		$	6,043,351
Interest and other		315,949			265,008			238,200
		10,838,564			7,688,596			6,281,551
Expenses
Interest		1,572,080			1,662,947			1,231,737
Depreciation and amortization		2,964,375			2,773,264			2,134,558
Taxes and insurance		1,529,770			998,676			755,605
Repairs and maintenance		1,708,364			1,281,979			765,345
Operating expenses		3,998,230			2,779,822			2,876,474
Impairment loss		-			-			-
Other expenses		617,388			493,689			180,297
		12,390,207			9,990,377			7,944,016
NET LOSS	$	(1,551,643	)	$	(2,301,781	)	$	(1,662,465	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,464,658	)	$	(1,533,272	)	$	(631,989	)
Net income (loss) allocated to other partners	$	(86,985	)	$	(768,509	)	$	(1,030,476	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-228

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	8,250,797		$	6,722,880		$	6,794,417
Interest and other		308,720			227,868			260,109
		8,559,517			6,950,748			7,054,526
Expenses
Interest		1,602,936			1,636,416			1,693,494
Depreciation and amortization		2,701,625			2,152,629			1,991,880
Taxes and insurance		1,166,464			857,401			687,006
Repairs and maintenance		1,110,341			1,103,918			1,600,477
Operating expenses		4,017,066			2,466,632			2,382,957
Impairment loss		-			-			-
Other expenses		99,834			83,655			121,461
		10,698,266			8,300,651			8,477,275
NET LOSS	$	(2,138,749	)	$	(1,349,903	)	$	(1,422,749	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,509,143	)	$	(852,880	)	$	(734,104	)
Net income (loss) allocated to other partners	$	(629,606	)	$	(497,023	)	$	(688,645	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-229

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,807,108		$	4,409,070		$	3,457,171
Interest and other		227,725			189,388			327,190
		6,034,833			4,598,458			3,784,361
Expenses
Interest		1,125,812			1,042,183			794,491
Depreciation and amortization		2,155,796			1,470,446			1,354,639
Taxes and insurance		916,970			546,194			416,808
Repairs and maintenance		969,136			779,093			605,553
Operating expenses		3,091,071			1,745,583			1,624,265
Impairment loss		-			4,471,725			4,471,725
Other expenses		100,289			132,825			170,129
		8,359,074			10,188,049			9,437,610
NET LOSS	$	(2,324,241	)	$	(5,589,591	)	$	(5,653,249	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,706,131	)	$	(2,839,766	)	$	(3,017,505	)
Net income (loss) allocated to other partners	$	(618,110	)	$	(2,749,825	)	$	(2,635,744	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-230

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	9,685,423		$	11,751,328		$	11,193,581
Interest and other		696,997			521,986			333,681
		10,382,420			12,273,314			11,527,262
Expenses
Interest		3,272,846			3,860,958			3,056,584
Depreciation and amortization		2,564,853			3,875,892			3,977,746
Taxes and insurance		1,337,434			1,392,140			1,147,772
Repairs and maintenance		1,456,627			1,985,781			2,057,577
Operating expenses		2,762,748			2,862,936			3,476,514
Impairment loss		-			-			-
Other expenses		73,125			141,077			259,896
		11,467,633			14,118,784			13,976,089
NET LOSS	$	(1,085,213	)	$	(1,845,470	)	$	(2,448,827	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(472,991	)	$	(1,444,671	)	$	(850,067	)
Net income (loss) allocated to other partners	$	(612,222	)	$	(400,799	)	$	(1,598,760	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-231

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	9,364,550		$	9,169,133		$	10,842,982
Interest and other		413,614			285,490			349,035
		9,778,164			9,454,623			11,192,017
Expenses
Interest		2,461,670			3,256,640			2,673,689
Depreciation and amortization		3,143,748			2,918,920			3,358,204
Taxes and insurance		917,458			966,510			1,415,554
Repairs and maintenance		1,729,245			1,546,000			2,138,921
Operating expenses		3,309,603			2,972,811			3,971,103
Impairment loss		-			-			-
Other expenses		170,855			114,131			190,487
		11,732,579			11,775,012			13,747,958
NET LOSS	$	(1,954,415	)	$	(2,320,389	)	$	(2,555,941	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(935,966	)	$	(1,374,242	)	$	(1,293,082	)
Net income (loss) allocated to other partners	$	(1,018,449	)	$	(946,147	)	$	(1,262,859	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-232

