**Exhibit13**

 

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

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

**SERIES 20 THROUGH SERIES 46**

 

MARCH 31, 2009 AND 2008

 

----

 

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.

 

Wehave audited the accompanying balance sheets of Boston Capital Tax Credit FundIV L.P. - Series 20 through Series 46, in total and for each series,as of March 31, 2009 and 2008, and the related statements of operations,changes in partners’ capital (deficit) and cash flows for the total partnershipand for each of the series for each of the years in the two-year period ended March 31,2009.  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 $7,016,843 and $11,587,201 of the total partnershipassets as of March 31, 2008 and 2007, respectively, and $(883,397) and$(886,168), of the total partnership income (loss) for the years ended March 31,2009 and 2008, respectively; of the assets for Series 20 as of March 31,2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 20for the years ended March 31, 2009 and 2008, $0 and $0, respectively; ofthe assets for Series 21 as of March 31, 2009 and 2008, $0 and $0,respectively, and of the income (loss) for Series 21 for the years ended March 31,2009 and 2008, $0 and $0, respectively; of the assets for Series 22 as of March 31,2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 22for the years ended March 31, 2009 and 2008, $0 and $0, respectively; ofthe assets for Series 23 as of March 31, 2009 and 2008, $0 and $0,respectively, and of the income (loss) for Series 23 for the years ended March 31,2009 and 2008, $0 and $0, respectively; of the assets for Series 24 as of March 31,2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 24for the years ended March 31, 2009 and 2008, $0 and $0, respectively; ofthe assets for Series 25 as of March 31, 2009 and 2008, $0 and $0,respectively, and of the income (loss) for Series 25 for the years ended March 31,2009 and 2008, $0 and $0, respectively; of the assets for Series 26 as of March 31,2009 and 2008, $0 and $1,624,507, respectively, and of the income (loss) for Series 26for the years ended March 31, 2009 and 2008, $0 and $303,767,respectively; of the assets for Series 27 as of March 31, 2009 and2008, $92,703 and $204,814, respectively, and of the income (loss) for Series 27for the years ended March 31, 2008 and 2007, $(5,446) and $(27,838),respectively; of the assets for Series 28 as of March 31, 2009 and2008, $0 and $0, respectively, and of the income (loss) for Series 28 forthe years ended March 31, 2009 and 2008, $0 and $0, respectively; of theassets for Series 29 as of March 31, 2009 and 2008, $0 and $0,respectively, and of the income (loss) for Series 29 for the years ended March 31,2009 and 2008, $0 and $0, respectively; of the assets for Series 30 as of March 31,2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 30for the years ended March 31, 2009 and 2008, $0 and $0, respectively; ofthe assets for Series 31 as of March 31, 2009 and 2008, $0 and $0,respectively, and of the income (loss) for Series 31 for the years endedMarch

 

F-3

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31,2009 and 2008, $0 and $0, respectively; of the assets for Series 32 as of March 31,2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 32for the years ended March 31, 2009 and 2008, $0 and $0, respectively; ofthe assets for Series 33 as of March 31, 2009 and 2008, $172,232 and$380,445, respectively, and of the income (loss) for Series 33 for theyears ended March 31, 2009 and 2008, $(10,113) and $(51,691),respectively; of the assets for Series 34 as of March 31, 2009 and2008, $363,514 and $554,108, respectively, and of the income (loss) for Series 34for the years ended March 31, 2009 and 2008, $(55,574) and $(44,500),respectively; of the assets for Series 35 as of March 31, 2009 and2008, $390,838 and $776,704, respectively, and of the income (loss) for Series 35for the years ended March 31, 2009 and 2008, $(127,655) and $(112,590),respectively; of the assets for Series 36 as of March 31, 2009 and2008, $0 and $0, respectively, and of the income (loss) for Series 36 forthe years ended March 31, 2009 and 2008, $0 and $0, respectively; of theassets for Series 37 as of March 31, 2009 and 2008, $0 and $0,respectively, and of the income (loss) for Series 37 for the years ended March 31,2009 and 2008, $0 and $0, respectively; of the assets for Series 38 as of March 31,2009 and 2008, $470,330 and $1,064,711, respectively, and of the income (loss)for Series 38 for the years ended March 31, 2009 and 2008, $(98,795)and $(70,298), respectively; of the assets for Series 39 as of March 31,2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 39for the years ended March 31, 2009 and 2008, $0 and $0, respectively; ofthe assets for Series 40 as of March 31, 2009 and 2008, $734,350 and$1,073,832, respectively, and of the income (loss) for Series 40 for theyears ended March 31, 2009 and 2008, $(78,401) and $(68,747),respectively; of the assets for Series 41 as of March 31, 2009 and2008, $1,562,365 and $2,089,634, respectively, and of the income (loss) for Series 41for the years ended March 31, 2009 and 2008, $(210,508) and $(264,133),respectively; of the assets for Series 42 as of March 31, 2009 and2008, $264,463 and $307,092, respectively, and of the income (loss) for Series 42for the years ended March 31, 2009 and 2008, $(42,362) and $(126,058),respectively; of the assets for Series 43 as of March 31, 2009 and2008, $1,032,882 and $1,121,047, respectively, and of the income (loss) for Series 43for the years ended March 31, 2009 and 2008, $(87,613) and $(260,712),respectively; of the assets for Series 44 as of March 31, 2009 and2008, $960,321 and $1,167,955, respectively, and of the income (loss) for Series 44for the years ended March 31, 2009 and 2008, $(70,908) and $(62,005),respectively; of the assets for Series 45 as of March 31, 2009 and2008, $972,845 and $1,222,352, respectively, and of the (income) income (loss)for Series 45 for years ended March 31, 2009 and 2008, $(96,022) and$(101,363), respectively; and of the assets for Series 46 as of March 31,2009 and 2008, $0 and $0, respectively, and of the income (loss) for Series 46for the years ended March 31, 2009 and 2008, $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.

 

We conducted our audits in accordance with standardsof the Public Company Accounting Oversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. The partnership has determined that it is not required to have, nor were

 

F-4

----

 

we engaged to perform, anaudit of its internal control over financial reporting.  Our audits 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.  Accordingly, weexpress no such opinion. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation.  We believe thatour audits and the reports of the other auditors provide a reasonable basis forour opinion.

 

In our opinion, based on our audits and the reportsof the other auditors, the financial statements referred to above presentfairly, in all material respects, the financial position of Boston Capital TaxCredit Fund IV L.P. - Series 20 through Series 46, in total and foreach series, as of March 31, 2009 and 2008, and the results of itsoperations and its cash flows for the total partnership and for each of theseries for each of the years in the two-year period ended March 31, 2009,in conformity with accounting principles generally accepted in the UnitedStates of America.

 

**/s/ Reznick Group, P.C.**

REZNICK GROUP, P.C.

 

Bethesda, Maryland

July 13, 2009

 

F-5

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                              | ** ** | **Total**  | ** **        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------|-------------------|
| ** **                                                                                                                                                                                                                              | ** ** | **2009**   | ** **        | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                  |       |
|                                                                                                                                                                                                                                    |       |       |              |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                          |       | $          | 119,173,321       |   | $ | 207,743,560 |   |
|                                                                                                                                                                                                                                    |       |       |              |   |   |
| OTHER ASSETS                                                                                                                                                                                                                            |       |       |              |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                              |       | 6,181,988  |              | 6,849,444 |   |
| Notes receivable                                                                                                                                                                                                                        |       | 723,071    |              | 892,005 |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                            |       | 12,900,860 |              | 31,189,499 |   |
| Other assets                                                                                                                                                                                                                            |       | 750,017    |              | 1,326,274 |   |
|                                                                                                                                                                                                                                    |       |       |              |   |   |
|                                                                                                                                                                                                                                    |       | $          |  139,729,257 |   | $ | 248,000,782 |   |
|                                                                                                                                                                                                                                    |       |       |              |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                    |       |       |              |   |   |
| LIABILITIES                                                                                                                                                                                                                             |       |       |              |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                  |       | $          | 38,389            |   | $ | 71,462 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                          |       | 46,245,459 |              | 40,753,556 |   |
| Capital contributions  payable                                                                                                                                                                                                          |       | 2,347,899  |              | 2,821,576 |   |
|                                                                                                                                                                                                                                    |       |       |              |   |   |
|                                                                                                                                                                                                                                    |       | 48,631,747 |              | 43,646,594 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 97,352,756 |              | 209,476,866 |   |
| General partner                                                                                                                                                                                                                         |       | (6,255,246 | )                 | (5,122,678 | ) |
|                                                                                                                                                                                                                                    |       |       |              |   |   |
|                                                                                                                                                                                                                                    |       | 91,097,510 |              | 204,354,188 |   |
|                                                                                                                                                                                                                                    |       |       |              |   |   |
|                                                                                                                                                                                                                                    |       | $          |  139,729,257 |   | $ | 248,000,782 |   |

 

(continued)

 

F-6

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 20** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | —     |   | $ | 1,204,188 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 174,531            |       | 168,406 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | —             |       | 66,086 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 22,166 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 174,531    |   | $ | 1,460,846 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 3,145,192          |       | 2,857,440 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,145,192          |       | 2,857,821 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | (2,632,703         | )          | (1,074,754 | ) |
| General partner                                                                                                                                                                                                                        |       | (337,958           | )          | (322,221 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (2,970,661         | )          | (1,396,975 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 174,531    |   | $ | 1,460,846 |   |

 

(continued)

 

F-7

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Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 21** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 97,879     |   | $ | 209,082 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 15,500             |       | 6,279 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | 236,476 |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | —             |       | 36,146 |   |
| Other assets                                                                                                                                                                                                                           |       | 88,577             |       | 263,232 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 201,956    |   | $ | 751,215 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,974,141          |       | 1,765,217 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | —             |       | 236,479 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,974,141          |       | 2,002,077 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | (1,592,512         | )          | (1,076,402 | ) |
| General partner                                                                                                                                                                                                                        |       | (179,673           | )          | (174,460 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (1,772,185         | )          | (1,250,862 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 201,956    |   | $ | 751,215 |   |

 

(continued)

 

F-8

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Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 22** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | —     |   | $ | 580,501 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 77,660             |       | 81,744 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | —             |       | 113,586 |   |
| Other assets                                                                                                                                                                                                                           |       | 500                |       | 5,437 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 78,160     |   | $ | 781,268 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 3,079,966          |       | 2,808,499 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 9,352              |       | 9,352 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,089,318          |       | 2,818,232 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | (2,761,964         | )          | (1,797,512 | ) |
| General partner                                                                                                                                                                                                                        |       | (249,194           | )          | (239,452 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (3,011,158         | )          | (2,036,964 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 78,160     |   | $ | 781,268 |   |

 

(continued)

 

F-9

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 23** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | —     |   | $ | 680,481 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 34,902             |       | 40,491 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | —             |       | 168,918 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 6,135 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 34,902     |   | $ | 896,025 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 2,563,533          |       | 2,306,057 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,563,533          |       | 2,306,438 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | (2,218,498         | )          | (1,111,462 | ) |
| General partner                                                                                                                                                                                                                        |       | (310,133           | )          | (298,951 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (2,528,631         | )          | (1,410,413 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 34,902     |   | $ | 896,025 |   |

 

(continued)

 

F-10

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 24** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | —     |   | $ | 286,029 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 119,321            |       | 135,973 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | —             |       | 188,786 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 119,321    |   | $ | 610,788 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | 678        |   | $ | 1,059 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 2,407,892          |       | 2,230,156 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 9,999              |       | 9,999 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,418,569          |       | 2,241,214 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | (2,090,958         | )          | (1,428,824 | ) |
| General partner                                                                                                                                                                                                                        |       | (208,290           | )          | (201,602 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (2,299,248         | )          | (1,630,426 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 119,321    |   | $ | 610,788 |   |

 

(continued)

 

F-11

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 25** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING  LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 9,461      |   | $ | 2,477,296 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 166,596            |       | 187,189 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 34,283             |       | 189,593 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 40,320 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 210,340    |   | $ | 2,894,398 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | 978        |   | $ | 1,359 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 2,209,438          |       | 1,986,762 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 10,001             |       | 61,733 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,220,417          |       | 2,049,854 |   |
| 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, 3,026,109 at March 31,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | (1,732,532         | )          | 1,093,543 |   |
| General partner                                                                                                                                                                                                                        |       | (277,545           | )          | (248,999 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (2,010,077         | )          | 844,544 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 210,340    |   | $ | 2,894,398 |   |

 

(continued)

 

F-12

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 26** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 1,338,250  |   | $ | 5,982,367 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 366,614            |       | 202,820 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | 129,062 |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 68,646             |       | 338,077 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 6,509 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 1,773,510  |   | $ | 6,658,835 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 3,089,600          |       | 3,429,840 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 14,490             |       | 29,490 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,104,090          |       | 3,459,711 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | (977,021           | )          | 3,507,386 |   |
| General partner                                                                                                                                                                                                                        |       | (353,559           | )          | (308,262 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (1,330,580         | )          | 3,199,124 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 1,773,510  |   | $ | 6,658,835 |   |

 

(continued)

 

F-13

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 27** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 2,695,200  |   | $ | 6,799,406 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 109,954            |       | 87,690 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 261,567            |       | 276,514 |   |
| Other assets                                                                                                                                                                                                                           |       | 6,500              |       | 104,014 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 3,073,221  |   | $ | 7,267,624 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 2,973,142          |       | 2,642,897 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 39,749             |       | 39,749 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,012,891          |       | 2,683,027 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 266,174            |       | 4,745,198 |   |
| General partner                                                                                                                                                                                                                        |       | (205,844           | )          | (160,601 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 60,330             |       | 4,584,597 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 3,073,221  |   | $ | 7,267,624 |   |

 

(continued)

 

F-14

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 28** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 688,188    |   | $ | 5,524,970 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 192,128            |       | 185,940 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | —             |       | 61,062 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 2,595 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 880,316    |   | $ | 5,774,567 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable - affiliates                                                                                                                                                                                                          |       | 736,464            |       | 477,348 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 40,968             |       | 40,968 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 777,432            |       | 518,697 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 445,603            |       | 5,547,059 |   |
| General partner                                                                                                                                                                                                                        |       | (342,719           | )          | (291,189 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 102,884            |       | 5,255,870 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 880,316    |   | $ | 5,774,567 |   |

 

(continued)

 

F-15

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 29** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 609,522    |   | $ | 3,506,468 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 137,986            |       | 174,993 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 57,898             |       | 61,209 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 573 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 805,406    |   | $ | 3,743,243 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 2,232,389          |       | 1,897,697 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 10,197             |       | 45,783 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,242,586          |       | 1,943,861 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | (1,084,161         | )          | 2,120,035 |   |
| General partner                                                                                                                                                                                                                        |       | (353,019           | )          | (320,653 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (1,437,180         | )          | 1,799,382 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 805,406    |   | $ | 3,743,243 |   |

 

(continued)

 

F-16

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 30** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 1,217,326  |   | $ | 4,341,662 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 264,094            |       | 276,205 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 208,680            |       | 392,871 |   |
| Other assets                                                                                                                                                                                                                           |       | 6,675              |       | 6,675 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 1,696,775  |   | $ | 5,017,413 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,027,129          |       | 865,960 |   |
| Capital contributions payable                                                                                                                                                                                                          |       | 127,396            |       | 127,396 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,154,525          |       | 993,737 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 763,884            |       | 4,210,496 |   |
| General partner                                                                                                                                                                                                                        |       | (221,634           | )          | (186,820 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 542,250            |       | 4,023,676 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 1,696,775  |   | $ | 5,017,413 |   |

 

(continued)

 

F-17

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 31** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 647,143    |   | $ | 5,822,035 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 182,803            |       | 258,422 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | —             |       | — |   |
| Other assets                                                                                                                                                                                                                           |       | 25,000             |       | 134,137 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 854,946    |   | $ | 6,214,594 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 5,357 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,618,658          |       | 1,304,506 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 66,294             |       | 66,294 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,684,952          |       | 1,376,157 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | (442,447           | )          | 5,169,312 |   |
| General partner                                                                                                                                                                                                                        |       | (387,559           | )          | (330,875 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | (830,006           | )          | 4,838,437 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 854,946    |   | $ | 6,214,594 |   |

 

(continued)

 

F-18

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 32** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 3,031,771  |   | $ | 8,742,643 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 237,567            |       | 306,548 |   |
| Notes receivable                                                                                                                                                                                                                       |       | 46,908             |       | 46,908 |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 393,173            |       | 562,479 |   |
| Other assets                                                                                                                                                                                                                           |       | 125,000            |       | 133,638 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 3,834,419  |   | $ | 9,792,216 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 2,208,623          |       | 1,905,278 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 298,561            |       | 298,561 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,507,184          |       | 2,204,220 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 1,720,324          |       | 7,918,477 |   |
| General partner                                                                                                                                                                                                                        |       | (393,089           | )          | (330,481 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,327,235          |       | 7,587,996 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 3,834,419  |   | $ | 9,792,216 |   |

 

(continued)

 

F-19

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS - CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 33** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 1,789,130  |   | $ | 6,206,010 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 179,652            |       | 186,282 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 35,940             |       | 504,677 |   |
| Other assets                                                                                                                                                                                                                           |       | 125,000            |       | 125,000 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,129,722  |   | $ | 7,021,969 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 447 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,321,714          |       | 1,131,261 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 194,154            |       | 194,154 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,515,868          |       | 1,325,862 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 833,496            |       | 5,864,926 |   |
| General partner                                                                                                                                                                                                                        |       | (219,642           | )          | (168,819 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 613,854            |       | 5,696,107 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,129,722  |   | $ | 7,021,969 |   |

 

(continued)

 

F-20

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 34** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 1,959,856  |   | $ | 7,235,804 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 72,369             |       | 66,702 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 758,693            |       | 802,049 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,790,918  |   | $ | 8,104,555 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 2,403,399          |       | 2,091,915 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | —             |       | 8,244 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,403,399          |       | 2,100,540 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 684,035            |       | 6,244,366 |   |
| General partner                                                                                                                                                                                                                        |       | (296,516           | )          | (240,351 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 387,519            |       | 6,004,015 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 2,790,918  |   | $ | 8,104,555 |   |

 

(continued)

 

F-21

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 35** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN OPERATING  LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 5,644,539  |   | $ | 9,704,927 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 118,051            |       | 148,626 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 289,149            |       | 2,272,925 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 14,109 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 6,051,739  |   | $ | 12,140,587 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 7,198 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,156,982          |       | 953,622 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,156,982          |       | 960,820 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 5,127,834          |       | 11,349,994 |   |
| General partner                                                                                                                                                                                                                        |       | (233,077           | )          | (170,227 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 4,894,757          |       | 11,179,767 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 6,051,739  |   | $ | 12,140,587 |   |

 

(continued)

 

F-22

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 36** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 3,832,441  |   | $ | 6,035,254 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 101,615            |       | 97,695 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 89,516             |       | 1,560,667 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 3,061 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 4,023,572  |   | $ | 7,696,677 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,500,062          |       | 1,348,538 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,500,062          |       | 1,348,919 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 2,676,938          |       | 6,462,944 |   |
| General partner                                                                                                                                                                                                                        |       | (153,428           | )          | (115,186 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,523,510          |       | 6,347,758 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 4,023,572  |   | $ | 7,696,677 |   |

 

(continued)

 

F-23

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 37** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 3,894,815  |   | $ | 9,109,138 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 272,497            |       | 305,864 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 472,992            |       | 1,754,921 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 81,235 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 4,640,304  |   | $ | 11,251,158 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 522 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,222,827          |       | 1,042,963 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 138,438            |       | 138,438 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,361,265          |       | 1,181,923 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 3,461,812          |       | 10,184,106 |   |
| General partner                                                                                                                                                                                                                        |       | (182,773           | )          | (114,871 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 3,279,039          |       | 10,069,235 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 4,640,304  |   | $ | 11,251,158 |   |

 

(continued)

 

F-24

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 38** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 6,295,306  |   | $ | 10,629,006 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 261,393            |       | 133,521 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 104,877            |       | 2,013,922 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 4,875 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 6,661,576  |   | $ | 12,781,324 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,164,023          |       | 1,024,623 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | —             |       | — |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,164,023          |       | 1,025,004 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 5,660,862          |       | 11,857,041 |   |
| General partner                                                                                                                                                                                                                        |       | (163,309           | )          | (100,721 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 5,497,553          |       | 11,756,320 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 6,661,576  |   | $ | 12,781,324 |   |

 

(continued)

 

F-25

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 39** | ** **      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|-----------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** **      | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 6,063,709       |   | $ | 8,575,183 |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |            |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 239,921            |            | 158,655 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |            | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 88,280             |            | 1,865,383 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |            | — |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
|                                                                                                                                                                                                                                   |       | $                  |  6,391,910 |   | $ | 10,599,221 |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |            |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —          |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 963,899            |            | 852,099 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | —             |            | — |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
|                                                                                                                                                                                                                                   |       | 963,899            |            | 852,480 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 5,570,172          |            | 9,845,715 |   |
| General partner                                                                                                                                                                                                                        |       | (142,161           | )               | (98,974 | ) |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
|                                                                                                                                                                                                                                   |       | 5,428,011          |            | 9,746,741 |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
|                                                                                                                                                                                                                                   |       | $                  |  6,391,910 |   | $ | 10,599,221 |   |

 

(continued)

 

F-26

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 40** | ** **      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|-----------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** **      | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 7,326,362       |   | $ | 10,446,429 |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |            |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 127,519            |            | 142,164 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |            | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 212,141            |            | 2,282,946 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |            | 9,873 |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
|                                                                                                                                                                                                                                   |       | $                  |  7,666,022 |   | $ | 12,881,412 |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |            |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | 36,733          |   | $ | 37,114 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,776,106          |            | 1,566,350 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 102                |            | 8,694 |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
|                                                                                                                                                                                                                                   |       | 1,812,941          |            | 1,612,158 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 6,019,493          |            | 11,381,504 |   |
| General partner                                                                                                                                                                                                                        |       | (166,412           | )               | (112,250 | ) |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
|                                                                                                                                                                                                                                   |       | 5,853,081          |            | 11,269,254 |   |
|                                                                                                                                                                                                                                   |       |               |            |   |   |
|                                                                                                                                                                                                                                   |       | $                  |  7,666,022 |   | $ | 12,881,412 |   |

 

(continued)

 

