**Exhibit13**

 

 

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

**BOSTON CAPITAL TAX CREDIT FUND IV L.P. -**

**SERIES 20 THROUGH SERIES 46**

 

MARCH 31, 2010 AND 2009

 

----

 

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 theconditions under which they are required or the information is included in thefinancial 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 theaccompanying balance sheets of Boston Capital Tax Credit Fund IV L.P. - Series 20through Series 46, in total and for each series, as of March 31, 2010and 2009, and the related statements of operations, changes in partners’capital (deficit) and cash flows for the total Partnership and for each of theseries for each of the years in the two-year period ended March 31,2010.  These financial statements are theresponsibility of the Partnership’s management. Our responsibility is to express an opinion on these financialstatements based on our audits.  We didnot audit the financial statements of certain operating limited partnershipswhich investments represent $7,099,920 and $7,016,843 of the total Partnershipassets as of March 31, 2010 and 2009, respectively, and $(689,921) and$(883,397), of the total Partnership income (loss) for the years ended March 31,2010 and 2009, respectively; of the assets for Series 20 as of March 31,2010 and 2009, $0 and $0, respectively, and of the income (loss) for Series 20for the years ended March 31, 2010 and 2009, $0 and $0, respectively; ofthe assets for Series 21 as of March 31, 2010 and 2009, $0 and $0,respectively, and of the income (loss) for Series 21 for the years ended March 31,2010 and 2009, $0 and $0, respectively; of the assets for Series 22 as of March 31,2010 and 2009, $0 and $0, respectively, and of the income (loss) for Series 22for the years ended March 31, 2010 and 2009, $0 and $0, respectively; ofthe assets for Series 23 as of March 31, 2010 and 2009, $0 and $0,respectively, and of the income (loss) for Series 23 for the years ended March 31,2010 and 2009, $0 and $0, respectively; of the assets for Series 24 as of March 31,2010 and 2009, $0 and $0, respectively, and of the income (loss) for Series 24for the years ended March 31, 2010 and 2009, $0 and $0, respectively; ofthe assets for Series 25 as of March 31, 2010 and 2009, $0 and $0,respectively, and of the income (loss) for Series 25 for the years ended March 31,2010 and 2009, $0 and $0, respectively; of the assets for Series 26 as of March 31,2010 and 2009, $0 and $0, respectively, and of the income (loss) for Series 26for the years ended March 31, 2010 and 2009, $0 and $0, respectively; ofthe assets for Series 27 as of March 31, 2010 and 2009, $11,323 and$92,703, respectively, and of the income (loss) for Series 27 for theyears ended March 31, 2010 and 2009, $(7,022) and $(5,446), respectively;of the assets for Series 28 as of March 31, 2010 and 2009, $0 and $0,respectively, and of the income (loss) for Series 28 for the years ended March 31,2010 and 2009, $0 and $0, respectively; of the assets for Series 29 as of March 31,2010 and 2009, $0 and $0, respectively, and of the income (loss) for Series 29for the years ended March 31, 2010 and 2009, $0 and $0, respectively; ofthe assets for Series 30 as of March 31, 2010 and 2009, $0 and $0,respectively, and of the income (loss) for Series 30 for the years ended March 31,2010 and 2009, $0 and $0, respectively; of the assets for Series 31 as of March 31,2010 and 2009, $0 and $0, respectively, and of the income (loss) for Series 31for the years ended March 

 

F-3

----

 

31, 2010 and 2009, $0 and$0, respectively; of the assets for Series 32 as of March 31, 2010and 2009, $0 and $0, respectively, and of the income (loss) for Series 32for the years ended March 31, 2010 and 2009, $0 and $0, respectively; ofthe assets for Series 33 as of March 31, 2010 and 2009, $21,092 and$172,232, respectively, and of the income (loss) for Series 33 for theyears ended March 31, 2010 and 2009, $(13,038) and $(10,113),respectively; of the assets for Series 34 as of March 31, 2010 and2009, $164,603 and $363,514, respectively, and of the income (loss) for Series 34for the years ended March 31, 2010 and 2009, $(198,911) and $(55,574),respectively; of the assets for Series 35 as of March 31, 2010 and2009, $79,882 and $390,838, respectively, and of the income (loss) for Series 35for the years ended March 31, 2010 and 2009, $(148,813) and $(127,655),respectively; of the assets for Series 36 as of March 31, 2010 and2009, $0 and $0, respectively, and of the income (loss) for Series 36 forthe years ended March 31, 2010 and 2009, $0 and $0, respectively; of theassets for Series 37 as of March 31, 2010 and 2009, $0 and $0,respectively, and of the income (loss) for Series 37 for the years ended March 31,2010 and 2009, $0 and $0, respectively; of the assets for Series 38 as of March 31,2010 and 2009, $237,808 and $470,330, respectively, and of the income (loss)for Series 38 for the years ended March 31, 2010 and 2009, $(40,914)and $(98,795), respectively; of the assets for Series 39 as of March 31,2010 and 2009, $0 and $0, respectively, and of the income (loss) for Series 39for the years ended March 31, 2010 and 2009, $0 and $0, respectively; ofthe assets for Series 40 as of March 31, 2010 and 2009, $498,571 and$734,350, respectively, and of the income (loss) for Series 40 for theyears ended March 31, 2010 and 2009, $(109,329) and $(78,401),respectively; of the assets for Series 41 as of March 31, 2010 and2009, $1,282,663 and $1,562,365, respectively, and of the income (loss) for Series 41for the years ended March 31, 2010 and 2009, $(176,298) and $(210,508),respectively; of the assets for Series 42 as of March 31, 2010 and2009, $1,416,999 and $264,463, respectively, and of the income (loss) for Series 42for the years ended March 31, 2010 and 2009, $209,018 and $(42,362),respectively; of the assets for Series 43 as of March 31, 2010 and2009, $1,882,739 and $1,032,882, respectively, and of the income (loss) for Series 43for the years ended March 31, 2010 and 2009, $71,837 and $(87,613),respectively; of the assets for Series 44 as of March 31, 2010 and2009, $759,655 and $960,321, respectively, and of the income (loss) for Series 44for the years ended March 31, 2010 and 2009, $(69,219) and $(70,908),respectively; of the assets for Series 45 as of March 31, 2010 and2009, $744,585 and $972,845, respectively, and of the (income) income (loss)for Series 45 for years ended March 31, 2010 and 2009, $(207,232) and$(96,022), respectively; and of the assets for Series 46 as of March 31,2010 and 2009, $0 and $0, respectively, and of the income (loss) for Series 46for the years ended March 31, 2010 and 2009, $0 and $0, respectively.Those statements were audited by other auditors, whose reports have beenfurnished to us, and our opinion, insofar as it relates to those operatinglimited partnerships, is based solely on the reports of the other auditors.

 

Weconducted our audits in accordance with standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement.  The Partnershiphas 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 internalcontrol over financial reporting as a basis for designing audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Partnership’s internal control overfinancial reporting.  

 

F-4

----

 

Accordingly,we express no such opinion. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statementpresentation.  We believe that our auditsand the reports of the other auditors provide a reasonable basis for ouropinion.

 

Inour opinion, based on our audits and the reports of the other auditors, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Boston Capital Tax Credit Fund IV L.P. - Series 20through Series 46, in total and for each series, as of March 31, 2010and 2009, and the results of its operations and its cash flows for the totalPartnership and for each of the series for each of the years in the two-yearperiod ended March 31, 2010, in conformity with accounting principlesgenerally accepted in the United States of America.

 

 
| **/s/  Reznick Group, P.C.** | ** ** |
|------------------------------|------------|
| REZNICK  GROUP, P.C.         |       |
|                         |       |
| Bethesda,  Maryland          |       |
| July 14, 2010           |       |

 

F-5

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                              | ** ** | **Total**  | ** **       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------|------------------|
| ** **                                                                                                                                                                                                                              | ** ** | **2010**   | ** **       | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                  |       |
|                                                                                                                                                                                                                                    |       |       |             |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                           |       | $          | 79,603,328       |   | $ | 119,173,321 |   |
|                                                                                                                                                                                                                                    |       |       |             |   |   |
| OTHER ASSETS                                                                                                                                                                                                                            |       |       |             |   |   |
| Cash and cash equivalents                                                                                                                                                                                                               |       | 6,498,869  |             | 6,181,988 |   |
| Notes receivable                                                                                                                                                                                                                        |       | 723,071    |             | 723,071 |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                            |       | 8,667,943  |             | 12,900,860 |   |
| Other assets                                                                                                                                                                                                                            |       | 205,926    |             | 750,017 |   |
|                                                                                                                                                                                                                                    |       |       |             |   |   |
|                                                                                                                                                                                                                                    |       | $          |  95,699,137 |   | $ | 139,729,257 |   |
|                                                                                                                                                                                                                                    |       |       |             |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                        |       |
|                                                                                                                                                                                                                                    |       |       |             |   |   |
| LIABILITIES                                                                                                                                                                                                                             |       |       |             |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                   |       | $          | 90,252           |   | $ | 38,389 |   |
| Accounts payable - affiliates                                                                                                                                                                                                           |       | 51,204,507 |             | 46,245,459 |   |
| Capital contributions payable                                                                                                                                                                                                           |       | 2,081,011  |             | 2,347,899 |   |
|                                                                                                                                                                                                                                    |       |       |             |   |   |
|                                                                                                                                                                                                                                    |       | 53,375,770 |             | 48,631,747 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —     |             | — |   |
| Limited partners                                                                                                                                                                                                                        |       |       |             |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 83,651,080 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 49,066,354 |             | 97,352,756 |   |
| General partner                                                                                                                                                                                                                         |       | (6,742,987 | )                | (6,255,246 | ) |
|                                                                                                                                                                                                                                    |       |       |             |   |   |
|                                                                                                                                                                                                                                    |       | 42,323,367 |             | 91,097,510 |   |
|                                                                                                                                                                                                                                    |       |       |             |   |   |
|                                                                                                                                                                                                                                    |       | $          |  95,699,137 |   | $ | 139,729,257 |   |

 

(continued)

 

F-6

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 20** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | —     |   | $ | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 187,333            |       | 174,531 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | — |   |
| Other assets                                                                                                                                                                                                                           |       | 2,633              |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 189,966    |   | $ | 174,531 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | 7,500      |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 3,432,216          |       | 3,145,192 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,439,716          |       | 3,145,192 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,866,700 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (2,909,001         | )          | (2,632,703 | ) |
| General partner                                                                                                                                                                                                                        |       | (340,749           | )          | (337,958 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (3,249,750         | )          | (2,970,661 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 189,966    |   | $ | 174,531 |   |

 

(continued)

 

F-7

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 21** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | —     |   | $ | 97,879 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 287,156            |       | 15,500 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | — |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 88,577 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 287,156    |   | $ | 201,956 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | 15,808     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,515,274          |       | 1,974,141 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,531,082          |       | 1,974,141 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 1,892,700 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (1,069,536         | )          | (1,592,512 | ) |
| General partner                                                                                                                                                                                                                        |       | (174,390           | )          | (179,673 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (1,243,926         | )          | (1,772,185 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 287,156    |   | $ | 201,956 |   |

 

(continued)

 

F-8

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 22** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | —     |   | $ | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 150,885            |       | 77,660 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | — |   |
| Other assets                                                                                                                                                                                                                           |       | 3,000              |       | 500 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 153,885    |   | $ | 78,160 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | 20,115     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 3,344,254          |       | 3,079,966 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 9,352              |       | 9,352 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,373,721          |       | 3,089,318 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,564,400 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (2,968,555         | )          | (2,761,964 | ) |
| General partner                                                                                                                                                                                                                        |       | (251,281           | )          | (249,194 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (3,219,836         | )          | (3,011,158 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 153,885    |   | $ | 78,160 |   |

 

(continued)

 

F-9

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 23** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | —     |   | $ | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 96,567             |       | 34,902 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | — |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 96,567     |   | $ | 34,902 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | 30,173     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 2,814,021          |       | 2,563,533 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,844,194          |       | 2,563,533 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,336,727 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (2,435,304         | )          | (2,218,498 | ) |
| General partner                                                                                                                                                                                                                        |       | (312,323           | )          | (310,133 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (2,747,627         | )          | (2,528,631 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 96,567     |   | $ | 34,902 |   |

 

(continued)

 

F-10

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 24** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | —     |   | $ | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 247,141            |       | 119,321 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | — |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 247,141    |   | $ | 119,321 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | 15,678     |   | $ | 678 |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 2,532,114          |       | 2,407,892 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 9,999              |       | 9,999 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,557,791          |       | 2,418,569 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,169,878 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (2,102,246         | )          | (2,090,958 | ) |
| General partner                                                                                                                                                                                                                        |       | (208,404           | )          | (208,290 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (2,310,650         | )          | (2,299,248 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 247,141    |   | $ | 119,321 |   |

 

(continued)

 

F-11

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 25** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | —     |   | $ | 9,461 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 256,530            |       | 166,596 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | 34,283 |   |
| Other assets                                                                                                                                                                                                                           |       | 1,250              |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 257,780    |   | $ | 210,340 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | 978        |   | $ | 978 |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 2,343,988          |       | 2,209,438 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 10,001             |       | 10,001 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,354,967          |       | 2,220,417 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,026,109 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (1,818,771         | )          | (1,732,532 | ) |
| General partner                                                                                                                                                                                                                        |       | (278,416           | )          | (277,545 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (2,097,187         | )          | (2,010,077 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 257,780    |   | $ | 210,340 |   |

 

(continued)

 

F-12

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 26** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | —     |   | $ | 1,338,250 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 312,412            |       | 366,614 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | 68,646 |   |
| Other assets                                                                                                                                                                                                                           |       | 5,400              |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 317,812    |   | $ | 1,773,510 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 3,306,873          |       | 3,089,600 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 14,490             |       | 14,490 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,321,363          |       | 3,104,090 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,995,900 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (2,633,262         | )          | (977,021 | ) |
| General partner                                                                                                                                                                                                                        |       | (370,289           | )          | (353,559 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (3,003,551         | )          | (1,330,580 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 317,812    |   | $ | 1,773,510 |   |

 

(continued)

 

F-13

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 27** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 2,342,151  |   | $ | 2,695,200 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 273,885            |       | 109,954 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 196,175            |       | 261,567 |   |
| Other assets                                                                                                                                                                                                                           |       | 20,074             |       | 6,500 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,832,285  |   | $ | 3,073,221 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 3,300,668          |       | 2,973,142 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 22,861             |       | 39,749 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,323,529          |       | 3,012,891 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited partnership  interest of the assignor limited partner, 2,460,700 at March 31, 2010  and 2009 issued and outstanding                                                                   |       | (279,884           | )          | 266,174 |   |
| General partner                                                                                                                                                                                                                        |       | (211,360           | )          | (205,844 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (491,244           | )          | 60,330 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,832,285  |   | $ | 3,073,221 |   |

 

(continued)

 

F-14

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 28** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | —     |   | $ | 688,188 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 262,507            |       | 192,128 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | — |   |
| Other assets                                                                                                                                                                                                                           |       | 3,550              |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 266,057    |   | $ | 880,316 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,045,580          |       | 736,464 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 40,968             |       | 40,968 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,086,548          |       | 777,432 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 4,000,738 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (468,538           | )          | 445,603 |   |
| General partner                                                                                                                                                                                                                        |       | (351,953           | )          | (342,719 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (820,491           | )          | 102,884 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 266,057    |   | $ | 880,316 |   |

 

(continued)

 

F-15

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 29** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 24,395     |   | $ | 609,522 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 206,375            |       | 137,986 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 28,950             |       | 57,898 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 259,720    |   | $ | 805,406 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 2,563,793          |       | 2,232,389 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 10,197             |       | 10,197 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,573,990          |       | 2,242,586 |   |
| 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, 3,991,800 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,991,800 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (1,952,480         | )          | (1,084,161 | ) |
| General partner                                                                                                                                                                                                                        |       | (361,790           | )          | (353,019 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (2,314,270         | )          | (1,437,180 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 259,720    |   | $ | 805,406 |   |

 

(continued)

 

F-16

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 30** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING  LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 83,042     |   | $ | 1,217,326 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 280,327            |       | 264,094 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 26,275             |       | 208,680 |   |
| Other assets                                                                                                                                                                                                                           |       | 6,675              |       | 6,675 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 396,319    |   | $ | 1,696,775 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | — |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,213,298          |       | 1,027,129 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 127,396            |       | 127,396 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,340,694          |       | 1,154,525 |   |
| 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 at March 31,  2010 and 2009 are issued and outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial  interest of the limited partnership interest of the assignor limited partner,  2,651,000 at March 31, 2010 and 2009 issued and outstanding                                                                   |       | (707,875           | )          | 763,884 |   |
| General partner                                                                                                                                                                                                                        |       | (236,500           | )          | (221,634 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (944,375           | )          | 542,250 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 396,319    |   | $ | 1,696,775 |   |

 

(continued)

 

F-17

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 31** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 42,364     |   | $ | 647,143 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 166,800            |       | 182,803 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | — |   |
| Other assets                                                                                                                                                                                                                           |       | 25,000             |       | 25,000 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 234,164    |   | $ | 854,946 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,982,810          |       | 1,618,658 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 66,294             |       | 66,294 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,049,104          |       | 1,684,952 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 4,417,857 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (1,417,532         | )          | (442,447 | ) |
| General partner                                                                                                                                                                                                                        |       | (397,408           | )          | (387,559 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (1,814,940         | )          | (830,006 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 234,164    |   | $ | 854,946 |   |

 

(continued)

 

F-18

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 32** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 698,752    |   | $ | 3,031,771 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 340,581            |       | 237,567 |   |
| Notes receivable                                                                                                                                                                                                                       |       | 46,908             |       | 46,908 |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | 393,173 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 125,000 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 1,086,241  |   | $ | 3,834,419 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 2,521,238          |       | 2,208,623 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 173,561            |       | 298,561 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,694,799          |       | 2,507,184 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 4,754,198 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (1,186,111         | )          | 1,720,324 |   |
| General partner                                                                                                                                                                                                                        |       | (422,447           | )          | (393,089 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (1,608,558         | )          | 1,327,235 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 1,086,241  |   | $ | 3,834,419 |   |

 

(continued)

 

F-19

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 33** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 150,153    |   | $ | 1,789,130 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 184,115            |       | 179,652 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | 35,940 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 125,000 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 334,268    |   | $ | 2,129,722 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,495,481          |       | 1,321,714 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 69,154             |       | 194,154 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,564,635          |       | 1,515,868 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,636,533 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (992,283           | )          | 833,496 |   |
| General partner                                                                                                                                                                                                                        |       | (238,084           | )          | (219,642 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (1,230,367         | )          | 613,854 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 334,268    |   | $ | 2,129,722 |   |

 

(continued)

 

F-20

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 34** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 452,150    |   | $ | 1,959,856 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 74,138             |       | 72,369 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 224,375            |       | 758,693 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 750,663    |   | $ | 2,790,918 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 2,712,281          |       | 2,403,399 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,712,281          |       | 2,403,399 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,529,319 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | (1,641,611         | )          | 684,035 |   |
| General partner                                                                                                                                                                                                                        |       | (320,007           | )          | (296,516 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (1,961,618         | )          | 387,519 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 750,663    |   | $ | 2,790,918 |   |

 

(continued)

 

F-21

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 35** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 2,576,041  |   | $ | 5,644,539 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 127,244            |       | 118,051 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 216,861            |       | 289,149 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,920,146  |   | $ | 6,051,739 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,385,342          |       | 1,156,982 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,385,342          |       | 1,156,982 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,300,463 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 1,801,481          |       | 5,127,834 |   |
| General partner                                                                                                                                                                                                                        |       | (266,677           | )          | (233,077 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,534,804          |       | 4,894,757 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,920,146  |   | $ | 6,051,739 |   |

 

(continued)

 

F-22

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 36** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 1,812,747  |   | $ | 3,832,441 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 142,855            |       | 101,615 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | —             |       | 89,516 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 1,955,602  |   | $ | 4,023,572 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,674,205          |       | 1,500,062 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,674,205          |       | 1,500,062 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,106,837 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 457,246            |       | 2,676,938 |   |
| General partner                                                                                                                                                                                                                        |       | (175,849           | )          | (153,428 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 281,397            |       | 2,523,510 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 1,955,602  |   | $ | 4,023,572 |   |

 

(continued)

 

F-23

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 37** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 1,400,181  |   | $ | 3,894,815 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 309,745            |       | 272,497 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 354,744            |       | 472,992 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,064,670  |   | $ | 4,640,304 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,427,691          |       | 1,222,827 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 138,438            |       | 138,438 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,566,129          |       | 1,361,265 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,512,500 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 709,119            |       | 3,461,812 |   |
| General partner                                                                                                                                                                                                                        |       | (210,578           | )          | (182,773 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 498,541            |       | 3,279,039 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,064,670  |   | $ | 4,640,304 |   |

 

(continued)

 

F-24

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 38** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 3,761,779  |   | $ | 6,295,306 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 209,324            |       | 261,393 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 41,876             |       | 104,877 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 4,012,979  |   | $ | 6,661,576 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,228,423          |       | 1,164,023 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,228,423          |       | 1,164,023 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,543,100 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 2,974,995          |       | 5,660,862 |   |
| General partner                                                                                                                                                                                                                        |       | (190,439           | )          | (163,309 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,784,556          |       | 5,497,553 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 4,012,979  |   | $ | 6,661,576 |   |

 

(continued)

 

F-25

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 39** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 3,970,104  |   | $ | 6,063,709 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 183,296            |       | 239,921 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 33,348             |       | 88,280 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 4,186,748  |   | $ | 6,391,910 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,050,699          |       | 963,899 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,050,699          |       | 963,899 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,292,152 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 3,301,130          |       | 5,570,172 |   |
| General partner                                                                                                                                                                                                                        |       | (165,081           | )          | (142,161 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,136,049          |       | 5,428,011 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 4,186,748  |   | $ | 6,391,910 |   |

 

(continued)

 

F-26

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 40** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 4,858,175  |   | $ | 7,326,362 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 120,514            |       | 127,519 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 159,105            |       | 212,141 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 5,137,794  |   | $ | 7,666,022 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | 36,733 |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,994,200          |       | 1,776,106 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 102                |       | 102 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,994,302          |       | 1,812,941 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,630,256 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 3,337,000          |       | 6,019,493 |   |
| General partner                                                                                                                                                                                                                        |       | (193,508           | )          | (166,412 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,143,492          |       | 5,853,081 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 5,137,794  |   | $ | 7,666,022 |   |

 

(continued)

 

F-27

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 41** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 4,593,671  |   | $ | 6,283,404 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 78,660             |       | 40,375 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 890,050            |       | 1,413,813 |   |
| Other assets                                                                                                                                                                                                                           |       | 2,052              |       | 1,217 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 5,564,433  |   | $ | 7,738,809 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 2,478,543          |       | 2,212,394 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 100                |       | 100 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,478,643          |       | 2,212,494 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,891,626 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 3,304,101          |       | 5,720,221 |   |
| General partner                                                                                                                                                                                                                        |       | (218,311           | )          | (193,906 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,085,790          |       | 5,526,315 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 5,564,433  |   | $ | 7,738,809 |   |

 

(continued)

 

F-28

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 42** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 5,635,060  |   | $ | 7,460,540 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 348,800            |       | 359,855 |   |
| Notes receivable                                                                                                                                                                                                                       |       | 292,933            |       | 292,933 |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 695,692            |       | 1,029,859 |   |
| Other assets                                                                                                                                                                                                                           |       | 51,003             |       | 168,631 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 7,023,488  |   | $ | 9,311,818 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,273,973          |       | 1,122,917 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 452,937            |       | 452,937 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,726,910          |       | 1,575,854 |   |
| 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, 2,744,262 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,744,262 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 5,484,551          |       | 7,899,543 |   |
| General partner                                                                                                                                                                                                                        |       | (187,973           | )          | (163,579 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 5,296,578          |       | 7,735,964 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 7,023,488  |   | $ | 9,311,818 |   |

 

(continued)

 

F-29

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 43** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 9,259,429  |   | $ | 11,543,202 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 256,265            |       | 185,952 |   |
| Notes receivable                                                                                                                                                                                                                       |       | 186,626            |       | 186,626 |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 1,608,977          |       | 2,174,725 |   |
| Other assets                                                                                                                                                                                                                           |       | 85,289             |       | 202,917 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 11,396,586 |   | $ | 14,293,422 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 1,397,590          |       | 1,115,810 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 307,738            |       | 307,738 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,705,328          |       | 1,423,548 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 3,637,987 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 9,915,867          |       | 13,062,697 |   |
| General partner                                                                                                                                                                                                                        |       | (224,609           | )          | (192,823 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 9,691,258          |       | 12,869,874 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 11,396,586 |   | $ | 14,293,422 |   |

 

(continued)

 

F-30

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 44** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 7,784,498  |   | $ | 10,442,251 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 590,586            |       | 791,833 |   |
| Notes receivable                                                                                                                                                                                                                       |       | 196,604            |       | 196,604 |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 1,979,590          |       | 2,262,390 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 10,551,278 |   | $ | 13,693,078 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 523,804            |       | 439,103 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 590,561            |       | 590,561 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,114,365          |       | 1,029,664 |   |
| 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, 2,701,973 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,701,193 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 9,579,993          |       | 12,774,229 |   |
| General partner                                                                                                                                                                                                                        |       | (143,080           | )          | (110,815 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 9,436,913          |       | 12,663,414 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 10,551,278 |   | $ | 13,693,078 |   |

 

(continued)

 

F-31

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 45** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 15,742,704 |   | $ | 19,184,988 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 537,189            |       | 871,105 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 1,911,643          |       | 2,304,827 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 18,191,536 |   | $ | 22,360,920 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 367,429            |       | 350,865 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 16,724             |       | 16,724 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 384,153            |       | 367,589 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 4,014,367 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 17,982,971         |       | 22,127,060 |   |
| General partner                                                                                                                                                                                                                        |       | (175,588           | )          | (133,729 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 17,807,383         |       | 21,993,331 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 18,191,536 |   | $ | 22,360,920 |   |

 

(continued)

 

F-32

----

 

Boston Capital Tax Credit Fund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 46** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2010**           | ** ** | **2009** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $                  | 14,415,932 |   | $ | 17,118,038 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 267,639            |       | 480,195 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition costs, net of accumulated  amortization                                                                                                                                                                           |       | 300,282            |       | 639,411 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 14,983,853 |   | $ | 18,237,644 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                                  |       | $                  | —     |   | $ | — |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 278,719            |       | 229,191 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 20,138             |       | 20,138 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 298,857            |       | 249,329 |   |
| 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 at March 31, 2010 and 2009 are issued and  outstanding to the assignees |       | —             |       | — |   |
| Limited partners                                                                                                                                                                                                                       |       |               |       |   |   |
| Units of beneficial interest of the limited  partnership interest of the assignor limited partner, 2,980,998 at  March 31, 2010 and 2009 issued and outstanding                                                                   |       | 14,800,889         |       | 18,071,175 |   |
| General partner                                                                                                                                                                                                                        |       | (115,893           | )          | (82,860 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 14,684,996         |       | 17,988,315 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 14,983,853 |   | $ | 18,237,644 |   |

 

(see notes to financial statements)

 

F-33

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Total**   | ** **  |
|--------------------------------------------------------------|------------|-------------|-------------|
| ** **                                                   | ** ** | **2010**    | ** **  | **2009** | ** ** |
| Income                                                       |       |        |        |   |   |
| Interest income                                              |       | $           | 31,866      |   | $ | 139,761 |   |
| Miscellaneous                                                |       | 523,613     |        | 1,124,873 |   |
|                                                         |       |        |        |   |   |
|                                                         |       | 555,479     |        | 1,264,634 |   |
|                                                         |       |        |        |   |   |
| Share of income (losses) from operating limited partnerships |       | (12,195,721 | )           | (19,195,557 | ) |
|                                                         |       |        |        |   |   |
| Expenses and loss                                            |       |        |        |   |   |
| Fund management fee                                          |       | 5,572,190   |        | 6,053,083 |   |
| Amortization                                                 |       | 2,460,106   |        | 1,610,248 |   |
| General and administrative expenses                          |       | 707,116     |        | 1,476,274 |   |
| Professional fees                                            |       | 718,814     |        | 855,494 |   |
| Impairment loss                                              |       | 27,675,675  |        | 85,330,656 |   |
|                                                         |       |        |        |   |   |
|                                                         |       | 37,133,901  |        | 95,325,755 |   |
|                                                         |       |        |        |   |   |
| NET INCOME (LOSS)                                            |       | $           | (48,774,143 | ) | $ | (113,256,678 | ) |
|                                                         |       |        |        |   |   |
| Net income (loss) allocated to general partner               |       | $           | (487,741    | ) | $ | (1,132,568 | ) |
|                                                         |       |        |        |   |   |
| Net income (loss) allocated to limited partners              |       | $           | (48,286,402 | ) | $ | (112,124,110 | ) |
|                                                         |       |        |        |   |   |
| Net income (loss) per BAC                                    |       | $           | (0.58       | ) | $ | (1.34 | ) |

 

(continued)

 

F-34

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 20** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 2,221      |   | $ | 3,742 |   |
| Miscellaneous                                                |       | 76,958             |       | 59,722 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 79,179             |       | 63,464 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (29,623            | )          | (414,907 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 261,521            |       | 281,804 |   |
| Amortization                                                 |       | —             |       | 3,572 |   |
| General and administrative expenses                          |       | 27,341             |       | 30,489 |   |
| Professional fees                                            |       | 39,783             |       | 32,417 |   |
| Impairment loss                                              |       | —             |       | 873,961 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 328,645            |       | 1,222,243 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (279,089   | ) | $ | (1,573,686 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (2,791     | ) | $ | (15,737 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (276,298   | ) | $ | (1,557,949 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.07      | ) | $ | (0.40 | ) |

