A reconciliation of the consolidated financial statement net loss to the income tax loss for the Partnership and its consolidated subsidiaries follows:

		Years Ended March 31,
		2014		2013

Net loss attributable to Independence Tax Credit Plus L.P. IV		$	(1,996,991)	$	(2,009,551)

Differences between depreciation and amortization expense for financial reporting
	purposes and income tax purposes		(928,776)		(1,364,511)

Differences resulting from Partnership having a different fiscal year for
	tax and financial reporting purposes		(10,639)		(27,905)

Tax exempt interest income			(19)		(17)

Differences between gain on sale of properties for financial reporting purposes and gain on sale			(1,362,973)		(5,015,229)
for income tax purposes

Provision for loss on impairment			2,406,000		5,332,554

Other, including accruals for financial reporting purposes not deductible for
	tax purposes until paid		(357,905)		1,492,196

Net loss per income tax return		$	(2,251,303)	$	(1,592,463)

No provision for income taxes related to the operations of the Partnership has been included in the accompanying consolidated financial statements because, as a partnership, it is not subject to federal or material state income taxes and the tax effect of its activities accrues to the BACs holders. Net income for financial statement purposes may differ significantly from taxable income reportable to BACs holders as a result of differences between the tax bases and financial reporting bases of assets and liabilities and the taxable income allocation requirements under its Partnership Agreement. In the event of an examination of the Partnership's tax return, the tax liability of the partners could be changed if an adjustment in the Partnership's income is ultimately sustained by the taxing authorities. At March 31, 2014, the tax basis net assets exceeded the financial statement net assets by approximately $20,443,000 due to depreciation differences, impairments of property and equipment, and related party accruals.