F-27

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 41** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 6,283,404  |   | $ | 8,842,020 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 40,375             |       | 21,723 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 1,413,813          |       | 2,483,931 |   |
| Other assets                                                                                                                                                                                                                           |       | 1,217              |       | 1,217 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 7,738,809  |   | $ | 11,348,891 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 9,584 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 2,212,394          |       | 1,941,535 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 100                |       | 100 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 2,212,494          |       | 1,951,219 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 5,720,221          |       | 9,552,864 |   |
| General partner                                                                                                                                                                                                                        |       | (193,906           | )          | (155,192 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 5,526,315          |       | 9,397,672 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 7,738,809  |   | $ | 11,348,891 |   |

 

(continued)

 

F-28

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                                   | ** ** | **Series 42** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                                   | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                               |       | $                  | 7,460,540  |   | $ | 12,469,734 |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                                 |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                                   |       | 359,855            |       | 649,411 |   |
| Notes receivable                                                                                                                                                                                                                             |       | 292,933            |       | 292,933 |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                                 |       | 1,029,859          |       | 2,567,183 |   |
| Other assets                                                                                                                                                                                                                                 |       | 168,631            |       | 66,984 |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
|                                                                                                                                                                                                                                         |       | $                  | 9,311,818  |   | $ | 16,046,245 |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                            |       |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                                  |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                       |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                               |       | 1,122,917          |       | 995,597 |   |
| Capital contributions  payable                                                                                                                                                                                                               |       | 452,937            |       | 457,148 |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
|                                                                                                                                                                                                                                         |       | 1,575,854          |       | 1,453,126 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                         |       | 7,899,543          |       | 14,688,126 |   |
| General partner                                                                                                                                                                                                                              |       | (163,579           | )          | (95,007 | ) |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
|                                                                                                                                                                                                                                         |       | 7,735,964          |       | 14,593,119 |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
|                                                                                                                                                                                                                                         |       | $                  | 9,311,818  |   | $ | 16,046,245 |   |

 

(continued)

 

F-29

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 43** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 11,543,202 |   | $ | 16,587,969 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 185,952            |       | 343,255 |   |
| Notes receivable                                                                                                                                                                                                                       |       | 186,626            |       | 186,626 |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 2,174,725          |       | 3,338,381 |   |
| Other assets                                                                                                                                                                                                                           |       | 202,917            |       | 85,289 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 14,293,422 |   | $ | 20,541,520 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 1,115,810          |       | 859,030 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 307,738            |       | 310,006 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,423,548          |       | 1,169,417 |   |
| 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, 3,637,987 at March 31,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 13,062,697         |       | 19,499,904 |   |
| General partner                                                                                                                                                                                                                        |       | (192,823           | )          | (127,801 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 12,869,874         |       | 19,372,103 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 14,293,422 |   | $ | 20,541,520 |   |

 

(continued)

 

F-30

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 44** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 10,442,251 |   | $ | 13,358,199 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash equivalents                                                                                                                                                                                                              |       | 791,833            |       | 864,250 |   |
| Notes receivable                                                                                                                                                                                                                       |       | 196,604            |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 2,262,390          |       | 2,364,068 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 197,058 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 13,693,078 |   | $ | 16,783,575 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 381 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 439,103            |       | 229,402 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 590,561            |       | 702,126 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 1,029,664          |       | 931,909 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 12,774,229         |       | 15,930,598 |   |
| General partner                                                                                                                                                                                                                        |       | (110,815           | )          | (78,932 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 12,663,414         |       | 15,851,666 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 13,693,078 |   | $ | 16,783,575 |   |

 

(continued)

 

F-31

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                             | ** ** | **Series 45** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                             | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                 |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                         |       | $                  | 19,184,988 |   | $ | 22,717,292 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                           |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                             |       | 871,105            |       | 1,030,160 |   |
| Notes receivable                                                                                                                                                                                                                       |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                           |       | 2,304,827          |       | 2,837,508 |   |
| Other assets                                                                                                                                                                                                                           |       | —             |       | 12,142 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 22,360,920 |   | $ | 26,597,102 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                      |       |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                            |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                 |       | $                  | —     |   | $ | 678 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                         |       | 350,865            |       | 159,301 |   |
| Capital contributions  payable                                                                                                                                                                                                         |       | 16,724             |       | 16,724 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 367,589            |       | 176,703 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                   |       | 22,127,060         |       | 26,509,857 |   |
| General partner                                                                                                                                                                                                                        |       | (133,729           | )          | (89,458 | ) |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | 21,993,331         |       | 26,420,399 |   |
|                                                                                                                                                                                                                                   |       |               |       |   |   |
|                                                                                                                                                                                                                                   |       | $                  | 22,360,920 |   | $ | 26,597,102 |   |

 

(continued)

 

F-32

----

 

Boston Capital Tax CreditFund IV L.P.

 

BALANCE SHEETS -CONTINUED

 

March 31, 2009 and2008

 
| ** **                                                                                                                                                                                                                                   | ** ** | **Series 46** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| ** **                                                                                                                                                                                                                                   | ** ** | **2009**           | ** ** | **2008** | ** ** |
| ASSETS                                                                                                                                                                                                                                       |       |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
| INVESTMENTS IN  OPERATING LIMITED PARTNERSHIPS                                                                                                                                                                                               |       | $                  | 17,118,038 |   | $ | 19,669,467 |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
| OTHER ASSETS                                                                                                                                                                                                                                 |       |               |       |   |   |
| Cash and cash  equivalents                                                                                                                                                                                                                   |       | 480,195            |       | 588,436 |   |
| Notes receivable                                                                                                                                                                                                                             |       | —             |       | — |   |
| Deferred acquisition  costs, net of accumulated amortization                                                                                                                                                                                 |       | 639,411            |       | 2,085,611 |   |
| Other assets                                                                                                                                                                                                                                 |       | —             |       | — |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
|                                                                                                                                                                                                                                         |       | $                  | 18,237,644 |   | $ | 22,343,514 |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
| LIABILITIES  AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                            |       |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
| LIABILITIES                                                                                                                                                                                                                                  |       |               |       |   |   |
| Accounts payable and  accrued expenses                                                                                                                                                                                                       |       | $                  | —     |   | $ | 1,667 |   |
| Accounts payable -  affiliates                                                                                                                                                                                                               |       | 229,191            |       | 79,663 |   |
| Capital contributions  payable                                                                                                                                                                                                               |       | 20,138             |       | 20,138 |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
|                                                                                                                                                                                                                                         |       | 249,329            |       | 101,468 |   |
| 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,  2009 and 2008 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, 2009 and 2008 issued and outstanding                                                                         |       | 18,071,175         |       | 22,282,369 |   |
| General partner                                                                                                                                                                                                                              |       | (82,860            | )          | (40,323 | ) |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
|                                                                                                                                                                                                                                         |       | 17,988,315         |       | 22,242,046 |   |
|                                                                                                                                                                                                                                         |       |               |       |   |   |
|                                                                                                                                                                                                                                         |       | $                  | 18,237,644 |   | $ | 22,343,514 |   |

 

(seenotes to financial statements)

 

F-33

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS

 
| ** **                                                    | ** ** | **Total**                             | ** **   |
|---------------------------------------------------------------|------------|---------------------------------------|--------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** **   | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |         |   |   |
| Interest  income                                              |       | $                                     | 139,761      |   | $ | 510,870 |   |
| Miscellaneous                                                 |       | 1,124,873                             |         | 525,971 |   |
|                                                          |       |                                  |         |   |   |
|                                                          |       | 1,264,634                             |         | 1,036,841 |   |
|                                                          |       |                                  |         |   |   |
| Share  of income (losses) from operating limited partnerships |       | (19,195,557                           | )            | (18,207,857 | ) |
|                                                          |       |                                  |         |   |   |
| Expenses                                                      |       |                                  |         |   |   |
| Fund  management fee                                          |       | 6,053,083                             |         | 6,091,352 |   |
| Amortization                                                  |       | 1,610,248                             |         | 1,610,248 |   |
| General  and administrative expenses                          |       | 1,476,274                             |         | 1,327,468 |   |
| Professional  fees                                            |       | 855,494                               |         | 990,003 |   |
| Impairment  loss                                              |       | 85,330,656                            |         | 22,053,317 |   |
|                                                          |       |                                  |         |   |   |
|                                                          |       | 95,325,755                            |         | 32,072,388 |   |
|                                                          |       |                                  |         |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (113,256,678 | ) | $ | (49,243,404 | ) |
|                                                          |       |                                  |         |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (1,132,568   | ) | $ | (492,435 | ) |
|                                                          |       |                                  |         |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (112,124,110 | ) | $ | (48,750,969 | ) |
|                                                          |       |                                  |         |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.34        | ) | $ | (0.58 | ) |

 

(continued)

 

F-34

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 20**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 3,742      |   | $ | 11,159 |   |
| Miscellaneous                                                 |       | 59,722                                |       | 20,109 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 63,464                                |       | 31,268 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (414,907                              | )          | 910,973 |   |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 281,804                               |       | 252,798 |   |
| Amortization                                                  |       | 3,572                                 |       | 3,572 |   |
| General  and administrative expenses                          |       | 30,489                                |       | 44,530 |   |
| Professional  fees                                            |       | 32,417                                |       | 33,202 |   |
| Impairment  loss                                              |       | 873,961                               |       | 160,645 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 1,222,243                             |       | 494,747 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (1,573,686 | ) | $ | 447,494 |   |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (15,737    | ) | $ | 4,475 |   |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (1,557,949 | ) | $ | 443,019 |   |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (0.40      | ) | $ | 0.11 |   |

 

(continued)

 

F-35

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 21**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 82         |   | $ | 263 |   |
| Miscellaneous                                                 |       | 1,489                                 |       | 4,297 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 1,571                                 |       | 4,560 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (31,018                               | )          | (129,454 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 158,649                               |       | 175,246 |   |
| Amortization                                                  |       | 1,954                                 |       | 1,954 |   |
| General  and administrative expenses                          |       | 194,463                               |       | 46,411 |   |
| Professional  fees                                            |       | 22,433                                |       | 43,323 |   |
| Impairment  loss                                              |       | 114,377                               |       | — |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 491,876                               |       | 266,934 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (521,323   | ) | $ | (391,828 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (5,213     | ) | $ | (3,918 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (516,110   | ) | $ | (387,910 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (0.27      | ) | $ | (0.20 | ) |

 

(continued)

 

F-36

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 22**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 253        |   | $ | 2,293 |   |
| Miscellaneous                                                 |       | 16,476                                |       | 18,948 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 16,729                                |       | 21,241 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (150,382                              | )          | (75,579 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 233,460                               |       | 232,797 |   |
| Amortization                                                  |       | 6,140                                 |       | 6,140 |   |
| General  and administrative expenses                          |       | 25,461                                |       | 42,375 |   |
| Professional  fees                                            |       | 34,278                                |       | 57,765 |   |
| Impairment  loss                                              |       | 541,202                               |       | 12,843 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 840,541                               |       | 351,920 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (974,194   | ) | $ | (406,258 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (9,742     | ) | $ | (4,063 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (964,452   | ) | $ | (402,195 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (0.38      | ) | $ | (0.16 | ) |

 

(continued)

 

F-37

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 23**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 475        |   | $ | 1,496 |   |
| Miscellaneous                                                 |       | 801                                   |       | 14,425 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 1,276                                 |       | 15,921 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (45,676                               | )          | (41,128 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 205,950                               |       | 230,200 |   |
| Amortization                                                  |       | 9,131                                 |       | 9,131 |   |
| General  and administrative expenses                          |       | 28,508                                |       | 40,821 |   |
| Professional  fees                                            |       | 30,802                                |       | 33,270 |   |
| Impairment  loss                                              |       | 799,427                               |       | 11,863 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 1,073,818                             |       | 325,285 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (1,118,218 | ) | $ | (350,492 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (11,182    | ) | $ | (3,505 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (1,107,036 | ) | $ | (346,987 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (0.33      | ) | $ | (0.10 | ) |

 

(continued)

 

F-38

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 24**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 1,371      |   | $ | 3,954 |   |
| Miscellaneous                                                 |       | 34,107                                |       | 29,823 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 35,478                                |       | 33,777 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (164,712                              | )          | (266,967 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 194,662                               |       | 205,898 |   |
| Amortization                                                  |       | 10,204                                |       | 10,204 |   |
| General  and administrative expenses                          |       | 22,299                                |       | 177,688 |   |
| Professional  fees                                            |       | 30,162                                |       | 33,650 |   |
| Impairment  loss                                              |       | 282,261                               |       | — |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 539,588                               |       | 427,440 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (668,822   | ) | $ | (660,630 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (6,688     | ) | $ | (6,606 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (662,134   | ) | $ | (654,024 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (0.31      | ) | $ | (0.30 | ) |

 

(continued)

 

F-39

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 25**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 4,658      |   | $ | 8,210 |   |
| Miscellaneous                                                 |       | 54,696                                |       | 32,499 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 59,354                                |       | 40,709 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (100,100                              | )          | (257,714 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 212,464                               |       | 237,885 |   |
| Amortization                                                  |       | 15,218                                |       | 15,218 |   |
| General  and administrative expenses                          |       | 70,036                                |       | 37,706 |   |
| Professional  fees                                            |       | 44,607                                |       | 35,467 |   |
| Impairment  loss                                              |       | 2,471,550                             |       | 161,576 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 2,813,875                             |       | 487,852 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (2,854,621 | ) | $ | (704,857 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (28,546    | ) | $ | (7,049 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (2,826,075 | ) | $ | (697,808 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (0.93      | ) | $ | (0.23 | ) |

 

(continued)

 

F-40

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 26**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 18,247     |   | $ | 9,847 |   |
| Miscellaneous                                                 |       | 828,355                               |       | 2,146 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 846,602                               |       | 11,993 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (13,567                               | )          | 68,188 |   |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 353,066                               |       | 374,280 |   |
| Amortization                                                  |       | 16,904                                |       | 16,904 |   |
| General  and administrative expenses                          |       | 162,111                               |       | 60,693 |   |
| Professional  fees                                            |       | 50,104                                |       | 57,816 |   |
| Impairment  loss                                              |       | 4,780,554                             |       | 732,092 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 5,362,739                             |       | 1,241,785 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (4,529,704 | ) | $ | (1,161,604 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (45,297    | ) | $ | (11,616 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (4,484,407 | ) | $ | (1,149,988 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.12      | ) | $ | (0.29 | ) |

 

(continued)

 

F-41

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 27**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 987        |   | $ | 2,716 |   |
| Miscellaneous                                                 |       | 7,743                                 |       | 4,337 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 8,730                                 |       | 7,053 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | 198,005                               |       | (210,302 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 267,389                               |       | 299,241 |   |
| Amortization                                                  |       | 15,655                                |       | 15,655 |   |
| General  and administrative expenses                          |       | 119,420                               |       | 31,321 |   |
| Professional  fees                                            |       | 27,415                                |       | 28,216 |   |
| Impairment  loss                                              |       | 4,301,123                             |       | 431,928 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,731,002                             |       | 806,361 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (4,524,267 | ) | $ | (1,009,610 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (45,243    | ) | $ | (10,096 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (4,479,024 | ) | $ | (999,514 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.82      | ) | $ | (0.41 | ) |

 

(continued)

 

F-42

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 28**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 2,416      |   | $ | 7,104 |   |
| Miscellaneous                                                 |       | 9,323                                 |       | 85 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 11,739                                |       | 7,189 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (685,763                              | )          | (878,230 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 266,094                               |       | 264,458 |   |
| Amortization                                                  |       | 3,300                                 |       | 3,300 |   |
| General  and administrative expenses                          |       | 31,591                                |       | 42,151 |   |
| Professional  fees                                            |       | 37,911                                |       | 39,798 |   |
| Impairment  loss                                              |       | 4,140,066                             |       | 2,157,670 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,478,962                             |       | 2,507,377 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (5,152,986 | ) | $ | (3,378,418 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (51,530    | ) | $ | (33,784 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (5,101,456 | ) | $ | (3,344,634 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.28      | ) | $ | (0.84 | ) |

 

(continued)

 

F-43

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 29**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 2,589      |   | $ | 7,767 |   |
| Miscellaneous                                                 |       | 35,455                                |       | — |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 38,044                                |       | 7,767 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (1,181,167                            | )          | (1,379,956 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 301,086                               |       | 264,614 |   |
| Amortization                                                  |       | 3,311                                 |       | 3,311 |   |
| General  and administrative expenses                          |       | 32,733                                |       | 44,644 |   |
| Professional  fees                                            |       | 41,022                                |       | 56,632 |   |
| Impairment  loss                                              |       | 1,715,287                             |       | 1,335,385 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 2,093,439                             |       | 1,704,586 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (3,236,562 | ) | $ | (3,076,775 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (32,366    | ) | $ | (30,768 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (3,204,196 | ) | $ | (3,046,007 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (0.80      | ) | $ | (0.76 | ) |

 

(continued)

 

F-44

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 30**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 4,267      |   | $ | 7,729 |   |
| Miscellaneous                                                 |       | —                                |       | 37,161 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,267                                 |       | 44,890 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (437,912                              | )          | (307,390 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 155,823                               |       | 142,035 |   |
| Amortization                                                  |       | 21,238                                |       | 21,238 |   |
| General  and administrative expenses                          |       | 24,635                                |       | 32,877 |   |
| Professional  fees                                            |       | 31,839                                |       | 43,121 |   |
| Impairment  loss                                              |       | 2,814,246                             |       | 1,080,096 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 3,047,781                             |       | 1,319,367 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (3,481,426 | ) | $ | (1,581,867 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (34,814    | ) | $ | (15,819 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (3,446,612 | ) | $ | (1,566,048 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.30      | ) | $ | (0.59 | ) |

 

(continued)

 

F-45

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 31**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 2,415      |   | $ | 4,414 |   |
| Miscellaneous                                                 |       | 5,609                                 |       | 310,145 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 8,024                                 |       | 314,559 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (1,181,631                            | )          | (925,924 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 321,293                               |       | 260,096 |   |
| Amortization                                                  |       | —                                |       | — |   |
| General  and administrative expenses                          |       | 145,435                               |       | 115,746 |   |
| Professional  fees                                            |       | 44,121                                |       | 70,522 |   |
| Impairment  loss                                              |       | 3,983,987                             |       | 2,354,775 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,494,836                             |       | 2,801,139 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (5,668,443 | ) | $ | (3,412,504 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (56,684    | ) | $ | (34,125 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (5,611,759 | ) | $ | (3,378,379 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.27      | ) | $ | (0.76 | ) |

 

(continued)

 

F-46

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 32**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 6,463      |   | $ | 12,654 |   |
| Miscellaneous                                                 |       | 5,550                                 |       | 5,250 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 12,013                                |       | 17,904 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (1,571,258                            | )          | (1,217,933 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 307,790                               |       | 280,518 |   |
| Amortization                                                  |       | 36,724                                |       | 36,724 |   |
| General  and administrative expenses                          |       | 43,767                                |       | 46,474 |   |
| Professional  fees                                            |       | 41,039                                |       | 41,216 |   |
| Impairment  loss                                              |       | 4,272,196                             |       | 2,018,741 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,701,516                             |       | 2,423,673 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (6,260,761 | ) | $ | (3,623,702 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (62,608    | ) | $ | (36,237 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (6,198,153 | ) | $ | (3,587,465 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.30      | ) | $ | (0.75 | ) |

 

(continued)

 

F-47

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 33**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 994        |   | $ | 3,062 |   |
| Miscellaneous                                                 |       | 3,450                                 |       | 2,400 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,444                                 |       | 5,462 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (524,307                              | )          | (765,568 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 164,076                               |       | 151,018 |   |
| Amortization                                                  |       | 27,276                                |       | 27,276 |   |
| General  and administrative expenses                          |       | 23,751                                |       | 31,681 |   |
| Professional  fees                                            |       | 18,808                                |       | 20,089 |   |
| Impairment  loss                                              |       | 4,328,479                             |       | 899,634 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,562,390                             |       | 1,129,698 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (5,082,253 | ) | $ | (1,889,804 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (50,823    | ) | $ | (18,898 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (5,031,430 | ) | $ | (1,870,906 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.91      | ) | $ | (0.71 | ) |

 

(continued)

 

F-48

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 34**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 130        |   | $ | 1,266 |   |
| Miscellaneous                                                 |       | 3,900                                 |       | 2,700 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,030                                 |       | 3,966 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (1,042,792                            | )          | (1,614,602 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 248,033                               |       | 272,876 |   |
| Amortization                                                  |       | 43,938                                |       | 43,938 |   |
| General  and administrative expenses                          |       | 27,984                                |       | 38,165 |   |
| Professional  fees                                            |       | 27,645                                |       | 28,110 |   |
| Impairment  loss                                              |       | 4,230,134                             |       | 1,188,755 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,577,734                             |       | 1,571,844 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (5,616,496 | ) | $ | (3,182,480 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (56,165    | ) | $ | (31,825 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (5,560,331 | ) | $ | (3,150,655 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.58      | ) | $ | (0.89 | ) |

 

(continued)

 

F-49

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 35**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 585        |   | $ | 2,824 |   |
| Miscellaneous                                                 |       | 3,000                                 |       | 3,450 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 3,585                                 |       | 6,274 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (800,389                              | )          | (839,663 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 189,975                               |       | 199,972 |   |
| Amortization                                                  |       | 129,235                               |       | 129,235 |   |
| General  and administrative expenses                          |       | 38,480                                |       | 37,487 |   |
| Professional  fees                                            |       | 16,910                                |       | 20,352 |   |
| Impairment  loss                                              |       | 5,113,606                             |       | 1,759,833 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 5,488,206                             |       | 2,146,879 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (6,285,010 | ) | $ | (2,980,268 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (62,850    | ) | $ | (29,803 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (6,222,160 | ) | $ | (2,950,465 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.89      | ) | $ | (0.89 | ) |

 

(continued)

 

F-50

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 36**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 1,158      |   | $ | 3,295 |   |
| Miscellaneous                                                 |       | 1,200                                 |       | 900 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 2,358                                 |       | 4,195 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (490,558                              | )          | (504,176 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 119,845                               |       | 146,392 |   |
| Amortization                                                  |       | 88,462                                |       | 88,462 |   |
| General  and administrative expenses                          |       | 21,618                                |       | 28,201 |   |
| Professional  fees                                            |       | 21,118                                |       | 18,569 |   |
| Impairment  loss                                              |       | 3,085,005                             |       | 1,038,910 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 3,336,048                             |       | 1,320,534 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (3,824,248 | ) | $ | (1,820,515 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (38,242    | ) | $ | (18,205 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (3,786,006 | ) | $ | (1,802,310 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.80      | ) | $ | (0.86 | ) |