 

(continued)

 

F-35

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 21** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 269        |   | $ | 82 |   |
| Miscellaneous                                                |       | 5,056              |       | 1,489 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 5,325              |       | 1,571 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | 634,441            |       | (31,018 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 76,287             |       | 158,649 |   |
| Amortization                                                 |       | —             |       | 1,954 |   |
| General and administrative expenses                          |       | 17,063             |       | 194,463 |   |
| Professional fees                                            |       | 18,157             |       | 22,433 |   |
| Impairment loss                                              |       | —             |       | 114,377 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 111,507            |       | 491,876 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | 528,259    |   | $ | (521,323 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | 5,283      |   | $ | (5,213 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | 522,976    |   | $ | (516,110 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | 0.28       |   | $ | (0.27 | ) |

 

(continued)

 

F-36

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                    | ** ** | **Series 22** | ** ** |
|---------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                    | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                        |       |               |       |   |   |
| Interest income                                               |       | $                  | 82         |   | $ | 253 |   |
| Miscellaneous                                                 |       | 13,614             |       | 16,476 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 13,696             |       | 16,729 |   |
|                                                          |       |               |       |   |   |
| Share of income (losses) from operating limited  partnerships |       | 60,867             |       | (150,382 | ) |
|                                                          |       |               |       |   |   |
| Expenses and loss                                             |       |               |       |   |   |
| Fund management fee                                           |       | 231,667            |       | 233,460 |   |
| Amortization                                                  |       | —             |       | 6,140 |   |
| General and administrative expenses                           |       | 22,504             |       | 25,461 |   |
| Professional fees                                             |       | 29,070             |       | 34,278 |   |
| Impairment loss                                               |       | —             |       | 541,202 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 283,241            |       | 840,541 |   |
|                                                          |       |               |       |   |   |
| NET INCOME (LOSS)                                             |       | $                  | (208,678   | ) | $ | (974,194 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to general partner                |       | $                  | (2,087     | ) | $ | (9,742 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to limited partners               |       | $                  | (206,591   | ) | $ | (964,452 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) per BAC                                     |       | $                  | (0.08      | ) | $ | (0.38 | ) |

 

(continued)

 

F-37

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                    | ** ** | **Series 23** | ** ** |
|---------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                    | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                        |       |               |       |   |   |
| Interest income                                               |       | $                  | 160        |   | $ | 475 |   |
| Miscellaneous                                                 |       | 801                |       | 801 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 961                |       | 1,276 |   |
|                                                          |       |               |       |   |   |
| Share of income (losses) from operating limited  partnerships |       | 38,225             |       | (45,676 | ) |
|                                                          |       |               |       |   |   |
| Expenses and loss                                             |       |               |       |   |   |
| Fund management fee                                           |       | 209,275            |       | 205,950 |   |
| Amortization                                                  |       | —             |       | 9,131 |   |
| General and administrative expenses                           |       | 25,079             |       | 28,508 |   |
| Professional fees                                             |       | 23,828             |       | 30,802 |   |
| Impairment loss                                               |       | —             |       | 799,427 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 258,182            |       | 1,073,818 |   |
|                                                          |       |               |       |   |   |
| NET INCOME (LOSS)                                             |       | $                  | (218,996   | ) | $ | (1,118,218 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to general partner                |       | $                  | (2,190     | ) | $ | (11,182 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to limited partners               |       | $                  | (216,806   | ) | $ | (1,107,036 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) per BAC                                     |       | $                  | (0.06      | ) | $ | (0.33 | ) |

 

(continued)

 

F-38

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 24** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 138        |   | $ | 1,371 |   |
| Miscellaneous                                                |       | 62,132             |       | 34,107 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 62,270             |       | 35,478 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | 107,945            |       | (164,712 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 130,818            |       | 194,662 |   |
| Amortization                                                 |       | —             |       | 10,204 |   |
| General and administrative expenses                          |       | 19,347             |       | 22,299 |   |
| Professional fees                                            |       | 31,452             |       | 30,162 |   |
| Impairment loss                                              |       | —             |       | 282,261 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 181,617            |       | 539,588 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (11,402    | ) | $ | (668,822 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (114       | ) | $ | (6,688 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (11,288    | ) | $ | (662,134 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.01      | ) | $ | (0.31 | ) |

 

(continued)

 

F-39

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                    | ** ** | **Series 25** | ** ** |
|---------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                    | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                        |       |               |       |   |   |
| Interest income                                               |       | $                  | 2,935      |   | $ | 4,658 |   |
| Miscellaneous                                                 |       | 121,979            |       | 54,696 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 124,914            |       | 59,354 |   |
|                                                          |       |               |       |   |   |
| Share of income (losses) from operating limited  partnerships |       | 68,662             |       | (100,100 | ) |
|                                                          |       |               |       |   |   |
| Expenses and loss                                             |       |               |       |   |   |
| Fund management fee                                           |       | 156,684            |       | 212,464 |   |
| Amortization                                                  |       | 11,423             |       | 15,218 |   |
| General and administrative expenses                           |       | 22,562             |       | 70,036 |   |
| Professional fees                                             |       | 27,870             |       | 44,607 |   |
| Impairment loss                                               |       | 62,147             |       | 2,471,550 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 280,686            |       | 2,813,875 |   |
|                                                          |       |               |       |   |   |
| NET INCOME (LOSS)                                             |       | $                  | (87,110    | ) | $ | (2,854,621 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to general partner                |       | $                  | (871       | ) | $ | (28,546 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to limited partners               |       | $                  | (86,239    | ) | $ | (2,826,075 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) per BAC                                     |       | $                  | (0.03      | ) | $ | (0.93 | ) |

 

(continued)

 

F-40

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                    | ** ** | **Series 26** | ** ** |
|---------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                    | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                        |       |               |       |   |   |
| Interest income                                               |       | $                  | 827        |   | $ | 18,247 |   |
| Miscellaneous                                                 |       | 62,389             |       | 828,355 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 63,216             |       | 846,602 |   |
|                                                          |       |               |       |   |   |
| Share of income (losses) from operating limited  partnerships |       | (724,045           | )          | (13,567 | ) |
|                                                          |       |               |       |   |   |
| Expenses and loss                                             |       |               |       |   |   |
| Fund management fee                                           |       | 298,631            |       | 353,066 |   |
| Amortization                                                  |       | 34,324             |       | 16,904 |   |
| General and administrative expenses                           |       | 29,560             |       | 162,111 |   |
| Professional fees                                             |       | 43,503             |       | 50,104 |   |
| Impairment loss                                               |       | 606,124            |       | 4,780,554 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 1,012,142          |       | 5,362,739 |   |
|                                                          |       |               |       |   |   |
| NET INCOME (LOSS)                                             |       | $                  | (1,672,971 | ) | $ | (4,529,704 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to general partner                |       | $                  | (16,730    | ) | $ | (45,297 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to limited partners               |       | $                  | (1,656,241 | ) | $ | (4,484,407 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) per BAC                                     |       | $                  | (0.41      | ) | $ | (1.12 | ) |

 

(continued)

 

F-41

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 27** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 126        |   | $ | 987 |   |
| Miscellaneous                                                |       | 8,522              |       | 7,743 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 8,648              |       | 8,730 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (80,272            | )          | 198,005 |   |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 175,634            |       | 267,389 |   |
| Amortization                                                 |       | 68,492             |       | 15,655 |   |
| General and administrative expenses                          |       | 60,255             |       | 119,420 |   |
| Professional fees                                            |       | 22,159             |       | 27,415 |   |
| Impairment loss                                              |       | 153,410            |       | 4,301,123 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 479,950            |       | 4,731,002 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (551,574   | ) | $ | (4,524,267 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (5,516     | ) | $ | (45,243 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (546,058   | ) | $ | (4,479,024 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.22      | ) | $ | (1.82 | ) |

 

(continued)

 

F-42

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 28** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 2,262      |   | $ | 2,416 |   |
| Miscellaneous                                                |       | 28,200             |       | 9,323 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 30,462             |       | 11,739 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (455,332           | )          | (685,763 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 257,632            |       | 266,094 |   |
| Amortization                                                 |       | —             |       | 3,300 |   |
| General and administrative expenses                          |       | 27,715             |       | 31,591 |   |
| Professional fees                                            |       | 29,923             |       | 37,911 |   |
| Impairment loss                                              |       | 183,235            |       | 4,140,066 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 498,505            |       | 4,478,962 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (923,375   | ) | $ | (5,152,986 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (9,234     | ) | $ | (51,530 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (914,141   | ) | $ | (5,101,456 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.23      | ) | $ | (1.28 | ) |

 

(continued)

 

F-43

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 29** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 179        |   | $ | 2,589 |   |
| Miscellaneous                                                |       | 24,975             |       | 35,455 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 25,154             |       | 38,044 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (204,007           | )          | (1,181,167 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 224,592            |       | 301,086 |   |
| Amortization                                                 |       | 28,948             |       | 3,311 |   |
| General and administrative expenses                          |       | 28,417             |       | 32,733 |   |
| Professional fees                                            |       | 35,829             |       | 41,022 |   |
| Impairment loss                                              |       | 380,451            |       | 1,715,287 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 698,237            |       | 2,093,439 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (877,090   | ) | $ | (3,236,562 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (8,771     | ) | $ | (32,366 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (868,319   | ) | $ | (3,204,196 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.22      | ) | $ | (0.80 | ) |

 

(continued)

 

F-44

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 30** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 3,798      |   | $ | 4,267 |   |
| Miscellaneous                                                |       | 555                |       | — |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 4,353              |       | 4,267 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (566,987           | )          | (437,912 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 157,242            |       | 155,823 |   |
| Amortization                                                 |       | 104,340            |       | 21,238 |   |
| General and administrative expenses                          |       | 21,671             |       | 24,635 |   |
| Professional fees                                            |       | 25,077             |       | 31,839 |   |
| Impairment loss                                              |       | 615,661            |       | 2,814,246 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 923,991            |       | 3,047,781 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (1,486,625 | ) | $ | (3,481,426 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (14,866    | ) | $ | (34,814 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (1,471,759 | ) | $ | (3,446,612 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.56      | ) | $ | (1.30 | ) |

 

(continued)

 

F-45

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 31** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 1,939      |   | $ | 2,415 |   |
| Miscellaneous                                                |       | 5,925              |       | 5,609 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 7,864              |       | 8,024 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | 197,045            |       | (1,181,631 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 325,984            |       | 321,293 |   |
| Amortization                                                 |       | —             |       | — |   |
| General and administrative expenses                          |       | 29,807             |       | 145,435 |   |
| Professional fees                                            |       | 37,669             |       | 44,121 |   |
| Impairment loss                                              |       | 796,383            |       | 3,983,987 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 1,189,843          |       | 4,494,836 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (984,934   | ) | $ | (5,668,443 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (9,849     | ) | $ | (56,684 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (975,085   | ) | $ | (5,611,759 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.22      | ) | $ | (1.27 | ) |

 

(continued)

 

F-46

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 32** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 3,037      |   | $ | 6,463 |   |
| Miscellaneous                                                |       | 38,436             |       | 5,550 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 41,473             |       | 12,013 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (903,427           | )          | (1,571,258 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 200,086            |       | 307,790 |   |
| Amortization                                                 |       | 131,056            |       | 36,724 |   |
| General and administrative expenses                          |       | 28,859             |       | 43,767 |   |
| Professional fees                                            |       | 25,113             |       | 41,039 |   |
| Impairment loss                                              |       | 1,688,725          |       | 4,272,196 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 2,073,839          |       | 4,701,516 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (2,935,793 | ) | $ | (6,260,761 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (29,358    | ) | $ | (62,608 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (2,906,435 | ) | $ | (6,198,153 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.61      | ) | $ | (1.30 | ) |

 

(continued)

 

F-47

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 

Yearsended March 31, 2010 and 2009

 
| ** **                                                    | ** ** | **Series 33** | ** ** |
|---------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                    | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                        |       |               |       |   |   |
| Interest income                                               |       | $                  | 940        |   | $ | 994 |   |
| Miscellaneous                                                 |       | 581                |       | 3,450 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 1,521              |       | 4,444 |   |
|                                                          |       |               |       |   |   |
| Share of income (losses) from operating limited  partnerships |       | (387,789           | )          | (524,307 | ) |
|                                                          |       |               |       |   |   |
| Expenses and loss                                             |       |               |       |   |   |
| Fund management fee                                           |       | 139,550            |       | 164,076 |   |
| Amortization                                                  |       | 11,980             |       | 27,276 |   |
| General and administrative expenses                           |       | 20,406             |       | 23,751 |   |
| Professional fees                                             |       | 18,239             |       | 18,808 |   |
| Impairment loss                                               |       | 1,267,778          |       | 4,328,479 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 1,457,953          |       | 4,562,390 |   |
|                                                          |       |               |       |   |   |
| NET INCOME (LOSS)                                             |       | $                  | (1,844,221 | ) | $ | (5,082,253 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to general partner                |       | $                  | (18,442    | ) | $ | (50,823 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to limited partners               |       | $                  | (1,825,779 | ) | $ | (5,031,430 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) per BAC                                     |       | $                  | (0.69      | ) | $ | (1.91 | ) |

 

(continued)

 

F-48

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 

Yearsended March 31, 2010 and 2009

 
| ** **                                                    | ** ** | **Series 34** | ** ** |
|---------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                    | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                        |       |               |       |   |   |
| Interest income                                               |       | $                  | 42         |   | $ | 130 |   |
| Miscellaneous                                                 |       | 5,505              |       | 3,900 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 5,547              |       | 4,030 |   |
|                                                          |       |               |       |   |   |
| Share of income (losses) from operating limited  partnerships |       | (610,451           | )          | (1,042,792 | ) |
|                                                          |       |               |       |   |   |
| Expenses and loss                                             |       |               |       |   |   |
| Fund management fee                                           |       | 270,742            |       | 248,033 |   |
| Amortization                                                  |       | 384,440            |       | 43,938 |   |
| General and administrative expenses                           |       | 24,097             |       | 27,984 |   |
| Professional fees                                             |       | 22,003             |       | 27,645 |   |
| Impairment loss                                               |       | 1,042,951          |       | 4,230,134 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 1,744,233          |       | 4,577,734 |   |
|                                                          |       |               |       |   |   |
| NET INCOME (LOSS)                                             |       | $                  | (2,349,137 | ) | $ | (5,616,496 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to general partner                |       | $                  | (23,491    | ) | $ | (56,165 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to limited partners               |       | $                  | (2,325,646 | ) | $ | (5,560,331 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) per BAC                                     |       | $                  | (0.66      | ) | $ | (1.58 | ) |

 

(continued)

 

F-49

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 

Yearsended March 31, 2010 and 2009

 
| ** **                                                    | ** ** | **Series 35** | ** ** |
|---------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                    | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                        |       |               |       |   |   |
| Interest income                                               |       | $                  | 191        |   | $ | 585 |   |
| Miscellaneous                                                 |       | —             |       | 3,000 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 191                |       | 3,585 |   |
|                                                          |       |               |       |   |   |
| Share of income (losses) from operating limited  partnerships |       | (815,231           | )          | (800,389 | ) |
|                                                          |       |               |       |   |   |
| Expenses and loss                                             |       |               |       |   |   |
| Fund management fee                                           |       | 192,057            |       | 189,975 |   |
| Amortization                                                  |       | 72,288             |       | 129,235 |   |
| General and administrative expenses                           |       | 23,465             |       | 38,480 |   |
| Professional fees                                             |       | 19,567             |       | 16,910 |   |
| Impairment loss                                               |       | 2,237,536          |       | 5,113,606 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 2,544,913          |       | 5,488,206 |   |
|                                                          |       |               |       |   |   |
| NET INCOME (LOSS)                                             |       | $                  | (3,359,953 | ) | $ | (6,285,010 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to general partner                |       | $                  | (33,600    | ) | $ | (62,850 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to limited partners               |       | $                  | (3,326,353 | ) | $ | (6,222,160 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) per BAC                                     |       | $                  | (1.01      | ) | $ | (1.89 | ) |

 

(continued)

 

F-50

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 

Yearsended March 31, 2010 and 2009

 
| ** **                                                    | ** ** | **Series 36** | ** ** |
|---------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                    | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                        |       |               |       |   |   |
| Interest income                                               |       | $                  | 155        |   | $ | 1,158 |   |
| Miscellaneous                                                 |       | 1,550              |       | 1,200 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 1,705              |       | 2,358 |   |
|                                                          |       |               |       |   |   |
| Share of income (losses) from operating limited  partnerships |       | (492,791           | )          | (490,558 | ) |
|                                                          |       |               |       |   |   |
| Expenses and loss                                             |       |               |       |   |   |
| Fund management fee                                           |       | 135,349            |       | 119,845 |   |
| Amortization                                                  |       | 29,840             |       | 88,462 |   |
| General and administrative expenses                           |       | 18,664             |       | 21,618 |   |
| Professional fees                                             |       | 18,998             |       | 21,118 |   |
| Impairment loss                                               |       | 1,548,176          |       | 3,085,005 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 1,751,027          |       | 3,336,048 |   |
|                                                          |       |               |       |   |   |
| NET INCOME (LOSS)                                             |       | $                  | (2,242,113 | ) | $ | (3,824,248 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to general partner                |       | $                  | (22,421    | ) | $ | (38,242 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to limited partners               |       | $                  | (2,219,692 | ) | $ | (3,786,006 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) per BAC                                     |       | $                  | (1.05      | ) | $ | (1.80 | ) |

 

(continued)

 

F-51

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 

Yearsended March 31, 2010 and 2009

 
| ** **                                                    | ** ** | **Series 37** | ** ** |
|---------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                    | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                        |       |               |       |   |   |
| Interest income                                               |       | $                  | 3,025      |   | $ | 6,273 |   |
| Miscellaneous                                                 |       | —             |       | 2,250 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 3,025              |       | 8,523 |   |
|                                                          |       |               |       |   |   |
| Share of income (losses) from operating limited  partnerships |       | (599,344           | )          | (1,297,634 | ) |
|                                                          |       |               |       |   |   |
| Expenses and loss                                             |       |               |       |   |   |
| Fund management fee                                           |       | 178,046            |       | 194,364 |   |
| Amortization                                                  |       | 118,248            |       | 94,821 |   |
| General and administrative expenses                           |       | 22,634             |       | 110,027 |   |
| Professional fees                                             |       | 15,958             |       | 18,866 |   |
| Impairment loss                                               |       | 1,849,293          |       | 5,083,007 |   |
|                                                          |       |               |       |   |   |
|                                                          |       | 2,184,179          |       | 5,501,085 |   |
|                                                          |       |               |       |   |   |
| NET INCOME (LOSS)                                             |       | $                  | (2,780,498 | ) | $ | (6,790,196 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to general partner                |       | $                  | (27,805    | ) | $ | (67,902 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) allocated to limited partners               |       | $                  | (2,752,693 | ) | $ | (6,722,294 | ) |
|                                                          |       |               |       |   |   |
| Net income (loss) per BAC                                     |       | $                  | (1.10      | ) | $ | (2.68 | ) |

 

(continued)

 

F-52

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 

Yearsended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 38** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 558        |   | $ | 3,311 |   |
| Miscellaneous                                                |       | —             |       | 3,000 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 558                |       | 6,311 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (658,134           | )          | (578,692 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 123,264            |       | 144,527 |   |
| Amortization                                                 |       | 26,220             |       | 98,915 |   |
| General and administrative expenses                          |       | 23,535             |       | 34,648 |   |
| Professional fees                                            |       | 18,514             |       | 21,834 |   |
| Impairment loss                                              |       | 1,863,888          |       | 5,386,462 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 2,055,421          |       | 5,686,386 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (2,712,997 | ) | $ | (6,258,767 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (27,130    | ) | $ | (62,588 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (2,685,867 | ) | $ | (6,196,179 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (1.06      | ) | $ | (2.44 | ) |

 

(continued)

 

F-53

----

 

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 39** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 769        |   | $ | 4,660 |   |
| Miscellaneous                                                |       | —             |       | 2,100 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 769                |       | 6,760 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (779,953           | )          | (705,389 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 119,665            |       | 91,001 |   |
| Amortization                                                 |       | 22,072             |       | 90,326 |   |
| General and administrative expenses                          |       | 21,875             |       | 27,583 |   |
| Professional fees                                            |       | 17,607             |       | 24,213 |   |
| Impairment loss                                              |       | 1,331,559          |       | 3,386,978 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 1,512,778          |       | 3,620,101 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (2,291,962 | ) | $ | (4,318,730 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (22,920    | ) | $ | (43,187 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (2,269,042 | ) | $ | (4,275,543 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.99      | ) | $ | (1.87 | ) |

 

(continued)

 

F-54

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 40** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 150        |   | $ | 460 |   |
| Miscellaneous                                                |       | 36,733             |       | 2,700 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 36,883             |       | 3,160 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (900,724           | )          | (774,697 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 180,246            |       | 168,859 |   |
| Amortization                                                 |       | 53,036             |       | 113,728 |   |
| General and administrative expenses                          |       | 24,037             |       | 38,891 |   |
| Professional fees                                            |       | 23,396             |       | 30,377 |   |
| Impairment loss                                              |       | 1,565,033          |       | 4,292,781 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 1,845,748          |       | 4,644,636 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (2,709,589 | ) | $ | (5,416,173 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (27,096    | ) | $ | (54,162 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (2,682,493 | ) | $ | (5,362,011 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (1.02      | ) | $ | (2.04 | ) |

 

(continued)

 

F-55

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 41** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 116        |   | $ | 337 |   |
| Miscellaneous                                                |       | 29,378             |       | 31,935 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 29,494             |       | 32,272 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (553,631           | )          | (808,749 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 207,772            |       | 214,329 |   |
| Amortization                                                 |       | 282,764            |       | 133,927 |   |
| General and administrative expenses                          |       | 27,285             |       | 32,511 |   |
| Professional fees                                            |       | 27,903             |       | 33,841 |   |
| Impairment loss                                              |       | 1,370,664          |       | 2,680,272 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 1,916,388          |       | 3,094,880 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (2,440,525 | ) | $ | (3,871,357 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (24,405    | ) | $ | (38,714 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (2,416,120 | ) | $ | (3,832,643 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.84      | ) | $ | (1.33 | ) |

 

(continued)

 

F-56

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 42** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 1,159      |   | $ | 12,067 |   |
| Miscellaneous                                                |       | 324                |       | 2,712 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 1,483              |       | 14,779 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (342,003           | )          | (1,504,122 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 225,604            |       | 234,925 |   |
| Amortization                                                 |       | 128,732            |       | 117,134 |   |
| General and administrative expenses                          |       | 27,461             |       | 49,044 |   |
| Professional fees                                            |       | 28,766             |       | 41,864 |   |
| Impairment loss                                              |       | 1,688,303          |       | 4,924,845 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 2,098,866          |       | 5,367,812 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (2,439,386 | ) | $ | (6,857,155 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (24,394    | ) | $ | (68,572 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (2,414,992 | ) | $ | (6,788,583 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.88      | ) | $ | (2.47 | ) |

 

(continued)

 

F-57

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 43** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 1,010      |   | $ | 6,826 |   |
| Miscellaneous                                                |       | —             |       | 1,350 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 1,010              |       | 8,176 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (514,076           | )          | (1,935,345 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 289,686            |       | 290,416 |   |
| Amortization                                                 |       | 289,737            |       | 167,349 |   |
| General and administrative expenses                          |       | 29,698             |       | 37,069 |   |
| Professional fees                                            |       | 31,628             |       | 36,336 |   |
| Impairment loss                                              |       | 2,024,801          |       | 4,043,890 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 2,665,550          |       | 4,575,060 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (3,178,616 | ) | $ | (6,502,229 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (31,786    | ) | $ | (65,022 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (3,146,830 | ) | $ | (6,437,207 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (0.86      | ) | $ | (1.77 | ) |

 

(continued)

 

F-58

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 44** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 2,434      |   | $ | 20,734 |   |
| Miscellaneous                                                |       | —             |       | 1,800 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 2,434              |       | 22,534 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (1,444,199         | )          | (1,071,100 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 248,351            |       | 199,732 |   |
| Amortization                                                 |       | 294,134            |       | 113,014 |   |
| General and administrative expenses                          |       | 24,809             |       | 30,846 |   |
| Professional fees                                            |       | 19,351             |       | 22,635 |   |
| Impairment loss                                              |       | 1,198,091          |       | 1,773,459 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 1,784,736          |       | 2,139,686 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (3,226,501 | ) | $ | (3,188,252 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (32,265    | ) | $ | (31,883 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (3,194,236 | ) | $ | (3,156,369 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (1.18      | ) | $ | (1.17 | ) |

 

(continued)

 

F-59

----

 

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 45** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 1,889      |   | $ | 21,187 |   |
| Miscellaneous                                                |       | —             |       | 2,550 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 1,889              |       | 23,737 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (1,379,202         | )          | (1,116,859 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 328,620            |       | 318,171 |   |
| Amortization                                                 |       | 288,104            |       | 144,882 |   |
| General and administrative expenses                          |       | 32,502             |       | 39,356 |   |
| Professional fees                                            |       | 42,276             |       | 43,987 |   |
| Impairment loss                                              |       | 2,117,133          |       | 2,787,550 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 2,808,635          |       | 3,333,946 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (4,185,948 | ) | $ | (4,427,068 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (41,859    | ) | $ | (44,271 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (4,144,089 | ) | $ | (4,382,797 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (1.03      | ) | $ | (1.09 | ) |

 

(continued)

 

F-60

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                   | ** ** | **Series 46** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                   | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Income                                                       |       |               |       |   |   |
| Interest income                                              |       | $                  | 1,455      |   | $ | 13,074 |   |
| Miscellaneous                                                |       | —             |       | 3,600 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 1,455              |       | 16,674 |   |
|                                                         |       |               |       |   |   |
| Share of income (losses) from operating limited partnerships |       | (861,685           | )          | (764,836 | ) |
|                                                         |       |               |       |   |   |
| Expenses and loss                                            |       |               |       |   |   |
| Fund management fee                                          |       | 227,185            |       | 215,300 |   |
| Amortization                                                 |       | 79,928             |       | 103,890 |   |
| General and administrative expenses                          |       | 26,468             |       | 33,518 |   |
| Professional fees                                            |       | 25,175             |       | 28,910 |   |
| Impairment loss                                              |       | 2,084,333          |       | 3,123,951 |   |
|                                                         |       |               |       |   |   |
|                                                         |       | 2,443,089          |       | 3,505,569 |   |
|                                                         |       |               |       |   |   |
| NET INCOME (LOSS)                                            |       | $                  | (3,303,319 | ) | $ | (4,253,731 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to general partner               |       | $                  | (33,033    | ) | $ | (42,537 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) allocated to limited partners              |       | $                  | (3,270,286 | ) | $ | (4,211,194 | ) |
|                                                         |       |               |       |   |   |
| Net income (loss) per BAC                                    |       | $                  | (1.10      | ) | $ | (1.41 | ) |

 

(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, 2010 and 2009

 
| **Total**                                             | ** ** | **Limited  partners** | ** **  | **General  partner** | ** ** | **Total**    | ** ** |
|-------------------------------------------------------|------------|-----------------------|-------------|----------------------|------------|--------------|------------|
|                                                  |       |                  |        |                 |       |         |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 209,476,866 |                 | $          | (5,122,678   | )          | $ | 204,354,188 |   |
|                                                  |       |                  |        |                 |       |         |       |
| Net income (loss)                                     |       | (112,124,110          | )           | (1,132,568           | )          | (113,256,678 | )          |
|                                                  |       |                  |        |                 |       |         |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 97,352,756  |                 | $          | (6,255,246   | )          | $ | 91,097,510 |   |
|                                                  |       |                  |        |                 |       |         |       |
| Net income (loss)                                     |       | (48,286,402           | )           | (487,741             | )          | (48,774,143  | )          |
|                                                  |       |                  |        |                 |       |         |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 49,066,354  |                 | $          | (6,742,987   | )          | $ | 42,323,367 |   |

 

(continued)

 

F-62

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 20**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | (1,074,754 | )                    | $          | (322,221   | )          | $ | (1,396,975 | ) |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (1,557,949            | )          | (15,737              | )          | (1,573,686 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | (2,632,703 | )                    | $          | (337,958   | )          | $ | (2,970,661 | ) |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (276,298              | )          | (2,791               | )          | (279,089   | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (2,909,001 | )                    | $          | (340,749   | )          | $ | (3,249,750 | ) |

 

(continued)

 

F-63

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 21**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total** | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|-----------|------------|
|                                                  |       |                  |       |                 |       |      |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | (1,076,402 | )                    | $          | (174,460  | )          | $ | (1,250,862 | ) |
|                                                  |       |                  |       |                 |       |      |       |
| Net income (loss)                                     |       | (516,110              | )          | (5,213               | )          | (521,323  | )          |
|                                                  |       |                  |       |                 |       |      |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | (1,592,512 | )                    | $          | (179,673  | )          | $ | (1,772,185 | ) |
|                                                  |       |                  |       |                 |       |      |       |
| Net income (loss)                                     |       | 522,976               |       | 5,283                |       | 528,259   |       |
|                                                  |       |                  |       |                 |       |      |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (1,069,536 | )                    | $          | (174,390  | )          | $ | (1,243,926 | ) |

 

(continued)

 