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2011 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2011 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,670,171
Interest and other		328,676
		5,998,847
Expenses
Interest		1,444,188
Depreciation and amortization		1,515,328
Taxes and insurance		726,435
Repairs and maintenance		1,175,608
Operating expenses		1,940,448
Impairment loss		-
Other expenses		46,860
		6,848,867
NET LOSS	$	(850,020	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	$	(705,660	)
Net income (loss) allocated to other partners	$	(144,360	)

* Amounts include $536,012, $156,402, $588,334, $402,596, $469,351, $169,546, $1,187,293, $331,280, $968,689, $949,962, $739,185, $1,464,658, $1,492,651, $631,989, $1,509,143, $774,863, $680,056, $1,673,310, $2,708,461, $2,650,044, $122,269, $726,679, $396,622, $461,452, $696,097 and $45,087 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-233

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20			Series 21
Revenue
Rent	$	209,506,387		$	6,655,926		$	2,774,509
Interest and other		10,339,600			369,383			284,245
		219,845,987			7,025,309			3,058,754
Expenses
Interest		50,990,441			1,432,943			829,865
Depreciation and amortization		63,484,077			1,762,641			580,099
Taxes and insurance		25,689,604			986,551			346,274
Repairs and maintenance		39,469,516			1,671,974			377,595
Operating expenses		74,028,107			2,697,706			873,151
Impairment loss		9,872,594			-			318,421
Other expenses		6,391,341			123,809			58,190
		269,925,680			8,675,624			3,383,595
NET LOSS	$	(50,079,693	)	$	(1,650,315	)	$	(324,841	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(31,290,410	)	$	(1,252,420	)	$	(102,473	)
Net income (loss) allocated to other partners	$	(18,789,283	)	$	(397,895	)	$	(222,368	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-234

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 22			Series 23			Series 24
Revenue
Rent	$	7,692,274		$	6,813,571		$	8,760,211
Interest and other		1,386,783			1,325,800			94,297
		9,079,057			8,139,371			8,854,508
Expenses
Interest		1,981,473			1,592,101			1,950,195
Depreciation and amortization		2,280,689			1,806,350			2,451,974
Taxes and insurance		1,211,341			1,003,284			1,023,903
Repairs and maintenance		2,243,815			1,649,980			1,513,795
Operating expenses		2,782,724			2,753,490			2,625,669
Impairment loss		318,421			-			-
Other expenses		229,953			165,871			137,285
		11,048,416			8,971,076			9,702,821
NET LOSS	$	(1,969,359	)	$	(831,705	)	$	(848,313	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(989,220	)	$	(678,815	)	$	(662,045	)
Net income (loss) allocated to other partners	$	(980,139	)	$	(152,890	)	$	(186,268	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-235

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25			Series 26			Series 27
Revenue
Rent	$	11,312,666		$	9,637,230		$	7,899,859
Interest and other		173,977			363,432			204,686
		11,486,643			10,000,662			8,104,545
Expenses
Interest		2,211,468			1,883,594			1,816,630
Depreciation and amortization		2,337,624			2,751,076			2,198,060
Taxes and insurance		1,328,981			1,200,359			811,271
Repairs and maintenance		2,448,847			1,637,084			1,263,233
Operating expenses		3,384,306			3,747,145			2,288,399
Impairment loss		-			-			-
Other expenses		135,767			221,535			375,519
		11,846,993			11,440,793			8,753,112
NET LOSS	$	(360,350	)	$	(1,440,131	)	$	(648,567	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(422,773	)	$	(1,222,762	)	$	(437,322	)
Net income (loss) allocated to other partners	$	62,423		$	(217,369	)	$	(211,245	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-236

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28			Series 29			Series 30
Revenue
Rent	$	10,068,917		$	7,518,550		$	5,615,784
Interest and other		756,655			297,944			173,993
		10,825,572			7,816,494			5,789,777
Expenses
Interest		1,976,692			1,663,588			1,054,474
Depreciation and amortization		2,884,442			2,578,551			1,573,388
Taxes and insurance		1,224,794			1,038,721			690,829
Repairs and maintenance		2,277,937			1,468,348			1,351,064
Operating expenses		3,552,074			2,885,001			2,862,900
Impairment loss		-			-			4,617,876
Other expenses		253,142			124,045			68,721
		12,169,081			9,758,254			12,219,252
NET LOSS	$	(1,343,509	)	$	(1,941,760	)	$	(6,429,475	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,133,205	)	$	(1,674,110	)	$	(2,673,669	)
Net income (loss) allocated to other partners	$	(210,304	)	$	(267,650	)	$	(3,755,806	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-237