 

(continued)

 

F-51

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 37**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 6,273      |   | $ | 13,848 |   |
| Miscellaneous                                                 |       | 2,250                                 |       | 1,350 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 8,523                                 |       | 15,198 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (1,297,634                            | )          | (1,201,584 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 194,364                               |       | 172,294 |   |
| Amortization                                                  |       | 94,821                                |       | 94,821 |   |
| General  and administrative expenses                          |       | 110,027                               |       | 35,589 |   |
| Professional  fees                                            |       | 18,866                                |       | 18,230 |   |
| Impairment  loss                                              |       | 5,083,007                             |       | 423,459 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 5,501,085                             |       | 744,393 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (6,790,196 | ) | $ | (1,930,779 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (67,902    | ) | $ | (19,308 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (6,722,294 | ) | $ | (1,911,471 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (2.68      | ) | $ | (0.76 | ) |

 

(continued)

 

F-52

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 38**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 3,311      |   | $ | 5,357 |   |
| Miscellaneous                                                 |       | 3,000                                 |       | 2,300 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 6,311                                 |       | 7,657 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (578,692                              | )          | (496,433 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 144,527                               |       | 139,930 |   |
| Amortization                                                  |       | 98,915                                |       | 98,915 |   |
| General  and administrative expenses                          |       | 34,648                                |       | 36,521 |   |
| Professional  fees                                            |       | 21,834                                |       | 20,151 |   |
| Impairment  loss                                              |       | 5,386,462                             |       | 432,829 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 5,686,386                             |       | 728,346 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (6,258,767 | ) | $ | (1,217,122 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (62,588    | ) | $ | (12,171 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (6,196,179 | ) | $ | (1,204,951 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (2.44      | ) | $ | (0.47 | ) |

 

(continued)

 

F-53

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 39**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 4,660      |   | $ | 8,832 |   |
| Miscellaneous                                                 |       | 2,100                                 |       | 2,189 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 6,760                                 |       | 11,021 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (705,389                              | )          | (647,736 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 91,001                                |       | 116,640 |   |
| Amortization                                                  |       | 90,326                                |       | 90,326 |   |
| General  and administrative expenses                          |       | 27,583                                |       | 34,009 |   |
| Professional  fees                                            |       | 24,213                                |       | 21,953 |   |
| Impairment  loss                                              |       | 3,386,978                             |       | 914,628 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 3,620,101                             |       | 1,177,556 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (4,318,730 | ) | $ | (1,814,271 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (43,187    | ) | $ | (18,143 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (4,275,543 | ) | $ | (1,796,128 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.87      | ) | $ | (0.78 | ) |

 

(continued)

 

F-54

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 40**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 460        |   | $ | 2,648 |   |
| Miscellaneous                                                 |       | 2,700                                 |       | 1,713 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 3,160                                 |       | 4,361 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (774,697                              | )          | (822,807 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 168,859                               |       | 176,164 |   |
| Amortization                                                  |       | 113,728                               |       | 113,728 |   |
| General  and administrative expenses                          |       | 38,891                                |       | 36,754 |   |
| Professional  fees                                            |       | 30,377                                |       | 28,798 |   |
| Impairment  loss                                              |       | 4,292,781                             |       | 1,521,514 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,644,636                             |       | 1,876,958 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (5,416,173 | ) | $ | (2,695,404 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (54,162    | ) | $ | (26,954 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (5,362,011 | ) | $ | (2,668,450 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (2.04      | ) | $ | (1.01 | ) |

 

(continued)

 

F-55

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 41**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 337        |   | $ | 1,048 |   |
| Miscellaneous                                                 |       | 31,935                                |       | 3,542 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 32,272                                |       | 4,590 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (808,749                              | )          | (920,930 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 214,329                               |       | 220,704 |   |
| Amortization                                                  |       | 133,927                               |       | 133,927 |   |
| General  and administrative expenses                          |       | 32,511                                |       | 43,873 |   |
| Professional  fees                                            |       | 33,841                                |       | 58,221 |   |
| Impairment  loss                                              |       | 2,680,272                             |       | 759,371 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 3,094,880                             |       | 1,216,096 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (3,871,357 | ) | $ | (2,132,436 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (38,714    | ) | $ | (21,324 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (3,832,643 | ) | $ | (2,111,112 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.33      | ) | $ | (0.73 | ) |

 

(continued)

 

F-56

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 42**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 12,067     |   | $ | 149,073 |   |
| Miscellaneous                                                 |       | 2,712                                 |       | 2,700 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 14,779                                |       | 151,773 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (1,504,122                            | )          | (1,018,646 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 234,925                               |       | 218,248 |   |
| Amortization                                                  |       | 117,134                               |       | 117,134 |   |
| General  and administrative expenses                          |       | 49,044                                |       | 41,548 |   |
| Professional  fees                                            |       | 41,864                                |       | 38,371 |   |
| Impairment  loss                                              |       | 4,924,845                             |       | 465,725 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 5,367,812                             |       | 881,026 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (6,857,155 | ) | $ | (1,747,899 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (68,572    | ) | $ | (17,479 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (6,788,583 | ) | $ | (1,730,420 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (2.47      | ) | $ | (0.63 | ) |

 

(continued)

 

F-57

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 43**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 6,826      |   | $ | 15,744 |   |
| Miscellaneous                                                 |       | 1,350                                 |       | 4,350 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 8,176                                 |       | 20,094 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (1,935,345                            | )          | (1,356,021 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 290,416                               |       | 285,130 |   |
| Amortization                                                  |       | 167,349                               |       | 167,349 |   |
| General  and administrative expenses                          |       | 37,069                                |       | 58,806 |   |
| Professional  fees                                            |       | 36,336                                |       | 42,007 |   |
| Impairment  loss                                              |       | 4,043,890                             |       | 743,088 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 4,575,060                             |       | 1,296,380 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (6,502,229 | ) | $ | (2,632,307 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (65,022    | ) | $ | (26,323 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (6,437,207 | ) | $ | (2,605,984 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.77      | ) | $ | (0.72 | ) |

 

(continued)

 

F-58

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 44**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 20,734     |   | $ | 41,796 |   |
| Miscellaneous                                                 |       | 1,800                                 |       | 4,516 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 22,534                                |       | 46,312 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (1,071,100                            | )          | (961,972 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 199,732                               |       | 241,606 |   |
| Amortization                                                  |       | 113,014                               |       | 113,014 |   |
| General  and administrative expenses                          |       | 30,846                                |       | 40,224 |   |
| Professional  fees                                            |       | 22,635                                |       | 23,084 |   |
| Impairment  loss                                              |       | 1,773,459                             |       | 639,663 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 2,139,686                             |       | 1,057,591 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (3,188,252 | ) | $ | (1,973,251 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (31,883    | ) | $ | (19,733 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (3,156,369 | ) | $ | (1,953,518 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.17      | ) | $ | (0.72 | ) |

 

(continued)

 

F-59

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 45**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 21,187     |   | $ | 110,812 |   |
| Miscellaneous                                                 |       | 2,550                                 |       | 6,000 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 23,737                                |       | 116,812 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (1,116,859                            | )          | (1,516,720 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 318,171                               |       | 324,393 |   |
| Amortization                                                  |       | 144,882                               |       | 144,882 |   |
| General  and administrative expenses                          |       | 39,356                                |       | 57,921 |   |
| Professional  fees                                            |       | 43,987                                |       | 53,321 |   |
| Impairment  loss                                              |       | 2,787,550                             |       | 703,879 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 3,333,946                             |       | 1,284,396 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (4,427,068 | ) | $ | (2,684,304 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (44,271    | ) | $ | (26,843 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (4,382,797 | ) | $ | (2,657,461 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.09      | ) | $ | (0.66 | ) |

 

(continued)

 

F-60

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF OPERATIONS - CONTINUED

 
| ** **                                                    | ** ** | **Series 46**                    | ** ** |
|---------------------------------------------------------------|------------|---------------------------------------|------------|
| ** **                                                    | ** ** | **Year  ended  March 31,  2009** | ** ** | **Year  ended  March 31,  2008** | ** ** |
| Income                                                        |       |                                  |       |   |   |
| Interest  income                                              |       | $                                     | 13,074     |   | $ | 71,659 |   |
| Miscellaneous                                                 |       | 3,600                                 |       | 8,636 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 16,674                                |       | 80,295 |   |
|                                                          |       |                                  |       |   |   |
| Share  of income (losses) from operating limited partnerships |       | (764,836                              | )          | (829,583 | ) |
|                                                          |       |                                  |       |   |   |
| Expenses                                                      |       |                                  |       |   |   |
| Fund  management fee                                          |       | 215,300                               |       | 205,919 |   |
| Amortization                                                  |       | 103,890                               |       | 103,890 |   |
| General  and administrative expenses                          |       | 33,518                                |       | 43,252 |   |
| Professional  fees                                            |       | 28,910                                |       | 24,749 |   |
| Impairment  loss                                              |       | 3,123,951                             |       | 104,415 |   |
|                                                          |       |                                  |       |   |   |
|                                                          |       | 3,505,569                             |       | 482,225 |   |
|                                                          |       |                                  |       |   |   |
| NET  INCOME (LOSS)                                            |       | $                                     | (4,253,731 | ) | $ | (1,231,513 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to general partner               |       | $                                     | (42,537    | ) | $ | (12,315 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) allocated to limited partners              |       | $                                     | (4,211,194 | ) | $ | (1,219,198 | ) |
|                                                          |       |                                  |       |   |   |
| Net  income (loss) per BAC                                    |       | $                                     | (1.41      | ) | $ | (0.41 | ) |

 

(see notes to financial statements)

 

F-61

----

 

BostonCapital Tax Credit Fund IV L.P.

 

STATEMENTSOF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

 

Yearsended March 31, 2009 and 2008

 
| **Total**                                              | ** ** | **Limited********partners** | ** **  | **General********partner** | ** ** | **Total**    | ** ** |
|--------------------------------------------------------|------------|-----------------------------|-------------|----------------------------|------------|--------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 258,227,835 |                       | $          | (4,630,243   | )          | $ | 253,597,592 |   |
| Net income (loss)                                      |       | (48,750,969                 | )           | (492,435                   | )          | (49,243,404  | )          |
| 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 |   |

 

(continued)

 

F-62

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 20**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | (1,517,773 | )                          | $          | (326,696   | )          | $ | (1,844,469 | ) |
| Net income (loss)                                      |       | 443,019                     |       | 4,475                      |       | 447,494    |       |
| 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 | ) |

 

(continued)

 

F-63

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 21**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total** | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|-----------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | (688,492   | )                          | $          | (170,542  | )          | $ | (859,034 | ) |
| Net income (loss)                                      |       | (387,910                    | )          | (3,918                     | )          | (391,828  | )          |
| 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 | ) |

 

(continued)

 

F-64

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 22**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total** | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|-----------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | (1,395,317 | )                          | $          | (235,389  | )          | $ | (1,630,706 | ) |
| Net income (loss)                                      |       | (402,195                    | )          | (4,063                     | )          | (406,258  | )          |
| 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 | ) |

 

(continued)

 

F-65

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 23**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | (764,475   | )                          | $          | (295,446   | )          | $ | (1,059,921 | ) |
| Net income (loss)                                      |       | (346,987                    | )          | (3,505                     | )          | (350,492   | )          |
| 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 | ) |

 

(continued)

 

F-66

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 24**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total** | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|-----------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | (774,800   | )                          | $          | (194,996  | )          | $ | (969,796 | ) |
| Net income (loss)                                      |       | (654,024                    | )          | (6,606                     | )          | (660,630  | )          |
| 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 | ) |

 

(continued)

 

F-67

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 25**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 1,791,351  |                       | $          | (241,950   | )          | $ | 1,549,401 |   |
| Net income (loss)                                      |       | (697,808                    | )          | (7,049                     | )          | (704,857   | )          |
| 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 | ) |

 

(continued)

 

F-68

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 26**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 4,657,374  |                       | $          | (296,646   | )          | $ | 4,360,728 |   |
| Net income (loss)                                      |       | (1,149,988                  | )          | (11,616                    | )          | (1,161,604 | )          |
| 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 | ) |

 

(continued)

 

F-69

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 27**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 5,744,712  |                       | $          | (150,505   | )          | $ | 5,594,207 |   |
| Net income (loss)                                      |       | (999,514                    | )          | (10,096                    | )          | (1,009,610 | )          |
| 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 |   |

 

(continued)

 

F-70

----

 

Boston Capital TaxCredit Fund IV L.P.

 

STATEMENTS OFCHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Years ended March 31, 2009 and 2008

 
| **Series 28**                                     | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                     | 8,891,693  |                 | $          | (257,405   | )          | $ | 8,634,288 |   |
| Net income (loss)                                      |       | (3,344,634            | )          | (33,784              | )          | (3,378,418 | )          |
| 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 |   |

 

(continued)

 

F-71

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 29**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 5,166,042  |                       | $          | (289,885   | )          | $ | 4,876,157 |   |
| Net income (loss)                                      |       | (3,046,007                  | )          | (30,768                    | )          | (3,076,775 | )          |
| 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 | ) |

 

(continued)

 

F-72

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 30**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 5,776,544  |                       | $          | (171,001   | )          | $ | 5,605,543 |   |
| Net income (loss)                                      |       | (1,566,048                  | )          | (15,819                    | )          | (1,581,867 | )          |
| 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 |   |

 

(continued)

 

F-73

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 31**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 8,547,691  |                       | $          | (296,750   | )          | $ | 8,250,941 |   |
| Net income (loss)                                      |       | (3,378,379                  | )          | (34,125                    | )          | (3,412,504 | )          |
| 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 | ) |

 

(continued)

 

F-74

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 32**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 11,505,942 |                       | $          | (294,244   | )          | $ | 11,211,698 |   |
| Net income (loss)                                      |       | (3,587,465                  | )          | (36,237                    | )          | (3,623,702 | )          |
| 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 |   |

 

(continued)

 

F-75

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series  33**                                         | ** ** | **Limited  partners** | ** ** | **General  partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------|------------|----------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                     | 7,735,832  |                 | $          | (149,921   | )          | $ | 7,585,911 |   |
| Net income (loss)                                      |       | (1,870,906            | )          | (18,898              | )          | (1,889,804 | )          |
| 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 |   |

 

(continued)

 

F-76

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 34**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 9,395,021  |                       | $          | (208,526   | )          | $ | 9,186,495 |   |
| Net income (loss)                                      |       | (3,150,655                  | )          | (31,825                    | )          | (3,182,480 | )          |
| 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 |   |

 

(continued)

 

F-77

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 35**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 14,300,459 |                       | $          | (140,424   | )          | $ | 14,160,035 |   |
| Net income (loss)                                      |       | (2,950,465                  | )          | (29,803                    | )          | (2,980,268 | )          |
| 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 |   |

 

(continued)

 

F-78

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 36**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 8,265,254  |                       | $          | (96,981    | )          | $ | 8,168,273 |   |
| Net income (loss)                                      |       | (1,802,310                  | )          | (18,205                    | )          | (1,820,515 | )          |
| 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 |   |

 

(continued)

 

F-79

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 37**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 12,095,577 |                       | $          | (95,563    | )          | $ | 12,000,014 |   |
| Net income (loss)                                      |       | (1,911,471                  | )          | (19,308                    | )          | (1,930,779 | )          |
| 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 |   |

 

(continued)

 

F-80

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 38**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 13,061,992 |                       | $          | (88,550    | )          | $ | 12,973,442 |   |
| Net income (loss)                                      |       | (1,204,951                  | )          | (12,171                    | )          | (1,217,122 | )          |
| 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 |   |

 

(continued)

 

F-81

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 39**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 11,641,843 |                       | $          | (80,831    | )          | $ | 11,561,012 |   |
| Net income (loss)                                      |       | (1,796,128                  | )          | (18,143                    | )          | (1,814,271 | )          |
| 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 |   |

 

(continued)

 

F-82

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 40**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 14,049,954 |                       | $          | (85,296    | )          | $ | 13,964,658 |   |
| Net income (loss)                                      |       | (2,668,450                  | )          | (26,954                    | )          | (2,695,404 | )          |
| 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 |   |

 

(continued)

 

F-83

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 41**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 11,663,976 |                       | $          | (133,868   | )          | $ | 11,530,108 |   |
| Net income (loss)                                      |       | (2,111,112                  | )          | (21,324                    | )          | (2,132,436 | )          |
| 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 |   |

 

(continued)

 

F-84

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 42**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 16,418,546 |                       | $          | (77,528    | )          | $ | 16,341,018 |   |
| Net income (loss)                                      |       | (1,730,420                  | )          | (17,479                    | )          | (1,747,899 | )          |
| 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 |   |

 

(continued)

 

F-85

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 43**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 22,105,888 |                       | $          | (101,478   | )          | $ | 22,004,410 |   |
| Net income (loss)                                      |       | (2,605,984                  | )          | (26,323                    | )          | (2,632,307 | )          |
| 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 |   |

 

(continued)

 

F-86

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 44**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 17,884,116 |                       | $          | (59,199    | )          | $ | 17,824,917 |   |
| Net income (loss)                                      |       | (1,953,518                  | )          | (19,733                    | )          | (1,973,251 | )          |
| 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 |   |

 

(continued)

 

F-87

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 45**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 29,167,318 |                       | $          | (62,615    | )          | $ | 29,104,703 |   |
| Net income (loss)                                      |       | (2,657,461                  | )          | (26,843                    | )          | (2,684,304 | )          |
| 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 |   |

 

(continued)

 

F-88

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Yearsended March 31, 2009 and 2008

 
| **Series 46**                                     | ** ** | **Limited********partners** | ** ** | **General********partner** | ** ** | **Total**  | ** ** |
|--------------------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|------------|------------|
| Partners’ capital  (deficit), March 31, 2007 |       | $                           | 23,501,567 |                       | $          | (28,008    | )          | $ | 23,473,559 |   |
| Net income (loss)                                      |       | (1,219,198                  | )          | (12,315                    | )          | (1,231,513 | )          |
| 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 |   |

 

(see notes to financial statements)

 

F-89

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS

 
| ** **                                                                                          | ** ** | **Total**                                  | ** **   |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|--------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** **   | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |         |   |   |
| Net income (loss)                                                                                   |       | $                                          | (113,256,678 | ) | $ | (49,243,404 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |         |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 19,195,557                                 |         | 18,207,857 |   |
| Impairment loss                                                                                     |       | 85,330,656                                 |         | 22,053,317 |   |
| Distributions received  from operating limited partnerships                                         |       | 710,947                                    |         | 506,900 |   |
| Amortization                                                                                        |       | 1,610,248                                  |         | 1,610,248 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |         |   |   |
| Other assets                                                                                        |       | 458,071                                    |         | 404,628 |   |
| Accounts payable and  accrued expenses                                                              |       | (33,073                                    | )            | 11,480 |   |
| Accounts payable -  affiliates                                                                      |       | 5,491,903                                  |         | 5,576,168 |   |
|                                                                                                |       |                                       |         |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (492,369                                   | )            | (872,806 | ) |
|                                                                                                |       |                                       |         |   |   |
| Cash flows from  investing activities                                                               |       |                                       |         |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | (175,087                                   | )            | (2,032,678 | ) |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |         | 438,769 |   |
|                                                                                                |       |                                       |         |   |   |
| Net cash provided by  (used in) investing activities                                                |       | (175,087                                   | )            | (1,593,909 | ) |
|                                                                                                |       |                                       |         |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (667,456                                   | )            | (2,466,715 | ) |
|                                                                                                |       |                                       |         |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 6,849,444                                  |         | 9,316,159 |   |
|                                                                                                |       |                                       |         |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 6,181,988    |   | $ | 6,849,444 |   |

 

(continued)

 

F-90

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Total**                                  | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | 860,207 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in operating limited partnerships for low-income tax  credits not generated. |       | $                                          | 62,114     |   | $ | 406,082 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has applied  notes receivable and advances to its capital contribution obligation in  operating limited partnerships.                                                                            |       | $                                          | 236,476    |   | $ | 1,111,756 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and recorded a receivable  for tax credits not generated by the operating limited partnerships.                                 |       | $                                          | —     |   | $ | 12,142 |   |

 

(continued)

 

F-91

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 20**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (1,573,686 | ) | $ | 447,494 |   |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 414,907                                    |       | (910,973 | ) |
| Impairment loss                                                                                     |       | 873,961                                    |       | 160,645 |   |
| Distributions received  from operating limited partnerships                                         |       | —                                     |       | 29,799 |   |
| Amortization                                                                                        |       | 3,572                                      |       | 3,572 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 287,752                                    |       | 212,752 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 6,125                                      |       | (56,330 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | (17,112 | ) |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | (17,112 | ) |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 6,125                                      |       | (73,442 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 168,406                                    |       | 241,848 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 174,531    |   | $ | 168,406 |   |

 

(continued)

 

F-92

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 20**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 21**                 | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year ended March 31, 2009** | ** ** | **Year ended March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                               |       |   |   |
| Net income (loss)                                                                                   |       | $                                  | (521,323   | ) | $ | (391,828 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                               |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 31,018                             |       | 129,454 |   |
| Impairment loss                                                                                     |       | 114,377                            |       | — |   |
| Distributions received  from operating limited partnerships                                         |       | —                             |       | — |   |
| Amortization                                                                                        |       | 1,954                              |       | 1,954 |   |
| Changes in assets and  liabilities                                                                  |       |                               |       |   |   |
| Other assets                                                                                        |       | 174,655                            |       | 17,000 |   |
| Accounts payable and  accrued expenses                                                              |       | (381                               | )          | 381 |   |
| Accounts payable - affiliates                                                                       |       | 208,924                            |       | 236,927 |   |
|                                                                                                |       |                               |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 9,224                              |       | (6,112 | ) |
|                                                                                                |       |                               |       |   |   |
| Cash flows from  investing activities                                                               |       |                               |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | (3                                 | )          | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                             |       | — |   |
|                                                                                                |       |                               |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | (3                                 | )          | — |   |
|                                                                                                |       |                               |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 9,221                              |       | (6,112 | ) |
|                                                                                                |       |                               |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 6,279                              |       | 12,391 |   |
|                                                                                                |       |                               |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                  | 15,500     |   | $ | 6,279 |   |