F-64

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 22**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total** | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|-----------|------------|
|                                                  |       |                  |       |                 |       |      |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | (1,797,512 | )                    | $          | (239,452  | )          | $ | (2,036,964 | ) |
|                                                  |       |                  |       |                 |       |      |       |
| Net income (loss)                                     |       | (964,452              | )          | (9,742               | )          | (974,194  | )          |
|                                                  |       |                  |       |                 |       |      |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | (2,761,964 | )                    | $          | (249,194  | )          | $ | (3,011,158 | ) |
|                                                  |       |                  |       |                 |       |      |       |
| Net income (loss)                                     |       | (206,591              | )          | (2,087               | )          | (208,678  | )          |
|                                                  |       |                  |       |                 |       |      |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (2,968,555 | )                    | $          | (251,281  | )          | $ | (3,219,836 | ) |

 

(continued)

 

F-65

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 23**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | (1,111,462 | )                    | $          | (298,951   | )          | $ | (1,410,413 | ) |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (1,107,036            | )          | (11,182              | )          | (1,118,218 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | (2,218,498 | )                    | $          | (310,133   | )          | $ | (2,528,631 | ) |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (216,806              | )          | (2,190               | )          | (218,996   | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (2,435,304 | )                    | $          | (312,323   | )          | $ | (2,747,627 | ) |

 

(continued)

 

F-66

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 24**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total** | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|-----------|------------|
|                                                  |       |                  |       |                 |       |      |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | (1,428,824 | )                    | $          | (201,602  | )          | $ | (1,630,426 | ) |
|                                                  |       |                  |       |                 |       |      |       |
| Net income (loss)                                     |       | (662,134              | )          | (6,688               | )          | (668,822  | )          |
|                                                  |       |                  |       |                 |       |      |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | (2,090,958 | )                    | $          | (208,290  | )          | $ | (2,299,248 | ) |
|                                                  |       |                  |       |                 |       |      |       |
| Net income (loss)                                     |       | (11,288               | )          | (114                 | )          | (11,402   | )          |
|                                                  |       |                  |       |                 |       |      |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (2,102,246 | )                    | $          | (208,404  | )          | $ | (2,310,650 | ) |

 

(continued)

 

F-67

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 25**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 1,093,543  |                 | $          | (248,999   | )          | $ | 844,544 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,826,075            | )          | (28,546              | )          | (2,854,621 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | (1,732,532 | )                    | $          | (277,545   | )          | $ | (2,010,077 | ) |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (86,239               | )          | (871                 | )          | (87,110    | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (1,818,771 | )                    | $          | (278,416   | )          | $ | (2,097,187 | ) |

 

(continued)

 

F-68

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 26**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 3,507,386  |                 | $          | (308,262   | )          | $ | 3,199,124 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (4,484,407            | )          | (45,297              | )          | (4,529,704 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | (977,021   | )                    | $          | (353,559   | )          | $ | (1,330,580 | ) |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (1,656,241            | )          | (16,730              | )          | (1,672,971 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (2,633,262 | )                    | $          | (370,289   | )          | $ | (3,003,551 | ) |

 

(continued)

 

F-69

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 27**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 4,745,198  |                 | $          | (160,601   | )          | $ | 4,584,597 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (4,479,024            | )          | (45,243              | )          | (4,524,267 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 266,174    |                 | $          | (205,844   | )          | $ | 60,330 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (546,058              | )          | (5,516               | )          | (551,574   | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (279,884   | )                    | $          | (211,360   | )          | $ | (491,244 | ) |

 

(continued)

 

F-70

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 28**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 5,547,059  |                 | $          | (291,189   | )          | $ | 5,255,870 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (5,101,456            | )          | (51,530              | )          | (5,152,986 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 445,603    |                 | $          | (342,719   | )          | $ | 102,884 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (914,141              | )          | (9,234               | )          | (923,375   | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (468,538   | )                    | $          | (351,953   | )          | $ | (820,491 | ) |

 

(continued)

 

F-71

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 29**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 2,120,035  |                 | $          | (320,653   | )          | $ | 1,799,382 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (3,204,196            | )          | (32,366              | )          | (3,236,562 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | (1,084,161 | )                    | $          | (353,019   | )          | $ | (1,437,180 | ) |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (868,319              | )          | (8,771               | )          | (877,090   | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (1,952,480 | )                    | $          | (361,790   | )          | $ | (2,314,270 | ) |

 

(continued)

 

F-72

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 30**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 4,210,496  |                 | $          | (186,820   | )          | $ | 4,023,676 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (3,446,612            | )          | (34,814              | )          | (3,481,426 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 763,884    |                 | $          | (221,634   | )          | $ | 542,250 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (1,471,759            | )          | (14,866              | )          | (1,486,625 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (707,875   | )                    | $          | (236,500   | )          | $ | (944,375 | ) |

 

(continued)

 

F-73

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 31**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 5,169,312  |                 | $          | (330,875   | )          | $ | 4,838,437 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (5,611,759            | )          | (56,684              | )          | (5,668,443 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | (442,447   | )                    | $          | (387,559   | )          | $ | (830,006 | ) |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (975,085              | )          | (9,849               | )          | (984,934   | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (1,417,532 | )                    | $          | (397,408   | )          | $ | (1,814,940 | ) |

 

(continued)

 

F-74

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 32**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 7,918,477  |                 | $          | (330,481   | )          | $ | 7,587,996 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (6,198,153            | )          | (62,608              | )          | (6,260,761 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 1,720,324  |                 | $          | (393,089   | )          | $ | 1,327,235 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,906,435            | )          | (29,358              | )          | (2,935,793 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (1,186,111 | )                    | $          | (422,447   | )          | $ | (1,608,558 | ) |

 

(continued)

 

F-75

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 33**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 5,864,926  |                 | $          | (168,819   | )          | $ | 5,696,107 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (5,031,430            | )          | (50,823              | )          | (5,082,253 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 833,496    |                 | $          | (219,642   | )          | $ | 613,854 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (1,825,779            | )          | (18,442              | )          | (1,844,221 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (992,283   | )                    | $          | (238,084   | )          | $ | (1,230,367 | ) |

 

(continued)

 

F-76

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 34**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 6,244,366  |                 | $          | (240,351   | )          | $ | 6,004,015 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (5,560,331            | )          | (56,165              | )          | (5,616,496 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 684,035    |                 | $          | (296,516   | )          | $ | 387,519 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,325,646            | )          | (23,491              | )          | (2,349,137 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | (1,641,611 | )                    | $          | (320,007   | )          | $ | (1,961,618 | ) |

 

(continued)

 

F-77

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 35**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 11,349,994 |                 | $          | (170,227   | )          | $ | 11,179,767 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (6,222,160            | )          | (62,850              | )          | (6,285,010 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 5,127,834  |                 | $          | (233,077   | )          | $ | 4,894,757 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (3,326,353            | )          | (33,600              | )          | (3,359,953 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 1,801,481  |                 | $          | (266,677   | )          | $ | 1,534,804 |   |

 

(continued)

 

F-78

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 36**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 6,462,944  |                 | $          | (115,186   | )          | $ | 6,347,758 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (3,786,006            | )          | (38,242              | )          | (3,824,248 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 2,676,938  |                 | $          | (153,428   | )          | $ | 2,523,510 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,219,692            | )          | (22,421              | )          | (2,242,113 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 457,246    |                 | $          | (175,849   | )          | $ | 281,397 |   |

 

(continued)

 

F-79

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 37**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 10,184,106 |                 | $          | (114,871   | )          | $ | 10,069,235 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (6,722,294            | )          | (67,902              | )          | (6,790,196 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 3,461,812  |                 | $          | (182,773   | )          | $ | 3,279,039 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,752,693            | )          | (27,805              | )          | (2,780,498 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 709,119    |                 | $          | (210,578   | )          | $ | 498,541 |   |

 

(continued)

 

F-80

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 38**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 11,857,041 |                 | $          | (100,721   | )          | $ | 11,756,320 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (6,196,179            | )          | (62,588              | )          | (6,258,767 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 5,660,862  |                 | $          | (163,309   | )          | $ | 5,497,553 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,685,867            | )          | (27,130              | )          | (2,712,997 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 2,974,995  |                 | $          | (190,439   | )          | $ | 2,784,556 |   |

 

(continued)

 

F-81

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 39**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 9,845,715  |                 | $          | (98,974    | )          | $ | 9,746,741 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (4,275,543            | )          | (43,187              | )          | (4,318,730 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 5,570,172  |                 | $          | (142,161   | )          | $ | 5,428,011 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,269,042            | )          | (22,920              | )          | (2,291,962 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 3,301,130  |                 | $          | (165,081   | )          | $ | 3,136,049 |   |

 

(continued)

 

F-82

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 40**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 11,381,504 |                 | $          | (112,250   | )          | $ | 11,269,254 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (5,362,011            | )          | (54,162              | )          | (5,416,173 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 6,019,493  |                 | $          | (166,412   | )          | $ | 5,853,081 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,682,493            | )          | (27,096              | )          | (2,709,589 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 3,337,000  |                 | $          | (193,508   | )          | $ | 3,143,492 |   |

 

(continued)

 

F-83

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 41**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 9,552,864  |                 | $          | (155,192   | )          | $ | 9,397,672 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (3,832,643            | )          | (38,714              | )          | (3,871,357 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 5,720,221  |                 | $          | (193,906   | )          | $ | 5,526,315 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,416,120            | )          | (24,405              | )          | (2,440,525 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 3,304,101  |                 | $          | (218,311   | )          | $ | 3,085,790 |   |

 

(continued)

 

F-84

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 42**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 14,688,126 |                 | $          | (95,007    | )          | $ | 14,593,119 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (6,788,583            | )          | (68,572              | )          | (6,857,155 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 7,899,543  |                 | $          | (163,579   | )          | $ | 7,735,964 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (2,414,992            | )          | (24,394              | )          | (2,439,386 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 5,484,551  |                 | $          | (187,973   | )          | $ | 5,296,578 |   |

 

(continued)

 

F-85

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 43**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 19,499,904 |                 | $          | (127,801   | )          | $ | 19,372,103 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (6,437,207            | )          | (65,022              | )          | (6,502,229 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 13,062,697 |                 | $          | (192,823   | )          | $ | 12,869,874 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (3,146,830            | )          | (31,786              | )          | (3,178,616 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 9,915,867  |                 | $          | (224,609   | )          | $ | 9,691,258 |   |

 

(continued)

 

F-86

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 44**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 15,930,598 |                 | $          | (78,932    | )          | $ | 15,851,666 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (3,156,369            | )          | (31,883              | )          | (3,188,252 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 12,774,229 |                 | $          | (110,815   | )          | $ | 12,663,414 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (3,194,236            | )          | (32,265              | )          | (3,226,501 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 9,579,993  |                 | $          | (143,080   | )          | $ | 9,436,913 |   |

 

(continued)

 

F-87

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 45**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 26,509,857 |                 | $          | (89,458    | )          | $ | 26,420,399 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (4,382,797            | )          | (44,271              | )          | (4,427,068 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 22,127,060 |                 | $          | (133,729   | )          | $ | 21,993,331 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (4,144,089            | )          | (41,859              | )          | (4,185,948 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 17,982,971 |                 | $          | (175,588   | )          | $ | 17,807,383 |   |

 

(continued)

 

F-88

----

 

Boston Capital Tax Credit Fund IV L.P.

 

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

 

Years ended March 31, 2010 and 2009

 
| **Series 46**                                    | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|-------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2008 |       | $                     | 22,282,369 |                 | $          | (40,323    | )          | $ | 22,242,046 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (4,211,194            | )          | (42,537              | )          | (4,253,731 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2009 |       | $                     | 18,071,175 |                 | $          | (82,860    | )          | $ | 17,988,315 |   |
|                                                  |       |                  |       |                 |       |       |       |
| Net income (loss)                                     |       | (3,270,286            | )          | (33,033              | )          | (3,303,319 | )          |
|                                                  |       |                  |       |                 |       |       |       |
| Partners’ capital (deficit), March 31, 2010 |       | $                     | 14,800,889 |                 | $          | (115,893   | )          | $ | 14,684,996 |   |

 

(see notes to financial statements)

 

F-89

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Total**  | ** **  |
|----------------------------------------------------------------------------------------------------|------------|------------|-------------|
| ** **                                                                                         | ** ** | **2010**   | ** **  | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |       |        |   |   |
| Net income (loss)                                                                                  |       | $          | (48,774,143 | ) | $ | (113,256,678 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |       |        |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 12,195,721 |        | 19,195,557 |   |
| Impairment loss                                                                                    |       | 27,675,675 |        | 85,330,656 |   |
| Distributions received from operating limited  partnerships                                        |       | 464,620    |        | 710,947 |   |
| Amortization                                                                                       |       | 2,460,106  |        | 1,610,248 |   |
| Changes in assets and liabilities                                                                  |       |       |        |   |   |
| Other assets                                                                                       |       | 295,631    |        | 458,071 |   |
| Accounts payable and accrued expenses                                                              |       | 51,863     |        | (33,073 | ) |
| Accounts payable - affiliates                                                                      |       | 4,959,048  |        | 5,491,903 |   |
|                                                                                               |       |       |        |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (671,479   | )           | (492,369 | ) |
|                                                                                               |       |       |        |   |   |
| Cash flows from investing activities                                                               |       |       |        |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —     |        | (175,087 | ) |
| Proceeds from disposition of operating limited  partnerships                                       |       | 988,360    |        | — |   |
|                                                                                               |       |       |        |   |   |
| Net cash provided by (used in) investing  activities                                               |       | 988,360    |        | (175,087 | ) |
|                                                                                               |       |       |        |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 316,881    |        | (667,456 | ) |
|                                                                                               |       |       |        |   |   |
| Cash and cash equivalents, beginning                                                               |       | 6,181,988  |        | 6,849,444 |   |
|                                                                                               |       |       |        |   |   |
| Cash and cash equivalents, ending                                                                  |       | $          | 6,498,869   |   | $ | 6,181,988 |   |

 

(continued)

 

F-90

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Total** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**  | ** ** | **2009** | ** ** |
| 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. |       | $         | 16,888     |   | $ | 62,114 |   |
|                                                                                                                                                                                                      |       |      |       |   |   |
| The fund has applied notes receivable and advances  to its capital contribution obligation in operating limited partnerships.                                                                             |       | $         | 250,000    |   | $ | 236,476 |   |
|                                                                                                                                                                                                      |       |      |       |   |   |
| The fund has decreased its investments in  operating limited partnerships and recorded a receivable for tax credits not  generated by the operating limited partnerships.                                 |       | $         | 41,331     |   | $ | — |   |

 

(continued)

 

F-91

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 20** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (279,089   | ) | $ | (1,573,686 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 29,623             |       | 414,907 |   |
| Impairment loss                                                                                    |       | —             |       | 873,961 |   |
| Distributions received from operating limited  partnerships                                        |       | —             |       | — |   |
| Amortization                                                                                       |       | —             |       | 3,572 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | (42,424            | )          | — |   |
| Accounts payable and accrued expenses                                                              |       | 7,500              |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 287,024            |       | 287,752 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 2,634              |       | 6,125 |   |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | — |   |
| Proceeds from disposition of operating limited  partnerships                                       |       | 10,168             |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | 10,168             |       | — |   |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 12,802             |       | 6,125 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 174,531            |       | 168,406 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 187,333    |   | $ | 174,531 |   |

 

(continued)

 

F-92

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 20** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 21** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | 528,259    |   | $ | (521,323 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | (634,441           | )          | 31,018 |   |
| Impairment loss                                                                                    |       | —             |       | 114,377 |   |
| Distributions received from operating limited  partnerships                                        |       | 1                  |       | — |   |
| Amortization                                                                                       |       | —             |       | 1,954 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | 88,577             |       | 174,655 |   |
| Accounts payable and accrued expenses                                                              |       | 15,808             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | (458,867           | )          | 208,924 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (460,663           | )          | 9,224 |   |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | (3 | ) |
| Proceeds from disposition of operating limited  partnerships                                       |       | 732,319            |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | 732,319            |       | (3 | ) |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 271,656            |       | 9,221 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 15,500             |       | 6,279 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 287,156    |   | $ | 15,500 |   |

 

(continued)

 

F-94

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 21** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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.                                                                             |       | $                  | —     |   | $ | 236,476 |   |
|                                                                                                                                                                                                      |       |               |       |   |   |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 22** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (208,678   | ) | $ | (974,194 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | (60,867            | )          | 150,382 |   |
| Impairment loss                                                                                    |       | —             |       | 541,202 |   |
| Distributions received from operating limited  partnerships                                        |       | —             |       | 1,300 |   |
| Amortization                                                                                       |       | —             |       | 6,140 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | (2,500             | )          | — |   |
| Accounts payable and accrued expenses                                                              |       | 20,115             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 264,288            |       | 271,467 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating activities                                                |       | 12,358             |       | (4,084 | ) |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | — |   |
| Proceeds from disposition of operating limited  partnerships                                       |       | 60,867             |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | 60,867             |       | — |   |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 73,225             |       | (4,084 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 77,660             |       | 81,744 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 150,885    |   | $ | 77,660 |   |

 

(continued)

 

F-96

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 22** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 23** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (218,996   | ) | $ | (1,118,218 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited partnerships                                       |       | (38,225            | )          | 45,676 |   |
| Impairment loss                                                                                    |       | —             |       | 799,427 |   |
| Distributions received from operating limited  partnerships                                        |       | —             |       | 1,300 |   |
| Amortization                                                                                       |       | —             |       | 9,131 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | — |   |
| Accounts payable and accrued expenses                                                              |       | 30,173             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 250,488            |       | 257,476 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 23,440             |       | (5,589 | ) |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | — |   |
| Proceeds from disposition of operating limited  partnerships                                       |       | 38,225             |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | 38,225             |       | — |   |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 61,665             |       | (5,589 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 34,902             |       | 40,491 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 96,567     |   | $ | 34,902 |   |

 

(continued)

 

F-98

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                               | ** ** | **Series 23** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                               | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 24** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (11,402    | ) | $ | (668,822 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | (107,945           | )          | 164,712 |   |
| Impairment loss                                                                                    |       | —             |       | 282,261 |   |
| Distributions received from operating limited  partnerships                                        |       | —             |       | 17,638 |   |
| Amortization                                                                                       |       | —             |       | 10,204 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | — |   |
| Accounts payable and accrued expenses                                                              |       | 15,000             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 124,222            |       | 177,736 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 19,875             |       | (16,652 | ) |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | — |   |
| Proceeds from disposition of operating limited  partnerships                                       |       | 107,945            |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing activities                                                |       | 107,945            |       | — |   |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 127,820            |       | (16,652) |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 119,321            |       | 135,973 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 247,141    |   | $ | 119,321 |   |

 

(continued)

 

F-100

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 24** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 25** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (87,110    | ) | $ | (2,854,621 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | (68,662            | )          | 100,100 |   |
| Impairment loss                                                                                    |       | 62,147             |       | 2,471,550 |   |
| Distributions received from operating limited  partnerships                                        |       | —             |       | 36,277 |   |
| Amortization                                                                                       |       | 11,423             |       | 15,218 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | (1,250             | )          | 40,320 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 134,550            |       | 222,676 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 51,098             |       | 31,139 |   |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | (51,732 | ) |
| Proceeds from disposition of operating limited  partnerships                                       |       | 38,836             |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | 38,836             |       | (51,732 | ) |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 89,934             |       | (20,593 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 166,596            |       | 187,189 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 256,530    |   | $ | 166,596 |   |

 

(continued)

 

F-102

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 25** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 26** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (1,672,971 | ) | $ | (4,529,704 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 724,045            |       | 13,567 |   |
| Impairment loss                                                                                    |       | 606,124            |       | 4,780,554 |   |
| Distributions received from operating limited  partnerships                                        |       | 42,403             |       | 106,156 |   |
| Amortization                                                                                       |       | 34,324             |       | 16,904 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | (5,400             | )          | 131,938 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 217,273            |       | (340,240 | ) |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (54,202            | )          | 178,794 |   |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | (15,000 | ) |
| Proceeds from disposition of operating limited  partnerships                                       |       | —             |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | —             |       | (15,000 | ) |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | (54,202            | )          | 163,794 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 366,614            |       | 202,820 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 312,412    |   | $ | 366,614 |   |

 

(continued)

 

F-104

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 26** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 27** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (551,574   | ) | $ | (4,524,267 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 80,272             |       | (198,005 | ) |
| Impairment loss                                                                                    |       | 153,410            |       | 4,301,123 |   |
| Distributions received from operating limited  partnerships                                        |       | 58,048             |       | 442 |   |
| Amortization                                                                                       |       | 68,492             |       | 15,655 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | 27,757             |       | 97,452 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 327,526            |       | 330,245 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 163,931            |       | 22,264 |   |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | 163,931            |       | 22,264 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 109,954            |       | 87,690 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 273,885    |   | $ | 109,954 |   |

 

(continued)

 

F-106

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 27** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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. |       | $                  | 16,888     |   | $ | — |   |
|                                                                                                                                                                                                      |       |               |       |   |   |
| 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.                                 |       | $                  | 41,331     |   | $ | — |   |

 

(continued)

 

F-107

----

 

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 28** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (923,375   | ) | $ | (5,152,986 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 455,332            |       | 685,763 |   |
| Impairment loss                                                                                    |       | 183,235            |       | 4,140,066 |   |
| Distributions received from operating limited  partnerships                                        |       | 49,621             |       | 71,310 |   |
| Amortization                                                                                       |       | —             |       | 3,300 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | (3,550             | )          | — |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 309,116            |       | 259,116 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 70,379             |       | 6,188 |   |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | 70,379             |       | 6,188 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 192,128            |       | 185,940 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 262,507    |   | $ | 192,128 |   |

 

(continued)

 

F-108

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 28** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 29** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (877,090   | ) | $ | (3,236,562 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 204,007            |       | 1,181,167 |   |
| Impairment loss                                                                                    |       | 380,451            |       | 1,715,287 |   |
| Distributions received from operating limited  partnerships                                        |       | 669                |       | 934 |   |
| Amortization                                                                                       |       | 28,948             |       | 3,311 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | — |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 331,404            |       | 334,692 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 68,389             |       | (1,552 | ) |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited partnerships                                       |       | —             |       | (35,455 | ) |
| Proceeds from disposition of operating limited  partnerships                                       |       | —             |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | —             |       | (35,455 | ) |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 68,389             |       | (37,007 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 137,986            |       | 174,993 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 206,375    |   | $ | 137,986 |   |

 

(continued)

 

F-110

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 29** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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. |       | $                  | —     |   | $ | 131 |   |
|                                                                                                                                                                                                      |       |               |       |   |   |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 30** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (1,486,625 | ) | $ | (3,481,426 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 566,987            |       | 437,912 |   |
| Impairment loss                                                                                    |       | 615,661            |       | 2,814,246 |   |
| Distributions received from operating limited partnerships                                         |       | 29,701             |       | 35,131 |   |
| Amortization                                                                                       |       | 104,340            |       | 21,238 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | — |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 186,169            |       | 161,169 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 16,233             |       | (12,111 | ) |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | 16,233             |       | (12,111 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 264,094            |       | 276,205 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 280,327    |   | $ | 264,094 |   |

 

(continued)

 

F-112

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 30** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 31** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (984,934   | ) | $ | (5,668,443 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | (197,045           | )          | 1,181,631 |   |
| Impairment loss                                                                                    |       | 796,383            |       | 3,983,987 |   |
| Distributions received from operating limited partnerships                                         |       | 5,441              |       | 9,274 |   |
| Amortization                                                                                       |       | —             |       | — |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | 109,137 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (5,357 | ) |
| Accounts payable - affiliates                                                                      |       | 364,152            |       | 314,152 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (16,003            | )          | (75,619 | ) |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | (16,003            | )          | (75,619 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 182,803            |       | 258,422 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 166,800    |   | $ | 182,803 |   |

 

(continued)

 

F-114

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 31** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 32** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (2,935,793 | ) | $ | (6,260,761 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 903,427            |       | 1,571,258 |   |
| Impairment loss                                                                                    |       | 1,688,725          |       | 4,272,196 |   |
| Distributions received from operating limited  partnerships                                        |       | 2,984              |       | — |   |
| Amortization                                                                                       |       | 131,056            |       | 36,724 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | 8,638 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 312,615            |       | 303,345 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 103,014            |       | (68,981 | ) |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | 103,014            |       | (68,981 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 237,567            |       | 306,548 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 340,581    |   | $ | 237,567 |   |

 

(continued)

 

F-116

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 32** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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.                                                                             |       | $                  | 125,000    |   | $ | — |   |
|                                                                                                                                                                                                      |       |               |       |   |   |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 33** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (1,844,221 | ) | $ | (5,082,253 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 387,789            |       | 524,307 |   |
| Impairment loss                                                                                    |       | 1,267,778          |       | 4,328,479 |   |
| Distributions received from operating limited  partnerships                                        |       | 7,370              |       | 5,555 |   |
| Amortization                                                                                       |       | 11,980             |       | 27,276 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | — |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (447 | ) |
| Accounts payable - affiliates                                                                      |       | 173,767            |       | 190,453 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 4,463              |       | (6,630 | ) |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | 4,463              |       | (6,630 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 179,652            |       | 186,282 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 184,115    |   | $ | 179,652 |   |

 

(continued)

 

F-118

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 33** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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.                                                                             |       | $                  | 125,000    |   | $ | — |   |
|                                                                                                                                                                                                      |       |               |       |   |   |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 34** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (2,349,137 | ) | $ | (5,616,496 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 610,451            |       | 1,042,792 |   |
| Impairment loss                                                                                    |       | 1,042,951          |       | 4,230,134 |   |
| Distributions received from operating limited partnerships                                         |       | 4,182              |       | 2,440 |   |
| Amortization                                                                                       |       | 384,440            |       | 43,938 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | — |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 308,882            |       | 311,484 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 1,769              |       | 13,911 |   |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | (8,244 | ) |
| Proceeds from disposition of operating limited  partnerships                                       |       | —             |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | —             |       | (8,244 | ) |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 1,769              |       | 5,667 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 72,369             |       | 66,702 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 74,138     |   | $ | 72,369 |   |

 

(continued)

 

F-120

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 34** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 35** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (3,359,953 | ) | $ | (6,285,010 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 815,231            |       | 800,389 |   |
| Impairment loss                                                                                    |       | 2,237,536          |       | 5,113,606 |   |
| Distributions received from operating limited  partnerships                                        |       | 15,731             |       | 2,625 |   |
| Amortization                                                                                       |       | 72,288             |       | 129,235 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | 12,418 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (7,198 | ) |
| Accounts payable - affiliates                                                                      |       | 228,360            |       | 203,360 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 9,193              |       | (30,575 | ) |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | 9,193              |       | (30,575 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 118,051            |       | 148,626 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 127,244    |   | $ | 118,051 |   |

 

(continued)

 

F-122

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 35** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 36** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (2,242,113 | ) | $ | (3,824,248 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 492,791            |       | 490,558 |   |
| Impairment loss                                                                                    |       | 1,548,176          |       | 3,085,005 |   |
| Distributions received from operating limited  partnerships                                        |       | 38,403             |       | 11,630 |   |
| Amortization                                                                                       |       | 29,840             |       | 88,462 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | 1,370 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 174,143            |       | 151,524 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 41,240             |       | 3,920 |   |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | 41,240             |       | 3,920 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 101,615            |       | 97,695 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 142,855    |   | $ | 101,615 |   |

 

(continued)

 

F-124

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 36** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 37** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (2,780,498 | ) | $ | (6,790,196 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 599,344            |       | 1,297,634 |   |
| Impairment loss                                                                                    |       | 1,849,293          |       | 5,083,007 |   |
| Distributions received from operating limited partnerships                                         |       | 45,997             |       | 20,790 |   |
| Amortization                                                                                       |       | 118,248            |       | 94,821 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | 81,235 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (522 | ) |
| Accounts payable - affiliates                                                                      |       | 204,864            |       | 179,864 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 37,248             |       | (33,367 | ) |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | 37,248             |       | (33,367 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 272,497            |       | 305,864 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 309,745    |   | $ | 272,497 |   |

 

(continued)

 

F-126

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 37** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 38** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (2,712,997 | ) | $ | (6,258,767 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 658,134            |       | 578,692 |   |
| Impairment loss                                                                                    |       | 1,863,888          |       | 5,386,462 |   |
| Distributions received from operating limited  partnerships                                        |       | 48,286             |       | 178,676 |   |
| Amortization                                                                                       |       | 26,220             |       | 98,915 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | 4,875 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 64,400             |       | 139,400 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (52,069            | )          | 127,872 |   |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | (52,069            | )          | 127,872 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 261,393            |       | 133,521 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 209,324    |   | $ | 261,393 |   |

 

(continued)

 

F-128

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 38** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 39** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (2,291,962 | ) | $ | (4,318,730 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 779,953            |       | 705,389 |   |
| Impairment loss                                                                                    |       | 1,331,559          |       | 3,386,978 |   |
| Distributions received from operating limited  partnerships                                        |       | 14,953             |       | 105,884 |   |
| Amortization                                                                                       |       | 22,072             |       | 90,326 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | — |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 86,800             |       | 111,800 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (56,625            | )          | 81,266 |   |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | (56,625            | )          | 81,266 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 239,921            |       | 158,655 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 183,296    |   | $ | 239,921 |   |

 

(continued)

 

F-130

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 39** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 40** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (2,709,589 | ) | $ | (5,416,173 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 900,724            |       | 774,697 |   |
| Impairment loss                                                                                    |       | 1,565,033          |       | 4,292,781 |   |
| Distributions received from operating limited partnerships                                         |       | 2,430              |       | 1,074 |   |
| Amortization                                                                                       |       | 53,036             |       | 113,728 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | 9,873 |   |
| Accounts payable and accrued expenses                                                              |       | (36,733            | )          | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 218,094            |       | 209,756 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (7,005             | )          | (14,645 | ) |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | (7,005             | )          | (14,645 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 127,519            |       | 142,164 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 120,514    |   | $ | 127,519 |   |