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31			Series 32			Series 33
Revenue
Rent	$	10,324,348		$	7,283,374		$	6,190,431
Interest and other		391,217			363,125			172,983
		10,715,565			7,646,499			6,363,414
Expenses
Interest		1,619,790			1,690,261			1,338,622
Depreciation and amortization		2,973,439			2,769,638			2,248,801
Taxes and insurance		1,367,578			886,114			874,717
Repairs and maintenance		1,771,706			1,177,320			737,824
Operating expenses		4,025,656			2,454,468			2,637,123
Impairment loss		-			-			-
Other expenses		615,270			596,942			147,733
		12,373,439			9,574,743			7,984,820
NET LOSS	$	(1,657,874	)	$	(1,928,244	)	$	(1,621,406	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,503,190	)	$	(1,630,428	)	$	(623,049	)
Net income (loss) allocated to other partners	$	(154,684	)	$	(297,816	)	$	(998,357	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-238

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35			Series 36
Revenue
Rent	$	7,976,496		$	6,521,654		$	6,497,548
Interest and other		261,308			264,728			250,280
		8,237,804			6,786,382			6,747,828
Expenses
Interest		1,683,220			1,677,166			1,944,394
Depreciation and amortization		2,932,746			2,122,690			2,092,571
Taxes and insurance		1,059,455			881,807			728,909
Repairs and maintenance		1,126,892			1,193,283			1,453,418
Operating expenses		3,726,980			2,411,003			2,390,309
Impairment loss		4,617,876			-			-
Other expenses		43,500			88,248			125,852
		15,190,669			8,374,197			8,735,453
NET LOSS	$	(6,952,865	)	$	(1,587,815	)	$	(1,987,625	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(4,728,874	)	$	(1,031,028	)	$	(997,844	)
Net income (loss) allocated to other partners	$	(2,223,991	)	$	(556,787	)	$	(989,781	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-239

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 37			Series 38			Series 39
Revenue
Rent	$	5,888,264		$	4,359,775		$	3,442,308
Interest and other		240,128			210,350			230,468
		6,128,392			4,570,125			3,672,776
Expenses
Interest		1,130,693			1,051,811			806,041
Depreciation and amortization		2,259,407			1,489,097			1,390,951
Taxes and insurance		880,144			532,561			415,422
Repairs and maintenance		1,014,627			804,237			667,971
Operating expenses		2,689,062			1,618,350			1,592,048
Impairment loss		-			-			-
Other expenses		70,102			121,835			156,570
		8,044,035			5,617,891			5,029,003
NET LOSS	$	(1,915,643	)	$	(1,047,766	)	$	(1,356,227	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(1,302,147	)	$	(590,826	)	$	(915,239	)
Net income (loss) allocated to other partners	$	(613,496	)	$	(456,940	)	$	(440,988	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-240

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40			Series 41			Series 42
Revenue
Rent	$	9,537,135		$	11,381,804		$	11,019,705
Interest and other		446,290			460,071			362,956
		9,983,425			11,841,875			11,382,661
Expenses
Interest		3,284,466			3,925,334			3,171,669
Depreciation and amortization		2,577,591			3,114,338			3,259,277
Taxes and insurance		1,184,386			1,145,350			976,544
Repairs and maintenance		1,602,393			1,938,268			1,822,173
Operating expenses		2,495,685			2,781,411			3,381,056
Impairment loss		-			-			-
Other expenses		113,376			182,943			248,800
		11,257,897			13,087,644			12,859,519
NET LOSS	$	(1,274,472	)	$	(1,245,769	)	$	(1,476,858	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(687,084	)	$	(790,483	)	$	(470,251	)
Net income (loss) allocated to other partners	$	(587,388	)	$	(455,286	)	$	(1,006,607	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-241

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44			Series 45
Revenue
Rent	$	9,110,347		$	9,027,762		$	10,677,269
Interest and other		421,871			263,275			272,207
		9,532,218			9,291,037			10,949,476
Expenses
Interest		2,513,386			2,657,069			2,669,272
Depreciation and amortization		3,185,358			2,977,684			3,347,131
Taxes and insurance		957,622			1,016,430			1,208,737
Repairs and maintenance		1,709,530			1,473,051			1,997,614
Operating expenses		2,927,852			2,970,592			3,585,947
Impairment loss		-			-			-
Other expenses		153,770			1,547,394			236,914
		11,447,518			12,642,220			13,045,615
NET LOSS	$	(1,915,300	)	$	(3,351,183	)	$	(2,096,139	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.  *	$	(707,961	)	$	(1,970,421	)	$	(1,233,312	)
Net income (loss) allocated to other partners	$	(1,207,339	)	$	(1,380,762	)	$	(862,827	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-242