 

(continued)

 

F-94

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 21**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                         | ** ** | **Series 22**                         | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                         | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                              |       |                                       |       |   |   |
| Net income (loss)                                                                                  |       | $                                          | (974,194   | ) | $ | (406,258 | ) |
| Adjustments to reconcile  net income (loss) to net cash provided by (used in) operating activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                      |       | 150,382                                    |       | 75,579 |   |
| Impairment loss                                                                                    |       | 541,202                                    |       | 12,843 |   |
| Distributions received  from operating limited partnerships                                        |       | 1,300                                      |       | 2,600 |   |
| Amortization                                                                                       |       | 6,140                                      |       | 6,140 |   |
| Changes in assets and  liabilities                                                                 |       |                                       |       |   |   |
| Other assets                                                                                       |       | —                                     |       | — |   |
| Accounts payable and  accrued expenses                                                             |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                     |       | 271,467                                    |       | 275,211 |   |
|                                                                                               |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                               |       | (4,084                                     | )          | (33,504 | ) |
|                                                                                               |       |                                       |       |   |   |
| Cash flows from  investing activities                                                              |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                      |       | —                                     |       | (14,663 | ) |
| (Advances to)  repayments from operating limited partnerships                                      |       | —                                     |       | — |   |
|                                                                                               |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                               |       | —                                     |       | (14,663 | ) |
|                                                                                               |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                              |       | (4,084                                     | )          | (48,167 | ) |
|                                                                                               |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                              |       | 81,744                                     |       | 129,911 |   |
|                                                                                               |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                 |       | $                                          | 77,660     |   | $ | 81,744 |   |

 

(continued)

 

F-96

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 22**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in operating limited partnerships for low-income tax  credits not generated. |       | $                                          | —     |   | $ | (5,245 | ) |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 23**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (1,118,218 | ) | $ | (350,492 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 45,676                                     |       | 41,128 |   |
| Impairment loss                                                                                     |       | 799,427                                    |       | 11,863 |   |
| Distributions received  from operating limited partnerships                                         |       | 1,300                                      |       | 2,597 |   |
| Amortization                                                                                        |       | 9,131                                      |       | 9,131 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 257,476                                    |       | 261,235 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (5,589                                     | )          | (24,157 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (5,589                                     | )          | (24,157 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 40,491                                     |       | 64,648 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 34,902     |   | $ | 40,491 |   |

 

(continued)

 

F-98

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 23**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 24**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (668,822   | ) | $ | (660,630 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 164,712                                    |       | 266,967 |   |
| Impairment loss                                                                                     |       | 282,261                                    |       | — |   |
| Distributions received  from operating limited partnerships                                         |       | 17,638                                     |       | 6,238 |   |
| Amortization                                                                                        |       | 10,204                                     |       | 10,204 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | 145,443 |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 177,736                                    |       | 202,736 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (16,652                                    | )          | (28,661 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (16,652                                    | )          | (28,661 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash equivalents,  beginning                                                               |       | 135,973                                    |       | 164,634 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 119,321    |   | $ | 135,973 |   |

 

(continued)

 

F-100

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 24**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 25**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (2,854,621 | ) | $ | (704,857 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 100,100                                    |       | 257,714 |   |
| Impairment loss                                                                                     |       | 2,471,550                                  |       | 161,576 |   |
| Distributions received  from operating limited partnerships                                         |       | 36,277                                     |       | 35,304 |   |
| Amortization                                                                                        |       | 15,218                                     |       | 15,218 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 40,320                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 222,676                                    |       | 172,676 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 31,139                                     |       | (61,988 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | (51,732                                    | )          | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | (51,732                                    | )          | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (20,593                                    | )          | (61,988 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 187,189                                    |       | 249,177 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 166,596    |   | $ | 187,189 |   |

 

(continued)

 

F-102

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 25**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 26**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (4,529,704 | ) | $ | (1,161,604 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 13,567                                     |       | (68,188 | ) |
| Impairment loss                                                                                     |       | 4,780,554                                  |       | 732,092 |   |
| Distributions received  from operating limited partnerships                                         |       | 106,156                                    |       | 115,536 |   |
| Amortization                                                                                        |       | 16,904                                     |       | 16,904 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 131,938                                    |       | 14,076 |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 291 |   |
| Accounts payable -  affiliates                                                                      |       | (340,240                                   | )          | 334,760 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 178,794                                    |       | (16,133 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | (15,000                                    | )          | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | (15,000                                    | )          | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 163,794                                    |       | (16,133 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 202,820                                    |       | 218,953 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 366,614    |   | $ | 202,820 |   |

 

(continued)

 

F-104

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 26**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 27**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (4,524,267 | ) | $ | (1,009,610 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | (198,005                                   | )          | 210,302 |   |
| Impairment loss                                                                                     |       | 4,301,123                                  |       | 431,928 |   |
| Distributions received  from operating limited partnerships                                         |       | 442                                        |       | 5,134 |   |
| Amortization                                                                                        |       | 15,655                                     |       | 15,655 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 97,452                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 330,245                                    |       | 333,672 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by (used  in) operating activities                                                |       | 22,264                                     |       | (12,538 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 22,264                                     |       | (12,538 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 87,690                                     |       | 100,228 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 109,954    |   | $ | 87,690 |   |

 

(continued)

 

F-106

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 27**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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-107

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 28**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (5,152,986 | ) | $ | (3,378,418 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 685,763                                    |       | 878,230 |   |
| Impairment loss                                                                                     |       | 4,140,066                                  |       | 2,157,670 |   |
| Distributions received  from operating limited partnerships                                         |       | 71,310                                     |       | 109,017 |   |
| Amortization                                                                                        |       | 3,300                                      |       | 3,300 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable - affiliates                                                                       |       | 259,116                                    |       | 159,116 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 6,188                                      |       | (70,704 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 6,188                                      |       | (70,704 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 185,940                                    |       | 256,644 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 192,128    |   | $ | 185,940 |   |

 

(continued)

 

F-108

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 28**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 29**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (3,236,562 | ) | $ | (3,076,775 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 1,181,167                                  |       | 1,379,956 |   |
| Impairment loss                                                                                     |       | 1,715,287                                  |       | 1,335,385 |   |
| Distributions received  from operating limited partnerships                                         |       | 934                                        |       | — |   |
| Amortization                                                                                        |       | 3,311                                      |       | 3,311 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 334,692                                    |       | 337,980 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (1,552                                     | )          | (19,762 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | (35,455                                    | )          | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | (35,455                                    | )          | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (37,007                                    | )          | (19,762 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 174,993                                    |       | 194,755 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 137,986    |   | $ | 174,993 |   |

 

(continued)

 

F-110

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 29**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                         | ** ** | **Series 30**                         | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                         | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                              |       |                                       |       |   |   |
| Net income (loss)                                                                                  |       | $                                          | (3,481,426 | ) | $ | (1,581,867 | ) |
| Adjustments to reconcile  net income (loss) to net cash provided by (used in) operating activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                      |       | 437,912                                    |       | 307,390 |   |
| Impairment loss                                                                                    |       | 2,814,246                                  |       | 1,080,096 |   |
| Distributions received  from operating limited partnerships                                        |       | 35,131                                     |       | 26,451 |   |
| Amortization                                                                                       |       | 21,238                                     |       | 21,238 |   |
| Changes in assets and  liabilities                                                                 |       |                                       |       |   |   |
| Other assets                                                                                       |       | —                                     |       | 16,499 |   |
| Accounts payable and  accrued expenses                                                             |       | (381                                       | )          | (21,122 | ) |
| Accounts payable -  affiliates                                                                     |       | 161,169                                    |       | 136,169 |   |
|                                                                                               |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                               |       | (12,111                                    | )          | (15,146 | ) |
|                                                                                               |       |                                       |       |   |   |
| Cash flows from  investing activities                                                              |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                      |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                      |       | —                                     |       | — |   |
|                                                                                               |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                               |       | —                                     |       | — |   |
|                                                                                               |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                              |       | (12,111                                    | )          | (15,146 | ) |
|                                                                                               |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                              |       | 276,205                                    |       | 291,351 |   |
|                                                                                               |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                 |       | $                                          | 264,094    |   | $ | 276,205 |   |

 

(continued)

 

F-112

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 30**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 31**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (5,668,443 | ) | $ | (3,412,504 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 1,181,631                                  |       | 925,924 |   |
| Impairment loss                                                                                     |       | 3,983,987                                  |       | 2,354,775 |   |
| Distributions received  from operating limited partnerships                                         |       | 9,274                                      |       | 6,001 |   |
| Amortization                                                                                        |       | —                                     |       | — |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 109,137                                    |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (5,357                                     | )          | 5,357 |   |
| Accounts payable -  affiliates                                                                      |       | 314,152                                    |       | 234,563 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (75,619                                    | )          | 114,116 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | (100 | ) |
| (Advances to) repayments  from operating limited partnerships                                       |       | —                                     |       | 25,698 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | 25,598 |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (75,619                                    | )          | 139,714 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 258,422                                    |       | 118,708 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 182,803    |   | $ | 258,422 |   |

 

(continued)

 

F-114

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 31**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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.                                                                            |       | $                                          | —     |   | $ | 544,756 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 32**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (6,260,761 | ) | $ | (3,623,702 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 1,571,258                                  |       | 1,217,933 |   |
| Impairment loss                                                                                     |       | 4,272,196                                  |       | 2,018,741 |   |
| Distributions received  from operating limited partnerships                                         |       | —                                     |       | 19,000 |   |
| Amortization                                                                                        |       | 36,724                                     |       | 36,724 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 8,638                                      |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 303,345                                    |       | 331,540 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (68,981                                    | )          | 617 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (68,981                                    | )          | 617 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 306,548                                    |       | 305,931 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 237,567    |   | $ | 306,548 |   |

 

(continued)

 

F-116

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 32**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in operating limited partnerships for low-income tax  credits not generated. |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has applied  notes receivable and advances to its capital contribution obligation in  operating limited partnerships.                                                                            |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and recorded a receivable  for tax credits not generated by the operating limited partnerships.                                 |       | $                                          | —     |   | $ | — |   |

 

(continued)

 

F-117

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 33**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (5,082,253 | ) | $ | (1,889,804 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 524,307                                    |       | 765,568 |   |
| Impairment loss                                                                                     |       | 4,328,479                                  |       | 899,634 |   |
| Distributions received  from operating limited partnerships                                         |       | 5,555                                      |       | 1,783 |   |
| Amortization                                                                                        |       | 27,276                                     |       | 27,276 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (447                                       | )          | 447 |   |
| Accounts payable -  affiliates                                                                      |       | 190,453                                    |       | 192,003 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (6,630                                     | )          | (3,093 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (6,630                                     | )          | (3,093 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 186,282                                    |       | 189,375 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 179,652    |   | $ | 186,282 |   |

 

(continued)

 

F-118

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 33**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in operating limited partnerships for low-income tax  credits not generated. |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has applied  notes receivable and advances to its capital contribution obligation in  operating limited partnerships.                                                                            |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and recorded a receivable  for tax credits not generated by the operating limited partnerships.                                 |       | $                                          | —     |   | $ | — |   |

 

(continued)

 

F-119

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 34**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (5,616,496 | ) | $ | (3,182,480 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 1,042,792                                  |       | 1,614,602 |   |
| Impairment loss                                                                                     |       | 4,230,134                                  |       | 1,188,755 |   |
| Distributions received  from operating limited partnerships                                         |       | 2,440                                      |       | 4,508 |   |
| Amortization                                                                                        |       | 43,938                                     |       | 43,938 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | — |   |
| Accounts payable and accrued  expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 311,484                                    |       | 313,358 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 13,911                                     |       | (16,938 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | (8,244                                     | )          | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | (8,244                                     | )          | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 5,667                                      |       | (16,938 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 66,702                                     |       | 83,640 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 72,369     |   | $ | 66,702 |   |

 

(continued)

 

F-120

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 34**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                         | ** ** | **Series 35**                         | ** ** |
|----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                         | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                              |       |                                       |       |   |   |
| Net income (loss)                                                                                  |       | $                                          | (6,285,010 | ) | $ | (2,980,268 | ) |
| Adjustments to reconcile  net income (loss) to net cash provided by (used in) operating activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                      |       | 800,389                                    |       | 839,663 |   |
| Impairment loss                                                                                    |       | 5,113,606                                  |       | 1,759,833 |   |
| Distributions received  from operating limited partnerships                                        |       | 2,625                                      |       | 2,000 |   |
| Amortization                                                                                       |       | 129,235                                    |       | 129,235 |   |
| Changes in assets and  liabilities                                                                 |       |                                       |       |   |   |
| Other assets                                                                                       |       | 12,418                                     |       | — |   |
| Accounts payable and  accrued expenses                                                             |       | (7,198                                     | )          | 7,198 |   |
| Accounts payable -  affiliates                                                                     |       | 203,360                                    |       | 203,360 |   |
|                                                                                               |       |                                       |       |   |   |
| Net cash provided by (used  in) operating activities                                               |       | (30,575                                    | )          | (38,979 | ) |
|                                                                                               |       |                                       |       |   |   |
| Cash flows from  investing activities                                                              |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                      |       | —                                     |       | (163,782 | ) |
| (Advances to)  repayments from operating limited partnerships                                      |       | —                                     |       | — |   |
|                                                                                               |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                               |       | —                                     |       | (163,782 | ) |
|                                                                                               |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                              |       | (30,575                                    | )          | (202,761 | ) |
|                                                                                               |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                              |       | 148,626                                    |       | 351,387 |   |
|                                                                                               |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                 |       | $                                          | 118,051    |   | $ | 148,626 |   |

 

(continued)

 

F-122

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 35**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased its  investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 36**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (3,824,248 | ) | $ | (1,820,515 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 490,558                                    |       | 504,176 |   |
| Impairment loss                                                                                     |       | 3,085,005                                  |       | 1,038,910 |   |
| Distributions received  from operating limited partnerships                                         |       | 11,630                                     |       | 16,545 |   |
| Amortization                                                                                        |       | 88,462                                     |       | 88,462 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 1,370                                      |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 151,524                                    |       | 178,490 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 3,920                                      |       | 6,449 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 3,920                                      |       | 6,449 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 97,695                                     |       | 91,246 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 101,615    |   | $ | 97,695 |   |

 

(continued)

 

F-124

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 36**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 37**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (6,790,196 | ) | $ | (1,930,779 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 1,297,634                                  |       | 1,201,584 |   |
| Impairment loss                                                                                     |       | 5,083,007                                  |       | 423,459 |   |
| Distributions received  from operating limited partnerships                                         |       | 20,790                                     |       | 26,778 |   |
| Amortization                                                                                        |       | 94,821                                     |       | 94,821 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 81,235                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (522                                       | )          | 522 |   |
| Accounts payable -  affiliates                                                                      |       | 179,864                                    |       | 179,864 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (33,367                                    | )          | (3,751 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (33,367                                    | )          | (3,751 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 305,864                                    |       | 309,615 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 272,497    |   | $ | 305,864 |   |

 

(continued)

 

F-126

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 37**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 38**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (6,258,767 | ) | $ | (1,217,122 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 578,692                                    |       | 496,433 |   |
| Impairment loss                                                                                     |       | 5,386,462                                  |       | 432,829 |   |
| Distributions received  from operating limited partnerships                                         |       | 178,676                                    |       | 2,045 |   |
| Amortization                                                                                        |       | 98,915                                     |       | 98,915 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 4,875                                      |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 139,400                                    |       | 114,400 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 127,872                                    |       | (72,119 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 127,872                                    |       | (72,119 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 133,521                                    |       | 205,640 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 261,393    |   | $ | 133,521 |   |

 

(continued)

 

F-128

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 38**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 39**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (4,318,730 | ) | $ | (1,814,271 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 705,389                                    |       | 647,736 |   |
| Impairment loss                                                                                     |       | 3,386,978                                  |       | 914,628 |   |
| Distributions received  from operating limited partnerships                                         |       | 105,884                                    |       | 8,651 |   |
| Amortization                                                                                        |       | 90,326                                     |       | 90,326 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 111,800                                    |       | 36,800 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 81,266                                     |       | (115,749 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 81,266                                     |       | (115,749 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 158,655                                    |       | 274,404 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 239,921    |   | $ | 158,655 |   |

 

(continued)

 

F-130

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 39**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 40**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (5,416,173 | ) | $ | (2,695,404 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 774,697                                    |       | 822,807 |   |
| Impairment loss                                                                                     |       | 4,292,781                                  |       | 1,521,514 |   |
| Distributions received  from operating limited partnerships                                         |       | 1,074                                      |       | 1,746 |   |
| Amortization                                                                                        |       | 113,728                                    |       | 113,728 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 9,873                                      |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 209,756                                    |       | 200,017 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (14,645                                    | )          | (35,211 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (14,645                                    | )          | (35,211 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 142,164                                    |       | 177,375 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash equivalents,  ending                                                                  |       | $                                          | 127,519    |   | $ | 142,164 |   |

 

(continued)

 

F-132

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 40**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 41**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (3,871,357 | ) | $ | (2,132,436 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  income from operating limited partnerships                                       |       | 808,749                                    |       | 920,930 |   |
| Impairment loss                                                                                     |       | 2,680,272                                  |       | 759,371 |   |
| Distributions received  from operating limited partnerships                                         |       | 5,786                                      |       | 19,102 |   |
| Amortization                                                                                        |       | 133,927                                    |       | 133,927 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (9,584                                     | )          | 9,584 |   |
| Accounts payable -  affiliates                                                                      |       | 270,859                                    |       | 292,870 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | 18,652                                     |       | 3,348 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | 18,652                                     |       | 3,348 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 21,723                                     |       | 18,375 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 40,375     |   | $ | 21,723 |   |

 

(continued)

 

F-134

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 41**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 42**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (6,857,155 | ) | $ | (1,747,899 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 1,504,122                                  |       | 1,018,646 |   |
| Impairment loss                                                                                     |       | 4,924,845                                  |       | 465,725 |   |
| Distributions received  from operating limited partnerships                                         |       | 417                                        |       | 2,641 |   |
| Amortization                                                                                        |       | 117,134                                    |       | 117,134 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | (101,647                                   | )          | 985 |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 127,320                                    |       | 173,096 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (285,345                                   | )          | 30,709 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | (4,211                                     | )          | (164,252 | ) |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | 322,033 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | (4,211                                     | )          | 157,781 |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (289,556                                   | )          | 188,490 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 649,411                                    |       | 460,921 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 359,855    |   | $ | 649,411 |   |

 

(continued)

 

F-136

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 42**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in operating limited partnerships for low-income tax  credits not generated. |       | $                                          | —     |   | $ | 92,074 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 43**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (6,502,229 | ) | $ | (2,632,307 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  income from operating limited partnerships                                       |       | 1,935,345                                  |       | 1,356,021 |   |
| Impairment loss                                                                                     |       | 4,043,890                                  |       | 743,088 |   |
| Distributions received  from operating limited partnerships                                         |       | 61,839                                     |       | 24,369 |   |
| Amortization                                                                                        |       | 167,349                                    |       | 167,349 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | (117,628                                   | )          | 10,000 |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 256,780                                    |       | 166,780 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (155,035                                   | )          | (164,319 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | (2,268                                     | )          | (88,443 | ) |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | (2,268                                     | )          | (88,443 | ) |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (157,303                                   | )          | (252,762 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 343,255                                    |       | 596,017 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 185,952    |   | $ | 343,255 |   |

 

(continued)

 

F-138

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 43**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in operating limited partnerships for low-income tax  credits not generated. |       | $                                          | —     |   | $ | 92,073 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 44**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (3,188,252 | ) | $ | (1,973,251 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 1,071,100                                  |       | 961,972 |   |
| Impairment loss                                                                                     |       | 1,773,459                                  |       | 639,663 |   |
| Distributions received  from operating limited partnerships                                         |       | 7,116                                      |       | 12,387 |   |
| Amortization                                                                                        |       | 113,014                                    |       | 113,014 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | — |   |
| Accounts payable and  accrued expenses                                                              |       | (381                                       | )          | 381 |   |
| Accounts payable -  affiliates                                                                      |       | 209,701                                    |       | 169,701 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (14,243                                    | )          | (76,133 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | (58,174                                    | )          | — |   |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | 108,150 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | (58,174                                    | )          | 108,150 |   |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (72,417                                    | )          | 32,017 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 864,250                                    |       | 832,233 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 791,833    |   | $ | 864,250 |   |

 

(continued)

 

F-140

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 44**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in operating limited partnerships for low-income tax  credits not generated. |       | $                                          | 53,391     |   | $ | 78,896 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| 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 CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 45**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (4,427,068 | ) | $ | (2,684,304 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  income from operating limited partnerships                                       |       | 1,116,859                                  |       | 1,516,720 |   |
| Impairment loss                                                                                     |       | 2,787,550                                  |       | 703,879 |   |
| Distributions received  from operating limited partnerships                                         |       | 22,401                                     |       | 22,850 |   |
| Amortization                                                                                        |       | 144,882                                    |       | 144,882 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | 5,435                                      |       | 625 |   |
| Accounts payable and  accrued expenses                                                              |       | (678                                       | )          | 678 |   |
| Accounts payable -  affiliates                                                                      |       | 191,564                                    |       | 91,564 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (159,055                                   | )          | (203,106 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | (170,826 | ) |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | (170,826 | ) |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (159,055                                   | )          | (373,932 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 1,030,160                                  |       | 1,404,092 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 871,105    |   | $ | 1,030,160 |   |

 

(continued)

 

F-142

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 45**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | — |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in operating limited partnerships for low-income tax  credits not generated. |       | $                                          | —     |   | $ | 148,284 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has applied  notes receivable and advances to its capital contribution obligation in  operating limited partnerships.                                                                            |       | $                                          | —     |   | $ | 567,000 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and recorded a receivable for  tax credits not generated by the operating limited partnerships.                                 |       | $                                          | —     |   | $ | 12,142 |   |

 

(continued)

 

F-143

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                          | ** ** | **Series 46**                         | ** ** |
|-----------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                          | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Cash flows from  operating activities                                                               |       |                                       |       |   |   |
| Net income (loss)                                                                                   |       | $                                          | (4,253,731 | ) | $ | (1,231,513 | ) |
| Adjustments to  reconcile net income (loss) to net cash provided by (used in) operating  activities |       |                                       |       |   |   |
| Share of (income)  losses from operating limited partnerships                                       |       | 764,836                                    |       | 829,583 |   |
| Impairment loss                                                                                     |       | 3,123,951                                  |       | 104,415 |   |
| Distributions received  from operating limited partnerships                                         |       | 4,952                                      |       | 3,818 |   |
| Amortization                                                                                        |       | 103,890                                    |       | 103,890 |   |
| Changes in assets and  liabilities                                                                  |       |                                       |       |   |   |
| Other assets                                                                                        |       | —                                     |       | 200,000 |   |
| Accounts payable and  accrued expenses                                                              |       | (1,667                                     | )          | 1,667 |   |
| Accounts payable -  affiliates                                                                      |       | 149,528                                    |       | 34,528 |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) operating activities                                                |       | (108,241                                   | )          | 46,388 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash flows from  investing activities                                                               |       |                                       |       |   |   |
| Capital contributions  paid to operating limited partnerships                                       |       | —                                     |       | (1,430,612 | ) |
| (Advances to)  repayments from operating limited partnerships                                       |       | —                                     |       | — |   |
|                                                                                                |       |                                       |       |   |   |
| Net cash provided by  (used in) investing activities                                                |       | —                                     |       | (1,430,612 | ) |
|                                                                                                |       |                                       |       |   |   |
| NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                                               |       | (108,241                                   | )          | (1,384,224 | ) |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, beginning                                                               |       | 588,436                                    |       | 1,972,660 |   |
|                                                                                                |       |                                       |       |   |   |
| Cash and cash  equivalents, ending                                                                  |       | $                                          | 480,195    |   | $ | 588,436 |   |

 

(continued)

 

F-144

----

 

Boston Capital Tax CreditFund IV L.P.