 

(continued)

 

F-132

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 40** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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. |       | $                  | —     |   | $ | 8,592 |   |
|                                                                                                                                                                                                      |       |               |       |   |   |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 41** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (2,440,525 | ) | $ | (3,871,357 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 553,631            |       | 808,749 |   |
| Impairment loss                                                                                    |       | 1,370,664          |       | 2,680,272 |   |
| Distributions received from operating limited  partnerships                                        |       | 6,437              |       | 5,786 |   |
| Amortization                                                                                       |       | 282,764            |       | 133,927 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | (835               | )          | — |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (9,584 | ) |
| Accounts payable - affiliates                                                                      |       | 266,149            |       | 270,859 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 38,285             |       | 18,652 |   |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | 38,285             |       | 18,652 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 40,375             |       | 21,723 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 78,660     |   | $ | 40,375 |   |

 

(continued)

 

F-134

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 41** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 42** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (2,439,386 | ) | $ | (6,857,155 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 342,003            |       | 1,504,122 |   |
| Impairment loss                                                                                    |       | 1,688,303          |       | 4,924,845 |   |
| Distributions received from operating limited  partnerships                                        |       | 609                |       | 417 |   |
| Amortization                                                                                       |       | 128,732            |       | 117,134 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | 117,628            |       | (101,647 | ) |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 151,056            |       | 127,320 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (11,055            | )          | (285,345 | ) |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | (4,211 | ) |
| Proceeds from disposition of operating limited partnerships                                        |       | —             |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | —             |       | (4,211 | ) |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | (11,055            | )          | (289,556 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 359,855            |       | 649,411 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 348,800    |   | $ | 359,855 |   |

 

(continued)

 

F-136

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 42** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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-137

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 43** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (3,178,616 | ) | $ | (6,502,229 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 514,076            |       | 1,935,345 |   |
| Impairment loss                                                                                    |       | 2,024,801          |       | 4,043,890 |   |
| Distributions received from operating limited partnerships                                         |       | 20,907             |       | 61,839 |   |
| Amortization                                                                                       |       | 289,737            |       | 167,349 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | 117,628            |       | (117,628 | ) |
| Accounts payable and accrued expenses                                                              |       | —             |       | (381 | ) |
| Accounts payable - affiliates                                                                      |       | 281,780            |       | 256,780 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | 70,313             |       | (155,035 | ) |
|                                                                                               |       |               |       |   |   |
| Cash flows from investing activities                                                               |       |               |       |   |   |
| Capital contributions paid to operating limited  partnerships                                      |       | —             |       | (2,268 | ) |
| Proceeds from disposition of operating limited  partnerships                                       |       | —             |       | — |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) investing  activities                                               |       | —             |       | (2,268 | ) |
|                                                                                               |       |               |       |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH  EQUIVALENTS                                              |       | 70,313             |       | (157,303 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 185,952            |       | 343,255 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 256,265    |   | $ | 185,952 |   |

 

(continued)

 

F-138

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 43** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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-139

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                          | ** ** | **Series  44** | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|----------------|------------|
| ** **                                                                                          | ** ** | **2010**       | ** ** | **2009** | ** ** |
| Cash  flows from operating activities                                                               |       |           |       |   |   |
| Net  income (loss)                                                                                  |       | $              | (3,226,501 | ) | $ | (3,188,252 | ) |
| Adjustments  to reconcile net income (loss) to net cash provided by (used in) operating  activities |       |           |       |   |   |
| Share  of (income) losses from operating limited partnerships                                       |       | 1,444,199      |       | 1,071,100 |   |
| Impairment  loss                                                                                    |       | 1,198,091      |       | 1,773,459 |   |
| Distributions  received from operating limited partnerships                                         |       | 4,129          |       | 7,116 |   |
| Amortization                                                                                        |       | 294,134        |       | 113,014 |   |
| Changes  in assets and liabilities                                                                  |       |           |       |   |   |
| Other  assets                                                                                       |       | —         |       | — |   |
| Accounts  payable and accrued expenses                                                              |       | —         |       | (381 | ) |
| Accounts  payable - affiliates                                                                      |       | 84,701         |       | 209,701 |   |
|                                                                                                |       |           |       |   |   |
| Net  cash provided by (used in) operating activities                                                |       | (201,247       | )          | (14,243 | ) |
|                                                                                                |       |           |       |   |   |
| Cash  flows from investing activities                                                               |       |           |       |   |   |
| Capital  contributions paid to operating limited partnerships                                       |       | —         |       | (58,174 | ) |
| Proceeds  from disposition of operating limited partnerships                                        |       | —         |       | — |   |
|                                                                                                |       |           |       |   |   |
| Net  cash provided by (used in) investing activities                                                |       | —         |       | (58,174 | ) |
|                                                                                                |       |           |       |   |   |
| NET  INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               |       | (201,247       | )          | (72,417 | ) |
|                                                                                                |       |           |       |   |   |
| Cash  and cash equivalents, beginning                                                               |       | 791,833        |       | 864,250 |   |
|                                                                                                |       |           |       |   |   |
| Cash  and cash equivalents, ending                                                                  |       | $              | 590,586    |   | $ | 791,833 |   |

 

(continued)

 

F-140

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 44** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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. |       | $                  | —     |   | $ | 53,391 |   |
|                                                                                                                                                                                                      |       |               |       |   |   |
| 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-141

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 45** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (4,185,948 | ) | $ | (4,427,068 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 1,379,202          |       | 1,116,859 |   |
| Impairment loss                                                                                    |       | 2,117,133          |       | 2,787,550 |   |
| Distributions received from operating limited  partnerships                                        |       | 51,029             |       | 22,401 |   |
| Amortization                                                                                       |       | 288,104            |       | 144,882 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | 5,435 |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (678 | ) |
| Accounts payable - affiliates                                                                      |       | 16,564             |       | 191,564 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (333,916           | )          | (159,055 | ) |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | (333,916           | )          | (159,055 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 871,105            |       | 1,030,160 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 537,189    |   | $ | 871,105 |   |

 

(continued)

 

F-142

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 45** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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, 2010 and 2009

 
| ** **                                                                                         | ** ** | **Series 46** | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                         | ** ** | **2010**           | ** ** | **2009** | ** ** |
| Cash flows from operating activities                                                               |       |               |       |   |   |
| Net income (loss)                                                                                  |       | $                  | (3,303,319 | ) | $ | (4,253,731 | ) |
| Adjustments to reconcile net income (loss) to net  cash provided by (used in) operating activities |       |               |       |   |   |
| Share of (income) losses from operating limited  partnerships                                      |       | 861,685            |       | 764,836 |   |
| Impairment loss                                                                                    |       | 2,084,333          |       | 3,123,951 |   |
| Distributions received from operating limited  partnerships                                        |       | 15,289             |       | 4,952 |   |
| Amortization                                                                                       |       | 79,928             |       | 103,890 |   |
| Changes in assets and liabilities                                                                  |       |               |       |   |   |
| Other assets                                                                                       |       | —             |       | — |   |
| Accounts payable and accrued expenses                                                              |       | —             |       | (1,667 | ) |
| Accounts payable - affiliates                                                                      |       | 49,528             |       | 149,528 |   |
|                                                                                               |       |               |       |   |   |
| Net cash provided by (used in) operating  activities                                               |       | (212,556           | )          | (108,241 | ) |
|                                                                                               |       |               |       |   |   |
| 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                                              |       | (212,556           | )          | (108,241 | ) |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, beginning                                                               |       | 480,195            |       | 588,436 |   |
|                                                                                               |       |               |       |   |   |
| Cash and cash equivalents, ending                                                                  |       | $                  | 267,639    |   | $ | 480,195 |   |

 

(continued)

 

F-144

----

 

Boston Capital Tax Credit Fund IV L.P.

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Years ended March 31, 2010 and 2009

 
| ** **                                                                                                                                                                                                | ** ** | **Series 46** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **2010**           | ** ** | **2009** | ** ** |
| 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.                                 |       | $                  | —     |   | $ | — |   |

 

Seenotes to financial statements

 

F-145

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS

 

March 31, 2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Boston Capital Tax Credit Fund IV L.P. (the Partnership or Fund) wasorganized under the laws of the State of Delaware as of October 5, 1993,for the purpose of acquiring, holding, and disposing of limited partnershipinterests in operating limited partnerships which acquire, develop,rehabilitate, operate and own newly-constructed, existing or rehabilitatedapartment complexes which qualify for the Low-Income Housing Tax Creditestablished by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent chargesand operating methods.  Certain of theapartment complexes may also qualify for the Historic Rehabilitation Tax Creditfor their rehabilitation of certified historic structures and are subject tothe provisions of the Internal Revenue Code relating to the RehabilitationInvestment Credit.  The general partnerof the fund is Boston Capital Associates IV L.P. and the limited partner isBCTC 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) andtax 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-11Registration Statement with the Securities and Exchange Commission, effectiveDecember 16, 1993, which covered the offering (the Public Offering) of thebeneficial assignee certificates (BACs) representing assignments of units ofthe beneficial interest of the limited partnership interest of the assignorlimited partner.  The fund has registered101,500,000 BACs at $10 per BAC for sale to the public in one or moreseries.  BACs sold in bulk are offered toinvestors at a reduced cost per BAC.

 

F-146

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

The BACs issued and outstanding in each series at March 31, 2010and 2009 are as follows:

 
| ** **     | ** ** | **2010**   | ** ** | **2009**   | ** ** |
|----------------|------------|------------|------------|------------|------------|
|           |       |       |       |       |       |
| Series 20 |       | 3,866,700  |       | 3,866,700  |       |
| Series 21 |       | 1,892,700  |       | 1,892,700  |       |
| 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 |       | 3,026,109  |       | 3,026,109  |       |
| Series 26 |       | 3,995,900  |       | 3,995,900  |       |
| Series 27 |       | 2,460,700  |       | 2,460,700  |       |
| Series 28 |       | 4,000,738  |       | 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 |       | 4,754,198  |       | 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  |       |
|           |       |       |       |       |       |
|           |       | 83,651,080 |       | 83,651,080 |       |

 

F-147

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investments in Operating Limited Partnerships

 

The Fund accounts for its investments in operating limited partnershipsusing the equity method, whereby the Fund adjusts its investment cost for itsshare of each operating limited partnership’s results of operations and for anydistributions received or accrued. However, the Fund recognizes the individual operating limitedpartnership’s losses only to the extent that the Fund’s share of losses fromthe operating limited partnerships does not exceed the carrying amount of itsinvestment and its advances to operating limited partnerships.  Unrecognized losses are suspended and offsetagainst future individual operating limited partnership income.

 

After the investment account is reduced to zero, receivables due fromthe operating limited partnerships are decreased by the partnership’s share oflosses and, accordingly, a valuation allowance is recorded against thereceivables.  Accordingly, the Fundrecorded a valuation allowance of $224,814 and $651,233 as of March 31,2010 and 2009, respectively.

 

The Fund reviews its investment in operating limited partnerships forimpairment whenever events or changes in circumstances indicate that thecarrying amount of such investments may not be recoverable. Recoverability ismeasured by a comparison of the carrying amount of the investment to the futurenet undiscounted cash flows expected to be generated by the operating limitedpartnerships including the low-income housing tax credits and the residualvalue upon sale or disposition of the equity interest in the operating limitedpartnerships. If the investment is considered to be impaired, the impairment tobe recognized is measured at the amount by which the carrying amount of theinvestment exceeds the fair value of such investment. The Fund also evaluatesits intangibles for impairment in connection with its investments in operatinglimited partnerships.  Impairment losseshave been recognized for the years ended March 31, 2010 and 2009 of$27,675,675 and $85,330,656, respectively

 

Capital contributions to operating limited partnerships are adjusted bytax credit adjusters.  Tax creditadjusters are defined as adjustments to operating limited partnership capitalcontributions due to reductions in actual tax credits from those originallyprojected.  The Fund records tax creditadjusters as a reduction in investments in operating limited partnerships andcapital contributions payable.

 

The operating limited partnerships maintain their financial statementsbased on a calendar year and the fund utilizes a March 31 year end.  The Fund records losses and income from theoperating limited partnerships on a calendar year basis which is not materiallydifferent from losses and income generated if the operating limitedpartnerships utilized a March 31 year end.

 

The Fund records capital contributions payable to the operating limitedpartnerships once there is a binding obligation to fund a specifiedamount.  The operating limitedpartnerships 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, 2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investments in Operating Limited Partnerships (Continued)

 

Prior to January 1, 1999, the Fund recorded acquisition costs asan increase in its investments in operating limited partnerships.  These costs were amortized by the operatinglimited partnerships over 27.5 years on the straight-line method.  Certain operating limited partnerships havenot recorded the acquisition costs as a capital contribution from thefund.  These differences are shown asreconciling items in note C.  As ofJanuary 1, 1999, the Fund records acquisition costs incurred afterJanuary 1, 1999 as deferred acquisition costs.  These costs are amortized on thestraight-line method.

 

In accordance with the accounting guidance for the consolidation ofvariable interest entities, the Fund determines when it should include theassets, liabilities, and activities of a variable interest entity (VIE) in itsfinancial statements, and when it should disclose information about itsrelationship with a VIE. A VIE is a legal structure used to conduct activitiesor hold assets, which must be consolidated by a company if it is the primarybeneficiary because it absorbs the majority of the entity’s expected losses,the majority of the expected returns, or both. Based on this guidance, theoperating limited partnerships in which the Fund invests meet the definition ofa VIE.  However, management does notconsolidate the Fund’s interests in these VIEs under this guidance, as it isnot considered to be the primary beneficiary. The Fund currently records the amount of its investment in theseoperating limited partnerships as an asset on its balance sheets, recognizesits share of the operating limited partnership income or losses in thestatements of operations, and discloses how it accounts for material types ofthese investments in its financial statements.

 

The Fund’s balance in investment in operating limited partnerships,plus the risk of recapture of tax credits previously recognized on theseinvestments, represents its maximum exposure to loss.  The Fund’s exposure to loss on theseoperarting limited partnerships is mitigated by the condition and financialperformance of the underlying properties as well as the strength of theoperating 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, 2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Capitalized Expenses

 

Costs incurred with borrowing funds to make capital contributions tooperating limited partnerships and certain other costs are capitalized andincluded in investment in operating limited partnerships.  The costs were being amortized on thestraight-line method over 27.5 years.  Asof March 31, 2010 and 2009, an impairment loss of $5,090 and $1,351,978,respectively, was recorded and the lives of the remaining capitalized interestwere reassessed.

 

Accumulated amortization for capitalized interest as of March 31,2010 and 2009, as well as the March 31, 2009 impairments and the remaininglives are as follows:

 
| ** **     | ** ** | **Accumulated  Amortization** | ** ** | **Accumulated  Amortization** | ** ** | **Capitalized Interest  Impairment** | ** ** | **Capitalized Interest  Impairment** | ** ** | **Remaining Life of  Capitalized Interest** | ** ** |
|----------------|------------|-------------------------------|------------|-------------------------------|------------|-------------------------------------------|------------|-------------------------------------------|------------|------------------------------------------------------------|------------|
| ** **     | ** ** | **2010**                      | ** ** | **2009**                      | ** ** | **2010**                                  | ** ** | **2009**                                  | ** ** | **Years**                                                  | ** ** |
| Series 20 |       | $                             | —     |                          | $          | —                                    |       | $                                         | —     |                                                       | $          | — |   | — |   |
| Series 21 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 22 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 23 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 24 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 25 |       | —                        |       | —                        |       | —                                    |       | 86,980                                    |       | —                                                     |       |
| Series 26 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 27 |       | 10,181                        |       | 7,081                         |       | —                                    |       | —                                    |       | 3                                                          |       |
| Series 28 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 29 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 30 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 31 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 32 |       | —                        |       | —                        |       | —                                    |       | 110,727                                   |       | —                                                     |       |
| Series 33 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
| Series 34 |       | —                        |       | 5,819                         |       | 5,090                                     |       | —                                    |       | —                                                     |       |
| Series 35 |       | —                        |       | —                        |       | —                                    |       | 117,847                                   |       | —                                                     |       |
| Series 36 |       | —                        |       | —                        |       | —                                    |       | 75,899                                    |       | —                                                     |       |
| Series 37 |       | —                        |       | —                        |       | —                                    |       | 89,449                                    |       | —                                                     |       |
| Series 38 |       | —                        |       | —                        |       | —                                    |       | 58,712                                    |       | —                                                     |       |
| Series 39 |       | —                        |       | —                        |       | —                                    |       | 49,619                                    |       | —                                                     |       |
| Series 40 |       | —                        |       | —                        |       | —                                    |       | 232,300                                   |       | —                                                     |       |
| Series 41 |       | —                        |       | —                        |       | —                                    |       | 377,052                                   |       | —                                                     |       |
| Series 42 |       | —                        |       | —                        |       | —                                    |       | 65,307                                    |       | —                                                     |       |
| Series 43 |       | —                        |       | —                        |       | —                                    |       | 27,065                                    |       | —                                                     |       |
| Series 44 |       | 2,436                         |       | 2,046                         |       | —                                    |       | —                                    |       | 7                                                          |       |
| Series 45 |       | —                        |       | —                        |       | —                                    |       | 61,021                                    |       | —                                                     |       |
| Series 46 |       | —                        |       | —                        |       | —                                    |       | —                                    |       | —                                                     |       |
|           |       | $                             | 12,617     |                          | $          | 14,946                                    |       | $                                         | 5,090      |                                                       | $          | 1,351,978 |   |   |   |

 

The annual amortization for capitalized interest expense for the years2011, 2012, 2013, 2014, and 2015 are estimated to be $4,282, $4,282, $4,282,$1,182 and $1,182, respectively.

 

F-150

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Deferred Acquisition Costs

 

Acquisition costs were amortized on the straight-line method over 27.5years.  As of March 31, 2010 and2009, an impairment loss of $1,810,230 and $16,813,106, respectively, wasrecorded and the lives of the remaining acquisition costs were reassessed.

 

Accumulated amortization as of March 31, 2010 and 2009, as well asthe March 31, 2009 impairments and the remaining lives are as follows:

 
| ** **     | ** ** | **Accumulated  Amortization** | ** ** | **Accumulated  Amortization** | ** ** | **Acquisition Costs  Impairment** | ** ** | **Acquisition Costs  Impairment** | ** ** | **Remaining Life  Acquistion Costs** | ** ** |
|----------------|------------|-------------------------------|------------|-------------------------------|------------|----------------------------------------|------------|----------------------------------------|------------|------------------------------------------------|------------|
| ** **     | ** ** | **2010**                      | ** ** | **2009**                      | ** ** | **2010**                               | ** ** | **2009**                               | ** ** | **Years**                                      | ** ** |
| Series 20 |       | $                             | —     |                          | $          | —                                 |       | —                                 |       | $                                              | 62,514     |   | — |   |
| Series 21 |       | —                        |       | —                        |       | —                                 |       | 34,192                                 |       | —                                         |       |
| Series 22 |       | —                        |       | —                        |       | —                                 |       | 107,446                                |       | —                                         |       |
| Series 23 |       | —                        |       | —                        |       | —                                 |       | 159,787                                |       | —                                         |       |
| Series 24 |       | —                        |       | —                        |       | —                                 |       | 178,582                                |       | —                                         |       |
| Series 25 |       | 11,423                        |       | —                        |       | 22,855                                 |       | 145,062                                |       | —                                         |       |
| Series 26 |       | 34,324                        |       | —                        |       | 34,322                                 |       | 252,527                                |       | —                                         |       |
| Series 27 |       | 65,392                        |       | 149,468                       |       | —                                 |       | —                                 |       | 3                                              |       |
| Series 28 |       | —                        |       | —                        |       | —                                 |       | 57,762                                 |       | —                                         |       |
| Series 29 |       | 28,950                        |       | 32,972                        |       | —                                 |       | —                                 |       | 1                                              |       |
| Series 30 |       | 104,340                       |       | —                        |       | 78,065                                 |       | 162,953                                |       | 1                                              |       |
| Series 31 |       | —                        |       | —                        |       | —                                 |       | —                                 |       | —                                         |       |
| Series 32 |       | 131,056                       |       | —                        |       | 262,118                                |       | 138,909                                |       | 2                                              |       |
| Series 33 |       | 11,980                        |       | —                        |       | 23,960                                 |       | 441,461                                |       | 2                                              |       |
| Series 34 |       | 379,347                       |       | 431,775                       |       | 154,970                                |       | —                                 |       | 1                                              |       |
| Series 35 |       | 72,288                        |       | —                        |       | —                                 |       | 1,860,902                              |       | 3                                              |       |
| Series 36 |       | 29,840                        |       | —                        |       | 59,676                                 |       | 1,386,792                              |       | 2                                              |       |
| Series 37 |       | 118,248                       |       | —                        |       | —                                 |       | 1,191,943                              |       | 3                                              |       |
| Series 38 |       | 26,220                        |       | —                        |       | 36,781                                 |       | 1,813,141                              |       | 3                                              |       |
| Series 39 |       | 22,072                        |       | —                        |       | 32,860                                 |       | 1,689,322                              |       | 3                                              |       |
| Series 40 |       | 53,036                        |       | —                        |       | —                                 |       | 1,968,409                              |       | 3                                              |       |
| Series 41 |       | 282,764                       |       | —                        |       | 240,999                                |       | 954,584                                |       | 4                                              |       |
| Series 42 |       | 128,732                       |       | —                        |       | 205,435                                |       | 1,423,228                              |       | 7                                              |       |
| Series 43 |       | 271,840                       |       | —                        |       | 293,908                                |       | 1,015,420                              |       | 7                                              |       |
| Series 44 |       | 282,799                       |       | 532,873                       |       | —                                 |       | —                                 |       | 7                                              |       |
| Series 45 |       | 288,104                       |       | —                        |       | 105,080                                |       | 410,614                                |       | 7                                              |       |
| Series 46 |       | 79,928                        |       | —                        |       | 259,201                                |       | 1,357,556                              |       | 7                                              |       |
|           |       |                          |       |                          |       |                                   |       |                                   |       |                                           |       |
|           |       | $                             | 2,422,683  |                          | $          | 1,147,088                              |       | $                                      | 1,810,230  |                                           | $          | 16,813,106 |   |   |   |
|                |            |                               |            |                               |            |                                        |            |                                        |            |                                                |            |  |  |  |  |

 

The annual amortization for deferred acquisition costs for the years2011, 2012, 2013, 2014, and 2015 is estimated to be $1,764,175, $1,484,575,$1,484,575, $1,150,539, and $928,026 respectively.

 

F-151

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Income Taxes

 

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

 

Cash and Cash Equivalents

 

Cashequivalents include money market accounts having original maturities at date ofacquisition of three months or less.  Thecarrying value approximates fair value because of the short maturity of theseinstruments.

 

Fiscal Year

 

Forfinancial reporting purposes, the fund uses a March 31 year end, whereasfor income tax reporting purposes, the fund uses a calendar year.  The operating limited partnerships use acalendar 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, 2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Net Loss Per Beneficial Assignee Certificate Unit

 

Net loss per beneficial assignee certificate unit is calculated basedupon the weighted average number of units outstanding during the year orperiod.  The weighted average number ofunits in each series at March 31, 2010 and 2009 are as follows:

 
| ** **     | ** ** | **2010**   | ** ** | **2009**   | ** ** |
|----------------|------------|------------|------------|------------|------------|
|           |       |       |       |       |       |
| Series 20 |       | 3,866,700  |       | 3,866,700  |       |
| Series 21 |       | 1,892,700  |       | 1,892,700  |       |
| 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 |       | 3,026,109  |       | 3,026,109  |       |
| Series 26 |       | 3,995,900  |       | 3,995,900  |       |
| Series 27 |       | 2,460,700  |       | 2,460,700  |       |
| Series 28 |       | 4,000,738  |       | 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 |       | 4,754,198  |       | 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  |       |
|           |       |       |       |       |       |
|           |       | 83,651,080 |       | 83,651,080 |       |

 

F-153

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Use of Estimates

 

Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenue and expensesduring the reporting period.  Actualresults could differ from those estimates.

 

Recent Accounting Pronouncements

 

InMay 2009, the Financial Accounting Standards Board (FASB) issued guidanceregarding subsequent events, which was subsequently updated in February 2010.This guidance established general standards of accounting for and disclosure ofevents that occur after the balance sheet date but before financial statementsare issued or are available to be issued. In particular, this guidance setsforth the period after the balance sheet date during which management of areporting entity should evaluate events or transactions that may occur forpotential recognition or disclosure in the financial statements, thecircumstances under which an entity should recognize events or transactionsoccurring after the balance sheet date in its financial statements, and thedisclosures that an entity should make about events or transactions thatoccurred after the balance sheet date. This guidance was effective forfinancial statements issued for fiscal years and interim periods ending afterJune 15, 2009, and was therefore adopted by the Fund for the quarter endedJune 30, 2009. The adoption did not have a significant impact on thesubsequent events that the Fund reports, either through recognition ordisclosure, in the financial statements. In February 2010, the FASBamended its guidance on subsequent events to remove the requirement to disclosethe date, through which an entity has evaluated subsequent events, alleviatingconflicts with current SEC guidance. This amendment was effective immediatelyand therefore the Fund did not include the disclosure in this Form 10-K.

 

F-154

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEA - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Recent Accounting Pronouncements - continued

 

In June 2009, the FASB issued an amendment to the accounting anddisclosure requirements for the consolidation of VIEs. The amended guidancemodifies the consolidation model to one based on control and economics, andreplaces the current quantitative primary beneficiary analysis with aqualitative analysis. The primary beneficiary of a VIE will be the entity thathas (1) the power to direct the activities of the VIE that mostsignificantly impact the VIE’s economic performance and (2) the obligationto absorb losses or receive benefits that could potentially be significant tothe VIE.

 

If multiple unrelated parties share such power, as defined, no partywill be required to consolidate the VIE. Further, the amended guidance requirescontinual reconsideration of the primary beneficiary of a VIE and adds anadditional reconsideration event for determination of whether an entity is aVIE. Additionally, the amendment requires enhanced and expanded disclosuresaround VIEs. This amendment is effective for fiscal years beginning afterNovember 15, 2009. The adoption of this guidance on April 1, 2010 isnot expected to have a material effect on the Partnership’s financialstatements.

 

In June 2009, the FASB issued the Accounting StandardsCodification (Codification). Effective July 1, 2009, the Codification isthe single source of authoritative accounting principles recognized by the FASBto be applied by non-governmental entities in the preparation of financialstatements in conformity with U.S. generally accepted accounting principles(GAAP). The Codification is intended to reorganize, rather than change,existing GAAP. Accordingly, all references to currently existing GAAP have beenremoved and have been replaced with plain English explanations of the Partnership’saccounting policies. The adoption of the Codification did not have a materialimpact on the Partnership’s financial position or results of operations.