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2010 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2010 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,518,670
Interest and other		297,148
		5,815,818
Expenses
Interest		1,434,224
Depreciation and amortization		1,538,464
Taxes and insurance		707,520
Repairs and maintenance		1,075,537
Operating expenses		1,888,000
Impairment loss		-
Other expenses		48,255
		6,692,000
NET LOSS	$	(876,182	)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	$	(859,459	)
Net income (loss) allocated to other partners	$	(16,723	)

* Amounts include $1,252,420, $102,473, $989,220, $678,815, $662,045, $422,773, $1,222,762, $444,115, $1,133,205, $1,649,715, $2,606,216, $1,659,213, $1,257,030, $510,122, $4,501,804, $421,625, $661,706, $1,073,183, $26,361, $24,870, $85,490, $106,974, $122,644, $290,452, $794,096 and $46,117 for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under the equity method of accounting as described in note A.

F-243

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE D - NOTES RECEIVABLE

Notes receivable at March 31, 2012 and 2011 consist of advance installments of $69,698 and $69,698, respectively, of capital contributions to operating limited partnerships. The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from 3.00% to prime + 1.00%. Prime was 3.25% as of March 31, 2012 and 2011. These notes are secured by future installments of capital contributions or paid upon demand. The notes at March 31, 2012 and 2011 by series are as follows:

	2012		2011
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		-		-
Series 28		-		-
Series 29		-		-
Series 30		-		-
Series 31		-		-
Series 32		46,908		46,908
Series 33		-		-
Series 34		-		-
Series 35		-		-
Series 36		-		-
Series 37		-		-
Series 38		-		-
Series 39		-		-
Series 40		-		-
Series 41		-		-
Series 42		22,790		22,790
Series 43		-		-
Series 44		-		-
Series 45		-		-
Series 46		-		-
	$	69,698	$	69,698

F-244

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(26,444,927	)	$	709,830		$	77,461
Operating limited partnership rents received in advance		(25,330	)		(792	)		(17,340	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		3,223,033			(485,260	)		(65,953	)
Other		10,095,286			1,046,852			532,053
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(22,532,031	)		(536,012	)		(156,402	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(6,367,770	)		(101,262	)		(161,852	)
Impairment loss not recognized for tax purposes		16,692,807			-			-
Operating limited partnership impairment loss not recognized for tax purposes		4,381,396			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(4,871,911	)		(229,931	)		(15,785	)
Income (loss) for tax return purposes, December 31, 2011	$	(25,849,447	)	$	403,425		$	192,182

F-245

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	(199,453	)	$	(176,389	)	$	24,116
Operating limited partnership rents received in advance		-			-			(1,330	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		77,268			48,983			57,757
Other		548,081			158,495			(104,260	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(588,334	)		(402,596	)		(469,351	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(205,269	)		(83,214	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(559,466	)		(564,133	)		(153,169	)
Income (loss) for tax return purposes, December 31, 2011	$	(721,904	)	$	(1,140,909	)	$	(729,451	)

F-246

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	1,220,041		$	(148,277	)	$	(273,280	)
Operating limited partnership rents received in advance		-			-			(286	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(1,240,982	)		260,248			33,712
Other		931,841			257,584			7,695
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(169,546	)		(1,187,293	)		(331,280	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(410,051	)		(179,576	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(153,645	)		(1,324,478	)		(1,090,434	)
Income (loss) for tax return purposes, December 31, 2011	$	587,709		$	(2,552,267	)	$	(1,833,449	)

F-247

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(266,396	)	$	(299,048	)	$	(187,318	)
Operating limited partnership rents received in advance		(1,956	)		(12,543	)		(4,323	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		330,768			331,404			74,144
Other		915,610			782,620			317,452
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(968,689	)		(949,962	)		(739,185	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(261,242	)		(266,622	)		(242,186	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(43,419	)		6,612			(23,091	)
Income (loss) for tax return purposes, December 31, 2011	$	(295,324	)	$	(407,539	)	$	(804,507	)

F-248

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(391,897	)	$	(341,661	)	$	(92,813	)
Operating limited partnership rents received in advance		(17,822	)		14,054			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		364,152			223,428			129,714
Other		1,081,043			175,525			(269,603	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,464,658	)		(1,492,651	)		(631,989	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(661,460	)		(277,002	)		(147,498	)
Impairment loss not recognized for tax purposes		31,776			12,173			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		44,653			(371,358	)		(46,541	)
Income (loss) for tax return purposes, December 31, 2011	$	(1,014,213	)	$	(2,057,492	)	$	(1,058,730	)