 

STATEMENTS OF CASH FLOWS- CONTINUED

 
| ** **                                                                                                                                                                                                | ** ** | **Series 46**                         | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                                                                                | ** ** | **Year  ended********March 31, 2009** | ** ** | **Year  ended********March 31, 2008** | ** ** |
| Supplemental schedule  of noncash investing and financing activities                                                                                                                                      |       |                                       |       |   |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has increased  its investments in operating limited partnerships for unpaid capital  contributions due to the operating limited partnerships.                                                    |       | $                                          | —     |   | $ | 860,207 |   |
|                                                                                                                                                                                                      |       |                                       |       |   |   |
| The fund has decreased  its investments in operating limited partnerships and decreased its capital  contribution obligation in 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.                                 |       | $                                          | —     |   | $ | — |   |

 

See notes to financial statements

 

F-145

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS

 

March 31,2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

BostonCapital Tax Credit Fund IV L.P. (the partnership or fund) was organized underthe laws of the State of Delaware as of October 5, 1993, for the purposeof acquiring, holding, and disposing of limited partnership interests inoperating limited partnerships which acquire, develop, rehabilitate, operateand own newly-constructed, existing or rehabilitated apartment complexes whichqualify for the Low-Income Housing Tax Credit established by the Tax Reform Actof 1986.  Accordingly, the apartmentcomplexes are restricted as to rent charges and operating methods.  Certain of the apartment complexes may alsoqualify for the Historic Rehabilitation Tax Credit for their rehabilitation ofcertified historic structures and are subject to the provisions of the InternalRevenue Code relating to the Rehabilitation Investment Credit.  The general partner of the fund is BostonCapital Associates IV L.P. and the limited partner is BCTC IV Assignor Corp.(the assignor limited partner).

 

Inaccordance with the limited partnership agreement, profits, losses, and cashflow (subject to certain priority allocations and distributions) and taxcredits are allocated 99% to the assignees and 1% to the general partner.

 

Pursuantto the Securities Act of 1933, the fund filed a Form S-11 RegistrationStatement with the Securities and Exchange Commission, effective December 16,1993, which covered the offering (the Public Offering) of the beneficialassignee certificates (BACs) representing assignments of units of thebeneficial interest of the limited partnership interest of the assignor limitedpartner.  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

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

TheBACs issued and outstanding in each series at March 31, 2009 and 2008 areas follows:

 
| ** **     | ** ** | **2009**   | ** ** | **2008**   | ** ** |
|----------------|------------|------------|------------|------------|------------|
|           |       |       |       |       |       |
| 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

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investmentsin Operating Limited Partnerships

 

Thefund accounts for the investments in the operating limited partnerships usingthe equity method, whereby the fund adjusts the investment cost for its shareof the operating limited partnership’s results of operations and for anydistributions received or accrued. However, the  fund recognizes  individual operating  limited partnership’s losses only to the extent that the fund’s share of  losses of the operating limited partnershipsdoes not exceed the carrying amount of its investment and its advances tooperating limited partnerships. Unrecognized losses will be suspended and offset against futureindividual operating limited partnership income.

 

UnderEmerging Issues Task Force (EITF) 98-13, after the investment account isreduced to zero, receivables due from the operating limited partnerships aredecreased by the partnership’s share of losses and, accordingly, a valuationallowance is recorded against the receivables. Accordingly, the partnership recorded a valuation allowance of $651,233and $614,683 as of March 31, 2009 and 2008, respectively.

 

Aloss in value of an investment in an operating limited partnership other than atemporary decline is recorded as an impairment loss.  Impairment is measured by comparing theinvestment carrying amount to the sum of the total amount of the remaining taxcredits allocated to the fund and the estimated residual value of theinvestment.  The partnership alsoevaluates its intangibles for impairment in connection with its investments inoperating limited partnerships. Impairment losses have been recognized for the years ended March 31,2009 and  2008 of  $85,330,656 and  $22,053,317, respectively

 

Capitalcontributions to operating limited partnerships are adjusted by tax creditadjusters.  Tax credit adjusters aredefined as adjustments to operating limited partnership capital contributionsdue to increases or decreases in actual tax credits from those originallyprojected as well as for timing differences. The fund records tax credit adjusters as an increase or decrease ininvestments in operating limited partnerships and capital contributionspayable.

 

Theoperating limited partnerships maintain their financial statements based on acalendar 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.

 

Thefund 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

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investmentsin Operating Limited Partnerships (Continued)

 

Priorto January 1, 1999, the fund recorded acquisition costs as an increase inits 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 of January 1,1999, the fund records acquisition costs incurred after January 1, 1999 asdeferred acquisition costs.  These costsare amortized on the straight-line method.

 

Asof March 31, 2004, the partnership adopted FASB Interpretation No. 46- Revised (“FIN46R”), “Consolidation of Variable Interest Entities.”  FIN 46R provides guidance on when a companyshould include the assets, liabilities, and activities of a variable interestentity (“VIE”) in its financial statements and when it should discloseinformation about its relationship with a VIE. A VIE is a legal structure usedto conduct activities or hold assets, which must be consolidated by a companyif it is the primary beneficiary because it absorbs the majority of theentity’s expected losses, the majority of the expected returns, or both.

 

Basedon the guidance of FIN 46R, the operating limited partnerships in which theFund invests in meet the definition of a VIE. However, management does not consolidate the Fund’s interests in theseVIEs under FIN 46R, as it is not considered to be the primary beneficiary.  The Fund currently records the amount of itsinvestment in these partnerships as an asset on its balance sheet, recognizesits share of partnership income or losses in the statements of operations, anddiscloses how it accounts for material types of these investments in itsfinancial statements.

 

TheFund’s balance in investment in operating limited partnerships, plus the riskof recapture of tax credits previously recognized on these investments,represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by thecondition and financial performance of the underlying properties as well as thestrength of the local general partners and their guarantee against creditrecapture.

 

F-149

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investmentsin Operating Limited Partnerships (Continued)

 

Duringthe years ended March 31, 2009 and 2008, the fund acquired interests inoperating limited partnerships as follows:

 
| ** **     | ** ** | **2009** | ** ** | **2008** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | —   |       | —   |       |
| Series 21 |       | —   |       | —   |       |
| Series 22 |       | —   |       | —   |       |
| Series 23 |       | —   |       | —   |       |
| Series 24 |       | —   |       | —   |       |
| Series 25 |       | —   |       | —   |       |
| Series 26 |       | —   |       | —   |       |
| Series 27 |       | —   |       | —   |       |
| Series 28 |       | —   |       | —   |       |
| Series 29 |       | —   |       | —   |       |
| Series 30 |       | —   |       | —   |       |
| Series 31 |       | —   |       | —   |       |
| Series 32 |       | —   |       | —   |       |
| Series 33 |       | —   |       | —   |       |
| Series 34 |       | —   |       | —   |       |
| Series 35 |       | —   |       | —   |       |
| Series 36 |       | —   |       | —   |       |
| Series 37 |       | —   |       | —   |       |
| Series 38 |       | —   |       | —   |       |
| Series 39 |       | —   |       | —   |       |
| Series 40 |       | —   |       | —   |       |
| Series 41 |       | —   |       | —   |       |
| Series 42 |       | —   |       | —   |       |
| Series 43 |       | —   |       | —   |       |
| Series 44 |       | —   |       | —   |       |
| Series 45 |       | —   |       | —   |       |
| Series 46 |       | —   |       | 1        |       |
|           |       |     |       |     |       |
|           |       | —   |       | 1        |       |

 

Series 43owns an equity interest in two (2) limited liability companies, which arethe general partners of other operating limited partnerships which own or areconstructing, rehabilitating or operating apartment complexes.  In addition to the investments in theoperating limited partnerships Series 43, Series 44, Series 45,and Series 46 own certain General Partner equity interests in theirrespective operating limited partnerships.

 

F-150

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

CapitalizedExpenses

 

Costsincurred with borrowing funds to make capital contributions to operatinglimited partnerships and certain other costs are capitalized and included ininvestment in operating limited partnerships. The costs were being amortized on the straight-line method over 27.5years.  As of March 31, 2009, animpairment of $1,351,978 was recorded. The lives of the remaining capitalized interest were reassessed and arenoted below:

 

Accumulatedamortization for capitalized interest as of March 31, 2009 and 2008, aswell as the March 31, 2009 impairments and the remaining lives are asfollows:

 
| ** **     | ** ** | **Accumulated  Amortization** | ** ** | **Accumulated  Amortization** | ** ** | **Capitalized  Interest  Impairment** | ** ** | **Remaining  Life of  Capitalized Interest** | ** ** |
|----------------|------------|-------------------------------|------------|-------------------------------|------------|---------------------------------------|------------|----------------------------------------------|------------|
| ** **     | ** ** | **2009**                      | ** ** | **2008**                      | ** ** | **2009**                              | ** ** | **Years**                                    | ** ** |
| Series 20 |       | $                             | —     |                          | $          | —                                |       | $                                            | —     |   | — |   |
| Series 21 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 22 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 23 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 24 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 25 |       | —                        |       | 44,732                        |       | 86,980                                |       | —                                       |       |
| Series 26 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 27 |       | 7,081                         |       | 6,373                         |       | —                                |       | 4                                            |       |
| Series 28 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 29 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 30 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 31 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 32 |       | —                        |       | 56,945                        |       | 110,727                               |       | —                                       |       |
| Series 33 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
| Series 34 |       | 5,819                         |       | 5,237                         |       | —                                |       | 2                                            |       |
| Series 35 |       | —                        |       | 50,962                        |       | 117,847                               |       | —                                       |       |
| Series 36 |       | —                        |       | 32,820                        |       | 75,899                                |       | —                                       |       |
| Series 37 |       | —                        |       | 38,680                        |       | 89,449                                |       | —                                       |       |
| Series 38 |       | —                        |       | 21,077                        |       | 58,712                                |       | —                                       |       |
| Series 39 |       | —                        |       | 17,813                        |       | 49,619                                |       | —                                       |       |
| Series 40 |       | —                        |       | 67,991                        |       | 232,300                               |       | —                                       |       |
| Series 41 |       | —                        |       | 110,357                       |       | 377,052                               |       | —                                       |       |
| Series 42 |       | —                        |       | 15,189                        |       | 65,307                                |       | —                                       |       |
| Series 43 |       | —                        |       | 5,169                         |       | 27,065                                |       | —                                       |       |
| Series 44 |       | 2,046                         |       | 1,656                         |       | —                                |       | 8                                            |       |
| Series 45 |       | —                        |       | 10,162                        |       | 61,021                                |       | —                                       |       |
| Series 46 |       | —                        |       | —                        |       | —                                |       | —                                       |       |
|           |       |                          |       |                          |       |                                  |       |                                         |       |
|           |       | $                             | 14,946     |                          | $          | 485,163                               |       | $                                            | 1,351,978  |   |   |   |

 

Theannual amortization for capitalized interest expense for the years 2010, 2011,2012, 2013, and 2014 is estimated to be $9,273, $9,273, $4,182, $4,182 and$1,084, respectively.

 

F-151

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

DeferredAcquisition Costs

 

Acquisitioncosts were amortized on the straight-line method over 27.5 years.  As of March 31, 2009, an impairment of$16,813,106 was recorded.  The lives ofthe remaining acquisition costs were reassessed and are noted below.

 

Accumulatedamortization as of March 31, 2009 and 2008, as well as the March 31,2009 impairments and the remaining lives are as follows:

 
| ** **     | ** ** | **Accumulated  Amortization** | ** ** | **Accumulated  Amortization** | ** ** | **Acquisition  Costs  Impairment** | ** ** | **Remaining  Life  Acquistion Costs** | ** ** |
|----------------|------------|-------------------------------|------------|-------------------------------|------------|------------------------------------|------------|---------------------------------------|------------|
| ** **     | ** ** | **2009**                      | ** ** | **2008**                      | ** ** | **2009**                           | ** ** | **Years**                             | ** ** |
| Series 20 |       | $                             | —     |                          | $          | 32,149                             |       | $                                     | 62,514     |   | — |   |
| Series 21 |       | —                        |       | 17,585                        |       | 34,192                             |       | —                                |       |
| Series 22 |       | —                        |       | 55,259                        |       | 107,446                            |       | —                                |       |
| Series 23 |       | —                        |       | 77,850                        |       | 159,787                            |       | —                                |       |
| Series 24 |       | —                        |       | 91,840                        |       | 178,582                            |       | —                                |       |
| Series 25 |       | —                        |       | 92,234                        |       | 145,062                            |       | 3                                     |       |
| Series 26 |       | —                        |       | 154,374                       |       | 252,527                            |       | 2                                     |       |
| Series 27 |       | 149,468                       |       | 134,521                       |       | —                             |       | 4                                     |       |
| Series 28 |       | —                        |       | 29,701                        |       | 57,762                             |       | —                                |       |
| Series 29 |       | 32,972                        |       | 29,661                        |       | —                             |       | 2                                     |       |
| Series 30 |       |                          |       | 191,011                       |       | 162,953                            |       | 2                                     |       |
| Series 31 |       | —                        |       | —                        |       | —                             |       | —                                |       |
| Series 32 |       | —                        |       | 272,290                       |       | 138,909                            |       | 3                                     |       |
| Series 33 |       | —                        |       | 244,593                       |       | 441,461                            |       | 3                                     |       |
| Series 34 |       | 431,775                       |       | 388,419                       |       | —                             |       | 2                                     |       |
| Series 35 |       | —                        |       | 1,102,072                     |       | 1,860,902                          |       | 4                                     |       |
| Series 36 |       | —                        |       | 752,259                       |       | 1,386,792                          |       | 3                                     |       |
| Series 37 |       | —                        |       | 716,607                       |       | 1,191,943                          |       | 4                                     |       |
| Series 38 |       | —                        |       | 623,337                       |       | 1,813,141                          |       | 4                                     |       |
| Series 39 |       | —                        |       | 548,618                       |       | 1,689,322                          |       | 4                                     |       |
| Series 40 |       | —                        |       | 532,963                       |       | 1,968,409                          |       | 4                                     |       |
| Series 41 |       | —                        |       | 692,088                       |       | 954,584                            |       | 5                                     |       |
| Series 42 |       | —                        |       | 564,174                       |       | 1,423,228                          |       | 8                                     |       |
| Series 43 |       | —                        |       | 731,350                       |       | 1,015,420                          |       | 8                                     |       |
| Series 44 |       | 532,873                       |       | 431,195                       |       | —                             |       | 8                                     |       |
| Series 45 |       | —                        |       | 497,633                       |       | 410,614                            |       | 8                                     |       |
| Series 46 |       | —                        |       | 351,633                       |       | 1,357,556                          |       | 8                                     |       |
|           |       |                          |       |                          |       |                               |       |                                  |       |
|           |       | $                             | 1,147,088  |                          | $          | 9,355,416                          |       | $                                     | 16,813,106 |   |   |   |

 

Theannual amortization for deferred acquisition costs for the years 2010, 2011,2012, 2013, and 2014 is estimated to be $2,422,678, $2,422,678, $1,875,720,$1,691,416 and $1,334,164, respectively.

 

F-152

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Income Taxes

 

No provision or benefit forincome taxes has been included in these financial statements since taxableincome or loss passes through to, and is reportable by, the general partner andassignees individually.

 

In June 2006, theFinancial Accounting Standards Board (“FASB”) issued Interpretation No. 48“Accounting for Uncertainty in Income Taxes” (FIN 48), an interpretation ofFASB Statement No. 109. FIN 48 provides guidance for how uncertain taxpositions should be recognized, measured, presented and disclosed in thefinancial statements. FIN 48 requires the evaluation of tax positions taken orexpected to be taken in the course of preparing the Fund’s tax returns todetermine whether the tax positions are more-likely-than-not of being sustainedupon examination by the applicable tax authority, based on the technical meritsof the tax position, and then recognizing the tax benefit that ismore-likely-than-not to be realized. Tax positions not deemed to meet themore-likely-than-not threshold would be recorded as a tax expense in thecurrent reporting period. As required, the Fund adopted FIN 48 effective April 1,2007 and concluded that the effect is not material to its financial statements.Accordingly, no cumulative effect adjustment related to the adoption of FIN 48was recorded.

 

Cash and Cash Equivalents

 

Cash equivalents includetax-exempt sweep accounts and money market accounts having original maturitiesat date of acquisition of three months or less. The carrying value approximates fair value because of the short maturityof these instruments.

 

Fiscal Year

 

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

 

F-153

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

NetLoss Per Beneficial Assignee Certificate Unit

 

Netloss per beneficial assignee certificate unit is calculated based upon theweighted average number of units outstanding during the year or period.  The weighted average number of units in eachseries at March 31, 2009 and 2008 are as follows:

 
| ** **     | ** ** | **2009**   | ** ** | **2008**   | ** ** |
|----------------|------------|------------|------------|------------|------------|
|           |       |       |       |       |       |
| 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-154

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE A - ORGANIZATION ANDSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Use of Estimates

 

The preparation of financialstatements in conformity with accounting principles generally accepted in theUnited States of America requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements andthe reported amounts of revenue and expenses during the reporting period.  Actual results could differ from thoseestimates.

 

F-155

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTEB - RELATED PARTY TRANSACTIONS

 

Duringthe years ended March 31, 2009 and 2008, the fund entered into severaltransactions with various affiliates of the general partner, including BostonCapital Partners, Inc. (BCP), Boston Capital Holdings Limited Partnership(BCHLP), Boston Capital Services, Inc. (BCS) and Boston Capital AssetManagement 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, 2009 and 2008, areas follows:

 
| ** **     | ** ** | **2009** | ** ** | **2008** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | 337,752    |     | $          | 337,752 |   |
| Series 21 |       | 180,372  |       | 180,372  |       |
| Series 22 |       | 254,591  |       | 254,591  |       |
| Series 23 |       | 240,264  |       | 240,264  |       |
| Series 24 |       | 227,736  |       | 227,736  |       |
| Series 25 |       | 272,676  |       | 272,676  |       |
| Series 26 |       | 434,760  |       | 434,760  |       |
| Series 27 |       | 315,204  |       | 315,204  |       |
| Series 28 |       | 334,116  |       | 334,116  |       |
| Series 29 |       | 334,692  |       | 337,980  |       |
| Series 30 |       | 186,169  |       | 186,169  |       |
| Series 31 |       | 364,152  |       | 394,666  |       |
| Series 32 |       | 328,345  |       | 331,540  |       |
| Series 33 |       | 173,964  |       | 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 |       | 252,320  |       | 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  |       |
|           |       |     |       |     |       |
|           |       | $        | 7,079,752  |     | $          | 7,116,749 |   |

 

F-156

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE B - RELATED PARTYTRANSACTIONS (Continued)

 

Thefund incurred a fund management fee to Boston Capital Asset Management LimitedPartnership in an amount equal to .5 percent of the aggregate cost of theapartment complexes owned by the operating limited partnerships, less theamount of various asset management and reporting fees paid by the operatinglimited partnerships.  The reporting feespaid by the operating limited partnerships to the partnership for the yearsended March 31, 2009 and 2008, are as follows:

 
| ** **     | ** ** | **2009** | ** ** | **2008** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | 55,948     |     | $          | 84,954 |   |
| Series 21 |       | 21,723   |       | 5,126    |       |
| Series 22 |       | 21,131   |       | 21,794   |       |
| Series 23 |       | 34,314   |       | 10,064   |       |
| Series 24 |       | 33,074   |       | 21,838   |       |
| Series 25 |       | 60,212   |       | 34,791   |       |
| Series 26 |       | 81,694   |       | 60,480   |       |
| Series 27 |       | 47,815   |       | 15,963   |       |
| Series 28 |       | 68,022   |       | 69,658   |       |
| Series 29 |       | 33,606   |       | 73,366   |       |
| Series 30 |       | 30,346   |       | 44,134   |       |
| Series 31 |       | 42,859   |       | 134,570  |       |
| Series 32 |       | 20,555   |       | 51,022   |       |
| Series 33 |       | 9,888    |       | 22,946   |       |
| Series 34 |       | 45,163   |       | 20,320   |       |
| Series 35 |       | 38,385   |       | 28,388   |       |
| Series 36 |       | 40,754   |       | 14,207   |       |
| Series 37 |       | 10,500   |       | 32,570   |       |
| Series 38 |       | 19,873   |       | 24,470   |       |
| Series 39 |       | 45,799   |       | 20,160   |       |
| Series 40 |       | 31,158   |       | 23,853   |       |
| Series 41 |       | 32,501   |       | 26,126   |       |
| Series 42 |       | 17,395   |       | 34,072   |       |
| Series 43 |       | 16,364   |       | 21,650   |       |
| Series 44 |       | 84,969   |       | 43,095   |       |
| Series 45 |       | 48,393   |       | 42,171   |       |
| Series 46 |       | 34,228   |       | 43,609   |       |
|           |       |     |       |     |       |
|           |       | $        | 1,026,669  |     | $          | 1,025,397 |   |