 

F-155

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEB - RELATED PARTY TRANSACTIONS

 

During the years ended March 31, 2010 and 2009, the Fund enteredinto several transactions with various affiliates of the general partner,including Boston Capital Partners, Inc. (BCP), Boston Capital HoldingsLimited Partnership (BCHLP), Boston Capital Services, Inc. (BCS) andBoston Capital Asset Management Limited Partnership (BCAM) as follows:

 

BostonCapital Asset Management Limited Partnership is entitled to an annual fundmanagement fee based on .5 percent of the aggregate cost of all apartmentcomplexes acquired by the operating limited partnerships.  The aggregate cost is comprised of thecapital contributions made by each Series to the operating limitedpartnerships and 99% of the permanent financing at the operating limitedpartnership level.  The annual fund feescharged to operations during the years ended March 31, 2010 and 2009, areas follows:

 
| ** **     | ** ** | **2010** | ** ** | **2009** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | 337,024    |     | $          | 337,752 |   |
| Series 21 |       | 141,133  |       | 180,372  |       |
| Series 22 |       | 249,803  |       | 254,591  |       |
| Series 23 |       | 235,714  |       | 240,264  |       |
| Series 24 |       | 199,222  |       | 227,736  |       |
| Series 25 |       | 234,550  |       | 272,676  |       |
| Series 26 |       | 417,273  |       | 434,760  |       |
| Series 27 |       | 315,204  |       | 315,204  |       |
| Series 28 |       | 334,116  |       | 334,116  |       |
| Series 29 |       | 331,404  |       | 334,692  |       |
| Series 30 |       | 186,169  |       | 186,169  |       |
| Series 31 |       | 364,152  |       | 364,152  |       |
| Series 32 |       | 312,615  |       | 328,345  |       |
| Series 33 |       | 159,745  |       | 173,964  |       |
| Series 34 |       | 293,196  |       | 293,196  |       |
| Series 35 |       | 228,360  |       | 228,360  |       |
| Series 36 |       | 160,599  |       | 160,599  |       |
| Series 37 |       | 204,864  |       | 204,864  |       |
| Series 38 |       | 164,400  |       | 164,400  |       |
| Series 39 |       | 136,800  |       | 136,800  |       |
| Series 40 |       | 200,017  |       | 200,017  |       |
| Series 41 |       | 246,830  |       | 246,830  |       |
| Series 42 |       | 251,056  |       | 252,320  |       |
| Series 43 |       | 306,780  |       | 306,780  |       |
| Series 44 |       | 284,701  |       | 284,701  |       |
| Series 45 |       | 366,564  |       | 366,564  |       |
| Series 46 |       | 249,528  |       | 249,528  |       |
|           |       |     |       |     |       |
|           |       | $        | 6,911,819  |     | $          | 7,079,752 |   |

 

F-156

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEB - RELATED PARTY TRANSACTIONS (Continued)

 

The Fund incurred a fund management fee to Boston Capital AssetManagement Limited Partnership in an amount equal to .5 percent of theaggregate cost of the apartment complexes owned by the operating limitedpartnerships, less the amount of various asset management and reporting feespaid by the operating limited partnerships. The reporting fees paid by the operating limited partnerships to thepartnership for the years ended March 31, 2010 and 2009, are as follows:

 
| ** **     | ** ** | **2010** | ** ** | **2009** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | 75,503     |     | $          | 55,948 |   |
| Series 21 |       | 64,846   |       | 21,723   |       |
| Series 22 |       | 18,136   |       | 21,131   |       |
| Series 23 |       | 26,439   |       | 34,314   |       |
| Series 24 |       | 68,404   |       | 33,074   |       |
| Series 25 |       | 77,866   |       | 60,212   |       |
| Series 26 |       | 118,642  |       | 81,694   |       |
| Series 27 |       | 139,570  |       | 47,815   |       |
| Series 28 |       | 76,484   |       | 68,022   |       |
| Series 29 |       | 106,812  |       | 33,606   |       |
| Series 30 |       | 28,927   |       | 30,346   |       |
| Series 31 |       | 38,168   |       | 42,859   |       |
| Series 32 |       | 112,529  |       | 20,555   |       |
| Series 33 |       | 20,195   |       | 9,888    |       |
| Series 34 |       | 22,454   |       | 45,163   |       |
| Series 35 |       | 36,303   |       | 38,385   |       |
| Series 36 |       | 25,250   |       | 40,754   |       |
| Series 37 |       | 26,818   |       | 10,500   |       |
| Series 38 |       | 41,136   |       | 19,873   |       |
| Series 39 |       | 17,135   |       | 45,799   |       |
| Series 40 |       | 19,771   |       | 31,158   |       |
| Series 41 |       | 39,058   |       | 32,501   |       |
| Series 42 |       | 25,452   |       | 17,395   |       |
| Series 43 |       | 17,094   |       | 16,364   |       |
| Series 44 |       | 36,350   |       | 84,969   |       |
| Series 45 |       | 37,944   |       | 48,393   |       |
| Series 46 |       | 22,343   |       | 34,228   |       |
|           |       |     |       |     |       |
|           |       | $        | 1,339,629  |     | $          | 1,026,669 |   |

 

F-157

----

 

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEB - RELATED PARTY TRANSACTIONS (Continued)

 

Thefund management fees paid for the years ended March 31, 2010 and 2009, areas follows:

 
| ** **     | ** ** | **2010** | ** ** | **2009** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | 50,000     |     | $          | 50,000 |   |
| Series 21 |       | 600,000  |       | —   |       |
| Series 22 |       | —   |       | —   |       |
| Series 23 |       | —   |       | —   |       |
| Series 24 |       | 75,000   |       | 50,000   |       |
| Series 25 |       | 100,000  |       | 50,000   |       |
| Series 26 |       | 200,000  |       | 775,000  |       |
| Series 27 |       | —   |       | —   |       |
| Series 28 |       | 25,000   |       | 75,000   |       |
| Series 29 |       | —   |       | —   |       |
| Series 30 |       | —   |       | 25,000   |       |
| Series 31 |       | —   |       | 50,000   |       |
| Series 32 |       | —   |       | 25,000   |       |
| Series 33 |       | —   |       | —   |       |
| Series 34 |       | —   |       | —   |       |
| Series 35 |       | —   |       | 25,000   |       |
| Series 36 |       | —   |       | 25,000   |       |
| Series 37 |       | —   |       | 25,000   |       |
| Series 38 |       | 100,000  |       | 25,000   |       |
| Series 39 |       | 50,000   |       | 25,000   |       |
| Series 40 |       | —   |       | —   |       |
| Series 41 |       | —   |       | —   |       |
| Series 42 |       | 100,000  |       | 125,000  |       |
| Series 43 |       | 25,000   |       | 50,000   |       |
| Series 44 |       | 200,000  |       | 75,000   |       |
| Series 45 |       | 350,000  |       | 175,000  |       |
| Series 46 |       | 200,000  |       | 100,000  |       |
|           |       |     |       |     |       |
|           |       | $        | 2,075,000  |     | $          | 1,750,000 |   |

 

F-158

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEB - RELATED PARTY TRANSACTIONS (Continued)

 

An affiliate of the general partner of the Fund has advanced funds topay some operating expenses of the fund, and to make advances and/or loans tooperating limited partnerships. These advances are included in accounts payableto affiliates. The total advances as of March 31, 2010 and 2009, are asfollows:

 
| ** **     | ** ** | **2010** | ** ** | **2009** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | —     |     | $          | — |   |
| Series 21 |       | 108,007  |       | 108,007  |       |
| Series 22 |       | 51,981   |       | 37,496   |       |
| Series 23 |       | 62,510   |       | 47,736   |       |
| Series 24 |       | —   |       | —   |       |
| Series 25 |       | —   |       | —   |       |
| Series 26 |       | —   |       | —   |       |
| Series 27 |       | 54,128   |       | 41,806   |       |
| Series 28 |       | —   |       | —   |       |
| Series 29 |       | —   |       | —   |       |
| Series 30 |       | —   |       | —   |       |
| Series 31 |       | —   |       | —   |       |
| Series 32 |       | —   |       | —   |       |
| Series 33 |       | 48,550   |       | 34,528   |       |
| Series 34 |       | 62,914   |       | 47,228   |       |
| Series 35 |       | —   |       | —   |       |
| Series 36 |       | 123,590  |       | 110,046  |       |
| Series 37 |       | —   |       | —   |       |
| Series 38 |       | 69,191   |       | 69,191   |       |
| Series 39 |       | 220,455  |       | 220,455  |       |
| Series 40 |       | 325,546  |       | 307,469  |       |
| Series 41 |       | 359,757  |       | 340,438  |       |
| Series 42 |       | 221,615  |       | 221,615  |       |
| Series 43 |       | 51,482   |       | 51,482   |       |
| Series 44 |       | —   |       | —   |       |
| Series 45 |       | —   |       | —   |       |
| Series 46 |       | —   |       | —   |       |
|           |       |     |       |     |       |
|           |       | $        | 1,759,726  |     | $          | 1,637,497 |   |

 

All payables to affiliates will be paid, without interest, fromavailable cash flow or the proceeds of sales or refinancing of the fund’sinterests in operating limited partnerships.

 

F-159

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEB - RELATED PARTY TRANSACTIONS (Continued)

 

During the years ended March 31, 2010 and 2009, general andadministrative expenses incurred by Boston Capital Partners, Inc., BostonCapital Holdings Limited Partnership and/or Boston Capital Asset ManagementLimited Partnership were charged to each series’ operations as follows:

 
| ** **     | ** ** | **2010** | ** ** | **2009** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | 15,913     |     | $          | 17,881 |   |
| Series 21 |       | 11,268   |       | 13,553   |       |
| Series 22 |       | 14,465   |       | 16,876   |       |
| Series 23 |       | 14,784   |       | 17,213   |       |
| Series 24 |       | 12,891   |       | 15,388   |       |
| Series 25 |       | 13,857   |       | 16,434   |       |
| Series 26 |       | 18,120   |       | 20,948   |       |
| Series 27 |       | 12,332   |       | 15,042   |       |
| Series 28 |       | 17,801   |       | 20,746   |       |
| Series 29 |       | 17,513   |       | 20,459   |       |
| Series 30 |       | 15,033   |       | 17,749   |       |
| Series 31 |       | 18,012   |       | 20,988   |       |
| Series 32 |       | 17,445   |       | 20,217   |       |
| Series 33 |       | 14,032   |       | 16,488   |       |
| Series 34 |       | 15,696   |       | 18,287   |       |
| Series 35 |       | 15,180   |       | 17,719   |       |
| Series 36 |       | 13,554   |       | 15,926   |       |
| Series 37 |       | 17,244   |       | 21,479   |       |
| Series 38 |       | 17,761   |       | 22,012   |       |
| Series 39 |       | 17,127   |       | 21,380   |       |
| Series 40 |       | 18,247   |       | 22,690   |       |
| Series 41 |       | 19,773   |       | 24,030   |       |
| Series 42 |       | 20,734   |       | 23,924   |       |
| Series 43 |       | 21,667   |       | 25,154   |       |
| Series 44 |       | 19,394   |       | 22,264   |       |
| Series 45 |       | 23,251   |       | 26,557   |       |
| Series 46 |       | 19,330   |       | 23,335   |       |
|           |       |     |       |     |       |
|           |       | $        | 452,424    |     | $          | 534,739 |   |

 

Accounts payable - affiliates at March 31, 2010 and 2009represents general and administrative expenses, fund management fees, andcommissions which are payable to Boston Capital Partners, Inc., BostonCapital Holdings Limited Partnership, Boston Capital Services, Inc., andBoston Capital Asset Management Limited Partnership.

 

F-160

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31, 2010 and 2009, the fund has limited partnershipinterests in operating limited partnerships, which own or are constructing orrehabilitating operating apartment complexes. The number of operating limited partnerships in which the fund haslimited partnership interests at March 31, 2010 and 2009 by series are asfollows:

 
| ** **     | ** ** | **2010** | ** ** | **2009** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | 21       |       | 22       |       |
| Series 21 |       | 10       |       | 13       |       |
| Series 22 |       | 25       |       | 29       |       |
| Series 23 |       | 20       |       | 22       |       |
| Series 24 |       | 20       |       | 24       |       |
| Series 25 |       | 20       |       | 22       |       |
| Series 26 |       | 43       |       | 45       |       |
| Series 27 |       | 16       |       | 16       |       |
| Series 28 |       | 26       |       | 26       |       |
| Series 29 |       | 21       |       | 21       |       |
| Series 30 |       | 18       |       | 18       |       |
| Series 31 |       | 26       |       | 26       |       |
| Series 32 |       | 16       |       | 16       |       |
| Series 33 |       | 10       |       | 10       |       |
| 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 |       | 21       |       | 21       |       |
| Series 42 |       | 22       |       | 23       |       |
| Series 43 |       | 23       |       | 23       |       |
| Series 44 |       | 10       |       | 10       |       |
| Series 45 |       | 30       |       | 30       |       |
| Series 46 |       | 15       |       | 15       |       |
|           |       |     |       |     |       |
|           |       | 491      |       | 510      |       |

 

F-161

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

During the year ended March 31, 2010 the Fund disposed of nineteenOperating Partnerships. A summary of the dispositions by Series for March 31,2010 is as follows.

 
| ** **     | ** ** | **Operating  Partnership  Interest  Transferred** | ** ** | **Sale of  Underlying  Operating  Partnership** | ** ** | **Partnership  Proceeds from  Disposition** | ** ** | **Gain/(Loss) on  Disposition** | ** ** |
|----------------|------------|---------------------------------------------------|------------|------------------------------------------------------|------------|--------------------------------------------------|------------|--------------------------------------|------------|
| Series 20 |       | 1                                                 |       | —                                               |       | $                                                | 10,168     |                                 | $          | 10,168 |   |
| Series 21 |       | 3                                                 |       | —                                               |       | 732,319                                          |       | 634,441                              |       |
| Series 22 |       | 4                                                 |       | —                                               |       | 60,867                                           |       | 60,867                               |       |
| Series 23 |       | 2                                                 |       | —                                               |       | 38,225                                           |       | 38,225                               |       |
| Series 24 |       | 4                                                 |       | —                                               |       | 107,945                                          |       | 107,945                              |       |
| Series 25 |       | 2                                                 |       | —                                               |       | 38,836                                           |       | 38,836                               |       |
| Series 26 |       | 2                                                 |       | —                                               |       | —                                           |       | —                               |       |
| Series 42 |       | 1                                                 |       | —                                               |       | —                                           |       | —                               |       |
| Total          |       | 19                                                |       | —                                               |       | $                                                | 988,360    |                                 | $          | 890,482 |   |

 

During the year ended March 31, 2009 the Fund disposed of oneoperating limited partnership in Series 29 and one operating limitedpartnership in Series 32.  Noproceeds were received from the dispositions and no gains were recorded.

 

F-162

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Under the terms of the Fund’s investment in each operating limitedpartnership, the Fund is required to make capital contributions to theoperating limited partnerships.  Thesecontributions are payable in installments over several years upon eachoperating limited partnership achieving specified levels of construction oroperations.  At March 31, 2010 and2009, contributions are payable to operating limited partnerships as follows:

 
| ** **     | ** ** | **2010** | ** ** | **2009** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | —     |     | $          | — |   |
| Series 21 |       | —   |       | —   |       |
| Series 22 |       | 9,352    |       | 9,352    |       |
| Series 23 |       | —   |       | —   |       |
| Series 24 |       | 9,999    |       | 9,999    |       |
| Series 25 |       | 10,001   |       | 10,001   |       |
| Series 26 |       | 14,490   |       | 14,490   |       |
| Series 27 |       | 22,861   |       | 39,749   |       |
| 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  |       | 298,561  |       |
| Series 33 |       | 69,154   |       | 194,154  |       |
| 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 |       | 452,937  |       | 452,937  |       |
| Series 43 |       | 307,738  |       | 307,738  |       |
| Series 44 |       | 590,561  |       | 590,561  |       |
| Series 45 |       | 16,724   |       | 16,724   |       |
| Series 46 |       | 20,138   |       | 20,138   |       |
|           |       |     |       |     |       |
|           |       | $        | 2,081,011  |     | $          | 2,347,899 |   |

 

F-163

----

 

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships at March 31,2010 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 |       | $            | 565,679,591 |               | $          | 24,497,592         |       | $ | 6,707,965 |   |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 42,532,363   |        | 3,519,231          |       | 1,061,185          |       |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (7,526,592   | )           | (3,612,833         | )          | (25,500            | )          |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Cumulative impairment loss in investments in operating  limited partnerships                                                                   |       | (226,406,734 | )           | (5,812,210         | )          | (709,601           | )          |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (294,675,300 | )           | (18,591,780        | )          | (7,034,049         | )          |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 79,603,328   |        | —             |       | —             |       |
|                                                                                                                                                |            |              |             |                    |            |                    |            |  |  |  |

 

F-164

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2009 (see note A). |       | (3,952,220  | )           | —             |       | (236,474           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                         |       | (5,842,119  | )           | (444,246           | )          | (110,624           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| 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).                                                                             |       | 2,077,480   |        | 268,202            |       | 399,312            |       |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                      |       | (50,576,578 | )           | (4,276,869         | )          | (3,920,551         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 1,904,491   |        | 248,984            |       | 69,368             |       |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 226,406,734 |        | 5,812,210          |       | 709,601            |       |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (3,995,313  | )           | (219,097           | )          | (22,747            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $           | 245,625,803 |               | $          | 1,389,184          |       | $ | (3,112,115 | ) |
|                                                                                                                                                                                                                                                                                                                             |            |             |             |                    |            |                    |            |  |  |  |

 

F-165

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships at March 31,2010 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 |       | $                  | 17,039,728 |               | $          | 21,740,288         |       | $ | 12,091,171 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 2,363,062          |       | 3,206,851          |       | 1,686,157          |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (90,218            | )          | (54,013            | )          | (116,661           | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (6,519,050         | )          | (11,704,924        | )          | (4,336,246         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (12,793,522        | )          | (13,188,202        | )          | (9,324,421         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | —             |       | —             |       | —             |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-166

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2009 (see note A). |       | (481,359           | )          | (11,581            | )          | (30,158            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                         |       | (484,368           | )          | (436,119           | )          | (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).                                                                             |       | 203,385            |       | 152,590            |       | 81,405             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                      |       | (5,077,203         | )          | (3,145,170         | )          | (3,060,446         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 107,392            |       | 46,426             |       | 61,209             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 6,519,050          |       | 11,704,924         |       | 4,336,246          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (262,177           | )          | (84,499            | )          | 98,505             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 524,720    |               | $          | 8,226,571          |       | $ | 1,080,099 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-167

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships at March 31,2010 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 |       | $                  | 16,634,468 |               | $          | 26,620,282         |       | $ | 16,909,156 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 2,235,209          |       | 3,760,739          |       | 2,467,629          |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (253,269           | )          | (498,297           | )          | (127,103           | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (9,276,439         | )          | (17,408,272        | )          | (10,747,592        | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (9,339,969         | )          | (12,474,452        | )          | (6,159,939         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | —             |       | —             |       | 2,342,151          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-168

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2009 (see note A). |       | (68,619            | )          | (108,982           | )          | (286,388           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                         |       | (195,666           | )          | (73,142            | )          | (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).                                                                             |       | 126,188            |       | 120,610            |       | 205,532            |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                      |       | (5,534,834         | )          | (4,015,497         | )          | (1,492,182         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 48,848             |       | 187,072            |       | 41,321             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 9,276,439          |       | 17,408,272         |       | 10,747,592         |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (265,217           | )          | (303,860           | )          | (158,183           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 3,387,139  |               | $          | 13,214,473         |       | $ | 11,030,095 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-169

----

 

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

TheFund’s investments in operating limited partnerships at March 31, 2010 issummarized 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         |       | $ | 15,301,412 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 4,191,674          |       | 4,100,111          |       | 1,640,751          |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (578,942           | )          | (26,816            | )          | (199,590           | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in operating  limited partnerships                                                                   |       | (17,737,386        | )          | (10,917,337        | )          | (8,061,818         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (14,441,402        | )          | (21,550,924        | )          | (8,597,713         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | —             |       | 24,395             |       | 83,042             |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-170

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2009 (see note A). |       | (289,605           | )          | (158,645           | )          | (135,225           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 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).                                                                                                                                                                                                      |       | (1,078,508         | )          | (3,360,666         | )          | (1,007,974         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 17,737,386         |       | 10,917,337         |       | 8,061,818          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (219,184           | )          | (76,338            | )          | (24,286            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 15,730,988 |               | $          | 7,022,235          |       | $ | 6,749,386 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-171

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2010 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 |               | $          | 31,297,962         |       | $ | 16,705,741 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 4,199,795          |       | 3,906,897          |       | 1,626,762          |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (66,005            | )          | (101,211           | )          | (30,285            | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (15,170,789        | )          | (15,384,682        | )          | (10,291,840        | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (18,073,732        | )          | (19,020,214        | )          | (7,860,225         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 42,364             |       | 698,752            |       | 150,153            |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-172

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2009 (see note A). |       | (138,370           | )          | (334,023           | )          | (179,468           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 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).                                                                                                                                                                                                      |       | (2,850,713         | )          | (1,616,565         | )          | (382,388           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 43,473             |       | 42,262             |       | 9,684              |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 15,170,789         |       | 15,384,682         |       | 10,291,840         |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (329,880           | )          | (451,776           | )          | (8,382             | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 11,985,410 |               | $          | 12,438,997         |       | $ | 9,714,246 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-173

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2010 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            | )          | (98,902            | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (11,262,189        | )          | (10,461,943        | )          | (6,225,751         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (16,467,846        | )          | (10,695,676        | )          | (7,125,174         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 452,150            |       | 2,576,041          |       | 1,812,747          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-174

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2009 (see note A). |       | (38,698            | )          | —             |       | (14,791            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 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).                                                                                                                                                                                                      |       | (1,522,530         | )          | (981,337           | )          | (2,329,999         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 11,262,189         |       | 10,461,943         |       | 6,225,751          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (136,659           | )          | (12,663            | )          | (30,540            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 9,727,382  |               | $          | 12,122,001         |       | $ | 5,664,538 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-175

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2010 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 |       | $                  | 18,513,938 |               | $          | 18,852,167         |       | $ | 16,699,847 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (151,697           | )          | (410,694           | )          | (189,115           | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (7,574,998         | )          | (7,521,557         | )          | (4,829,727         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (9,387,062         | )          | (7,158,137         | )          | (7,710,901         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 1,400,181          |       | 3,761,779          |       | 3,970,104          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-176

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2009 (see note A). |       | (155,365           | )          | —             |       | —             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 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).                                                                                                                                                                                                      |       | (716,948           | )          | —             |       | —             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 7,574,998          |       | 7,521,557          |       | 4,829,727          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (8,883             | )          | (181,817           | )          | (78,758            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 8,397,793  |               | $          | 11,160,980         |       | $ | 9,000,292 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-177

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2010 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 |               | $          | 18,074,603         |       | $ | 19,777,849 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (49,769            | )          | (403,265           | )          | (25,236            | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (6,838,944         | )          | (4,120,934         | )          | (5,798,474         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (7,590,104         | )          | (8,956,733         | )          | (8,319,079         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 4,858,175          |       | 4,593,671          |       | 5,635,060          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-178

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2009 (see note A). |       | (25,172            | )          | (33,807            | )          | (480,654           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 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).                                                                                                                                                                                                      |       | (12,174            | )          | (600,595           | )          | (779,836           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 78,811             |       | 1,049              |       | 47,033             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 6,838,944          |       | 4,120,934          |       | 5,798,474          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (200,695           | )          | (306,871           | )          | (45,584            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 11,537,889 |               | $          | 7,774,381          |       | $ | 10,174,493 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-179

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2010 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 |       | $                  | 26,773,646 |               | $          | 19,487,253         |       | $ | 29,449,544 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (162,077           | )          | (26,919            | )          | (141,653           | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (5,563,126         | )          | (3,611,213         | )          | (4,972,399         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (11,789,014        | )          | (8,064,623         | )          | (8,592,788         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 9,259,429          |       | 7,784,498          |       | 15,742,704         |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-180

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2009 (see note A). |       | (223,508           | )          | (373,551           | )          | (129,725           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 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).                                                                                                                                                                                                      |       | (1,287,962         | )          | (1,360,885         | )          | (164,746           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | —             |       | (21,155            | )          | 28,744             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 5,563,126          |       | 3,611,213          |       | 4,972,399          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (280,840           | )          | (325,819           | )          | (14,031            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 13,030,245 |               | $          | 9,314,301          |       | $ | 20,435,345 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-181

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2010 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 |       | $                  | 22,361,027 |   |
|                                                                                                                                           |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | —             |       |
|                                                                                                                                           |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (30,183            | )          |
|                                                                                                                                           |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (3,547,293         | )          |
|                                                                                                                                           |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (4,367,619         | )          |
|                                                                                                                                           |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 14,415,932         |       |
|                                                                                                                                                |            |                    |            |  |

 

F-182

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2010  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2009 (see note A). |       | (18,052            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2010 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                                                                                                                                                                                                                                                |       | 3,547,293          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (45,032            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 17,904,735 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |  |

 

F-183

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2009 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 |       | $            | 595,641,992 |               | $          | 24,751,070         |       | $ | 12,367,163 |   |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 46,131,056   |        | 3,540,340          |       | 1,923,140          |       |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (7,148,485   | )           | (3,612,833         | )          | (29,005            | )          |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (209,578,825 | )           | (4,604,488         | )          | (746,232           | )          |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (305,872,417 | )           | (20,074,089        | )          | (13,417,187        | )          |
|                                                                                                                                           |       |         |        |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 119,173,321  |        | —             |       | 97,879             |       |
|                                                                                                                                                |            |              |             |                    |            |                    |            |  |  |  |

 

F-184

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2008 (see note A). |       | (6,787,905  | )           | —             |       | (236,474           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                         |       | (7,359,789  | )           | (444,246           | )          | (110,624           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| 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).                                                                             |       | 2,628,827   |        | 286,158            |       | 623,372            |       |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                      |       | (36,349,415 | )           | (3,366,332         | )          | (3,666,793         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 1,989,552   |        | 253,099            |       | 174,071            |       |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 209,578,825 |        | 4,604,488          |       | 746,232            |       |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (4,936,282  | )           | (145,391           | )          | (24,421            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $           | 277,937,134 |               | $          | 1,187,776          |       | $ | (2,396,758 | ) |
|                                                                                                                                                                                                                                                                                                                             |            |             |             |                    |            |                    |            |  |  |  |

 

F-185

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships at March 31,2009 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 |       | $                  | 18,295,620 |               | $          | 23,797,395         |       | $ | 15,476,459 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 2,504,765          |       | 3,504,553          |       | 2,030,314          |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (120,970           | )          | (58,149            | )          | (152,898           | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (6,562,719         | )          | (11,676,945        | )          | (5,389,926         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (14,116,696        | )          | (15,566,854        | )          | (11,963,949        | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| 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, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2008 (see note A). |       | (481,359           | )          | (11,581            | )          | (30,158            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                         |       | (484,368           | )          | (436,119           | )          | (516,941           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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).                                                                             |       | 259,228            |       | 179,850            |       | 95,695             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                      |       | (4,574,176         | )          | (2,754,095         | )          | (2,680,592         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 116,346            |       | 46,426             |       | 61,209             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 6,562,719          |       | 11,676,945         |       | 5,389,926          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (271,822           | )          | (69,454            | )          | 182,710            |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 1,126,568  |               | $          | 8,631,972          |       | $ | 2,501,849 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-187

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2009 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 |       | $                  | 21,913,216 |               | $          | 28,887,643         |       | $ | 16,970,475 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 2,803,677          |       | 3,968,917          |       | 2,467,629          |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (265,151           | )          | (455,894           | )          | (69,055            | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in operating  limited partnerships                                                                   |       | (11,724,939        | )          | (17,902,141        | )          | (10,580,622        | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (12,717,342        | )          | (13,160,275        | )          | (6,093,227         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 9,461              |       | 1,338,250          |       | 2,695,200          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-188

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2008 (see note A). |       | (111,404           | )          | (108,982           | )          | (316,117           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                         |       | (689,409           | )          | (73,142            | )          | (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).                                                                             |       | 335,542            |       | 123,194            |       | 205,532            |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                      |       | (4,690,637         | )          | (2,931,539         | )          | (1,215,186         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 48,848             |       | 195,682            |       | —             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 11,724,939         |       | 17,902,141         |       | 10,580,622         |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (219,121           | )          | (228,871           | )          | (42,654            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 6,408,219  |               | $          | 16,216,733         |       | $ | 11,537,649 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-189

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2009 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         |       | $ | 15,301,412 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 4,191,674          |       | 4,100,111          |       | 1,640,751          |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (529,321           | )          | (26,147            | )          | (169,889           | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (17,484,651        | )          | (10,500,801        | )          | (7,524,223         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (14,055,570        | )          | (21,383,002        | )          | (8,030,725         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 688,188            |       | 609,522            |       | 1,217,326          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-190

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2008 (see note A). |       | (289,605           | )          | (158,645           | )          | (135,225           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 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).                                                                                                                                                                                                      |       | (214,652           | )          | (1,611,939         | )          | (318,066           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 17,484,651         |       | 10,500,801         |       | 7,524,223          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (215,223           | )          | (57,119            | )          | (4,468             | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 17,034,258 |               | $          | 8,958,772          |       | $ | 8,055,801 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-191

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2009 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 |       | $                  | 31,876,958 |               | $          | 34,079,966         |       | $ | 19,377,023 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited partnerships                                                                                            |       | 4,586,765          |       | 4,291,123          |       | 2,010,987          |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (60,564            | )          | (98,227            | )          | (22,915            | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (14,357,798        | )          | (16,120,674        | )          | (11,210,624        | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (21,398,218        | )          | (19,120,417        | )          | (8,365,341         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 647,143            |       | 3,031,771          |       | 1,789,130          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-192

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2008 (see note A). |       | (138,370           | )          | (1,715,608         | )          | (1,561,054         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 which have not been recorded in the net assets of the  operating limited partnerships (see note A).                                                                                                                                                         |       | (77,600            | )          | (1,741,159         | )          | (624,017           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity in loss of operating limited partnerships  not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                      |       | (1,680,389         | )          | (981,501           | )          | (24,948            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 43,473             |       | 42,262             |       | 9,684              |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 14,357,798         |       | 16,120,674         |       | 11,210,624         |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (327,579           | )          | (420,490           | )          | (10,495            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 12,949,823 |               | $          | 14,335,949         |       | $ | 10,788,924 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-193

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2009 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 |       | $                  | 25,652,136 |               | $          | 23,888,138         |       | $ | 15,338,469 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | 2,566,310          |       | —             |       | —             |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (21,895            | )          | (14,531            | )          | (60,499            | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (10,379,300        | )          | (8,342,254         | )          | (4,813,149         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (15,857,395        | )          | (9,886,814         | )          | (6,632,380         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 1,959,856          |       | 5,644,539          |       | 3,832,441          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-194

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2008 (see note A). |       | (38,698            | )          | —             |       | (14,791            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 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).                                                                                                                                                                                                      |       | (346,282           | )          | (612,005           | )          | (1,820,755         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 10,379,300         |       | 8,342,254          |       | 4,813,149          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (143,300           | )          | (144,148           | )          | (111,809           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 11,521,806 |               | $          | 13,308,657         |       | $ | 6,699,605 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-195

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The Fund’s investments in operating limited partnerships atMarch 31, 2009 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 |       | $                  | 18,513,938 |               | $          | 18,910,878         |       | $ | 16,749,466 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (105,700           | )          | (362,408           | )          | (174,162           | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (5,725,704         | )          | (5,753,161         | )          | (3,580,647         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (8,787,719         | )          | (6,500,003         | )          | (6,930,948         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 3,894,815          |       | 6,295,306          |       | 6,063,709          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-196

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2008 (see note A). |       | (155,365           | )          | —             |       | —             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 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).                                                                                                                                                                                                 |       | 303,810            |       | 59,461             |       | 279,219            |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 5,725,704          |       | 5,753,161          |       | 3,580,647          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | 15,363             |       | (235,259           | )          | (129,984           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 9,784,327  |               | $          | 11,872,669         |       | $ | 9,793,591 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-197