F-249

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(367,740	)	$	(320,129	)	$	(191,788	)
Operating limited partnership rents received in advance		1,085			(3,664	)		886
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		293,196			228,360			160,596
Other		346,459			80,802			173,437
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,509,143	)		(774,863	)		(680,056	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(263,619	)		(302,349	)		(320,433	)
Impairment loss not recognized for tax purposes		-			15,474			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		49,198			(106,958	)		(87,890	)
Income (loss) for tax return purposes, December 31, 2011	$	(1,450,564	)	$	(1,183,327	)	$	(945,248	)

F-250

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(208,996	)	$	(1,076,160	)	$	(1,392,463	)
Operating limited partnership rents received in advance		14,466			3,043			4,146
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		204,864			164,400			136,800
Other		567,323			86,752			355,807
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,673,310	)		(2,708,461	)		(2,650,044	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(199,553	)		(239,198	)		(116,566	)
Impairment loss not recognized for tax purposes		-			768,169			867,465
Operating limited partnership impairment loss not recognized for tax purposes		-			2,190,698			2,190,698
Difference due to fiscal year for book purposes and calendar year for tax purposes		(96,636	)		(91,904	)		(84,595	)
Income (loss) for tax return purposes, December 31, 2011	$	(1,391,842	)	$	(902,661	)	$	(688,752	)

F-251

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(2,411,765	)	$	(2,401,457	)	$	(2,368,983	)
Operating limited partnership rents received in advance		2,631			(1,781	)		(1,393	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		200,016			238,068			249,780
Other		145,349			81,830			205,103
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(122,269	)		(726,679	)		(396,622	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(168,637	)		(213,703	)		(232,974	)
Impairment loss not recognized for tax purposes		1,833,033			1,267,710			1,587,363
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(103,388	)		26,852			(36,491	)
Income (loss) for tax return purposes, December 31, 2011	$	(625,030	)	$	(1,729,160	)	$	(994,217	)

F-252

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(3,114,804	)	$	(3,379,213	)	$	(5,737,784	)
Operating limited partnership rents received in advance		(2,411	)		-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		306,780			284,698			366,564
Other		609,140			900,810			190,602
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(461,452	)		(696,097	)		(45,087	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(233,409	)		(264,358	)		(365,601	)
Impairment loss not recognized for tax purposes		2,201,172			2,156,011			3,838,473
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(51,330	)		178,785			99,463
Income (loss) for tax return purposes, December 31, 2011	$	(746,314	)	$	(819,364	)	$	(1,653,370	)

F-253

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2012 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(3,128,561	)
Operating limited partnership rents received in advance		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		249,528
Other		(29,116	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(450,136	)
Impairment loss not recognized for tax purposes		2,113,988
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(42,832	)
Income (loss) for tax return purposes, December 31, 2011	$	(1,287,129	)

F-254

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Total			Series 20			Series 21
Net income (loss) for financial reporting purposes	$	(34,618,430	)	$	782,240		$	(10,292	)
Operating limited partnership rents received in advance		15,459			2,390			(16,314	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		269,367			(737,086	)		69,765
Other		486,390			2,909,018			281,162
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(22,745,446	)		(1,252,420	)		(102,473	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(5,900,883	)		(136,452	)		(287,158	)
Impairment loss not recognized for tax purposes		23,038,128			-			-
Operating limited partnership impairment loss not recognized for tax purposes		5,470,472			-			318,421
Difference due to fiscal year for book purposes and calendar year for tax purposes		69,753			(895,663	)		(19,916	)
Income (loss) for tax return purposes, December 31, 2010	$	(33,915,190	)	$	672,027		$	233,195

F-255

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 22			Series 23			Series 24
Net income (loss) for financial reporting purposes	$	541,236		$	610,391		$	(117,314	)
Operating limited partnership rents received in advance		-			(36	)		2,309
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(344,277	)		(372,652	)		77,900
Other		324,081			894,754			999,458
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(989,220	)		(678,815	)		(662,045	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(265,238	)		(35,100	)
Impairment loss not recognized for tax purposes		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		318,421			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(198,892	)		(143,155	)		10,470
Income (loss) for tax return purposes, December 31, 2010	$	(348,651	)	$	45,249		$	275,678

F-256

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 25			Series 26			Series 27
Net income (loss) for financial reporting purposes	$	440,077		$	1,140,769		$	(1,035,645	)
Operating limited partnership rents received in advance		-			1,240			(2,237	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(188,789	)		(1,006,313	)		(1,105,169	)
Other		589,213			(2,376,299	)		(1,916,001	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(422,773	)		(1,222,762	)		(444,115	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(348,409	)		(358,814	)
Impairment loss not recognized for tax purposes		-			-			24,309
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(190,585	)		(74,552	)		2,101,321
Income (loss) for tax return purposes, December 31, 2010	$	227,143		$	(3,886,326	)	$	(2,736,351	)