 

F-157

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE B - RELATED PARTYTRANSACTIONS (Continued)

 

Thefund management fees paid for the years ended March 31, 2009  and 2008, are as follows:

 
| ** **     | ** ** | **2009** | ** ** | **2008** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | 50,000     |     | $          | 125,000 |   |
| Series 21 |       | —   |       | —   |       |
| Series 22 |       | —   |       | —   |       |
| Series 23 |       | —   |       | —   |       |
| Series 24 |       | 50,000   |       | 25,000   |       |
| Series 25 |       | 50,000   |       | 100,000  |       |
| Series 26 |       | 775,000  |       | 100,000  |       |
| Series 27 |       | —   |       | —   |       |
| Series 28 |       | 75,000   |       | 175,000  |       |
| Series 29 |       | —   |       | —   |       |
| Series 30 |       | 25,000   |       | 50,000   |       |
| Series 31 |       | 50,000   |       | 150,000  |       |
| Series 32 |       | 25,000   |       | —   |       |
| Series 33 |       | —   |       | —   |       |
| Series 34 |       | —   |       | —   |       |
| Series 35 |       | 25,000   |       | 25,000   |       |
| Series 36 |       | 25,000   |       | —   |       |
| Series 37 |       | 25,000   |       | 25,000   |       |
| Series 38 |       | 25,000   |       | 50,000   |       |
| Series 39 |       | 25,000   |       | 100,000  |       |
| Series 40 |       | —   |       | —   |       |
| Series 41 |       | —   |       | —   |       |
| Series 42 |       | 125,000  |       | 100,000  |       |
| Series 43 |       | 50,000   |       | 140,000  |       |
| Series 44 |       | 75,000   |       | 115,000  |       |
| Series 45 |       | 175,000  |       | 275,000  |       |
| Series 46 |       | 100,000  |       | 215,000  |       |
|           |       |     |       |     |       |
|           |       | $        | 1,750,000  |     | $          | 1,770,000 |   |

 

F-158

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTEB - RELATED PARTY TRANSACTIONS (Continued)

 

Anaffiliate of the general partner of the fund has advanced funds to pay someoperating expenses of the fund, and to make advances and/or loans to operatinglimited partnerships. These advances are included in accounts payable toaffiliates. The total advances for the years ended March 31, 2009 and2008, are as follows:.

 
| ** **     | ** ** | **2009** | ** ** | **2008** |   |
|----------------|------------|----------|------------|----------|--------|
|           |       |     |       |     |   |
| Series 20 |       | $        | —     |     | $      | — |   |
| Series 21 |       | 108,007  |       | 79,455   |   |
| Series 22 |       | 37,496   |       | 20,620   |   |
| Series 23 |       | 47,736   |       | 30,524   |   |
| Series 24 |       | —   |       | —   |   |
| Series 25 |       | —   |       | —   |   |
| Series 26 |       | —   |       | —   |   |
| Series 27 |       | 41,806   |       | 26,765   |   |
| Series 28 |       | —   |       | —   |   |
| Series 29 |       | —   |       | —   |   |
| Series 30 |       | —   |       | —   |   |
| Series 31 |       | —   |       | —   |   |
| Series 32 |       | —   |       | —   |   |
| Series 33 |       | 34,528   |       | 18,039   |   |
| Series 34 |       | 47,228   |       | 28,940   |   |
| Series 35 |       | —   |       | —   |   |
| Series 36 |       | 110,046  |       | 94,121   |   |
| Series 37 |       | —   |       | —   |   |
| Series 38 |       | 69,191   |       | 69,191   |   |
| Series 39 |       | 220,455  |       | 220,455  |   |
| Series 40 |       | 307,469  |       | 297,730  |   |
| Series 41 |       | 340,438  |       | 316,409  |   |
| Series 42 |       | 221,615  |       | 221,615  |   |
| Series 43 |       | 51,482   |       | 51,482   |   |
| Series 44 |       | —   |       | —   |   |
| Series 45 |       | —   |       | —   |   |
| Series 46 |       | —   |       | —   |   |
|           |       |     |       |     |   |
|           |       | $        | 1,637,497  |     | $      | 1,475,346 |   |

 

Allpayables to affiliates will be paid, without interest, from available cash flowor the proceeds of sales or refinancing of the fund’s interests in operatinglimited partnerships.

 

F-159

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE B - RELATED PARTYTRANSACTIONS (Continued)

 

Duringthe years ended March 31, 2009 and 2008, general and administrativeexpenses incurred by Boston Capital Partners, Inc., Boston CapitalHoldings Limited Partnership and/or Boston Capital Asset Management Limited Partnership were charged to eachseries’ operations as follows:

 
| ** **     | ** ** | **2009** | ** ** | **2008** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | 17,881     |     | $          | 21,639 |   |
| Series 21 |       | 13,553   |       | 17,555   |       |
| Series 22 |       | 16,876   |       | 20,620   |       |
| Series 23 |       | 17,213   |       | 20,971   |       |
| Series 24 |       | 15,388   |       | 20,318   |       |
| Series 25 |       | 16,434   |       | 20,246   |       |
| Series 26 |       | 20,948   |       | 24,403   |       |
| Series 27 |       | 15,042   |       | 18,467   |       |
| Series 28 |       | 20,746   |       | 22,392   |       |
| Series 29 |       | 20,459   |       | 22,271   |       |
| Series 30 |       | 17,749   |       | 19,574   |       |
| Series 31 |       | 20,988   |       | 22,815   |       |
| Series 32 |       | 20,217   |       | 22,156   |       |
| Series 33 |       | 16,488   |       | 18,039   |       |
| Series 34 |       | 18,287   |       | 20,162   |       |
| Series 35 |       | 17,719   |       | 19,636   |       |
| Series 36 |       | 15,926   |       | 17,892   |       |
| Series 37 |       | 21,479   |       | 23,561   |       |
| Series 38 |       | 22,012   |       | 24,049   |       |
| Series 39 |       | 21,380   |       | 23,448   |       |
| Series 40 |       | 22,690   |       | 24,666   |       |
| Series 41 |       | 24,030   |       | 27,677   |       |
| Series 42 |       | 23,924   |       | 25,816   |       |
| Series 43 |       | 25,154   |       | 27,571   |       |
| Series 44 |       | 22,264   |       | 24,517   |       |
| Series 45 |       | 26,557   |       | 29,347   |       |
| Series 46 |       | 23,335   |       | 25,538   |       |
|           |       |     |       |     |       |
|           |       | $        | 534,739    |     | $          | 605,346 |   |

 

Accountspayable - affiliates at March 31, 2009 and 2008 represents general andadministrative expenses, fund management fees, and commissions which arepayable to Boston Capital Partners, Inc., Boston Capital Holdings LimitedPartnership, Boston Capital Services, Inc., and Boston Capital AssetManagement Limited Partnership.

 

F-160

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS

 

AtMarch 31, 2009 and 2008, the fund has limited partnership interests inoperating limited partnerships, which own or are constructing or rehabilitatingoperating apartment complexes.  Thenumber of operating limited partnerships in which the fund has limitedpartnership interests at March 31, 2009 and 2008 by series are as follows:

 
| ** **     | ** ** | **2009** | ** ** | **2008** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | 22       |       | 22       |       |
| Series 21 |       | 13       |       | 13       |       |
| Series 22 |       | 29       |       | 29       |       |
| Series 23 |       | 22       |       | 22       |       |
| Series 24 |       | 24       |       | 24       |       |
| Series 25 |       | 22       |       | 22       |       |
| Series 26 |       | 45       |       | 45       |       |
| Series 27 |       | 16       |       | 16       |       |
| Series 28 |       | 26       |       | 26       |       |
| Series 29 |       | 21       |       | 22       |       |
| Series 30 |       | 18       |       | 18       |       |
| Series 31 |       | 26       |       | 26       |       |
| Series 32 |       | 16       |       | 17       |       |
| 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 |       | 23       |       | 23       |       |
| Series 43 |       | 23       |       | 23       |       |
| Series 44 |       | 10       |       | 10       |       |
| Series 45 |       | 30       |       | 30       |       |
| Series 46 |       | 15       |       | 15       |       |
|           |       |     |       |     |       |
|           |       | 510      |       | 512      |       |

 

F-161

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTEC - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

Duringthe year ended March 31, 2009 the Fund disposed of one operating limitedpartnership in Series 29 and one operating limited partnership in Series 32.   No proceeds were received from thedispositions and no gains were recorded.

 

Duringthe year ended March 31, 2008 the Fund disposed of one operating limitedpartnership in Series 21 and one operating limited partnership in Series 31.   No proceeds were received from thedispositions and no gains were recorded.

 

F-162

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

Underthe terms of the fund’s investment in each operating limited partnership, thefund is required to make capital contributions to the operating limitedpartnerships.  These contributions arepayable in installments over several years upon each operating limitedpartnership achieving specified levels of construction or operations.  At March 31, 2009 and 2008,contributions are payable to operating limited partnerships as follows:

 
| ** **     | ** ** | **2009** | ** ** | **2008** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | —     |     | $          | — |   |
| Series 21 |       | —   |       | 236,479  |       |
| Series 22 |       | 9,352    |       | 9,352    |       |
| Series 23 |       | —   |       | —   |       |
| Series 24 |       | 9,999    |       | 9,999    |       |
| Series 25 |       | 10,001   |       | 61,733   |       |
| Series 26 |       | 14,490   |       | 29,490   |       |
| Series 27 |       | 39,749   |       | 39,749   |       |
| Series 28 |       | 40,968   |       | 40,968   |       |
| Series 29 |       | 10,197   |       | 45,783   |       |
| Series 30 |       | 127,396  |       | 127,396  |       |
| Series 31 |       | 66,294   |       | 66,294   |       |
| Series 32 |       | 298,561  |       | 298,561  |       |
| Series 33 |       | 194,154  |       | 194,154  |       |
| Series 34 |       | —   |       | 8,244    |       |
| Series 35 |       | —   |       | —   |       |
| Series 36 |       | —   |       | —   |       |
| Series 37 |       | 138,438  |       | 138,438  |       |
| Series 38 |       | —   |       | —   |       |
| Series 39 |       | —   |       | —   |       |
| Series 40 |       | 102      |       | 8,694    |       |
| Series 41 |       | 100      |       | 100      |       |
| Series 42 |       | 452,937  |       | 457,148  |       |
| Series 43 |       | 307,738  |       | 310,006  |       |
| Series 44 |       | 590,561  |       | 702,126  |       |
| Series 45 |       | 16,724   |       | 16,724   |       |
| Series 46 |       | 20,138   |       | 20,138   |       |
|           |       |     |       |     |       |
|           |       | $        | 2,347,899  |     | $          | 2,821,576 |   |

 

F-163

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 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 |       | $            | 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-164

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Total**   | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------|-------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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-165

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating 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 |       | $                  | 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-166

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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-167

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 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 |       | $                  | 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-168

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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-169

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTSIN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments inoperating limited partnerships at March 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 |       | $                  | 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-170

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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-171

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 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 |       | $                  | 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-172

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships for the three months ended March 31, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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).                                                                                                                                                                                                     |       | (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-173

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 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 |       | $                  | 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-174

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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-175

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 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 |       | $                  | 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-176

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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-177

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2009 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 |       | $                  | 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-178

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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-179

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2009 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 |       | $                  | 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-180

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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-181

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2009 is summarized as follows:

 
| ** **                                                                                                 | ** ** | **Series 46** | ** ** |
|------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
|                                                                                                       |       |               |       |
| Capital contributions  paid and to be paid to operating limited partnerships, net of tax credit  adjusters |       | $                  | 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-182

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 46** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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-183

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 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 |       | $            | 596,714,976 |               | $          | 24,751,070         |       | $ | 12,367,163 |   |
|                                                                                                       |       |         |        |               |       |               |       |
| Acquisition costs of  operating limited partnerships                                                       |       | 46,182,831   |        | 3,540,340          |       | 1,923,140          |       |
|                                                                                                       |       |         |        |               |       |               |       |
| Cumulative  distributions from operating limited partnerships                                              |       | (6,437,538   | )           | (3,612,833         | )          | (29,005            | )          |
|                                                                                                       |       |         |        |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (140,676,987 | )           | (3,793,041         | )          | (666,047           | )          |
|                                                                                                       |       |         |        |               |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (288,039,722 | )           | (19,681,348        | )          | (13,386,169        | )          |
|                                                                                                       |       |         |        |               |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 207,743,560  |        | 1,204,188          |       | 209,082            |       |
|                                                                                                            |            |              |             |                    |            |                    |            |  |  |  |

 

F-184

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Total**   | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------|-------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2007 (see note A). |       | (7,805,710  | )           | —             |       | (236,474           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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).                                                                                                                                                                                                     |       | (24,493,632 | )           | (2,633,955         | )          | (3,204,873         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| The fund has recorded  low-income housing tax credit adjusters not recorded by operating limited  partnerships (see note A).                                                                                                                                                                                                |       | 2,019,559   |        | 253,099            |       | 174,071            |       |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                                                                                                                                                                                                                                                |       | 140,676,987 |        | 3,793,041          |       | 666,047            |       |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (4,158,774  | )           | (72,753            | )          | (22,299            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |        |        |               |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $           | 309,251,028 |               | $          | 2,385,532          |       | $ | (1,901,698 | ) |
|                                                                                                                                                                                                                                                                                                                             |            |             |             |                    |            |                    |            |  |  |  |

 

F-185

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 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 |       | $                  | 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                                              |       | (119,670           | )          | (56,849            | )          | (135,260           | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (6,111,730         | )          | (11,006,279        | )          | (5,286,247         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (13,988,484        | )          | (15,558,339        | )          | (11,799,237        | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 580,501            |       | 680,481            |       | 286,029            |       |
|                                                                                                            |            |                    |            |                    |            |                    |            |  |  |  |

 

F-186

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial statements  as of December 31, 2007 (see note A). |       | (481,359           | )          | (11,581            | )          | (30,158            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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).                                                                                                                                                                                                     |       | (3,369,598         | )          | (1,781,543         | )          | (1,837,828         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 6,111,730          |       | 11,006,279         |       | 5,286,247          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (255,039           | )          | (68,651            | )          | 219,000            |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $                  | 2,477,441  |               | $          | 9,615,142          |       | $ | 3,563,253 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-187

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 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 |       | $                  | 21,918,186 |               | $          | 28,884,093         |       | $ | 16,971,183 |   |
|                                                                                                       |       |               |       |               |       |               |       |
| Acquisition costs of  operating limited partnerships                                                       |       | 2,803,677          |       | 3,968,917          |       | 2,467,629          |       |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative  distributions from operating limited partnerships                                              |       | (228,874           | )          | (349,738           | )          | (68,613            | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (9,396,676         | )          | (13,058,354        | )          | (6,264,745         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (12,619,017        | )          | (13,462,551        | )          | (6,306,048         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 2,477,296          |       | 5,982,367          |       | 6,799,406          |       |
|                                                                                                            |            |                    |            |                    |            |                    |            |  |  |  |

 

F-188

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2007 (see note A). |       | (111,404           | )          | (108,982           | )          | (316,117           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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).                                                                                                                                                                                                     |       | (3,029,341         | )          | (2,032,408         | )          | (1,105,069         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 9,396,676          |       | 13,058,354         |       | 6,264,745          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (172,635           | )          | (201,453           | )          | (7,855             | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $                  | 8,255,573  |               | $          | 16,943,612         |       | $ | 11,470,894 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-189

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 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 |       | $                  | 28,566,056 |               | $          | 28,777,755         |       | $ | 15,301,412 |   |
|                                                                                                       |       |               |       |               |       |               |       |
| Acquisition costs of  operating limited partnerships                                                       |       | 4,191,674          |       | 4,151,886          |       | 1,640,751          |       |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative  distributions from operating limited partnerships                                              |       | (458,011           | )          | (25,213            | )          | (134,758           | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (13,382,883        | )          | (8,785,514         | )          | (4,872,930         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (13,391,866        | )          | (20,612,446        | )          | (7,592,813         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 5,524,970          |       | 3,506,468          |       | 4,341,662          |       |
|                                                                                                            |            |                    |            |                    |            |                    |            |  |  |  |

 

F-190

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2007 (see note A). |       | (289,605           | )          | (213,700           | )          | (135,225           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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).                                                                                                                                                                                                     |       | (54,408            | )          | (665,121           | )          | —             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 13,382,883         |       | 8,785,514          |       | 4,872,930          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (208,393           | )          | (57,763            | )          | (5,169             | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $                  | 17,936,346 |               | $          | 11,031,550         |       | $ | 8,846,209 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-191

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 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 |       | $                  | 31,876,958 |               | $          | 34,618,278         |       | $ | 19,377,023 |   |
|                                                                                                       |       |               |       |               |       |               |       |
| Acquisition costs of  operating limited partnerships                                                       |       | 4,586,765          |       | 4,291,123          |       | 2,010,987          |       |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative  distributions from operating limited partnerships                                              |       | (51,290            | )          | (98,227            | )          | (17,360            | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (10,373,811        | )          | (12,003,111        | )          | (7,323,606         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (20,216,587        | )          | (18,065,420        | )          | (7,841,034         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 5,822,035          |       | 8,742,643          |       | 6,206,010          |       |
|                                                                                                            |            |                    |            |                    |            |                    |            |  |  |  |

 

F-192

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS- CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2007 (see note A). |       | (138,370           | )          | (1,722,955         | )          | (1,561,054         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 which have not been recorded in the  net assets of the operating limited partnerships (see note A).                                                                                                                                                         |       | (77,600            | )          | (1,741,159         | )          | (624,017           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships for the three months ended March 31, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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).                                                                                                                                                                                                     |       | (572,568           | )          | (634,667           | )          | —             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 10,373,811         |       | 12,003,111         |       | 7,323,606          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (22,818            | )          | (434,031           | )          | (10,496            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $                  | 15,553,310 |               | $          | 16,255,204         |       | $ | 11,343,733 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-193

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 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 |       | $                  | 25,652,718 |               | $          | 23,892,808         |       | $ | 15,340,881 |   |
|                                                                                                       |       |               |       |               |       |               |       |
| Acquisition costs of  operating limited partnerships                                                       |       | 2,566,310          |       | —             |       | —             |       |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative  distributions from operating limited partnerships                                              |       | (19,455            | )          | (11,906            | )          | (48,869            | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (6,149,166         | )          | (5,089,550         | )          | (3,114,936         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (14,814,603        | )          | (9,086,425         | )          | (6,141,822         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 7,235,804          |       | 9,704,927          |       | 6,035,254          |       |
|                                                                                                            |            |                    |            |                    |            |                    |            |  |  |  |

 

F-194

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2007 (see note A). |       | (46,941            | )          | (270,100           | )          | (14,791            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 due to different year ends (see note A).                                                                   |       | —             |       | —             |       | —             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity in loss of  operating limited partnerships not recognizable under the equity method of  accounting (see note A).                                                                                                                                                                                                     |       | (4,326             | )          | (379,524           | )          | (1,393,462         | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  low-income housing tax credit adjusters not recorded by operating limited  partnerships (see note A).                                                                                                                                                                                                |       | 6,464              |       | 78,017             |       | 3,061              |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                                                                                                                                                                                                                                                |       | 6,149,166          |       | 5,089,550          |       | 3,114,936          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (133,570           | )          | (123,017           | )          | (99,389            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $                  | 12,911,063 |               | $          | 14,099,853         |       | $ | 7,645,609 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-195

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 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 |       | $                  | 18,518,773 |               | $          | 18,913,889         |       | $ | 16,752,011 |   |
|                                                                                                       |       |               |       |               |       |               |       |
| Acquisition costs of  operating limited partnerships                                                       |       | —             |       | —             |       | —             |       |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative  distributions from operating limited partnerships                                              |       | (84,910            | )          | (183,732           | )          | (68,278            | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (1,834,640         | )          | (2,179,840         | )          | (1,882,991         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (7,490,085         | )          | (5,921,311         | )          | (6,225,559         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 9,109,138          |       | 10,629,006         |       | 8,575,183          |       |
|                                                                                                            |            |                    |            |                    |            |                    |            |  |  |  |

 

F-196

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2007 (see note A). |       | (155,365           | )          | —             |       | —             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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                                                                                                                                                                                                                                                |       | 1,834,640          |       | 2,179,840          |       | 1,882,991          |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | 11,523             |       | (249,931           | )          | (145,938           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $                  | 11,103,746 |               | $          | 12,618,376         |       | $ | 10,591,455 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-197

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 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 |       | $                  | 19,589,216 |               | $          | 18,470,049         |       | $ | 19,956,943 |   |
|                                                                                                       |       |               |       |               |       |               |       |
| Acquisition costs of  operating limited partnerships                                                       |       | —             |       | —             |       | —             |       |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative  distributions from operating limited partnerships                                              |       | (46,265            | )          | (391,042           | )          | (24,210            | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (3,181,839         | )          | (1,623,226         | )          | (879,297           | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (5,914,683         | )          | (7,613,761         | )          | (6,583,702         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 10,446,429         |       | 8,842,020          |       | 12,469,734         |       |
|                                                                                                            |            |                    |            |                    |            |                    |            |  |  |  |

 

F-198

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2007 (see note A). |       | (33,764            | )          | (33,807            | )          | (480,654           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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).                                                                                                                                                                                                     |       | —             |       | (352,178           | )          | (175,836           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| 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                                                                                                                                                                                                                                                |       | 3,181,839          |       | 1,623,226          |       | 879,297            |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (470,543           | )          | (650,004           | )          | (81,282            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $                  | 13,202,772 |               | $          | 9,430,306          |       | $ | 12,658,292 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-199

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 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 |       | $                  | 26,837,721 |               | $          | 19,562,860         |       | $ | 29,723,534 |   |
|                                                                                                       |       |               |       |               |       |               |       |
| Acquisition costs of  operating limited partnerships                                                       |       | —             |       | —             |       | —             |       |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative  distributions from operating limited partnerships                                              |       | (79,331            | )          | (15,674            | )          | (68,223            | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (830,828           | )          | (639,663           | )          | (841,622           | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (9,339,593         | )          | (5,549,324         | )          | (6,096,397         | )          |
|                                                                                                       |       |               |       |               |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 16,587,969         |       | 13,358,199         |       | 22,717,292         |       |
|                                                                                                            |            |                    |            |                    |            |                    |            |  |  |  |

 

F-200

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2007 (see note A). |       | (223,508           | )          | (506,725           | )          | (292,192           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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).                                                                                                                                                                                                     |       | (532,614           | )          | (653,715           | )          | (80,598            | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| The fund has recorded  low-income housing tax credit adjusters not recorded by operating limited  partnerships (see note A).                                                                                                                                                                                                |       | —             |       | 454                |       | 35,451             |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                                                                                                                                                                                                                                                |       | 830,828            |       | 639,663            |       | 841,622            |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (319,296           | )          | (145,238           | )          | (257,204           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |               |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $                  | 16,343,379 |               | $          | 12,692,638         |       | $ | 22,964,371 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |                    |            |                    |            |  |  |  |

 

F-201

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 

The fund’s investments inoperating limited partnerships at March 31, 2008 is summarized as follows:

 
| ** **                                                                                                 | ** ** | **Series 46** | ** ** |
|------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
|                                                                                                       |       |               |       |
| Capital contributions  paid and to be paid to operating limited partnerships, net of tax credit  adjusters |       | $                  | 22,524,922 |   |
|                                                                                                       |       |               |       |
| Acquisition costs of  operating limited partnerships                                                       |       | —             |       |
|                                                                                                       |       |               |       |
| Cumulative  distributions from operating limited partnerships                                              |       | (9,942             | )          |
|                                                                                                       |       |               |       |
| Cumulative impairment  loss in investments in operating limited partnerships                               |       | (104,415           | )          |
|                                                                                                       |       |               |       |
| Cumulative losses from  operating limited partnerships                                                     |       | (2,741,098         | )          |
|                                                                                                       |       |               |       |
| Investments in  operating limited partnerships per balance sheet                                           |       | 19,669,467         |       |
|                                                                                                            |            |                    |            |  |

 

F-202

----

 

Boston Capital Tax CreditFund IV L.P.