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

TheFund’s investments in operating limited partnerships at March 31, 2009 issummarized 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 |       | $                  | 19,569,292 |               | $          | 18,451,656         |       | $ | 19,953,905 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (47,339            | )          | (396,828           | )          | (24,627            | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (5,506,211         | )          | (3,348,914         | )          | (4,380,914         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (6,689,380         | )          | (8,422,510         | )          | (8,087,824         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 7,326,362          |       | 6,283,404          |       | 7,460,540          |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-198

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2008 (see note A). |       | (25,172            | )          | (33,807            | )          | (480,654           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 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).                                                                                                                                                                                                      |       | —             |       | (545,494           | )          | (361,568           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | 78,811             |       | 1,049              |       | 47,033             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 5,506,211          |       | 3,348,914          |       | 4,380,914          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (446,432           | )          | (652,717           | )          | (98,395            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 12,439,780 |               | $          | 8,401,349          |       | $ | 10,947,870 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-199

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

TheFund’s investments in operating limited partnerships at March 31, 2009 issummarized 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 |       | $                  | 26,818,608 |               | $          | 19,498,587         |       | $ | 29,707,426 |   |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (141,170           | )          | (22,790            | )          | (90,624            | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (3,859,298         | )          | (2,413,122         | )          | (3,218,558         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (11,274,938        | )          | (6,620,424         | )          | (7,213,256         | )          |
|                                                                                                                                           |       |               |       |               |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 11,543,202         |       | 10,442,251         |       | 19,184,988         |       |
|                                                                                                                                                |            |                    |            |                    |            |                    |            |  |  |  |

 

F-200

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of  December 31, 2008 (see note A). |       | (223,508           | )          | (373,551           | )          | (129,725           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 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).                                                                                                                                                                                                      |       | (828,938           | )          | (1,015,896         | )          | (107,632           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The Fund has recorded low-income housing tax  credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                 |       | —             |       | (21,155            | )          | 28,744             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                                                                                                                                                                                                |       | 3,859,298          |       | 2,413,122          |       | 3,218,558          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (307,736           | )          | (331,443           | )          | (294,674           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 14,042,318 |               | $          | 11,113,328         |       | $ | 21,900,259 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-201

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

TheFund’s investments in operating limited partnerships at March 31, 2009 issummarized 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 |       | $                  | 22,509,676 |   |
|                                                                                                                                           |       |               |       |
| Acquisition costs of operating limited  partnerships                                                                                           |       | —             |       |
|                                                                                                                                           |       |               |       |
| Cumulative distributions from operating limited  partnerships                                                                                  |       | (14,894            | )          |
|                                                                                                                                           |       |               |       |
| Cumulative impairment loss in investments in  operating limited partnerships                                                                   |       | (1,870,810         | )          |
|                                                                                                                                           |       |               |       |
| Cumulative losses from operating limited  partnerships                                                                                         |       | (3,505,934         | )          |
|                                                                                                                                           |       |               |       |
| Investments in operating limited partnerships per  balance sheet                                                                               |       | 17,118,038         |       |
|                                                                                                                                                |            |                    |            |  |

 

F-202

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - 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, 2009  which have not been included in the partnership’s capital account included in  the operating limited partnerships’ financial statements as of December 31,  2008 (see note A). |       | (18,052            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| The Fund has recorded acquisition costs at  March 31, 2009 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                                                                                                                                                                                                                                                |       | 1,870,810          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (201,350           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| Equity per operating limited partnerships’  combined financial statements                                                                                                                                                                                                                                              |       | $                  | 18,774,040 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |  |

 

F-203

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 
| ** **                                                   | ** ** | **Total**     | ** **    | **Series 20** | ** ** | **Series 21** | ** ** |
|--------------------------------------------------------------|------------|---------------|---------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |          |          |               |       |               |       |
|                                                         |       |          |          |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $             | 1,327,138,604 |               | $          | 48,233,757         |       | $ | 14,182,615 |   |
| Land                                                         |       | 121,627,163   |          | 6,083,660          |       | 1,626,465          |       |
| Other assets                                                 |       | 141,366,927   |          | 8,233,542          |       | 1,199,108          |       |
|                                                         |       |          |          |               |       |               |       |
|                                                         |       | $             | 1,590,132,694 |               | $          | 62,550,959         |       | $ | 17,008,188 |   |
|                                                         |       |          |          |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |          |          |               |       |               |       |
|                                                         |       |          |          |               |       |               |       |
| Mortgages and construction loans payable                     |       | $             | 1,070,798,751 |               | $          | 58,105,380         |       | $ | 14,451,289 |   |
| Accounts payable and accrued expenses                        |       | 54,320,584    |          | 3,590,233          |       | 1,526,066          |       |
| Other liabilities                                            |       | 155,078,441   |          | 3,856,348          |       | 4,972,668          |       |
|                                                         |       |          |          |               |       |               |       |
|                                                         |       | 1,280,197,776 |          | 65,551,961         |       | 20,950,023         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |          |          |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 245,625,803   |          | 1,389,184          |       | (3,112,115         | )          |
| Other partners                                               |       | 64,309,115    |          | (4,390,186         | )          | (829,720           | )          |
|                                                         |       |          |          |               |       |               |       |
|                                                         |       | 309,934,918   |          | (3,001,002         | )          | (3,941,835         | )          |
|                                                         |       |          |          |               |       |               |       |
|                                                         |       | $             | 1,590,132,694 |               | $          | 62,550,959         |       | $ | 17,008,188 |   |

 

F-204

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS -CONTINUED

 
| ** **                                                   | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | 46,658,465         |       | $                  | 45,538,725 |               | $          | 36,823,822 |   |
| Land                                                         |       | 4,098,556          |       | 3,786,131          |       | 3,511,379          |       |
| Other assets                                                 |       | 4,885,449          |       | 4,849,188          |       | 4,207,026          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 55,642,470         |       | $                  | 54,174,044 |               | $          | 44,542,227 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | 45,093,503         |       | $                  | 35,051,936 |               | $          | 35,905,281 |   |
| Accounts payable and accrued expenses                        |       | 4,120,406          |       | 6,793,403          |       | 1,909,907          |       |
| Other liabilities                                            |       | 8,815,495          |       | 6,614,451          |       | 4,621,053          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 58,029,404         |       | 48,459,790         |       | 42,436,241         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 524,720            |       | 8,226,571          |       | 1,080,099          |       |
| Other partners                                               |       | (2,911,654         | )          | (2,512,317         | )          | 1,025,887          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | (2,386,934         | )          | 5,714,254          |       | 2,105,986          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 55,642,470 |               | $          | 54,174,044         |       | $ | 44,542,227 |   |
|                                                              |            |                    |            |                    |            |                    |            |  |  |  |

 

F-205

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS -CONTINUED

 
| ** **                                                   | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 39,564,458 |               | $          | 59,251,039         |       | $ | 53,286,956 |   |
| Land                                                         |       | 3,229,460          |       | 5,111,128          |       | 6,005,394          |       |
| Other assets                                                 |       | 8,220,209          |       | 10,945,283         |       | 7,773,045          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 51,014,127 |               | $          | 75,307,450         |       | $ | 67,065,395 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)             |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 35,035,014 |               | $          | 51,023,244         |       | $ | 43,151,891 |   |
| Accounts payable and accrued expenses                        |       | 3,052,381          |       | 2,981,445          |       | 1,095,340          |       |
| Other liabilities                                            |       | 7,011,183          |       | 4,749,989          |       | 8,375,726          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 45,098,578         |       | 58,754,678         |       | 52,622,957         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 3,387,139          |       | 13,214,473         |       | 11,030,095         |       |
| Other partners                                               |       | 2,528,410          |       | 3,338,299          |       | 3,412,343          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 5,915,549          |       | 16,552,772         |       | 14,442,438         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 51,014,127 |               | $          | 75,307,450         |       | $ | 67,065,395 |   |

 

F-206

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS -CONTINUED

 
| ** **                                                   | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 52,978,721 |               | $          | 45,376,215         |       | $ | 33,842,636 |   |
| Land                                                         |       | 5,523,586          |       | 2,816,806          |       | 2,406,880          |       |
| Other assets                                                 |       | 6,557,276          |       | 5,058,759          |       | 3,581,101          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 65,059,583 |               | $          | 53,251,780         |       | $ | 39,830,617 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 39,921,747 |               | $          | 37,836,720         |       | $ | 24,552,013 |   |
| Accounts payable and accrued expenses                        |       | 2,102,892          |       | 1,786,814          |       | 1,427,732          |       |
| Other liabilities                                            |       | 4,447,733          |       | 6,029,866          |       | 5,086,915          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 46,472,372         |       | 45,653,400         |       | 31,066,660         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 15,730,988         |       | 7,022,235          |       | 6,749,386          |       |
| Other partners                                               |       | 2,856,223          |       | 576,145            |       | 2,014,571          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 18,587,211         |       | 7,598,380          |       | 8,763,957          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 65,059,583 |               | $          | 53,251,780         |       | $ | 39,830,617 |   |

 

F-207

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                   | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 52,495,526 |               | $          | 50,135,066         |       | $ | 41,977,977 |   |
| Land                                                         |       | 4,222,958          |       | 3,124,882          |       | 4,089,020          |       |
| Other assets                                                 |       | 6,183,315          |       | 4,232,491          |       | 2,746,749          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 62,901,799 |               | $          | 57,492,439         |       | $ | 48,813,746 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 45,450,010 |               | $          | 33,610,588         |       | $ | 27,311,598 |   |
| Accounts payable and accrued expenses                        |       | 1,099,175          |       | 2,869,625          |       | 1,437,272          |       |
| Other liabilities                                            |       | 5,364,504          |       | 3,420,143          |       | 2,508,277          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 51,913,689         |       | 39,900,356         |       | 31,257,147         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 11,985,410         |       | 12,438,997         |       | 9,714,246          |       |
| Other partners                                               |       | (997,300           | )          | 5,153,086          |       | 7,842,353          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 10,988,110         |       | 17,592,083         |       | 17,556,599         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 62,901,799 |               | $          | 57,492,439         |       | $ | 48,813,746 |   |

 

F-208

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS -CONTINUED

 
| ** **                                                   | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 51,068,100 |               | $          | 43,777,717         |       | $ | 39,015,101 |   |
| Land                                                         |       | 5,358,490          |       | 3,734,936          |       | 2,791,180          |       |
| Other assets                                                 |       | 4,123,678          |       | 3,095,885          |       | 3,693,494          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 60,550,268 |               | $          | 50,608,538         |       | $ | 45,499,775 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 43,132,084 |               | $          | 24,506,226         |       | $ | 35,139,807 |   |
| Accounts payable and accrued expenses                        |       | 2,490,711          |       | 1,121,939          |       | 1,418,545          |       |
| Other liabilities                                            |       | 5,604,172          |       | 8,277,130          |       | 3,385,409          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 51,226,967         |       | 33,905,295         |       | 39,943,761         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 9,727,382          |       | 12,122,001         |       | 5,664,538          |       |
| Other partners                                               |       | (404,081           | )          | 4,581,242          |       | (108,524           | )          |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 9,323,301          |       | 16,703,243         |       | 5,556,014          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 60,550,268 |               | $          | 50,608,538         |       | $ | 45,499,775 |   |

 

F-209

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS -CONTINUED

 
| ** **                                                   | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 38,662,486 |               | $          | 30,098,029         |       | $ | 25,519,134 |   |
| Land                                                         |       | 2,423,561          |       | 2,144,257          |       | 1,801,039          |       |
| Other assets                                                 |       | 3,238,571          |       | 2,243,402          |       | 2,033,998          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 44,324,618 |               | $          | 34,485,688         |       | $ | 29,354,171 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 29,901,379 |               | $          | 17,652,258         |       | $ | 14,048,601 |   |
| Accounts payable and accrued expenses                        |       | 1,951,490          |       | 555,301            |       | 408,890            |       |
| Other liabilities                                            |       | 3,227,588          |       | 1,752,761          |       | 2,005,770          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 35,080,457         |       | 19,960,320         |       | 16,463,261         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 8,397,793          |       | 11,160,980         |       | 9,000,292          |       |
| Other partners                                               |       | 846,368            |       | 3,364,388          |       | 3,890,618          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 9,244,161          |       | 14,525,368         |       | 12,890,910         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 44,324,618 |               | $          | 34,485,688         |       | $ | 29,354,171 |   |

 

F-210

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS -CONTINUED

 
| ** **                                                   | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 61,455,422 |               | $          | 88,323,911         |       | $ | 68,607,408 |   |
| Land                                                         |       | 5,081,041          |       | 11,372,214         |       | 7,566,333          |       |
| Other assets                                                 |       | 4,155,860          |       | 9,516,585          |       | 7,798,935          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 70,692,323 |               | $          | 109,212,710        |       | $ | 83,972,676 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 48,179,383 |               | $          | 85,474,119         |       | $ | 52,088,062 |   |
| Accounts payable and accrued expenses                        |       | 1,215,540          |       | 1,762,512          |       | 2,760,429          |       |
| Other liabilities                                            |       | 7,244,597          |       | 10,270,962         |       | 11,077,709         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 56,639,520         |       | 97,507,593         |       | 65,926,200         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 11,537,889         |       | 7,774,381          |       | 10,174,493         |       |
| Other partners                                               |       | 2,514,914          |       | 3,930,736          |       | 7,871,983          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 14,052,803         |       | 11,705,117         |       | 18,046,476         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 70,692,323 |               | $          | 109,212,710        |       | $ | 83,972,676 |   |

 

F-211

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS -CONTINUED

 
| ** **                                                   | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 67,549,110 |               | $          | 66,224,103         |       | $ | 80,885,356 |   |
| Land                                                         |       | 6,704,151          |       | 7,662,597          |       | 6,939,644          |       |
| Other assets                                                 |       | 5,947,336          |       | 5,589,851          |       | 7,223,785          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 80,200,597 |               | $          | 79,476,551         |       | $ | 95,048,785 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 49,842,693 |               | $          | 57,024,740         |       | $ | 61,025,831 |   |
| Accounts payable and accrued expenses                        |       | 1,490,904          |       | 1,384,714          |       | 1,351,820          |       |
| Other liabilities                                            |       | 8,871,058          |       | 9,394,721          |       | 4,854,359          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 60,204,655         |       | 67,804,175         |       | 67,232,010         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 13,030,245         |       | 9,314,301          |       | 20,435,345         |       |
| Other partners                                               |       | 6,965,697          |       | 2,358,075          |       | 7,381,430          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 19,995,942         |       | 11,672,376         |       | 27,816,775         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 80,200,597 |               | $          | 79,476,551         |       | $ | 95,048,785 |   |

 

F-212

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2009 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS -CONTINUED

 
| ** **                                                   | ** ** | **Series 46** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |
|                                                         |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 45,606,749 |   |
| Land                                                         |       | 2,411,415          |       |
| Other assets                                                 |       | 4,033,006          |       |
|                                                         |       |               |       |
|                                                         |       | $                  | 52,051,170 |   |
|                                                         |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |
|                                                         |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 26,283,354 |   |
| Accounts payable and accrued expenses                        |       | 615,098            |       |
| Other liabilities                                            |       | 3,237,854          |       |
|                                                         |       |               |       |
|                                                         |       | 30,136,306         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 17,904,735         |       |
| Other partners                                               |       | 4,010,129          |       |
|                                                         |       |               |       |
|                                                         |       | 21,914,864         |       |
|                                                         |       |               |       |
|                                                         |       | $                  | 52,051,170 |   |

 

F-213

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2008 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 
| ** **                                                   | ** ** | **Total**     | ** **    | **Series 20** | ** ** | **Series 21** | ** ** |
|--------------------------------------------------------------|------------|---------------|---------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |          |          |               |       |               |       |
|                                                         |       |          |          |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $             | 1,421,049,248 |               | $          | 49,605,124         |       | $ | 21,181,693 |   |
| Construction in progress                                     |       | 267,144       |          | —             |       | —             |       |
| Land                                                         |       | 126,395,113   |          | 6,112,210          |       | 2,839,206          |       |
| Other assets                                                 |       | 150,192,082   |          | 9,332,778          |       | 2,045,850          |       |
|                                                         |       |          |          |               |       |               |       |
|                                                         |       | $             | 1,697,903,587 |               | $          | 65,050,112         |       | $ | 26,066,749 |   |
|                                                         |       |          |          |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |          |          |               |       |               |       |
|                                                         |       |          |          |               |       |               |       |
| Mortgages and construction loans payable                     |       | $             | 1,121,059,748 |               | $          | 59,460,743         |       | $ | 20,983,010 |   |
| Accounts payable and accrued expenses                        |       | 52,233,263    |          | 3,540,386          |       | 1,515,441          |       |
| Other liabilities                                            |       | 161,495,239   |          | 4,070,910          |       | 5,408,009          |       |
|                                                         |       |          |          |               |       |               |       |
|                                                         |       | 1,334,788,250 |          | 67,072,039         |       | 27,906,460         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |          |          |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 277,937,134   |          | 1,187,776          |       | (2,396,758         | )          |
| Other partners                                               |       | 85,178,203    |          | (3,209,703         | )          | 557,047            |       |
|                                                         |       |          |          |               |       |               |       |
|                                                         |       | 363,115,337   |          | (2,021,927         | )          | (1,839,711         | )          |
|                                                         |       |          |          |               |       |               |       |
|                                                         |       | $             | 1,697,903,587 |               | $          | 65,050,112         |       | $ | 26,066,749 |   |

 

F-214

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized balance sheets of the operating limited partnerships inwhich Series 20 through 46 hold an interest as of December 31, 2008are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                   | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 52,384,744 |               | $          | 50,959,512         |       | $ | 43,254,693 |   |
| Construction in progress                                     |       | 267,144            |       | —             |       | —             |       |
| Land                                                         |       | 4,250,201          |       | 3,957,131          |       | 3,886,295          |       |
| Other assets                                                 |       | 5,620,473          |       | 5,111,323          |       | 4,780,219          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 62,522,562 |               | $          | 60,027,966         |       | $ | 51,921,207 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 50,094,575 |               | $          | 38,958,342         |       | $ | 40,803,304 |   |
| Accounts payable and accrued expenses                        |       | 3,926,361          |       | 6,965,632          |       | 1,888,600          |       |
| Other liabilities                                            |       | 8,235,940          |       | 7,254,078          |       | 4,395,693          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 62,256,876         |       | 53,178,052         |       | 47,087,597         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 1,126,568          |       | 8,631,972          |       | 2,501,849          |       |
| Other partners                                               |       | (860,882           | )          | (1,782,058         | )          | 2,331,761          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 265,686            |       | 6,849,914          |       | 4,833,610          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 62,522,562 |               | $          | 60,027,966         |       | $ | 51,921,207 |   |

 

F-215

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized balance sheets of the operating limited partnerships inwhich Series 20 through 46 hold an interest as of December 31, 2008are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                   | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 48,046,561 |               | $          | 63,749,272         |       | $ | 55,496,567 |   |
| Construction in progress                                     |       | —             |       | —             |       | —             |       |
| Land                                                         |       | 3,701,410          |       | 5,310,128          |       | 6,005,394          |       |
| Other assets                                                 |       | 8,175,226          |       | 12,122,469         |       | 7,782,649          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 59,923,197 |               | $          | 81,181,869         |       | $ | 69,284,610 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 40,248,559 |               | $          | 53,627,016         |       | $ | 44,482,008 |   |
| Accounts payable and accrued expenses                        |       | 3,095,596          |       | 3,246,866          |       | 1,322,848          |       |
| Other liabilities                                            |       | 6,208,603          |       | 5,650,264          |       | 8,541,865          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 49,552,758         |       | 62,524,146         |       | 54,346,721         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 6,408,219          |       | 16,216,733         |       | 11,537,649         |       |
| Other partners                                               |       | 3,962,220          |       | 2,440,990          |       | 3,400,240          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 10,370,439         |       | 18,657,723         |       | 14,937,889         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 59,923,197 |               | $          | 81,181,869         |       | $ | 69,284,610 |   |

 

F-216

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limitedpartnerships in which Series 20 through 46 hold an interest as of December 31,2008 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS -CONTINUED

 
| ** **                                                   | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 54,571,009 |               | $          | 47,841,657         |       | $ | 35,288,999 |   |
| Construction in progress                                     |       | —             |       | —             |       | —             |       |
| Land                                                         |       | 5,523,586          |       | 2,816,806          |       | 2,406,880          |       |
| Other assets                                                 |       | 6,699,472          |       | 4,946,973          |       | 3,663,003          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 66,794,067 |               | $          | 55,605,436         |       | $ | 41,358,882 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 40,833,023 |               | $          | 36,765,693         |       | $ | 24,981,133 |   |
| Accounts payable and accrued expenses                        |       | 1,920,925          |       | 1,674,836          |       | 1,166,145          |       |
| Other liabilities                                            |       | 3,529,092          |       | 7,672,682          |       | 4,866,210          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 46,283,040         |       | 46,113,211         |       | 31,013,488         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 17,034,258         |       | 8,958,772          |       | 8,055,801          |       |
| Other partners                                               |       | 3,476,769          |       | 533,453            |       | 2,289,593          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 20,511,027         |       | 9,492,225          |       | 10,345,394         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 66,794,067 |               | $          | 55,605,436         |       | $ | 41,358,882 |   |

 

F-217

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized balance sheets of the operating limited partnerships inwhich Series 20 through 46 hold an interest as of December 31, 2008are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                   | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 54,834,189 |               | $          | 57,905,954         |       | $ | 49,278,499 |   |
| Construction in progress                                     |       | —             |       | —             |       | —             |       |
| Land                                                         |       | 4,222,958          |       | 4,281,042          |       | 5,245,180          |       |
| Other assets                                                 |       | 5,949,802          |       | 5,925,343          |       | 4,434,550          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 65,006,949 |               | $          | 68,112,339         |       | $ | 58,958,229 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)             |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 45,995,554 |               | $          | 40,036,493         |       | $ | 33,801,967 |   |
| Accounts payable and accrued expenses                        |       | 1,179,412          |       | 2,806,866          |       | 1,371,726          |       |
| Other liabilities                                            |       | 6,189,585          |       | 4,697,771          |       | 3,205,542          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 53,364,551         |       | 47,541,130         |       | 38,379,235         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 12,949,823         |       | 14,335,949         |       | 10,788,924         |       |
| Other partners                                               |       | (1,307,425         | )          | 6,235,260          |       | 9,790,070          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 11,642,398         |       | 20,571,209         |       | 20,578,994         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 65,006,949 |               | $          | 68,112,339         |       | $ | 58,958,229 |   |

 

F-218

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized balance sheets of the operating limited partnerships inwhich Series 20 through 46 hold an interest as of December 31, 2008are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                   | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 53,744,378 |               | $          | 45,592,905         |       | $ | 40,843,695 |   |
| Construction in progress                                     |       | —             |       | —             |       | —             |       |
| Land                                                         |       | 5,358,490          |       | 3,734,936          |       | 2,791,180          |       |
| Other assets                                                 |       | 4,483,451          |       | 3,372,020          |       | 4,046,646          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 63,586,319 |               | $          | 52,699,861         |       | $ | 47,681,521 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 43,851,649 |               | $          | 24,891,419         |       | $ | 34,945,240 |   |
| Accounts payable and accrued expenses                        |       | 2,273,725          |       | 959,320            |       | 1,259,633          |       |
| Other liabilities                                            |       | 5,588,845          |       | 8,039,021          |       | 3,455,784          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 51,714,219         |       | 33,889,760         |       | 39,660,657         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 11,521,806         |       | 13,308,657         |       | 6,699,605          |       |
| Other partners                                               |       | 350,294            |       | 5,501,444          |       | 1,321,259          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 11,872,100         |       | 18,810,101         |       | 8,020,864          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 63,586,319 |               | $          | 52,699,861         |       | $ | 47,681,521 |   |

 

F-219

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized balance sheets of the operating limited partnerships inwhich Series 20 through 46 hold an interest as of December 31, 2008are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                   | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 40,593,398 |               | $          | 31,545,064         |       | $ | 26,801,809 |   |
| Construction in progress                                     |       | —             |       | —             |       | —             |       |
| Land                                                         |       | 2,432,620          |       | 2,144,257          |       | 1,801,039          |       |
| Other assets                                                 |       | 3,547,951          |       | 2,345,322          |       | 2,159,930          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 46,573,969 |               | $          | 36,034,643         |       | $ | 30,762,778 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 30,151,085 |               | $          | 18,010,424         |       | $ | 14,233,625 |   |
| Accounts payable and accrued expenses                        |       | 1,619,174          |       | 534,070            |       | 482,231            |       |
| Other liabilities                                            |       | 3,039,147          |       | 1,637,909          |       | 1,792,211          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 34,809,406         |       | 20,182,403         |       | 16,508,067         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 9,784,327          |       | 11,872,669         |       | 9,793,591          |       |
| Other partners                                               |       | 1,980,236          |       | 3,979,571          |       | 4,461,120          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 11,764,563         |       | 15,852,240         |       | 14,254,711         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 46,573,969 |               | $          | 36,034,643         |       | $ | 30,762,778 |   |

 

F-220

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized balance sheets of the operating limited partnerships inwhich Series 20 through 46 hold an interest as of December 31, 2008are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                   | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 63,848,467 |               | $          | 91,764,694         |       | $ | 71,379,671 |   |
| Construction in progress                                     |       | —             |       | —             |       | —             |       |
| Land                                                         |       | 5,081,041          |       | 11,358,983         |       | 7,416,333          |       |
| Other assets                                                 |       | 4,632,736          |       | 9,664,734          |       | 7,504,784          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 73,562,244 |               | $          | 112,788,411        |       | $ | 86,300,788 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 48,401,387 |               | $          | 86,247,388         |       | $ | 52,929,983 |   |
| Accounts payable and accrued expenses                        |       | 1,125,190          |       | 1,775,698          |       | 2,547,515          |       |
| Other liabilities                                            |       | 8,032,730          |       | 11,376,840         |       | 11,542,080         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 57,559,307         |       | 99,399,926         |       | 67,019,578         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 12,439,780         |       | 8,401,349          |       | 10,947,870         |       |
| Other partners                                               |       | 3,563,157          |       | 4,987,136          |       | 8,333,340          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 16,002,937         |       | 13,388,485         |       | 19,281,210         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 73,562,244 |               | $          | 112,788,411        |       | $ | 86,300,788 |   |

 

F-221

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized balance sheets of the operating limited partnerships inwhich Series 20 through 46 hold an interest as of December 31, 2008are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                   | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 70,389,777 |               | $          | 69,007,633         |       | $ | 84,048,748 |   |
| Construction in progress                                     |       | —             |       | —             |       | —             |       |
| Land                                                         |       | 6,704,151          |       | 7,662,597          |       | 6,939,644          |       |
| Other assets                                                 |       | 5,667,992          |       | 5,349,918          |       | 7,100,667          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 82,761,920 |               | $          | 82,020,148         |       | $ | 98,089,059 |   |
|                                                         |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                         |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 50,536,842 |               | $          | 57,520,455         |       | $ | 61,601,480 |   |
| Accounts payable and accrued expenses                        |       | 1,387,933          |       | 1,037,362          |       | 1,119,837          |       |
| Other liabilities                                            |       | 9,520,644          |       | 8,911,909          |       | 5,434,313          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 61,445,419         |       | 67,469,726         |       | 68,155,630         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 14,042,318         |       | 11,113,328         |       | 21,900,259         |       |
| Other partners                                               |       | 7,274,183          |       | 3,437,094          |       | 8,033,170          |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | 21,316,501         |       | 14,550,422         |       | 29,933,429         |       |
|                                                         |       |               |       |               |       |               |       |
|                                                         |       | $                  | 82,761,920 |               | $          | 82,020,148         |       | $ | 98,089,059 |   |

 

F-222

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized balance sheets of the operating limited partnerships inwhich Series 20 through 46 hold an interest as of December 31, 2008are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                   | ** ** | **Series 46** | ** ** |
|--------------------------------------------------------------|------------|--------------------|------------|
| ASSETS                                                       |       |               |       |
|                                                         |       |               |       |
| Buildings and improvements, net of accumulated  depreciation |       | $                  | 47,090,536 |   |
| Construction in progress                                     |       | —             |       |
| Land                                                         |       | 2,411,415          |       |
| Other assets                                                 |       | 3,725,801          |       |
|                                                         |       |               |       |
|                                                         |       | $                  | 53,227,752 |   |
|                                                         |       |               |       |
| LIABILITIES AND PARTNERS’  CAPITAL (DEFICIT)            |       |               |       |
|                                                         |       |               |       |
| Mortgages and construction loans payable                     |       | $                  | 26,667,351 |   |
| Accounts payable and accrued expenses                        |       | 489,935            |       |
| Other liabilities                                            |       | 3,197,562          |       |
|                                                         |       |               |       |
|                                                         |       | 30,354,848         |       |
| PARTNERS’ CAPITAL (DEFICIT)                             |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                       |       | 18,774,040         |       |
| Other partners                                               |       | 4,098,864          |       |
|                                                         |       |               |       |
|                                                         |       | 22,872,904         |       |
|                                                         |       |               |       |
|                                                         |       | $                  | 53,227,752 |   |

 