F-257

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(286,909	)	$	(376,809	)	$	(161,274	)
Operating limited partnership rents received in advance		(78	)		10,654			4,208
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		284,116			331,404			183,160
Other		(180,296	)		(147,278	)		(437,283	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,133,205	)		(1,649,715	)		(2,606,216	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(283,745	)		(290,330	)		(207,594	)
Impairment loss not recognized for tax purposes		-			-			15,589
Operating limited partnership impairment loss not recognized for tax purposes		-			-			1,562,366
Difference due to fiscal year for book purposes and calendar year for tax purposes		29,553			116,028			(129,231	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,570,564	)	$	(2,006,046	)	$	(1,776,275	)

F-258

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	(360,341	)	$	(380,952	)	$	(241,815	)
Operating limited partnership rents received in advance		3,813			(1,344	)		189
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		364,152			(110,227	)		138,265
Other		502,219			(945,768	)		(1,064,844	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,659,213	)		(1,257,030	)		(510,122	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(505,457	)		(254,124	)		(132,169	)
Impairment loss not recognized for tax purposes		166,611			272,560			37,226
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(34,589	)		(1,212,370	)		(85,005	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,522,805	)	$	(3,889,255	)	$	(1,858,275	)

F-259

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 34			Series 35			Series 36
Net income (loss) for financial reporting purposes	$	(996,746	)	$	(2,938,167	)	$	(1,931,251	)
Operating limited partnership rents received in advance		8,586			2,046			369
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		293,196			228,360			160,599
Other		413,359			(69,552	)		53,970
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(4,501,804	)		(421,625	)		(661,706	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(253,294	)		(313,865	)		(296,031	)
Impairment loss not recognized for tax purposes		225,080			2,017,720			1,405,263
Operating limited partnership impairment loss not recognized for tax purposes		3,271,264			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		190,387			(60,511	)		(84,680	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,349,972	)	$	(1,555,594	)	$	(1,353,467	)

F-260

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 37			Series 38			Series 39
Net income (loss) for financial reporting purposes	$	(1,886,664	)	$	(2,942,239	)	$	(2,757,577	)
Operating limited partnership rents received in advance		18,987			(9,978	)		(10,281	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		204,864			164,400			136,800
Other		111,387			123,057			204,751
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,073,183	)		(26,361	)		(24,870	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(106,599	)		(201,154	)		(82,484	)
Impairment loss not recognized for tax purposes		1,324,065			2,180,548			1,711,047
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		30,058			(77,757	)		(78,028	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,377,085	)	$	(789,484	)	$	(900,642	)

F-261

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	(2,748,973	)	$	(2,025,799	)	$	(2,337,443	)
Operating limited partnership rents received in advance		(127	)		-			1,063
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		200,017			(60,471	)		249,780
Other		(74,208	)		44,628			(166,062	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(85,490	)		(106,974	)		(122,644	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(163,125	)		(195,626	)		(152,559	)
Impairment loss not recognized for tax purposes		1,870,900			1,300,406			1,711,651
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(23,808	)		416,271			(27,062	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,024,814	)	$	(627,565	)	$	(843,276	)

F-262

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	(3,989,777	)	$	(3,202,227	)	$	(4,306,886	)
Operating limited partnership rents received in advance		-			-			-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		306,780			284,701			266,564
Other		(308,453	)		619,677			(48,529	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(290,452	)		(794,096	)		(46,117	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(93,684	)		(229,449	)		(329,090	)
Impairment loss not recognized for tax purposes		2,993,098			1,396,160			2,445,786
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		170,243			279,874			117,900
Income (loss) for tax return purposes, December 31, 2010	$	(1,212,245	)	$	(1,645,360	)	$	(1,900,372	)

F-263

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

For income tax purposes, the Fund reports using a December 31 year end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2011 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(3,098,043	)
Operating limited partnership rents received in advance		-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		249,528
Other		150,229
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(379,333	)
Impairment loss not recognized for tax purposes		1,940,109
Operating limited partnership impairment loss not recognized for tax purposes		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(56,548	)
Income (loss) for tax return purposes, December 31, 2010	$	(1,194,058	)