 

NOTES TO FINANCIALSTATEMENTS - CONTINUED

 

March 31, 2009 and2008

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS(Continued)

 
| ** **                                                                                                                                                                                                                                                                                                                  | ** ** | **Series 46** | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| The fund has recorded  capital contributions to the operating limited partnerships during the year  ended March 31, 2008 which have not been included in the partnership’s  capital account included in the operating limited partnerships’ financial  statements as of December 31, 2007 (see note A). |       | (390,879           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| The fund has recorded  acquisition costs at March 31, 2008 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, 1995  which the operating limited partnerships have not included in their capital  as of December 31, 1994 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                                                                                                                                                                                                                                                |       | 104,415            |       |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| Other                                                                                                                                                                                                                                                                                                                       |       | (174,530           | )          |
|                                                                                                                                                                                                                                                                                                                        |       |               |       |
| Equity per operating  limited partnerships’ combined financial statements                                                                                                                                                                                                                                              |       | $                  | 19,213,067 |   |
|                                                                                                                                                                                                                                                                                                                             |            |                    |            |  |

 

F-203

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING 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:

 

COMBINEDSUMMARIZED 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-204

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING 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:

 

COMBINEDSUMMARIZED 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-205

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING 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:

 

COMBINEDSUMMARIZED 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-206

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING 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:

 

COMBINEDSUMMARIZED 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-207

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING 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:

 

COMBINEDSUMMARIZED 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-208

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING 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:

 

COMBINEDSUMMARIZED 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-209

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING 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:

 

COMBINEDSUMMARIZED 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-210

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 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-211

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 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-212

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 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-213

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 
| ** **                                                  | ** ** | **Total**     | ** **    | **Series 20** | ** ** | **Series 21** | ** ** |
|-------------------------------------------------------------|------------|---------------|---------------|--------------------|------------|--------------------|------------|
| ASSETS                                                      |       |          |          |               |       |               |       |
|                                                        |       |          |          |               |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $             | 1,483,246,309 |               | $          | 53,125,242         |       | $ | 22,046,179 |   |
| Construction in progress                                    |       | 4,332,331     |          | —             |       | —             |       |
| Land                                                        |       | 126,475,922   |          | 6,112,210          |       | 2,839,206          |       |
| Other assets                                                |       | 147,533,518   |          | 7,957,801          |       | 2,041,583          |       |
|                                                        |       |          |          |               |       |               |       |
|                                                        |       | $             | 1,761,588,080 |               | $          | 67,195,253         |       | $ | 26,926,968 |   |
|                                                        |       |          |          |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |          |          |               |       |               |       |
|                                                        |       |          |          |               |       |               |       |
| Mortgages and construction loans payable                    |       | $             | 1,134,068,504 |               | $          | 60,150,619         |       | $ | 21,393,287 |   |
| Accounts payable and accrued expenses                       |       | 48,971,618    |          | 3,248,478          |       | 1,614,814          |       |
| Other liabilities                                           |       | 169,674,811   |          | 3,408,331          |       | 5,194,163          |       |
|                                                        |       |          |          |               |       |               |       |
|                                                        |       | 1,352,714,933 |          | 66,807,428         |       | 28,202,264         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |          |          |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 309,251,028   |          | 2,385,532          |       | (1,901,698         | )          |
| Other partners                                              |       | 99,622,119    |          | (1,997,707         | )          | 626,402            |       |
|                                                        |       |          |          |               |       |               |       |
|                                                        |       | 408,873,147   |          | 387,825            |       | (1,275,296         | )          |
|                                                        |       |          |          |               |       |               |       |
|                                                        |       | $             | 1,761,588,080 |               | $          | 67,195,253         |       | $ | 26,926,968 |   |

 

F-214

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                  | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|-------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                      |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $                  | 54,871,689 |               | $          | 53,114,773         |       | $ | 45,022,825 |   |
| Construction in progress                                    |       | —             |       | —             |       | —             |       |
| Land                                                        |       | 4,242,201          |       | 3,957,131          |       | 3,886,295          |       |
| Other assets                                                |       | 5,654,946          |       | 4,994,198          |       | 5,176,503          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 64,768,836 |               | $          | 62,066,102         |       | $ | 54,085,623 |   |
|                                                        |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                    |       | $                  | 50,203,419 |               | $          | 39,618,124         |       | $ | 41,382,880 |   |
| Accounts payable and accrued expenses                       |       | 3,829,551          |       | 6,480,031          |       | 1,662,329          |       |
| Other liabilities                                           |       | 7,342,823          |       | 6,783,186          |       | 4,120,239          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 61,375,793         |       | 52,881,341         |       | 47,165,448         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 2,477,441          |       | 9,615,142          |       | 3,563,253          |       |
| Other partners                                              |       | 915,602            |       | (430,381           | )          | 3,356,922          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 3,393,043          |       | 9,184,761          |       | 6,920,175          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 64,768,836 |               | $          | 62,066,102         |       | $ | 54,085,623 |   |

 

F-215

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                  | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|-------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                      |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $                  | 50,023,413 |               | $          | 66,538,962         |       | $ | 57,660,490 |   |
| Construction in progress                                    |       | —             |       | —             |       | —             |       |
| Land                                                        |       | 3,701,408          |       | 5,310,128          |       | 6,005,394          |       |
| Other assets                                                |       | 8,384,273          |       | 11,325,191         |       | 7,459,920          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 62,109,094 |               | $          | 83,174,281         |       | $ | 71,125,804 |   |
|                                                        |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                    |       | $                  | 41,010,846 |               | $          | 54,538,729         |       | $ | 45,871,147 |   |
| Accounts payable and accrued expenses                       |       | 2,767,854          |       | 3,104,909          |       | 1,349,683          |       |
| Other liabilities                                           |       | 5,513,194          |       | 5,371,782          |       | 8,228,802          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 49,291,894         |       | 63,015,420         |       | 55,449,632         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 8,255,573          |       | 16,943,612         |       | 11,470,894         |       |
| Other partners                                              |       | 4,561,627          |       | 3,215,249          |       | 4,205,278          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 12,817,200         |       | 20,158,861         |       | 15,676,172         |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 62,109,094 |               | $          | 83,174,281         |       | $ | 71,125,804 |   |

 

F-216

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                  | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|-------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                      |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $                  | 57,351,378 |               | $          | 46,082,758         |       | $ | 36,597,646 |   |
| Construction in progress                                    |       | —             |       | 4,332,331          |       | —             |       |
| Land                                                        |       | 5,523,586          |       | 2,841,806          |       | 2,406,880          |       |
| Other assets                                                |       | 6,118,853          |       | 4,837,325          |       | 3,970,551          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 68,993,817 |               | $          | 58,094,220         |       | $ | 42,975,077 |   |
|                                                        |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                    |       | $                  | 41,637,427 |               | $          | 37,889,602         |       | $ | 25,379,523 |   |
| Accounts payable and accrued expenses                       |       | 1,867,852          |       | 1,919,533          |       | 1,146,904          |       |
| Other liabilities                                           |       | 3,175,368          |       | 6,495,322          |       | 4,757,765          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 46,680,647         |       | 46,304,457         |       | 31,284,192         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 17,936,346         |       | 11,031,550         |       | 8,846,209          |       |
| Other partners                                              |       | 4,376,824          |       | 758,213            |       | 2,844,676          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 22,313,170         |       | 11,789,763         |       | 11,690,885         |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 68,993,817 |               | $          | 58,094,220         |       | $ | 42,975,077 |   |

 

F-217

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                  | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|-------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                      |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $                  | 57,061,600 |               | $          | 61,533,763         |       | $ | 51,607,014 |   |
| Construction in progress                                    |       | —             |       | —             |       | —             |       |
| Land                                                        |       | 4,236,078          |       | 4,333,042          |       | 5,245,180          |       |
| Other assets                                                |       | 8,183,969          |       | 5,852,006          |       | 4,192,368          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 69,481,647 |               | $          | 71,718,811         |       | $ | 61,044,562 |   |
|                                                        |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                    |       | $                  | 47,975,424 |               | $          | 40,690,652         |       | $ | 34,152,110 |   |
| Accounts payable and accrued expenses                       |       | 1,027,994          |       | 2,011,294          |       | 1,015,510          |       |
| Other liabilities                                           |       | 5,488,762          |       | 6,108,726          |       | 3,823,312          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 54,492,180         |       | 48,810,672         |       | 38,990,932         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 15,553,310         |       | 16,255,204         |       | 11,343,733         |       |
| Other partners                                              |       | (563,843           | )          | 6,652,935          |       | 10,709,897         |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 14,989,467         |       | 22,908,139         |       | 22,053,630         |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 69,481,647 |               | $          | 71,718,811         |       | $ | 61,044,562 |   |

 

F-218

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                  | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|-------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                      |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $                  | 55,951,797 |               | $          | 47,235,066         |       | $ | 42,528,111 |   |
| Construction in progress                                    |       | —             |       | —             |       | —             |       |
| Land                                                        |       | 5,358,490          |       | 3,734,936          |       | 2,791,180          |       |
| Other assets                                                |       | 4,934,796          |       | 4,142,697          |       | 3,844,201          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 66,245,083 |               | $          | 55,112,699         |       | $ | 49,163,492 |   |
|                                                        |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                    |       | $                  | 44,470,883 |               | $          | 25,250,214         |       | $ | 34,629,657 |   |
| Accounts payable and accrued expenses                       |       | 1,994,714          |       | 1,232,455          |       | 1,449,667          |       |
| Other liabilities                                           |       | 5,827,710          |       | 8,289,776          |       | 3,206,346          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 52,293,307         |       | 34,772,445         |       | 39,285,670         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 12,911,063         |       | 14,099,853         |       | 7,645,609          |       |
| Other partners                                              |       | 1,040,713          |       | 6,240,401          |       | 2,232,213          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 13,951,776         |       | 20,340,254         |       | 9,877,822          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 66,245,083 |               | $          | 55,112,699         |       | $ | 49,163,492 |   |

 

F-219

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                  | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|-------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                      |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $                  | 42,333,500 |               | $          | 32,946,566         |       | $ | 28,040,940 |   |
| Construction in progress                                    |       | —             |       | —             |       | —             |       |
| Land                                                        |       | 2,432,620          |       | 2,144,257          |       | 1,801,039          |       |
| Other assets                                                |       | 3,754,700          |       | 2,230,964          |       | 1,888,787          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 48,520,820 |               | $          | 37,321,787         |       | $ | 31,730,766 |   |
|                                                        |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                    |       | $                  | 29,720,288 |               | $          | 17,520,092         |       | $ | 13,645,591 |   |
| Accounts payable and accrued expenses                       |       | 1,513,367          |       | 536,019            |       | 474,499            |       |
| Other liabilities                                           |       | 3,296,178          |       | 1,455,525          |       | 1,638,837          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 34,529,833         |       | 19,511,636         |       | 15,758,927         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 11,103,746         |       | 12,618,376         |       | 10,591,455         |       |
| Other partners                                              |       | 2,887,241          |       | 5,191,775          |       | 5,380,384          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 13,990,987         |       | 17,810,151         |       | 15,971,839         |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 48,520,820 |               | $          | 37,321,787         |       | $ | 31,730,766 |   |

 

F-220

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                  | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|-------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                      |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $                  | 66,402,167 |               | $          | 96,919,284         |       | $ | 75,810,331 |   |
| Construction in progress                                    |       | —             |       | —             |       | —             |       |
| Land                                                        |       | 5,081,041          |       | 11,358,983         |       | 7,415,024          |       |
| Other assets                                                |       | 4,205,776          |       | 8,401,392          |       | 6,945,151          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 75,688,984 |               | $          | 116,679,659        |       | $ | 90,170,506 |   |
|                                                        |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                    |       | $                  | 48,393,434 |               | $          | 86,941,215         |       | $ | 53,829,101 |   |
| Accounts payable and accrued expenses                       |       | 914,569            |       | 1,502,205          |       | 2,086,582          |       |
| Other liabilities                                           |       | 8,603,990          |       | 14,425,897         |       | 15,488,257         |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 57,911,993         |       | 102,869,317        |       | 71,403,940         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 13,202,772         |       | 9,430,306          |       | 12,658,292         |       |
| Other partners                                              |       | 4,574,219          |       | 4,380,036          |       | 6,108,274          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 17,776,991         |       | 13,810,342         |       | 18,766,566         |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 75,688,984 |               | $          | 116,679,659        |       | $ | 90,170,506 |   |

 

F-221

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                  | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|-------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| ASSETS                                                      |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $                  | 74,827,475 |               | $          | 71,822,374         |       | $ | 87,236,000 |   |
| Construction in progress                                    |       | —             |       | —             |       | —             |       |
| Land                                                        |       | 6,704,151          |       | 7,662,597          |       | 6,939,644          |       |
| Other assets                                                |       | 5,442,801          |       | 5,476,097          |       | 6,743,271          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 86,974,427 |               | $          | 84,961,068         |       | $ | 100,918,915 |   |
|                                                        |       |               |       |               |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |               |       |               |       |               |       |
|                                                        |       |               |       |               |       |               |       |
| Mortgages and construction loans payable                    |       | $                  | 51,110,501 |               | $          | 58,074,844         |       | $ | 61,666,771 |   |
| Accounts payable and accrued expenses                       |       | 1,560,949          |       | 1,111,137          |       | 1,049,038          |       |
| Other liabilities                                           |       | 12,808,760         |       | 8,632,667          |       | 6,609,727          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 65,480,210         |       | 67,818,648         |       | 69,325,536         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |               |       |               |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 16,343,379         |       | 12,692,638         |       | 22,964,371         |       |
| Other partners                                              |       | 5,150,838          |       | 4,449,782          |       | 8,629,008          |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | 21,494,217         |       | 17,142,420         |       | 31,593,379         |       |
|                                                        |       |               |       |               |       |               |       |
|                                                        |       | $                  | 86,974,427 |               | $          | 84,961,068         |       | $ | 100,918,915 |   |

 

F-222

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -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 31,2007 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

 
| ** **                                                  | ** ** | **Series 46** | ** ** |
|-------------------------------------------------------------|------------|--------------------|------------|
| ASSETS                                                      |       |               |       |
|                                                        |       |               |       |
| Buildings and improvements, net of accumulated depreciation |       | $                  | 48,554,966 |   |
| Construction in progress                                    |       | —             |       |
| Land                                                        |       | 2,411,415          |       |
| Other assets                                                |       | 3,373,398          |       |
|                                                        |       |               |       |
|                                                        |       | $                  | 54,339,779 |   |
|                                                        |       |               |       |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)            |       |               |       |
|                                                        |       |               |       |
| Mortgages and construction loans payable                    |       | $                  | 26,922,124 |   |
| Accounts payable and accrued expenses                       |       | 499,681            |       |
| Other liabilities                                           |       | 3,579,366          |       |
|                                                        |       |               |       |
|                                                        |       | 31,001,171         |       |
| PARTNERS’ CAPITAL (DEFICIT)                            |       |               |       |
| Boston Capital Tax Credit Fund IV L.P.                      |       | 19,213,067         |       |
| Other partners                                              |       | 4,125,541          |       |
|                                                        |       |               |       |
|                                                        |       | 23,338,608         |       |
|                                                        |       |               |       |
|                                                        |       | $                  | 54,339,779 |   |

 

F-223

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C - 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

 
| ** **                                                               | ** ** | **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 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 as described in  note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-224

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C -INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined 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 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 as described in note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-225

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2008 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2008 are asfollows:

 

COMBINEDSUMMARIZED 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, 44 and 45, respectively, of loss not recognized under the  equity method of accounting as described in note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-226

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2008 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2008 are asfollows:

 

COMBINEDSUMMARIZED 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, 44 and 45, respectively, of loss not recognized under the  equity method of accounting as described in note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-227

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2008 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2008 are asfollows:

 

COMBINEDSUMMARIZED 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, 44 and 45, respectively, of loss not recognized under the  equity method of accounting as described in note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-228

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2008 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2008 are asfollows:

 

COMBINEDSUMMARIZED 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, 44 and 45, respectively, of loss not recognized under the  equity method of accounting as described in note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-229

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2008 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2008 are asfollows:

 

COMBINEDSUMMARIZED 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, 44 and 45, respectively, of loss not recognized under the  equity method of accounting as described in note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-230

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2008 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2008 are asfollows:

 

COMBINEDSUMMARIZED 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, 44 and 45, respectively, of loss not recognized under the  equity method of accounting as described in note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-231

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2008 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2008 are asfollows:

 

COMBINEDSUMMARIZED 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 as described in note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-232

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS IN OPERATINGLIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2008 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2008 are asfollows:

 

COMBINEDSUMMARIZED 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, 44 and 45, respectively, of loss not recognized under the  equity method of accounting as described in note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-233

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2007 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2007 are asfollows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Total**   | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|-------------------------------------------------------------------------------|------------|-------------|-------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |        |        |               |       |               |       |
| Rent                                                                          |       | $           | 227,667,763 |               | $          | 12,649,892         |       | $ | 4,091,401 |   |
| Interest  and other                                                           |       | 16,344,667  |        | 2,377,027          |       | 116,027            |       |
|                                                                          |       |        |        |               |       |               |       |
|                                                                          |       | 244,012,430 |        | 15,026,919         |       | 4,207,428          |       |
| Expenses                                                                      |       |        |        |               |       |               |       |
| Interest                                                                      |       | 65,721,556  |        | 3,561,841          |       | 1,364,817          |       |
| Depreciation  and amortization                                                |       | 70,180,336  |        | 3,119,767          |       | 906,164            |       |
| Taxes  and insurance                                                          |       | 30,085,564  |        | 1,801,186          |       | 628,357            |       |
| Repairs  and maintenance                                                      |       | 41,105,311  |        | 3,335,532          |       | 573,288            |       |
| Operating  expenses                                                           |       | 75,273,732  |        | 3,684,066          |       | 1,474,074          |       |
| Other  expenses                                                               |       | 5,386,920   |        | 280,855            |       | 305,869            |       |
|                                                                          |       |        |        |               |       |               |       |
|                                                                          |       | 287,753,419 |        | 15,783,247         |       | 5,252,569          |       |
|                                                                          |       |        |        |               |       |               |       |
| NET  LOSS                                                                     |       | $           | (43,740,989 | )                  | $          | (756,328           | )          | $ | (1,045,141 | ) |
|                                                                          |       |        |        |               |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $           | (26,910,077 | )                  | $          | 85,792             |       | $ | (1,046,825 | ) |
|                                                                          |       |        |        |               |       |               |       |
| Net  income (loss) allocated to other partners                                |       | $           | (16,830,912 | )                  | $          | (842,120           | )          | $ | 1,684 |   |

 

----

|   | * | Amounts include $842,193,  $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,  $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496,  $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24,  25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively,  of loss not recognized under the equity method of accounting as described in  note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-234

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2007 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2007 are as follows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 10,014,514 |               | $          | 9,324,946          |       | $ | 8,876,095 |   |
| Interest  and other                                                           |       | 805,833            |       | 564,976            |       | 146,945            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 10,820,347         |       | 9,889,922          |       | 9,023,040          |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 2,678,085          |       | 2,598,255          |       | 2,386,135          |       |
| Depreciation  and amortization                                                |       | 2,816,841          |       | 2,338,859          |       | 2,567,600          |       |
| Taxes  and insurance                                                          |       | 1,741,378          |       | 1,507,714          |       | 1,138,595          |       |
| Repairs  and maintenance                                                      |       | 2,720,714          |       | 1,975,432          |       | 1,683,531          |       |
| Operating  expenses                                                           |       | 3,366,715          |       | 3,272,825          |       | 2,993,285          |       |
| Other  expenses                                                               |       | 250,496            |       | 268,611            |       | 95,408             |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 13,574,229         |       | 11,961,696         |       | 10,864,554         |       |
|                                                                          |       |               |       |               |       |               |       |
| NET  LOSS                                                                     |       | $                  | (2,753,882 | )                  | $          | (2,071,774         | )          | $ | (1,841,514 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $                  | (1,201,428 | )                  | $          | (1,185,685         | )          | $ | (934,809 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to other partners                                |       | $                  | (1,552,454 | )                  | $          | (886,089           | )          | $ | (906,705 | ) |

 

----

|   | * | Amounts include $842,193,  $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,  $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496,  $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24,  25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively,  of loss not recognized under the equity method of accounting as described in  note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-235