F-223

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limited partnershipsfor the year ended December 31, 2009 for operating limited partnerships inwhich Series 20 through Series 46 had an interest as ofDecember 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Total**   | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|--------------------------------------------------------------------------|------------|-------------|-------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |        |        |               |       |               |       |
| Rent                                                                     |       | $           | 225,595,957 |               | $          | 12,632,687         |       | $ | 2,800,634 |   |
| Interest and other                                                       |       | 11,340,929  |        | 2,215,300          |       | 60,029             |       |
|                                                                     |       |        |        |               |       |               |       |
|                                                                     |       | 236,936,886 |        | 14,847,987         |       | 2,860,663          |       |
| Expenses                                                                 |       |        |        |               |       |               |       |
| Interest                                                                 |       | 58,343,645  |        | 3,460,141          |       | 908,501            |       |
| Depreciation and amortization                                            |       | 67,303,012  |        | 3,233,021          |       | 648,284            |       |
| Taxes and insurance                                                      |       | 29,016,783  |        | 1,971,116          |       | 374,417            |       |
| Repairs and maintenance                                                  |       | 41,368,059  |        | 2,559,182          |       | 440,264            |       |
| Operating expenses                                                       |       | 77,156,641  |        | 3,412,485          |       | 948,238            |       |
| Other expenses                                                           |       | 7,051,910   |        | 737,220            |       | 133,452            |       |
|                                                                     |       |        |        |               |       |               |       |
|                                                                     |       | 280,240,050 |        | 15,373,165         |       | 3,453,156          |       |
|                                                                     |       |        |        |               |       |               |       |
| NET LOSS                                                                 |       | $           | (43,303,164 | )                  | $          | (525,178           | )          | $ | (592,493 | ) |
|                                                                     |       |        |        |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $           | (30,036,856 | )                  | $          | (1,248,392         | )          | $ | (397,781 | ) |
|                                                                     |       |        |        |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $           | (13,266,308 | )                  | $          | 723,214            |       | $ | (194,712 | ) |

 

----

*                 Amounts include$1,248,392, $397,781, $1,041,901, $875,250, $742,580, $1,328,766, $1,238,126,$396,779, $863,856, $1,807,041, $689,908, $1,178,942, $635,720, $358,096,$1,176,248, $369,332, $509,244, $716,948, $12,174, $123,965, $418,268,$459,024, $344,989 and $57,114 for Series 20, 21, 22, 23, 24, 25, 26, 27,28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 40, 41, 42, 43, 44 and 45,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-224

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2009 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 9,100,597  |               | $          | 8,642,250          |       | $ | 8,420,383 |   |
| Interest and other                                                       |       | 783,861            |       | 555,200            |       | 97,931             |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 9,884,458          |       | 9,197,450          |       | 8,518,314          |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 2,465,984          |       | 2,261,473          |       | 2,057,033          |       |
| Depreciation and amortization                                            |       | 2,573,221          |       | 2,158,016          |       | 2,439,232          |       |
| Taxes and insurance                                                      |       | 1,520,255          |       | 1,246,824          |       | 985,591            |       |
| Repairs and maintenance                                                  |       | 2,570,709          |       | 1,808,212          |       | 1,505,341          |       |
| Operating expenses                                                       |       | 3,282,237          |       | 3,173,455          |       | 2,625,818          |       |
| Other expenses                                                           |       | 244,408            |       | 379,769            |       | 97,482             |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 12,656,814         |       | 11,027,749         |       | 9,710,497          |       |
|                                                                     |       |               |       |               |       |               |       |
| NET LOSS                                                                 |       | $                  | (2,772,356 | )                  | $          | (1,830,299         | )          | $ | (1,192,183 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (1,041,901 | )                  | $          | (875,250           | )          | $ | (742,580 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (1,730,455 | )                  | $          | (955,049           | )          | $ | (449,603 | ) |

 

----

*                 Amounts include $1,248,392, $397,781,$1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856,$1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332,$509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35,36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized underthe 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, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2009 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 11,841,984 |               | $          | 12,270,003         |       | $ | 10,462,546 |   |
| Interest and other                                                       |       | 350,874            |       | 571,036            |       | 291,389            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 12,192,858         |       | 12,841,039         |       | 10,753,935         |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 2,432,121          |       | 2,259,555          |       | 2,521,605          |       |
| Depreciation and amortization                                            |       | 2,492,279          |       | 3,040,264          |       | 2,513,360          |       |
| Taxes and insurance                                                      |       | 1,507,363          |       | 1,610,496          |       | 1,165,108          |       |
| Repairs and maintenance                                                  |       | 2,594,708          |       | 2,405,823          |       | 1,371,955          |       |
| Operating expenses                                                       |       | 3,680,717          |       | 4,058,673          |       | 2,996,259          |       |
| Other expenses                                                           |       | 995,372            |       | 350,543            |       | 302,044            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 13,702,560         |       | 13,725,354         |       | 10,870,331         |       |
|                                                                     |       |               |       |               |       |               |       |
| NET LOSS                                                                 |       | $                  | (1,509,702 | )                  | $          | (884,315           | )          | $ | (116,396 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (1,298,940 | )                  | $          | (1,962,171         | )          | $ | (477,051 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (210,762   | )                  | $          | 1,077,856          |       | $ | 360,655 |   |

 

----

*                 Amounts include $1,248,392, $397,781,$1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856,$1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332,$509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35,36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized underthe 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, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2009 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 9,659,525  |               | $          | 7,290,706          |       | $ | 6,248,972 |   |
| Interest and other                                                       |       | 227,655            |       | 343,949            |       | 198,811            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 9,887,180          |       | 7,634,655          |       | 6,447,783          |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 1,990,511          |       | 1,721,884          |       | 1,135,337          |       |
| Depreciation and amortization                                            |       | 2,838,421          |       | 2,550,783          |       | 1,621,468          |       |
| Taxes and insurance                                                      |       | 1,237,848          |       | 949,717            |       | 758,628            |       |
| Repairs and maintenance                                                  |       | 1,840,968          |       | 1,239,225          |       | 1,317,880          |       |
| Operating expenses                                                       |       | 3,403,104          |       | 2,813,886          |       | 2,903,250          |       |
| Other expenses                                                           |       | 266,867            |       | 206,998            |       | 105,021            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 11,577,719         |       | 9,482,493          |       | 7,841,584          |       |
|                                                                     |       |               |       |               |       |               |       |
| NET LOSS                                                                 |       | $                  | (1,690,539 | )                  | $          | (1,847,838         | )          | $ | (1,393,801 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (1,319,188 | )                  | $          | (2,011,048         | )          | $ | (1,256,895 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (371,351   | )                  | $          | 163,210            |       | $ | (136,906 | ) |

 

----

*                 Amounts include $1,248,392, $397,781,$1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856,$1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244,$716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 forSeries 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36,37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under theequity 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, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2009 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 10,010,642 |               | $          | 7,423,054          |       | $ | 6,193,633 |   |
| Interest and other                                                       |       | 725,562            |       | 306,522            |       | 205,947            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 10,736,204         |       | 7,729,576          |       | 6,399,580          |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 1,684,409          |       | 1,742,349          |       | 1,434,726          |       |
| Depreciation and amortization                                            |       | 2,990,577          |       | 2,866,318          |       | 2,337,916          |       |
| Taxes and insurance                                                      |       | 1,331,716          |       | 995,986            |       | 807,121            |       |
| Repairs and maintenance                                                  |       | 1,845,073          |       | 1,059,006          |       | 931,760            |       |
| Operating expenses                                                       |       | 3,627,728          |       | 2,837,440          |       | 2,560,522          |       |
| Other expenses                                                           |       | 659,889            |       | 205,548            |       | 116,137            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 12,139,392         |       | 9,706,647          |       | 8,188,182          |       |
|                                                                     |       |               |       |               |       |               |       |
| NET LOSS                                                                 |       | $                  | (1,403,188 | )                  | $          | (1,977,071         | )          | $ | (1,788,602 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (981,897   | )                  | $          | (1,539,147         | )          | $ | (745,885 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (421,291   | )                  | $          | (437,924           | )          | $ | (1,042,717 | ) |

 

----

*                 Amounts include $1,248,392, $397,781,$1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856,$1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332,$509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35,36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized underthe 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, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2009 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 7,880,400  |               | $          | 6,199,854          |       | $ | 6,415,159 |   |
| Interest and other                                                       |       | 419,269            |       | 268,742            |       | 253,227            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 8,299,669          |       | 6,468,596          |       | 6,668,386          |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 2,060,416          |       | 1,699,876          |       | 1,987,567          |       |
| Depreciation and amortization                                            |       | 3,007,760          |       | 2,091,786          |       | 1,985,421          |       |
| Taxes and insurance                                                      |       | 1,122,819          |       | 902,486            |       | 661,684            |       |
| Repairs and maintenance                                                  |       | 1,286,816          |       | 1,309,786          |       | 1,452,993          |       |
| Operating expenses                                                       |       | 3,303,936          |       | 2,315,443          |       | 2,323,917          |       |
| Other expenses                                                           |       | 49,575             |       | 146,309            |       | 203,869            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 10,831,322         |       | 8,465,686          |       | 8,615,451          |       |
|                                                                     |       |               |       |               |       |               |       |
| NET LOSS                                                                 |       | $                  | (2,531,653 | )                  | $          | (1,997,090         | )          | $ | (1,947,065 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (1,786,699 | )                  | $          | (1,184,563         | )          | $ | (1,002,035 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (744,954   | )                  | $          | (812,527           | )          | $ | (945,030 | ) |

 

----

*                 Amounts include $1,248,392, $397,781,$1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856,$1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332,$509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35,36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized underthe 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, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limited partnershipsfor the year ended December 31, 2009 for operating limited partnerships inwhich Series 20 through Series 46 had an interest as ofDecember 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 5,758,213  |               | $          | 4,199,280          |       | $ | 3,383,876 |   |
| Interest and other                                                       |       | 227,739            |       | 190,922            |       | 218,482            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 5,985,952          |       | 4,390,202          |       | 3,602,358          |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 1,204,410          |       | 1,070,018          |       | 823,833            |       |
| Depreciation and amortization                                            |       | 2,161,653          |       | 1,494,769          |       | 1,328,539          |       |
| Taxes and insurance                                                      |       | 841,149            |       | 541,901            |       | 446,764            |       |
| Repairs and maintenance                                                  |       | 996,037            |       | 761,476            |       | 584,757            |       |
| Operating expenses                                                       |       | 2,674,054          |       | 1,558,675          |       | 1,518,675          |       |
| Other expenses                                                           |       | 69,500             |       | 120,430            |       | 164,792            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 7,946,803          |       | 5,547,269          |       | 4,867,360          |       |
|                                                                     |       |               |       |               |       |               |       |
| NET LOSS                                                                 |       | $                  | (1,960,851 | )                  | $          | (1,157,067         | )          | $ | (1,265,002 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (1,316,292 | )                  | $          | (658,134           | )          | $ | (779,953 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (644,559   | )                  | $          | (498,933           | )          | $ | (485,049 | ) |

 

----

*                 Amounts include $1,248,392, $397,781,$1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856,$1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332,$509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35,36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized underthe 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, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2009 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 9,163,188  |               | $          | 15,208,750         |       | $ | 10,798,869 |   |
| Interest and other                                                       |       | 431,976            |       | 815,369            |       | 324,486            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 9,595,164          |       | 16,024,119         |       | 11,123,355         |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 3,319,767          |       | 5,518,387          |       | 3,250,146          |       |
| Depreciation and amortization                                            |       | 2,621,485          |       | 4,024,856          |       | 3,227,018          |       |
| Taxes and insurance                                                      |       | 1,205,012          |       | 1,779,748          |       | 1,082,024          |       |
| Repairs and maintenance                                                  |       | 1,708,609          |       | 2,319,113          |       | 1,768,717          |       |
| Operating expenses                                                       |       | 2,354,011          |       | 3,451,744          |       | 3,254,270          |       |
| Other expenses                                                           |       | 175,857            |       | 335,094            |       | 308,591            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 11,384,741         |       | 17,428,942         |       | 12,890,766         |       |
|                                                                     |       |               |       |               |       |               |       |
| NET LOSS                                                                 |       | $                  | (1,789,577 | )                  | $          | (1,404,823         | )          | $ | (1,767,411 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (912,898   | )                  | $          | (677,596           | )          | $ | (760,271 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (876,679   | )                  | $          | (727,227           | )          | $ | (1,007,140 | ) |

 

----

*                 Amounts include $1,248,392, $397,781,$1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856, $1,807,041,$689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332, $509,244,$716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114 forSeries 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36,37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized under theequity 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, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2009 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 9,053,424  |               | $          | 8,822,929          |       | $ | 10,397,633 |   |
| Interest and other                                                       |       | 387,790            |       | 251,100            |       | 378,230            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 9,441,214          |       | 9,074,029          |       | 10,775,863         |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 2,574,882          |       | 2,626,085          |       | 2,677,769          |       |
| Depreciation and amortization                                            |       | 3,159,427          |       | 2,987,158          |       | 3,372,243          |       |
| Taxes and insurance                                                      |       | 971,185            |       | 1,083,606          |       | 1,243,803          |       |
| Repairs and maintenance                                                  |       | 1,444,455          |       | 1,469,070          |       | 1,905,425          |       |
| Operating expenses                                                       |       | 3,038,927          |       | 3,466,211          |       | 3,739,986          |       |
| Other expenses                                                           |       | 197,515            |       | 334,066            |       | 99,077             |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 11,386,391         |       | 11,966,196         |       | 13,038,303         |       |
|                                                                     |       |               |       |               |       |               |       |
| NET LOSS                                                                 |       | $                  | (1,945,177 | )                  | $          | (2,892,167         | )          | $ | (2,262,440 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (973,100   | )                  | $          | (1,789,188         | )          | $ | (1,436,316 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (972,077   | )                  | $          | (1,102,979         | )          | $ | (826,124 | ) |

 

----

*                 Amounts include $1,248,392, $397,781,$1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856,$1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332,$509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35,36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized underthe 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, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2009 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2009 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 46** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |
| Rent                                                                     |       | $                  | 5,316,766  |   |
| Interest and other                                                       |       | 239,531            |       |
|                                                                     |       |               |       |
|                                                                     |       | 5,556,297          |       |
| Expenses                                                                 |       |               |       |
| Interest                                                                 |       | 1,454,860          |       |
| Depreciation and amortization                                            |       | 1,537,737          |       |
| Taxes and insurance                                                      |       | 672,416            |       |
| Repairs and maintenance                                                  |       | 870,699            |       |
| Operating expenses                                                       |       | 1,832,980          |       |
| Other expenses                                                           |       | 46,485             |       |
|                                                                     |       |               |       |
|                                                                     |       | 6,415,177          |       |
|                                                                     |       |               |       |
| NET LOSS                                                                 |       | $                  | (858,880   | ) |
|                                                                     |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (861,685   | ) |
|                                                                     |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | 2,805      |   |

 

----

*                 Amounts include $1,248,392, $397,781,$1,041,901, $875,250, $742,580, $1,328,766, $1,238,126, $396,779, $863,856,$1,807,041, $689,908, $1,178,942, $635,720, $358,096, $1,176,248, $369,332,$509,244, $716,948, $12,174, $123,965, $418,268, $459,024, $344,989 and $57,114for Series 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35,36, 37, 40, 41, 42, 43, 44 and 45, respectively, of loss not recognized underthe 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, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2008 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Total**   | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|--------------------------------------------------------------------------|------------|-------------|-------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |        |        |               |       |               |       |
| Rent                                                                     |       | $           | 231,676,969 |               | $          | 12,892,062         |       | $ | 4,462,376 |   |
| Interest and other                                                       |       | 12,168,503  |        | 795,255            |       | 106,473            |       |
|                                                                     |       |        |        |               |       |               |       |
|                                                                     |       | 243,845,472 |        | 13,687,317         |       | 4,568,849          |       |
| Expenses                                                                 |       |        |        |               |       |               |       |
| Interest                                                                 |       | 62,685,352  |        | 3,413,769          |       | 1,326,453          |       |
| Depreciation and amortization                                            |       | 69,199,771  |        | 3,145,681          |       | 920,716            |       |
| Taxes and insurance                                                      |       | 30,369,474  |        | 1,918,673          |       | 588,332            |       |
| Repairs and maintenance                                                  |       | 42,038,713  |        | 2,813,863          |       | 587,223            |       |
| Operating expenses                                                       |       | 80,038,402  |        | 3,572,932          |       | 1,630,115          |       |
| Other expenses                                                           |       | 7,356,872   |        | 672,059            |       | 76,721             |       |
|                                                                     |       |        |        |               |       |               |       |
|                                                                     |       | 291,688,584 |        | 15,536,977         |       | 5,129,560          |       |
|                                                                     |       |        |        |               |       |               |       |
| NET LOSS                                                                 |       | $           | (47,843,112 | )                  | $          | (1,849,660         | )          | $ | (560,711 | ) |
|                                                                     |       |        |        |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $           | (31,371,456 | )                  | $          | (1,189,522         | )          | $ | (492,938 | ) |
|                                                                     |       |        |        |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $           | (16,471,656 | )                  | $          | (660,138           | )          | $ | (67,773 | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481,$427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 forSeries 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36,41, 42, 43, 44 and 45, respectively, of loss not recognized under the equitymethod of accounting as described in note A.

 

F-234

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2008 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 9,811,382  |               | $          | 8,995,183          |       | $ | 9,190,286 |   |
| Interest and other                                                       |       | 829,951            |       | 628,303            |       | 160,951            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 10,641,333         |       | 9,623,486          |       | 9,351,237          |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 2,664,551          |       | 2,536,616          |       | 2,313,186          |       |
| Depreciation and amortization                                            |       | 2,797,822          |       | 2,313,934          |       | 2,706,521          |       |
| Taxes and insurance                                                      |       | 1,654,019          |       | 1,356,187          |       | 1,177,926          |       |
| Repairs and maintenance                                                  |       | 2,860,289          |       | 2,080,500          |       | 1,730,471          |       |
| Operating expenses                                                       |       | 3,476,412          |       | 3,277,850          |       | 3,082,444          |       |
| Other expenses                                                           |       | 280,201            |       | 369,806            |       | 106,878            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 13,733,294         |       | 11,934,893         |       | 11,117,426         |       |
|                                                                     |       |               |       |               |       |               |       |
| NET LOSS                                                                 |       | $                  | (3,091,961 | )                  | $          | (2,311,407         | )          | $ | (1,766,189 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (1,386,300 | )                  | $          | (1,019,496         | )          | $ | (1,007,476 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (1,705,661 | )                  | $          | (1,291,911         | )          | $ | (758,713 | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481,$427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 forSeries 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36,41, 42, 43, 44 and 45, respectively, of loss not recognized under the equitymethod of accounting as described in note A.

 

F-235

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limited partnershipsfor the year ended December 31, 2008 for operating limited partnerships inwhich Series 20 through Series 46 had an interest as of December 31,2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 12,821,510 |               | $          | 12,251,010         |       | $ | 10,093,201 |   |
| Interest and other                                                            |       | 335,140            |       | 618,641            |       | 391,776            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 13,156,650         |       | 12,869,651         |       | 10,484,977         |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 2,865,229          |       | 2,300,508          |       | 2,731,223          |       |
| Depreciation and amortization                                                 |       | 2,918,076          |       | 3,157,121          |       | 2,547,401          |       |
| Taxes and insurance                                                           |       | 1,722,991          |       | 1,755,156          |       | 1,214,068          |       |
| Repairs and maintenance                                                       |       | 3,528,493          |       | 1,971,363          |       | 1,290,039          |       |
| Operating expenses                                                            |       | 4,082,438          |       | 4,250,404          |       | 2,934,411          |       |
| Other expenses                                                                |       | 198,164            |       | 366,693            |       | 286,451            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 15,315,391         |       | 13,801,245         |       | 11,003,593         |       |
|                                                                          |       |               |       |               |       |               |       |
| NET LOSS                                                                      |       | $                  | (2,158,741 | )                  | $          | (931,594           | )          | $ | (518,616 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (1,761,396 | )                  | $          | (913,872           | )          | $ | 33,573 |   |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                                 |       | $                  | (397,345   | )                  | $          | (17,722            | )          | $ | (552,189 | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481,$427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20,21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 41, 42, 43, 44and 45, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-236

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operatinglimited partnerships for the year ended December 31, 2008 for operatinglimited partnerships in which Series 20 through Series 46 had aninterest as of December 31, 2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 9,729,199  |               | $          | 6,778,730          |       | $ | 6,401,396 |   |
| Interest and other                                                            |       | 215,750            |       | 424,152            |       | 249,945            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 9,944,949          |       | 7,202,882          |       | 6,651,341          |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 2,067,201          |       | 1,907,500          |       | 1,226,523          |       |
| Depreciation and amortization                                                 |       | 2,936,155          |       | 2,468,621          |       | 1,626,655          |       |
| Taxes and insurance                                                           |       | 1,237,740          |       | 1,037,861          |       | 803,950            |       |
| Repairs and maintenance                                                       |       | 1,578,795          |       | 1,253,209          |       | 1,238,136          |       |
| Operating expenses                                                            |       | 3,304,339          |       | 2,866,548          |       | 2,804,534          |       |
| Other expenses                                                                |       | 337,235            |       | 164,188            |       | 91,581             |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 11,461,465         |       | 9,697,927          |       | 7,791,379          |       |
|                                                                          |       |               |       |               |       |               |       |
| NET LOSS                                                                      |       | $                  | (1,516,516 | )                  | $          | (2,495,045         | )          | $ | (1,140,038 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (844,388   | )                  | $          | (2,436,009         | )          | $ | (755,978 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                                 |       | $                  | (672,128   | )                  | $          | (59,036            | )          | $ | (384,060 | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481,$427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20,21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 41, 42, 43, 44and 45, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-237

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operatinglimited partnerships for the year ended December 31, 2008 for operatinglimited partnerships in which Series 20 through Series 46 had aninterest as of December 31, 2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 10,039,438 |               | $          | 8,787,117          |       | $ | 7,769,265 |   |
| Interest and other                                                            |       | 503,202            |       | 380,811            |       | 342,837            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 10,542,640         |       | 9,167,928          |       | 8,112,102          |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 1,523,511          |       | 2,305,145          |       | 2,022,504          |       |
| Depreciation and amortization                                                 |       | 2,927,976          |       | 3,295,844          |       | 2,272,089          |       |
| Taxes and insurance                                                           |       | 1,421,738          |       | 1,232,398          |       | 1,282,459          |       |
| Repairs and maintenance                                                       |       | 1,841,853          |       | 1,221,772          |       | 1,053,763          |       |
| Operating expenses                                                            |       | 4,801,197          |       | 3,178,556          |       | 2,538,761          |       |
| Other expenses                                                                |       | 319,247            |       | 194,550            |       | 459,677            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 12,835,522         |       | 11,428,265         |       | 9,629,253          |       |
|                                                                          |       |               |       |               |       |               |       |
| NET LOSS                                                                      |       | $                  | (2,292,882 | )                  | $          | (2,260,337         | )          | $ | (1,517,151 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (2,289,452 | )                  | $          | (1,798,622         | )          | $ | (549,255 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                                 |       | $                  | (3,430     | )                  | $          | (461,715           | )          | $ | (967,896 | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481,$427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20,21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 41, 42, 43, 44and 45, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-238

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2008 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 8,126,163  |               | $          | 6,036,997          |       | $ | 6,373,812 |   |
| Interest and other                                                            |       | 651,532            |       | 491,616            |       | 339,382            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 8,777,695          |       | 6,528,613          |       | 6,713,194          |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 2,426,912          |       | 1,771,331          |       | 2,033,762          |       |
| Depreciation and amortization                                                 |       | 2,983,259          |       | 2,096,616          |       | 1,874,789          |       |
| Taxes and insurance                                                           |       | 1,143,784          |       | 892,144            |       | 622,400            |       |
| Repairs and maintenance                                                       |       | 1,183,214          |       | 1,094,223          |       | 1,451,190          |       |
| Operating expenses                                                            |       | 3,037,884          |       | 2,224,912          |       | 2,271,760          |       |
| Other expenses                                                                |       | 50,175             |       | 78,200             |       | 99,230             |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 10,825,228         |       | 8,157,426          |       | 8,353,131          |       |
|                                                                          |       |               |       |               |       |               |       |
| NET LOSS                                                                      |       | $                  | (2,047,533 | )                  | $          | (1,628,813         | )          | $ | (1,639,937 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (1,384,749 | )                  | $          | (1,032,870         | )          | $ | (917,851 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                                 |       | $                  | (662,784   | )                  | $          | (595,943           | )          | $ | (722,086 | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481,$427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20,21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 41, 42, 43, 44and 45, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-239

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operatinglimited partnerships for the year ended December 31, 2008 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 5,699,829  |               | $          | 4,227,311          |       | $ | 3,380,239 |   |
| Interest and other                                                            |       | 316,535            |       | 179,252            |       | 217,963            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 6,016,364          |       | 4,406,563          |       | 3,598,202          |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 1,360,998          |       | 1,114,123          |       | 868,055            |       |
| Depreciation and amortization                                                 |       | 2,031,855          |       | 1,482,940          |       | 1,313,280          |       |
| Taxes and insurance                                                           |       | 748,549            |       | 528,608            |       | 443,245            |       |
| Repairs and maintenance                                                       |       | 1,018,130          |       | 648,984            |       | 453,077            |       |
| Operating expenses                                                            |       | 2,696,589          |       | 1,468,048          |       | 1,441,091          |       |
| Other expenses                                                                |       | 76,613             |       | 51,984             |       | 87,461             |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 7,932,734          |       | 5,294,687          |       | 4,606,209          |       |
|                                                                          |       |               |       |               |       |               |       |
| NET LOSS                                                                      |       | $                  | (1,916,370 | )                  | $          | (888,124           | )          | $ | (1,008,007 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (1,297,634 | )                  | $          | (578,692           | )          | $ | (705,389 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                                 |       | $                  | (618,736   | )                  | $          | (309,432           | )          | $ | (302,618 | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481,$427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20,21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 41, 42, 43, 44and 45, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-240

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operatinglimited partnerships for the year ended December 31, 2008 for operatinglimited partnerships in which Series 20 through Series 46 had aninterest as of December 31, 2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 8,840,062  |               | $          | 14,940,535         |       | $ | 10,517,920 |   |
| Interest and other                                                            |       | 536,805            |       | 989,046            |       | 570,293            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 9,376,867          |       | 15,929,581         |       | 11,088,213         |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 3,145,067          |       | 5,663,853          |       | 3,397,617          |       |
| Depreciation and amortization                                                 |       | 2,742,487          |       | 4,097,394          |       | 3,266,946          |       |
| Taxes and insurance                                                           |       | 1,148,823          |       | 1,751,906          |       | 1,038,682          |       |
| Repairs and maintenance                                                       |       | 1,485,918          |       | 2,281,400          |       | 1,668,321          |       |
| Operating expenses                                                            |       | 2,424,473          |       | 3,494,702          |       | 3,490,973          |       |
| Other expenses                                                                |       | 103,759            |       | 465,407            |       | 854,554            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 11,050,527         |       | 17,754,662         |       | 13,717,093         |       |
|                                                                          |       |               |       |               |       |               |       |
| NET LOSS                                                                      |       | $                  | (1,673,660 | )                  | $          | (1,825,081         | )          | $ | (2,628,880 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (774,697   | )                  | $          | (1,004,910         | )          | $ | (1,689,854 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                                 |       | $                  | (898,963   | )                  | $          | (820,171           | )          | $ | (939,026 | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481,$427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20,21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 41, 42, 43, 44and 45, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-241

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operatinglimited partnerships for the year ended December 31, 2008 for operatinglimited partnerships in which Series 20 through Series 46 had aninterest as of December 31, 2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 8,996,346  |               | $          | 9,114,821          |       | $ | 10,239,816 |   |
| Interest and other                                                            |       | 639,996            |       | 292,603            |       | 689,662            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 9,636,342          |       | 9,407,424          |       | 10,929,478         |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 2,711,247          |       | 2,877,525          |       | 2,656,440          |       |
| Depreciation and amortization                                                 |       | 3,249,810          |       | 3,048,903          |       | 3,419,588          |       |
| Taxes and insurance                                                           |       | 917,486            |       | 925,385            |       | 1,175,536          |       |
| Repairs and maintenance                                                       |       | 1,632,261          |       | 1,517,507          |       | 1,745,738          |       |
| Operating expenses                                                            |       | 3,218,176          |       | 2,958,450          |       | 3,769,377          |       |
| Other expenses                                                                |       | 1,025,716          |       | 377,645            |       | 115,795            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 12,754,696         |       | 11,705,415         |       | 12,882,474         |       |
|                                                                          |       |               |       |               |       |               |       |
| NET LOSS                                                                      |       | $                  | (3,118,354 | )                  | $          | (2,297,991         | )          | $ | (1,952,996 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (2,231,669 | )                  | $          | (1,433,281         | )          | $ | (1,143,893 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net income (loss) allocated to other partners                                 |       | $                  | (886,685   | )                  | $          | (864,710           | )          | $ | (809,103 | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481, $427,293,$196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20, 21, 22,23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 41, 42, 43, 44 and 45,respectively, of loss not recognized under the equity method of accounting asdescribed in note A.

 

F-242

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operatinglimited partnerships for the year ended December 31, 2008 for operatinglimited partnerships in which Series 20 through Series 46 had aninterest as of December 31, 2008 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 46** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |
| Rent                                                                     |       | $                  | 5,160,963  |   |
| Interest and other                                                       |       | 270,631            |       |
|                                                                     |       |               |       |
|                                                                     |       | 5,431,594          |       |
| Expenses                                                                 |       |               |       |
| Interest                                                                 |       | 1,454,503          |       |
| Depreciation and amortization                                            |       | 1,557,292          |       |
| Taxes and insurance                                                      |       | 629,428            |       |
| Repairs and maintenance                                                  |       | 808,981            |       |
| Operating expenses                                                       |       | 1,741,026          |       |
| Other expenses                                                           |       | 46,882             |       |
|                                                                     |       |               |       |
|                                                                     |       | 6,238,112          |       |
|                                                                     |       |               |       |
| NET LOSS                                                                 |       | $                  | (806,518   | ) |
|                                                                     |       |               |       |
| Net income (loss) allocated to Boston Capital Tax  Credit Fund IV L.P. * |       | $                  | (764,836   | ) |
|                                                                     |       |               |       |
| Net income (loss) allocated to other partners                            |       | $                  | (41,682    | ) |

 

----

*                 Amounts include $796,781, $461,920,$1,240,851, $979,955, $842,764, $1,661,296, $900,388, $164,494, $161,220,$1,255,416, $318,066, $1,107,821, $346,834, $24,948, $341,956, $232,481,$427,293, $196,161, $185,732, $296,324, $362,181 and $27,034 for Series 20,21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 41, 42, 43, 44and 45, respectively, of loss not recognized under the equity method ofaccounting as described in note A.