F-264

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2011	$	125,120,427		$	(2,819,217	)	$	(2,420,607	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		80,780,371			2,885,315			2,808,604
Impairment loss in investment in operating limited partnerships		(232,429,918	)		(1,648,785	)		(197,154	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2012		(1,482,646	)		(86,256	)		(236,024	)
Operating limited partnership impairment loss not recognized for tax purposes		4,381,396			-			-
Other		49,141,153			1,098,326			45,181
Investments in operating limited partnerships - as reported	$	26,489,050		$	-		$	-

F-265

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2011	$	(2,782,080	)	$	1,537,309		$	(306,238	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,966,027			2,695,647			3,600,661
Impairment loss in investment in operating limited partnerships		(3,958,929	)		(7,715,907	)		(3,630,235	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2012		(90,435	)		(49,191	)		(81,405	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,641,880			3,532,142			417,217
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-266

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2011	$	2,852,474		$	1,272,176		$	574,567
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		604,305			6,132,941			2,165,786
Impairment loss in investment in operating limited partnerships		(5,280,243	)		(11,211,839	)		(6,900,647	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2012		(50,739	)		(120,610	)		(266,164	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,874,203			3,927,332			4,426,458
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-267

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2011	$	11,764,927		$	2,638,400		$	2,104,357
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,807,444			5,819,395			4,313,907
Impairment loss in investment in operating limited partnerships		(16,993,020	)		(10,929,833	)		(6,597,720	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2012		(111,234	)		(265,241	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,531,883			2,737,279			179,456
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-268

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2011	$	4,227,006		$	8,294,977		$	5,930,551
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,956,178			4,297,514			1,478,719
Impairment loss in investment in operating limited partnerships		(15,609,298	)		(14,759,194	)		(9,065,379	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2012		(125,347	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		5,551,461			1,982,590			1,656,109
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-269

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2011	$	5,145,089		$	6,551,050		$	1,644,245
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		7,533,477			2,177,825			3,663,065
Impairment loss in investment in operating limited partnerships		(11,558,475	)		(12,350,565	)		(7,658,323	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2012		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		(1,120,091	)		3,621,690			2,351,013
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-270

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2011	$	3,931,205		$	7,529,386		$	6,127,209
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		3,463,441			2,734,822			2,674,914
Impairment loss in investment in operating limited partnerships		(8,613,319	)		(10,442,358	)		(7,386,007	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2012		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			2,190,698			2,190,698
Other		1,218,673			(1,982,515	)		(3,478,862	)
Investments in operating limited partnerships - as reported	$	-		$	30,033		$	127,952

F-271

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2011	$	8,740,575		$	2,328,355		$	7,365,274
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		219,933			1,415,040			1,218,759
Impairment loss in investment in operating limited partnerships		(10,436,808	)		(6,398,746	)		(8,918,705	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2012		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,783,620			3,547,949			2,010,900
Investments in operating limited partnerships - as reported	$	307,320		$	892,598		$	1,676,228

F-272

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2011	$	9,767,002		$	5,819,206		$	14,615,954
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,039,866			2,851,078			255,708
Impairment loss in investment in operating limited partnerships		(9,563,330	)		(7,156,290	)		(9,980,277	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2012		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,778,404			851,874			3,337,422
Investments in operating limited partnerships - as reported	$	4,021,942		$	2,365,868		$	8,228,807

F-273

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2012 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2011	$	12,687,275
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-
Impairment loss in investment in operating limited partnerships		(7,468,532	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 2012		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		3,619,559
Investments in operating limited partnerships - as reported	$	8,838,302

F-274

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Total			Series 20			Series 21
Investments in operating limited partnerships - tax return December 31, 2010	$	147,318,452		$	(3,125,030	)	$	(2,501,071	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		69,799,719			4,390,990			3,194,073
Impairment loss in investment in operating limited partnerships		(227,774,198	)		(4,628,785	)		(558,938	)
Historic tax credits - cumulative		978,267			570,617			-
Less share of loss - three months ended March 31, 2011		(1,934,902	)		(159,224	)		(351,701	)
Operating limited partnership impairment loss not recognized for tax purposes		5,470,472			-			318,421
Other		53,373,406			2,951,432			(100,784	)
Investments in operating limited partnerships - as reported	$	47,231,216		$	-		$	-

F-275

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 22			Series 23			Series 24
Investments in operating limited partnerships - tax return December 31, 2010	$	(2,740,591	)	$	1,991,584		$	491,068
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,943,983			3,329,750			3,647,829
Impairment loss in investment in operating limited partnerships		(5,199,302	)		(9,088,660	)		(4,342,280	)
Historic tax credits - cumulative		223,537			-			-
Less share of loss - three months ended March 31, 2011		(192,813	)		(148,731	)		(81,405	)
Operating limited partnership impairment loss not recognized for tax purposes		318,421			-			-
Other		1,646,765			3,916,057			284,788
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-276