 

F-243

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTE D - NOTES RECEIVABLE

 

Notes receivable at March 31, 2010 and 2009 consist of advanceinstallments of $723,071 of capital contributions to operating limitedpartnerships.  The notes are comprised ofnoninterest bearing and interest bearing notes with rates ranging from prime toprime + 1.00%.  Prime was 3.25% as ofMarch 31, 2010 and 2009.  Thesenotes are secured by future installments of capital contributions or paid upondemand.  The notes at March 31, 2010and 2009 by series are as follows:

 
| ** **     | ** ** | **2010** | ** ** | **2009** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| 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 |       | 292,933  |       | 292,933  |       |
| Series 43 |       | 186,626  |       | 186,626  |       |
| Series 44 |       | 196,604  |       | 196,604  |       |
| Series 45 |       | —   |       | —   |       |
| Series 46 |       | —   |       | —   |       |
|           |       |     |       |     |       |
|           |       | $        | 723,071    |     | $          | 723,071 |   |

 

F-244

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

For income tax purposes, the fund reports using a December 31 yearend.  The Fund’s net income (loss) forfinancial reporting and tax return purposes for the year ended March 31,2010 is reconciled as follows:

 
| ** **                                                                                                              | ** ** | **Total**   | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|-------------|-------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $           | (48,774,143 | )                  | $          | (279,089           | )          | $ | 528,259 |   |
|                                                                                                                    |       |        |        |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | 38,807      |        | —             |       | 20,953             |       |
|                                                                                                                    |       |        |        |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 4,836,819   |        | 287,024            |       | (458,867           | )          |
|                                                                                                                    |       |        |        |               |       |               |       |
| Other                                                                                                                   |       | 628,298     |        | 216,131            |       | (8,617             | )          |
|                                                                                                                    |       |        |        |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (16,990,444 | )           | (1,248,392         | )          | (397,781           | )          |
|                                                                                                                    |       |        |        |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (5,513,492  | )           | —             |       | (177,437           | )          |
|                                                                                                                    |       |        |        |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 27,675,675  |        | —             |       | —             |       |
|                                                                                                                    |       |        |        |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (5,464,840  | )           | 11,989             |       | (721,715           | )          |
|                                                                                                                    |       |        |        |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $           | (43,563,320 | )                  | $          | (1,012,337         | )          | $ | (1,215,205 | ) |

 

F-245

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2010 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (208,678   | )                  | $          | (218,996           | )          | $ | (11,402 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | —             |       | —             |       | (34                | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 249,803            |       | 235,714            |       | 124,222            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | (275,423           | )          | (330,261           | )          | (483,890           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (1,041,901         | )          | (875,250           | )          | (742,580           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | —             |       | (25,910            | )          | (114,634           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (72,651            | )          | (51,362            | )          | (927,585           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $                  | (1,348,850 | )                  | $          | (1,266,065         | )          | $ | (2,155,903 | ) |

 

F-246

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

For income tax purposes, the fund reports using a December 31 yearend.  The Fund’s net income (loss) forfinancial reporting and tax return purposes for the year ended March 31,2010 is reconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (87,110    | )                  | $          | (1,672,971         | )          | $ | (551,574 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | —             |       | 447                |       | 16,973             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 134,550            |       | 217,273            |       | 315,204            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 373,160            |       | 1,649,908          |       | 309,345            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (1,328,766         | )          | (1,238,126         | )          | (396,779           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (19,015            | )          | (523,379           | )          | (375,783           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 62,147             |       | 606,124            |       | 153,410            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (2,242,936         | )          | (1,014,723         | )          | 81,355             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $                  | (3,107,970 | )                  | $          | (1,975,447         | )          | $ | (447,849 | ) |

 

F-247

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

For income tax purposes, the fund reports using a December 31 yearend.  The Fund’s net income (loss) forfinancial reporting and tax return purposes for the year ended March 31,2010 is reconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (923,375   | )                  | $          | (877,090           | )          | $ | (1,486,625 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | 737                |       | (7,781             | )          | (361               | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 309,116            |       | 331,404            |       | 186,169            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 42,066             |       | 112,983            |       | 526,912            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (863,856           | )          | (1,807,041         | )          | (689,908           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (271,285           | )          | (254,117           | )          | (197,164           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 183,235            |       | 380,451            |       | 615,661            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (36,308            | )          | (14,614            | )          | 66,020             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $                  | (1,559,670 | )                  | $          | (2,135,805         | )          | $ | (979,296 | ) |

 

F-248

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

For income tax purposes, the fund reports using a December 31 yearend.  The Fund’s net income (loss) forfinancial reporting and tax return purposes for the year ended March 31,2010 is reconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (984,934   | )                  | $          | (2,935,793         | )          | $ | (1,844,221 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | (142               | )          | (14,253            | )          | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 364,152            |       | 312,615            |       | 159,745            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | (1,370,724         | )          | (211,117           | )          | (1,136,025         | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (1,178,942         | )          | (635,720           | )          | (358,096           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (281,537           | )          | (214,837           | )          | (110,750           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 796,383            |       | 1,688,725          |       | 1,267,778          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (14,431            | )          | (992,142           | )          | (18,847            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $                  | (2,670,175 | )                  | $          | (3,002,522         | )          | $ | (2,040,416 | ) |

 

F-249

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

For income tax purposes, the fund reports using a December 31 yearend.  The Fund’s net income (loss) forfinancial reporting and tax return purposes for the year ended March 31,2010 is reconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (2,349,137 | )                  | $          | (3,359,953         | )          | $ | (2,242,113 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | 3,945              |       | 1,257              |       | (491               | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 293,196            |       | 228,360            |       | 160,599            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 206,232            |       | 221,603            |       | (194,222           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (1,176,248         | )          | (369,332           | )          | (509,244           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (223,172           | )          | (316,721           | )          | (123,143           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 1,042,951          |       | 2,237,536          |       | 1,548,176          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | 344,232            |       | (73,959            | )          | (62,655            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $                  | (1,858,001 | )                  | $          | (1,431,209         | )          | $ | (1,423,093 | ) |

 

F-250

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

For income tax purposes, the fund reports using a December 31 yearend.  The Fund’s net income (loss) forfinancial reporting and tax return purposes for the year ended March 31,2010 is reconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (2,780,498 | )                  | $          | (2,712,997         | )          | $ | (2,291,962 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | 19,999             |       | —             |       | 5,607              |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 204,864            |       | 64,400             |       | 86,800             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | (3,298             | )          | 156,288            |       | (74,472            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (716,948           | )          | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (175,097           | )          | (209,618           | )          | (137,744           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 1,849,293          |       | 1,863,888          |       | 1,331,559          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | 14,743             |       | (82,541            | )          | (68,315            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $                  | (1,586,942 | )                  | $          | (920,580           | )          | $ | (1,148,527 | ) |

 

F-251

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2010 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (2,709,589 | )                  | $          | (2,440,525         | )          | $ | (2,439,386 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | (9,142             | )          | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 200,017            |       | 246,830            |       | 151,056            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 144,610            |       | 128,900            |       | 116,359            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (12,174            | )          | (123,965           | )          | (418,268           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (158,482           | )          | (195,531           | )          | (148,272           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 1,565,033          |       | 1,370,664          |       | 1,688,303          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (92,404            | )          | 145,071            |       | 9,108              |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $                  | (1,072,131 | )                  | $          | (868,556           | )          | $ | (1,041,100 | ) |

 

F-252

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2010 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (3,178,616 | )                  | $          | (3,226,501         | )          | $ | (4,185,948 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | —             |       | 1,199              |       | (106               | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 281,780            |       | 84,701             |       | 16,564             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | (93,286            | )          | 196,305            |       | 272,612            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (459,024           | )          | (344,989           | )          | (57,114            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (178,312           | )          | (221,292           | )          | (421,048           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 2,024,801          |       | 1,198,091          |       | 2,117,133          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | 116,340            |       | 161,008            |       | 129,794            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $                  | (1,486,317 | )                  | $          | (2,151,478         | )          | $ | (2,128,113 | ) |

 

F-253

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2010 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 46** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (3,303,319 | ) |
|                                                                                                                    |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | —             |       |
|                                                                                                                    |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 49,528             |       |
|                                                                                                                    |       |               |       |
| Other                                                                                                                   |       | 136,219            |       |
|                                                                                                                    |       |               |       |
| 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                              |       | (439,212           | )          |
|                                                                                                                    |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 2,084,333          |       |
|                                                                                                                    |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (57,312            | )          |
|                                                                                                                    |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2009                                                          |       | $                  | (1,529,763 | ) |

 

F-254

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Total**   | ** **   | **Series 20** | ** ** | **Series 21** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|-------------|--------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $           | (113,256,678 | )                  | $          | (1,573,686         | )          | $ | (521,323 | ) |
|                                                                                                                    |       |        |         |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | 32,257      |         | —             |       | (7,146             | )          |
|                                                                                                                    |       |        |         |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 5,329,752   |         | 287,752            |       | 180,372            |       |
|                                                                                                                    |       |        |         |               |       |               |       |
| Other                                                                                                                   |       | 3,333,786   |         | (174,584           | )          | 171,479            |       |
|                                                                                                                    |       |        |         |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (12,331,916 | )            | (796,781           | )          | (461,920           | )          |
|                                                                                                                    |       |        |         |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (5,802,253  | )            | (75,063            | )          | (293,315           | )          |
|                                                                                                                    |       |        |         |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 85,330,656  |         | 873,961            |       | 114,377            |       |
|                                                                                                                    |       |        |         |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (167,592    | )            | 3,827              |       | 148,353            |       |
|                                                                                                                    |       |        |         |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2008                                                          |       | $           | (37,531,988  | )                  | $          | (1,454,574         | )          | $ | (669,123 | ) |

 

F-255

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (974,194   | )                  | $          | (1,118,218         | )          | $ | (668,822 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | —             |       | —             |       | 1,829              |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 254,591            |       | 240,264            |       | 177,736            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 116,718            |       | (252,769           | )          | 395,625            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (1,240,851         | )          | (979,955           | )          | (842,764           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (40,494            | )          | (199,365           | )          | (108,192           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 541,202            |       | 799,427            |       | 282,261            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | 3,450              |       | 16,572             |       | (135,132           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2008                                                          |       | $                  | (1,339,578 | )                  | $          | (1,494,044         | )          | $ | (897,459 | ) |

 

F-256

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (2,854,621 | )                  | $          | (4,529,704         | )          | $ | (4,524,267 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | (456               | )          | —             |       | (545               | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 222,676            |       | (340,240           | )          | 315,204            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 973,979            |       | 1,333,432          |       | (211,556           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (1,661,296         | )          | (900,388           | )          | (164,494           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (124,976           | )          | (490,988           | )          | (356,197           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 2,471,550          |       | 4,780,554          |       | 4,301,123          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (29,636            | )          | (535,553           | )          | 94,481             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2008                                                          |       | $                  | (1,002,780 | )                  | $          | (682,887           | )          | $ | (546,251 | ) |

 

F-257

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (5,152,986 | )                  | $          | (3,236,562         | )          | $ | (3,481,426 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | (177               | )          | (1,988             | )          | (767               | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 259,116            |       | 334,692            |       | 161,169            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 40,402             |       | 123,799            |       | 78,303             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (161,220           | )          | (1,255,416         | )          | (318,066           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (299,443           | )          | (219,568           | )          | (141,816           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 4,140,066          |       | 1,715,287          |       | 2,814,246          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (154,524           | )          | 51,536             |       | (79,129            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2008                                                          |       | $                  | (1,328,766 | )                  | $          | (2,488,220         | )          | $ | (967,486 | ) |

 

F-258

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (5,668,443 | )                  | $          | (6,260,761         | )          | $ | (5,082,253 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | 434                |       | 17,699             |       | 2,553              |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 314,152            |       | 303,345            |       | 173,964            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 1,014,538          |       | 201,226            |       | (76,900            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (1,107,821         | )          | (346,834           | )          | (24,948            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (399,170           | )          | (225,401           | )          | (120,156           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 3,983,987          |       | 4,272,196          |       | 4,328,479          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | 267,008            |       | 161,866            |       | 9,246              |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2008                                                          |       | $                  | (1,595,315 | )                  | $          | (1,876,664         | )          | $ | (790,015 | ) |

 

F-259

----

 

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (5,616,496 | )                  | $          | (6,285,010         | )          | $ | (3,824,248 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | 1,320              |       | 587                |       | 2,292              |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 293,196            |       | 203,360            |       | 135,599            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | (20,947            | )          | 21,026             |       | (12,404            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (341,956           | )          | (232,481           | )          | (427,293           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (213,583           | )          | (287,734           | )          | (131,983           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 4,230,134          |       | 5,113,606          |       | 3,085,005          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (19,195            | )          | 11,784             |       | 3,682              |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2008                                                          |       | $                  | (1,687,527 | )                  | $          | (1,454,862         | )          | $ | (1,169,350 | ) |

 

F-260

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (6,790,196 | )                  | $          | (6,258,767         | )          | $ | (4,318,730 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | 26,479             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 179,864            |       | 139,400            |       | 111,800            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | (151,378           | )          | 46,009             |       | 72,699             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| 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                              |       | (194,109           | )          | (198,744           | )          | (121,862           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 5,083,007          |       | 5,386,462          |       | 3,386,978          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | 92,859             |       | 18,948             |       | 13,280             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes, December 31,  2008                                                          |       | $                  | (1,753,474 | )                  | $          | (866,692           | )          | $ | (855,835 | ) |

 

F-261

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (5,416,173 | )                  | $          | (3,871,357         | )          | $ | (6,857,155 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | 6,486              |       | (5,681             | )          | (5,484             | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 200,017            |       | 246,830            |       | 127,320            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 14,593             |       | (311,881           | )          | 180,212            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | —             |       | (196,161           | )          | (185,732           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (120,788           | )          | (56,423            | )          | (84,105            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 4,292,781          |       | 2,680,272          |       | 4,924,845          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | 2,655              |       | (10,512            | )          | (82,564            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2007                                                          |       | $                  | (1,020,429 | )                  | $          | (1,524,913         | )          | $ | (1,982,663 | ) |

 

F-262

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (6,502,229 | )                  | $          | (3,188,252         | )          | $ | (4,427,068 | ) |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | (5,610             | )          | 23                 |       | 409                |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 256,780            |       | 209,701            |       | 191,564            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | (107,971           | )          | 655,839            |       | (541,425           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Operating limited partnership losses not  recognized for financial reporting purposes under equity method of accounting |       | (296,324           | )          | (362,181           | )          | (27,034            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Excess of tax depreciation over book depreciation  on operating limited partnership assets                              |       | (169,573           | )          | (242,991           | )          | (379,394           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 4,043,890          |       | 1,773,459          |       | 2,787,550          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | 12,905             |       | 21,372             |       | (28,735            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2008                                                          |       | $                  | (2,768,132 | )                  | $          | (1,133,030         | )          | $ | (2,424,133 | ) |

 

F-263

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Forincome tax purposes, the fund reports using a December 31 year end.  The Fund’s net income (loss) for financialreporting and tax return purposes for the year ended March 31, 2009 isreconciled as follows:

 
| ** **                                                                                                              | ** ** | **Series 46** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| Net income (loss) for financial reporting purposes                                                                      |       | $                  | (4,253,731 | ) |
|                                                                                                                    |       |               |       |
| Operating limited partnership rents received in  advance                                                                |       | —             |       |
|                                                                                                                    |       |               |       |
| Accrued partnership fund management fee not  deducted (deducted) for income tax purposes                                |       | 149,528            |       |
|                                                                                                                    |       |               |       |
| Other                                                                                                                   |       | (244,278           | )          |
|                                                                                                                    |       |               |       |
| 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                              |       | (506,820           | )          |
|                                                                                                                    |       |               |       |
| Impairment loss not recognized for tax purposes                                                                         |       | 3,123,951          |       |
|                                                                                                                    |       |               |       |
| Difference due to fiscal year for book purposes  and calendar year for tax purposes                                     |       | (26,436            | )          |
|                                                                                                                    |       |               |       |
| Income (loss) for tax return purposes,  December 31, 2007                                                          |       | $                  | (1,757,786 | ) |

 

F-264

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statement purposes at March 31, 2010 are asfollows:

 
| ** **                                                                                                             | ** ** | **Total**    | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------|-------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2009                                     |       | $            | 187,363,289 |               | $          | (3,789,823         | )          | $ | (2,654,739 | ) |
|                                                                                                                   |       |         |        |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 50,576,578   |        | 4,276,869          |       | 3,920,551          |       |
|                                                                                                                   |       |         |        |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (226,406,734 | )           | (5,812,210         | )          | (709,601           | )          |
|                                                                                                                   |       |         |        |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | 978,267      |        | 570,617            |       | —             |       |
|                                                                                                                   |       |         |        |               |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | (2,077,480   | )           | (268,202           | )          | (399,312           | )          |
|                                                                                                                   |       |         |        |               |       |               |       |
| Other                                                                                                                  |       | 69,169,408   |        | 5,022,749          |       | (156,899           | )          |
|                                                                                                                   |       |         |        |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $            | 79,603,328  |               | $          | —             |       | $ | — |   |

 

F-265

----

 

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statement purposes at March 31, 2010 are asfollows:

 
| ** **                                                                                                             | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2009                                     |       | $                  | (1,579,342 | )                  | $          | 2,762,963          |       | $ | 215,542 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 5,077,203          |       | 3,145,170          |       | 3,060,446          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (6,519,050         | )          | (11,704,924        | )          | (4,336,246         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | 223,537            |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | (203,385           | )          | (152,590           | )          | (81,405            | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 3,001,037          |       | 5,949,381          |       | 1,141,663          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | —     |               | $          | —             |       | $ | — |   |

 

F-266

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statement purposes at March 31, 2010 are asfollows:

 
| ** **                                                                                                             | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2009                                     |       | $                  | 3,668,395  |               | $          | 8,556,466          |       | $ | 6,017,081 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 5,534,834          |       | 4,015,497          |       | 1,492,182          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (9,276,439         | )          | (17,408,272        | )          | (10,747,592        | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | (126,188           | )          | (120,610           | )          | (205,532           | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 199,398            |       | 4,956,919          |       | 5,786,012          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | —     |               | $          | —             |       | $ | 2,342,151 |   |

 

F-267

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statement purposes at March 31, 2010 are asfollows:

 
| ** **                                                                                                             | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2009                                     |       | $                  | 13,678,528 |               | $          | 5,148,531          |       | $ | 4,749,858 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 1,078,508          |       | 3,360,666          |       | 1,007,974          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (17,737,386        | )          | (10,917,337        | )          | (8,061,818         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | (129,668           | )          | (265,241           | )          | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 3,110,018          |       | 2,697,776          |       | 2,387,028          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | —     |               | $          | 24,395             |       | $ | 83,042 |   |

 

F-268

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statement purposes at March 31, 2010 are asfollows:

 
| ** **                                                                                                             | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2009                                     |       | $                  | 6,797,484  |               | $          | 14,375,654         |       | $ | 8,881,079 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 2,850,713          |       | 1,616,565          |       | 382,388            |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (15,170,789        | )          | (15,384,682        | )          | (10,291,840        | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | 184,113            |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | (125,347           | )          | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 5,690,303          |       | (92,898            | )          | 1,178,526          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 42,364     |               | $          | 698,752            |       | $ | 150,153 |   |

 

F-269

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statement purposes at March 31, 2010 are asfollows:

 
| ** **                                                                                                             | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2009                                     |       | $                  | 7,863,074  |               | $          | 9,063,541          |       | $ | 3,810,380 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 1,522,530          |       | 981,337            |       | 2,329,999          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (11,262,189        | )          | (10,461,943        | )          | (6,225,751         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 2,328,735          |       | 2,993,106          |       | 1,898,119          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 452,150    |               | $          | 2,576,041          |       | $ | 1,812,747 |   |

 

F-270

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

Thedifferences between the investments in operating limited partnerships for taxpurposes and financial statement purposes at March 31, 2010 are asfollows:

 
| ** **                                                                                                             | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships - tax  return December 31, 2009                                     |       | $                  | 6,593,969  |               | $          | 9,120,562          |       | $ | 7,555,552 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 716,948            |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (7,574,998         | )          | (7,521,557         | )          | (4,829,727         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 1,664,262          |       | 2,162,774          |       | 1,244,279          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 1,400,181  |               | $          | 3,761,779          |       | $ | 3,970,104 |   |

 

F-271

----

 

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2010 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2009                                     |       | $                  | 10,184,085 |               | $          | 4,578,769          |       | $ | 9,076,505 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 12,174             |       | 600,595            |       | 779,836            |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (6,838,944         | )          | (4,120,934         | )          | (5,798,474         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 1,500,860          |       | 3,535,241          |       | 1,577,193          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 4,858,175  |               | $          | 4,593,671          |       | $ | 5,635,060 |   |

 

F-272

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2010 are as follows:

 

 
| ** **                                                                                                             | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2009                                     |       | $                  | 11,565,237 |               | $          | 8,170,664          |       | $ | 17,881,509 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 1,287,962          |       | 1,360,885          |       | 164,746            |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (5,563,126         | )          | (3,611,213         | )          | (4,972,399         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 1,969,356          |       | 1,864,162          |       | 2,668,848          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 9,259,429  |               | $          | 7,784,498          |       | $ | 15,742,704 |   |

 

F-273

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2010 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 46** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2009                                     |       | $                  | 15,071,765 |   |
|                                                                                                                   |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | —             |       |
|                                                                                                                   |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (3,547,293         | )          |
|                                                                                                                   |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       |
|                                                                                                                   |       |               |       |
| Less share of loss - three months ended  March 31, 2010                                                           |       | —             |       |
|                                                                                                                   |       |               |       |
| Other                                                                                                                  |       | 2,891,460          |       |
|                                                                                                                   |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 14,415,932 |   |

 

F-274

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2009 are as follows:

 
| ** **                                                                                                             | ** ** | **Total**    | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------|-------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $            | 228,426,732 |               | $          | (2,757,562         | )          | $ | (1,278,168 | ) |
|                                                                                                                   |       |         |        |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 36,349,415   |        | 3,366,332          |       | 3,666,793          |       |
|                                                                                                                   |       |         |        |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (209,578,825 | )           | (4,604,488         | )          | (746,232           | )          |
|                                                                                                                   |       |         |        |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | 978,267      |        | 570,617            |       | —             |       |
|                                                                                                                   |       |         |        |               |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | (2,628,827   | )           | (286,158           | )          | (623,372           | )          |
|                                                                                                                   |       |         |        |               |       |               |       |
| Other                                                                                                                  |       | 65,626,559   |        | 3,711,259          |       | (921,142           | )          |
|                                                                                                                   |       |         |        |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $            | 119,173,321 |               | $          | —             |       | $ | 97,879 |   |

 

F-275

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2009 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $                  | (260,718   | )                  | $          | 3,995,683          |       | $ | 2,416,089 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 4,574,176          |       | 2,754,095          |       | 2,680,592          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (6,562,719         | )          | (11,676,945        | )          | (5,389,926         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | 223,537            |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | (259,228           | )          | (179,850           | )          | (95,695            | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 2,284,952          |       | 5,107,017          |       | 388,940            |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | —     |               | $          | —             |       | $ | — |   |

 

F-276

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2009 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $                  | 6,769,443  |               | $          | 10,202,311         |       | $ | 6,660,572 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 4,690,637          |       | 2,931,539          |       | 1,215,186          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (11,724,939        | )          | (17,902,141        | )          | (10,580,622        | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | (335,542           | )          | (123,194           | )          | (205,532           | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 609,862            |       | 6,229,735          |       | 5,605,596          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 9,461      |               | $          | 1,338,250          |       | $ | 2,695,200 |   |

 

F-277

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2009 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $                  | 15,284,572 |               | $          | 7,272,760          |       | $ | 5,707,068 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 214,652            |       | 1,611,939          |       | 318,066            |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (17,484,651        | )          | (10,500,801        | )          | (7,524,223         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | (129,668           | )          | (265,241           | )          | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 2,803,283          |       | 2,490,865          |       | 2,716,415          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 688,188    |               | $          | 609,522            |       | $ | 1,217,326 |   |

 

F-278

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2009 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $                  | 9,437,301  |               | $          | 17,391,391         |       | $ | 10,881,109 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 1,680,389          |       | 981,501            |       | 24,948             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (14,357,798        | )          | (16,120,674        | )          | (11,210,624        | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | 184,113            |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | (125,347           | )          | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 4,012,598          |       | 595,440            |       | 2,093,697          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 647,143    |               | $          | 3,031,771          |       | $ | 1,789,130 |   |

 

F-279

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limited partnershipsfor tax purposes and financial statement purposes at March 31, 2009 are asfollows:

 
| ** **                                                                                                             | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $                  | 9,667,330  |               | $          | 10,355,729         |       | $ | 5,158,768 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 346,282            |       | 612,005            |       | 1,820,755          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (10,379,300        | )          | (8,342,254         | )          | (4,813,149         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 2,325,544          |       | 3,019,059          |       | 1,666,067          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 1,959,856  |               | $          | 5,644,539          |       | $ | 3,832,441 |   |

 

F-280

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2009 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $                  | 8,119,489  |               | $          | 9,885,417          |       | $ | 8,558,001 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (5,725,704         | )          | (5,753,161         | )          | (3,580,647         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 1,501,030          |       | 2,163,050          |       | 1,086,355          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 3,894,815  |               | $          | 6,295,306          |       | $ | 6,063,709 |   |

 

F-281

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes at March 31,2009 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $                  | 11,132,090 |               | $          | 5,347,460          |       | $ | 9,871,876 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | —             |       | 545,494            |       | 361,568            |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (5,506,211         | )          | (3,348,914         | )          | (4,380,914         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 1,700,483          |       | 3,739,364          |       | 1,608,010          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 7,326,362  |               | $          | 6,283,404          |       | $ | 7,460,540 |   |

 

F-282

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2009 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $                  | 12,839,659 |               | $          | 9,998,651          |       | $ | 19,511,718 |   |
|                                                                                                                   |       |               |       |               |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | 828,938            |       | 1,015,896          |       | 107,632            |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (3,859,298         | )          | (2,413,122         | )          | (3,218,558         | )          |
|                                                                                                                   |       |               |       |               |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | —             |       | —             |       | —             |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Other                                                                                                                  |       | 1,733,903          |       | 1,840,826          |       | 2,784,196          |       |
|                                                                                                                   |       |               |       |               |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 11,543,202 |               | $          | 10,442,251         |       | $ | 19,184,988 |   |

 

F-283

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

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

 

The differences between the investments in operating limitedpartnerships for tax purposes and financial statement purposes atMarch 31, 2009 are as follows:

 
| ** **                                                                                                             | ** ** | **Series 46** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| Investments in operating limited partnerships -  tax return December 31, 2008                                     |       | $                  | 16,258,693 |   |
|                                                                                                                   |       |               |       |
| Add back operating limited partnership losses not  recognized for financial reporting purposes under the equity method |       | —             |       |
|                                                                                                                   |       |               |       |
| Impairment loss in investment in operating limited  partnerships                                                       |       | (1,870,810         | )          |
|                                                                                                                   |       |               |       |
| Historic tax credits - cumulative                                                                                      |       | —             |       |
|                                                                                                                   |       |               |       |
| Less share of loss - three months ended  March 31, 2009                                                           |       | —             |       |
|                                                                                                                   |       |               |       |
| Other                                                                                                                  |       | 2,730,155          |       |
|                                                                                                                   |       |               |       |
| Investments in operating limited partnerships - as  reported                                                           |       | $                  | 17,118,038 |   |

 

F-284

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2010 and 2009

 

NOTEF - CASH EQUIVALENTS

 

Cash equivalents of $6,457,846 and $6,098,836 as of March 31, 2010and 2009, respectively, include money market accounts with interest ratesranging from 0.25% to 1.75% per annum.

 

NOTEG - CONCENTRATION OF CREDIT RISK

 

The Fund maintains its cash and cash equivalent balances in severalaccounts in various financial institutions. The balances are generally insured by the Federal Deposit InsuranceCorporation (FDIC) up to specified limits by each institution.  At times, the balances may exceed theseinsurance limits; however, the Fund has not experienced any losses with respectto it balances in excess of FDIC insurance. Management believes that no significant concentration of credit riskwith respect to these cash and cash equivalent balances exists as ofMarch 31, 2010.

 

NOTEH - SUBSEQUENT EVENTS

 

Subsequent to March 31, 2010, the Fund has entered into agreementsto either sell or transfer interests in five operating limited partnerships allof which closed by June 2010.  Thesales prices and other terms for the disposition of the operating limitedpartnerships have been determined.  Theproceeds received for these four operating limited partnerships were$1,281,942. The gain on the sales of these operating limited partnerships was$1,190,204 and was recognized in the first quarter of the fiscal year ended2011.

 

NOTEI - FAIR VALUE OF FINANCIAL INSTRUMENTS

 

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

 

F-285

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