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 25			Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2010	$	3,696,437		$	2,611,970		$	1,078,723
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		5,523,117			5,096,582			1,850,649
Impairment loss in investment in operating limited partnerships		(7,580,319	)		(11,189,730	)		(6,874,310	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		(93,998	)		(120,610	)		(266,164	)
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		(1,545,237	)		3,601,788			4,211,102
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-277

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 28			Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2010	$	12,081,204		$	3,084,892		$	2,740,992
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		2,211,713			5,003,158			3,614,190
Impairment loss in investment in operating limited partnerships		(17,807,948	)		(10,917,337	)		(6,586,053	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		(129,668	)		(265,241	)		-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			1,562,366
Other		3,644,699			3,094,528			(1,331,495	)
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-278

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 31			Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2010	$	5,289,903		$	9,922,000		$	7,001,204
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		4,506,357			2,827,815			846,730
Impairment loss in investment in operating limited partnerships		(15,337,400	)		(14,747,021	)		(10,148,264	)
Historic tax credits - cumulative		-			184,113			-
Less share of loss - three months ended March 31, 2011		(125,347	)		-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		5,698,263			1,865,887			2,300,330
Investments in operating limited partnerships - as reported	$	31,776		$	52,794		$	-

F-279

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 34			Series 35			Series 36
Investments in operating limited partnerships - tax return December 31, 2010	$	6,570,887		$	7,635,511		$	2,532,219
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		6,024,334			1,402,962			2,991,705
Impairment loss in investment in operating limited partnerships		(11,515,855	)		(12,335,090	)		(7,631,014	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		3,271,264			-			-
Other		(4,350,630	)		3,390,108			2,164,796
Investments in operating limited partnerships - as reported	$	-		$	93,491		$	57,706

F-280

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 37			Series 38			Series 39
Investments in operating limited partnerships - tax return December 31, 2010	$	5,263,593		$	8,396,507		$	6,728,464
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,790,131			26,361			24,870
Impairment loss in investment in operating limited partnerships		(8,573,117	)		(9,674,189	)		(6,518,542	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,555,872			2,250,844			1,143,374
Investments in operating limited partnerships - as reported	$	36,479		$	999,523		$	1,378,166

F-281

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 40			Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2010	$	9,245,754		$	3,937,382		$	8,284,193
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		97,664			688,361			822,137
Impairment loss in investment in operating limited partnerships		(8,603,775	)		(5,210,063	)		(7,344,121	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		1,751,432			3,395,904			1,978,592
Investments in operating limited partnerships - as reported	$	2,491,075		$	2,811,584		$	3,740,801

F-282

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2010	$	10,413,640		$	6,573,407		$	16,189,178
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,578,414			2,154,981			210,863
Impairment loss in investment in operating limited partnerships		(7,522,774	)		(5,000,278	)		(7,418,185	)
Historic tax credits - cumulative		-			-			-
Less share of loss - three months ended March 31, 2011		-			-			-
Operating limited partnership impairment loss not recognized for tax purposes		-			-			-
Other		2,143,868			1,476,993			3,104,914
Investments in operating limited partnerships - as reported	$	6,613,148		$	5,205,103		$	12,086,770

F-283

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

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

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2011 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2010	$	13,924,432
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-
Impairment loss in investment in operating limited partnerships		(5,420,848	)
Historic tax credits - cumulative		-
Less share of loss - three months ended March 31, 201		-
Operating limited partnership impairment loss not recognized for tax purposes		-
Other		3,129,216
Investments in operating limited partnerships - as reported	$	11,632,800

F-284

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2012 and 2011

NOTE F - CASH EQUIVALENTS

Cash equivalents of $7,488,933 and $7,900,155 as of March 31, 2012 and 2011, respectively, include money market accounts with interest rates ranging from 0.10% to 0.45% per annum.

NOTE G - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to its balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2012.

NOTE H - SUBSEQUENT EVENTS

Subsequent to March 31, 2012, the Fund has entered into agreements to either sell or transfer interests in one operating limited partnership all of which closed by June 2012. The sales price and other terms for the disposition of the operating limited partnership has been determined. The proceeds received for the operating limited partnership were $32,680. The gain on the sale of these operating limited partnership was $27,680 and was recognized in the first quarter of the fiscal year ended 2013. The Fund also received additional proceeds from six operating limited partnerships that were disposed of in the prior year of $1,235,456 in the first quarter of the fiscal year ended 2013. The payment of the additional proceeds were contingent upon several factors including timely completion of a minor rehabilitation at the property.

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS

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

F-285