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2007 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2007 are asfollows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 12,281,812 |               | $          | 11,889,287         |       | $ | 9,856,699 |   |
| Interest  and other                                                           |       | 372,865            |       | 1,158,373          |       | 1,374,021          |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 12,654,677         |       | 13,047,660         |       | 11,230,720         |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 2,917,809          |       | 2,458,538          |       | 2,847,868          |       |
| Depreciation  and amortization                                                |       | 2,782,138          |       | 3,141,152          |       | 2,538,472          |       |
| Taxes  and insurance                                                          |       | 1,661,550          |       | 1,795,807          |       | 1,339,893          |       |
| Repairs  and maintenance                                                      |       | 2,793,407          |       | 1,872,162          |       | 1,402,891          |       |
| Operating  expenses                                                           |       | 3,952,648          |       | 4,041,737          |       | 2,856,207          |       |
| Other  expenses                                                               |       | 97,350             |       | 232,408            |       | 363,276            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 14,204,902         |       | 13,541,804         |       | 11,348,607         |       |
|                                                                          |       |               |       |               |       |               |       |
| NET  LOSS                                                                     |       | $                  | (1,550,225 | )                  | $          | (494,144           | )          | $ | (117,887 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $                  | (1,228,128 | )                  | $          | (601,880           | )          | $ | (247,263 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to other partners                                |       | $                  | (322,097   | )                  | $          | 107,736            |       | $ | 129,376 |   |

 

----

|   | * | Amounts include $842,193,  $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,  $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496,  $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24,  25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively,  of loss not recognized under the equity method of accounting as described in  note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-236

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2007 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2007 are asfollows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 9,563,822  |               | $          | 6,747,602          |       | $ | 6,237,866 |   |
| Interest  and other                                                           |       | 563,342            |       | 816,484            |       | 540,320            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 10,127,164         |       | 7,564,086          |       | 6,778,186          |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 2,109,828          |       | 1,839,424          |       | 1,253,014          |       |
| Depreciation  and amortization                                                |       | 2,862,369          |       | 2,470,436          |       | 1,597,723          |       |
| Taxes  and insurance                                                          |       | 1,213,954          |       | 1,001,034          |       | 703,970            |       |
| Repairs  and maintenance                                                      |       | 1,547,142          |       | 1,200,801          |       | 1,146,259          |       |
| Operating  expenses                                                           |       | 3,163,327          |       | 2,649,881          |       | 2,675,056          |       |
| Other  expenses                                                               |       | 446,086            |       | 142,131            |       | 127,572            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 11,342,706         |       | 9,303,707          |       | 7,503,594          |       |
|                                                                          |       |               |       |               |       |               |       |
| NET  LOSS                                                                     |       | $                  | (1,215,542 | )                  | $          | (1,739,621         | )          | $ | (725,408 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $                  | (897,482   | )                  | $          | (1,715,615         | )          | $ | (307,390 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to other partners                                |       | $                  | (318,060   | )                  | $          | (24,006            | )          | $ | (418,018 | ) |

 

----

|   | * | Amounts include $842,193,  $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,  $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496, $126,743,  $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24, 25, 26,  27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, of loss  not recognized under the equity method of accounting as described in note A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-237

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2007 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2007 are asfollows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 10,277,524 |               | $          | 8,605,936          |       | $ | 7,510,923 |   |
| Interest  and other                                                           |       | 642,901            |       | 1,036,969          |       | 379,189            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 10,920,425         |       | 9,642,905          |       | 7,890,112          |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 2,033,249          |       | 2,445,169          |       | 2,362,513          |       |
| Depreciation  and amortization                                                |       | 2,946,241          |       | 3,300,695          |       | 2,756,990          |       |
| Taxes  and insurance                                                          |       | 1,465,563          |       | 1,200,180          |       | 1,074,703          |       |
| Repairs  and maintenance                                                      |       | 1,731,490          |       | 1,307,071          |       | 1,110,513          |       |
| Operating  expenses                                                           |       | 3,455,940          |       | 2,883,277          |       | 2,393,580          |       |
| Other  expenses                                                               |       | 358,425            |       | 200,687            |       | 50,303             |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 11,990,908         |       | 11,337,079         |       | 9,748,602          |       |
|                                                                          |       |               |       |               |       |               |       |
| NET  LOSS                                                                     |       | $                  | (1,070,483 | )                  | $          | (1,694,174         | )          | $ | (1,858,490 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $                  | (1,068,075 | )                  | $          | (1,275,467         | )          | $ | (765,568 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to other partners                                |       | $                  | (2,408     | )                  | $          | (418,707           | )          | $ | (1,092,922 | ) |

 

----

|   | * | Amounts include $842,193,  $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,  $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496,  $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24,  25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively,  of loss not recognized under the equity method of accounting as described in  note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-238

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statementsof operations of the operating limited partnerships for the year ended December 31,2007 for operating limited partnerships in which Series 20 through Series 46had an interest as of December 31, 2007 are as follows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 8,117,899  |               | $          | 6,065,192          |       | $ | 6,198,981 |   |
| Interest  and other                                                           |       | 437,871            |       | 360,508            |       | 367,579            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 8,555,770          |       | 6,425,700          |       | 6,566,560          |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 2,699,900          |       | 1,892,616          |       | 2,078,264          |       |
| Depreciation  and amortization                                                |       | 2,968,376          |       | 2,211,408          |       | 1,973,452          |       |
| Taxes  and insurance                                                          |       | 1,181,363          |       | 854,274            |       | 693,730            |       |
| Repairs  and maintenance                                                      |       | 1,044,282          |       | 994,029            |       | 1,274,493          |       |
| Operating  expenses                                                           |       | 2,898,607          |       | 2,018,655          |       | 2,249,866          |       |
| Other  expenses                                                               |       | 59,757             |       | 91,904             |       | 115,607            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 10,852,285         |       | 8,062,886          |       | 8,385,412          |       |
|                                                                          |       |               |       |               |       |               |       |
| NET  LOSS                                                                     |       | $                  | (2,296,515 | )                  | $          | (1,637,186         | )          | $ | (1,818,852 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $                  | (1,618,928 | )                  | $          | (1,084,994         | )          | $ | (914,554 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to other partners                                |       | $                  | (677,587   | )                  | $          | (552,192           | )          | $ | (904,298 | ) |

 

----

|   | * | Amounts include $842,193,  $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,  $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496,  $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24,  25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively,  of loss not recognized under the equity method of accounting as described in  note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-239

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarizedstatements of operations of the operating limited partnerships for the yearended December 31, 2007 for operating limited partnerships in which Series 20through Series 46 had an interest as of December 31, 2007 are asfollows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                                    | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|-------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                       |       |               |       |               |       |               |       |
| Rent                                                                          |       | $                  | 5,608,105  |               | $          | 4,397,922          |       | $ | 3,473,624 |   |
| Interest  and other                                                           |       | 234,409            |       | 179,786            |       | 223,470            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 5,842,514          |       | 4,577,708          |       | 3,697,094          |       |
| Expenses                                                                      |       |               |       |               |       |               |       |
| Interest                                                                      |       | 1,741,963          |       | 1,160,979          |       | 863,951            |       |
| Depreciation  and amortization                                                |       | 2,117,375          |       | 1,519,851          |       | 1,356,653          |       |
| Taxes  and insurance                                                          |       | 826,368            |       | 453,008            |       | 381,438            |       |
| Repairs  and maintenance                                                      |       | 803,195            |       | 623,974            |       | 470,534            |       |
| Operating  expenses                                                           |       | 2,130,429          |       | 1,508,004          |       | 1,466,270          |       |
| Other  expenses                                                               |       | 72,760             |       | 81,808             |       | 108,587            |       |
|                                                                          |       |               |       |               |       |               |       |
|                                                                          |       | 7,692,090          |       | 5,347,624          |       | 4,647,433          |       |
|                                                                          |       |               |       |               |       |               |       |
| NET  LOSS                                                                     |       | $                  | (1,849,576 | )                  | $          | (769,916           | )          | $ | (950,339 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $                  | (1,201,584 | )                  | $          | (496,433           | )          | $ | (647,736 | ) |
|                                                                          |       |               |       |               |       |               |       |
| Net  income (loss) allocated to other partners                                |       | $                  | (647,992   | )                  | $          | (273,483           | )          | $ | (302,603 | ) |

 

----

|   | * | Amounts include $842,193,  $917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,  $19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496,  $126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24,  25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively,  of loss not recognized under the equity method of accounting as described in  note A. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

F-240

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limited partnershipsfor the year ended December 31, 2007 for operating limited partnerships inwhich Series 20 through Series 46 had an interest as of December 31,2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 8,536,792  |               | $          | 14,291,880         |       | $ | 10,218,517 |   |
| Interest  and other                                                      |       | 429,721            |       | 763,758            |       | 487,592            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 8,966,513          |       | 15,055,638         |       | 10,706,109         |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 3,142,166          |       | 5,667,194          |       | 3,561,693          |       |
| Depreciation  and amortization                                           |       | 2,769,512          |       | 4,244,008          |       | 3,374,228          |       |
| Taxes  and insurance                                                     |       | 1,127,134          |       | 1,494,632          |       | 1,031,824          |       |
| Repairs  and maintenance                                                 |       | 1,466,049          |       | 2,646,442          |       | 1,724,957          |       |
| Operating  expenses                                                      |       | 2,298,036          |       | 3,467,542          |       | 3,210,403          |       |
| Other  expenses                                                          |       | 117,428            |       | 294,487            |       | 253,515            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 10,920,325         |       | 17,814,305         |       | 13,156,620         |       |
|                                                                     |       |               |       |               |       |               |       |
| NET  LOSS                                                                |       | $                  | (1,953,812 | )                  | $          | (2,758,667         | )          | $ | (2,450,511 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $                  | (822,807   | )                  | $          | (1,193,426         | )          | $ | (1,145,389 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net  income (loss) allocated to other partners                           |       | $                  | (1,131,005 | )                  | $          | (1,565,241         | )          | $ | (1,305,122 | ) |

 

----

*            Amounts include $842,193,$917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,$19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496,$126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24,25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-241

----

 

Boston Capital Tax Credit Fund IV L.P.

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2007 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2007 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |               |       |               |       |
| Rent                                                                     |       | $                  | 8,764,849  |               | $          | 8,951,730          |       | $ | 10,134,666 |   |
| Interest  and other                                                      |       | 468,058            |       | 872,061            |       | 367,774            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 9,232,907          |       | 9,823,791          |       | 10,502,440         |       |
| Expenses                                                                 |       |               |       |               |       |               |       |
| Interest                                                                 |       | 2,750,843          |       | 3,057,572          |       | 2,733,407          |       |
| Depreciation  and amortization                                           |       | 3,435,044          |       | 3,051,483          |       | 3,488,968          |       |
| Taxes  and insurance                                                     |       | 904,170            |       | 1,057,867          |       | 1,172,626          |       |
| Repairs  and maintenance                                                 |       | 1,732,554          |       | 1,536,138          |       | 1,659,060          |       |
| Operating  expenses                                                      |       | 3,051,141          |       | 2,907,719          |       | 3,524,120          |       |
| Other  expenses                                                          |       | 135,368            |       | 504,482            |       | 224,019            |       |
|                                                                     |       |               |       |               |       |               |       |
|                                                                     |       | 12,009,120         |       | 12,115,261         |       | 12,802,200         |       |
|                                                                     |       |               |       |               |       |               |       |
| NET  LOSS                                                                |       | $                  | (2,776,213 | )                  | $          | (2,291,470         | )          | $ | (2,299,760 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $                  | (1,673,377 | )                  | $          | (1,349,859         | )          | $ | (1,541,584 | ) |
|                                                                     |       |               |       |               |       |               |       |
| Net  income (loss) allocated to other partners                           |       | $                  | (1,102,836 | )                  | $          | (941,611           | )          | $ | (758,176 | ) |

 

----

*            Amounts include $842,193,$917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,$19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496,$126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24,25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-242

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE C - INVESTMENTS INOPERATING LIMITED PARTNERSHIPS (Continued)

 

Thecombined summarized statements of operations of the operating limitedpartnerships for the year ended December 31, 2007 for operating limitedpartnerships in which Series 20 through Series 46 had an interest asof December 31, 2007 are as follows:

 

COMBINEDSUMMARIZED STATEMENTS OF OPERATIONS

 
| ** **                                                               | ** ** | **Series 46** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------|------------|
| Revenue                                                                  |       |               |       |
| Rent                                                                     |       | $                  | 4,979,287  |   |
| Interest  and other                                                      |       | 256,808            |       |
|                                                                     |       |               |       |
|                                                                     |       | 5,236,095          |       |
| Expenses                                                                 |       |               |       |
| Interest                                                                 |       | 1,514,463          |       |
| Depreciation  and amortization                                           |       | 1,524,531          |       |
| Taxes  and insurance                                                     |       | 633,246            |       |
| Repairs  and maintenance                                                 |       | 729,371            |       |
| Operating  expenses                                                      |       | 1,680,322          |       |
| Other  expenses                                                          |       | 107,721            |       |
|                                                                     |       |               |       |
|                                                                     |       | 6,189,654          |       |
|                                                                     |       |               |       |
| NET  LOSS                                                                |       | $                  | (953,559   | ) |
|                                                                     |       |               |       |
| Net  income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. * |       | $                  | (829,583   | ) |
|                                                                     |       |               |       |
| Net  income (loss) allocated to other partners                           |       | $                  | (123,976   | ) |

 

----

*            Amounts include $842,193,$917,371, $1,125,849, $1,144,557, $724,039, $970,414, $677,961, $36,961,$19,252, $335,659, $142,151, $57,534, $4,326, $245,331, $410,378, $272,496,$126,743, $317,356, $387,887 and $24,864 for Series 20, 21, 22, 23, 24,25, 26, 27, 28, 29, 31, 32, 34, 35, 36, 41, 42, 43, 44 and 45, respectively, ofloss not recognized under the equity method of accounting as described in noteA.

 

F-243

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTED - NOTES RECEIVABLE

 

Notesreceivable at March 31, 2009 and 2008 consist of advance installments of$723,071 and $892,005, respectively, 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% and 5.25%as of March 31, 2009 and 2008, respectively.  These notes are secured by future installmentsof capital contributions or paid upon demand. The carrying value of the notes receivable at March 31, 2009 and2008 approximates fair value.  The notesat March 31, 2009 and 2008 by series are as follows:

 
| ** **     | ** ** | **2009** | ** ** | **2008** | ** ** |
|----------------|------------|----------|------------|----------|------------|
|           |       |     |       |     |       |
| Series 20 |       | $        | —     |     | $          | — |   |
| Series 21 |       | —   |       | 236,476  |       |
| Series 22 |       | —   |       | —   |       |
| Series 23 |       | —   |       | —   |       |
| Series 24 |       | —   |       | —   |       |
| Series 25 |       | —   |       | —   |       |
| Series 26 |       | —   |       | 129,062  |       |
| 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  |       | —   |       |
| Series 45 |       | —   |       | —   |       |
| Series 46 |       | —   |       | —   |       |
|           |       |     |       |     |       |
|           |       | $        | 723,071    |     | $          | 892,005 |   |

 

F-244

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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-245

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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-246

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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-247

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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-248

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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-249

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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-250

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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-251

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008                                                           |       | $                  | (1,020,429 | )                  | $          | (1,524,913         | )          | $ | (1,982,663 | ) |

 

F-252

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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-253

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008                                                           |       | $                  | (1,757,786 | ) |

 

F-254

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Total**  | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|------------|-------------|--------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $          | (49,243,404 | )                  | $          | 447,494            |       | $ | (391,828 | ) |
|                                                                                                                     |       |       |        |               |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | (34,582    | )           | (902               | )          | (3,311             | )          |
|                                                                                                                     |       |       |        |               |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax  purposes                                |       | 5,346,749  |        | 212,752            |       | 180,372            |       |
|                                                                                                                     |       |       |        |               |       |               |       |
| Other                                                                                                                    |       | (4,609,166 | )           | (1,400,245         | )          | 471,381            |       |
|                                                                                                                     |       |       |        |               |       |               |       |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |       | (8,783,322 | )           | (842,193           | )          | (917,371           | )          |
|                                                                                                                     |       |       |        |               |       |               |       |
| Excess  of tax depreciation over book depreciation on operating limited partnership  assets                              |       | (5,007,247 | )           | (66,632            | )          | 70,470             |       |
|                                                                                                                     |       |       |        |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 22,053,317 |        | 160,645            |       | —             |       |
|                                                                                                                     |       |       |        |               |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (2,842,183 | )           | (101,473           | )          | 106,419            |       |
|                                                                                                                     |       |       |        |               |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $          | (43,119,838 | )                  | $          | (1,590,554         | )          | $ | (483,868 | ) |

 

F-255

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $                  | (406,258   | )                  | $          | (350,492           | )          | $ | (660,630 | ) |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | —             |       | —             |       | 628                |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax  purposes                                |       | 254,591            |       | 240,264            |       | 202,736            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Other                                                                                                                    |       | (2,142             | )          | (295,032           | )          | (382,977           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |       | (1,125,849         | )          | (1,144,557         | )          | (724,039           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Excess  of tax depreciation over book depreciation on operating limited partnership  assets                              |       | (58,135            | )          | (199,365           | )          | 36                 |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 12,843             |       | 11,863             |       | —             |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (45,907            | )          | (48,821            | )          | 192,973            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $                  | (1,370,857 | )                  | $          | (1,786,140         | )          | $ | (1,371,273 | ) |

 

F-256

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $                  | (704,857   | )                  | $          | (1,161,604         | )          | $ | (1,009,610 | ) |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | —             |       | —             |       | (1,185             | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax  purposes                                |       | 172,676            |       | 334,760            |       | 315,204            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Other                                                                                                                    |       | (286,443           | )          | (127,333           | )          | (122,849           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |       | (970,414           | )          | (677,961           | )          | (36,961            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Excess  of tax depreciation over book depreciation on operating limited partnership  assets                              |       | (130,459           | )          | (438,694           | )          | (311,227           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 161,576            |       | 732,092            |       | 431,928            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (4,195             | )          | (16,289            | )          | 833                |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $                  | (1,762,116 | )                  | $          | (1,355,029         | )          | $ | (733,867 | ) |

 

F-257

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $                  | (3,378,418 | )                  | $          | (3,076,775         | )          | $ | (1,581,867 | ) |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | (117               | )          | —             |       | —             |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax  purposes                                |       | 159,116            |       | 337,980            |       | 136,169            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Other                                                                                                                    |       | 1,408              |       | (201,506           | )          | (246,346           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |       | (19,252            | )          | (335,659           | )          | —             |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Excess  of tax depreciation over book depreciation on operating limited partnership  assets                              |       | (236,641           | )          | (195,229           | )          | (164,973           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 2,157,670          |       | 1,335,385          |       | 1,080,096          |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (63,610            | )          | (24,282            | )          | (53,844            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $                  | (1,379,844 | )                  | $          | (2,160,086         | )          | $ | (830,765 | ) |

 

F-258

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $                  | (3,412,504 | )                  | $          | (3,623,702         | )          | $ | (1,889,804 | ) |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | (24,918            | )          | (2,597             | )          | 586                |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax purposes                                 |       | 244,666            |       | 331,540            |       | 173,964            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Other                                                                                                                    |       | (417,211           | )          | (31,101            | )          | (10,651            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |       | (142,151           | )          | (57,534            | )          | —             |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Excess  of tax depreciation over book depreciation on operating limited partnership  assets                              |       | (503,247           | )          | (167,809           | )          | (115,782           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 2,354,775          |       | 2,018,741          |       | 899,634            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (154,488           | )          | (31,273            | )          | (75,295            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $                  | (2,055,078 | )                  | $          | (1,563,735         | )          | $ | (1,017,348 | ) |

 

F-259

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $                  | (3,182,480 | )                  | $          | (2,980,268         | )          | $ | (1,820,515 | ) |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | (275               | )          | 201                |       | 354                |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax  purposes                                |       | 293,196            |       | 203,360            |       | 160,599            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Other                                                                                                                    |       | 130,233            |       | 86,872             |       | (283,359           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |       | (4,326             | )          | (245,331           | )          | (410,378           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Excess  of tax depreciation over book depreciation on operating limited partnership  assets                              |       | (143,465           | )          | (250,784           | )          | (97,481            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 1,188,755          |       | 1,759,833          |       | 1,038,910          |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (26,966            | )          | (68,846            | )          | (20,180            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $                  | (1,745,328 | )                  | $          | (1,494,963         | )          | $ | (1,432,050 | ) |

 

F-260

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $                  | (1,930,779 | )                  | $          | (1,217,122         | )          | $ | (1,814,271 | ) |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | 1,061              |       | 4,707              |       | 6,636              |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax  purposes                                |       | 179,864            |       | 114,400            |       | 36,800             |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Other                                                                                                                    |       | 204,335            |       | (68,052            | )          | 63,551             |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| 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                              |       | (127,588           | )          | (140,085           | )          | (79,579            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 423,459            |       | 432,829            |       | 914,628            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (66,863            | )          | (81,962            | )          | (105,481           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $                  | (1,316,511 | )                  | $          | (955,285           | )          | $ | (977,716 | ) |

 

F-261

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $                  | (2,695,404 | )                  | $          | (2,132,436         | )          | $ | (1,747,899 | ) |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | 1,020              |       | (3,435             | )          | 4,027              |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax  purposes                                |       | 200,017            |       | 246,830            |       | 152,320            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Other                                                                                                                    |       | (57,222            | )          | (73,199            | )          | (87,433            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |       | —             |       | (272,496           | )          | (126,743           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Excess  of tax depreciation over book depreciation on operating limited partnership  assets                              |       | (89,543            | )          | (39,036            | )          | (56,643            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 1,521,514          |       | 759,371            |       | 465,725            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (25,987            | )          | (1,511,772         | )          | 68,539             |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $                  | (1,145,605 | )                  | $          | (3,026,173         | )          | $ | (1,328,107 | ) |

 

F-262

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $                  | (2,632,307 | )                  | $          | (1,973,251         | )          | $ | (2,684,304 | ) |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | —             |       | 478                |       | (471               | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax  purposes                                |       | 166,780            |       | 169,701            |       | 91,564             |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Other                                                                                                                    |       | 159,913            |       | (1,803,534         | )          | 352,664            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Operating  limited partnership losses not recognized for financial reporting purposes  under equity method of accounting |       | (317,356           | )          | (387,887           | )          | (24,864            | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Excess  of tax depreciation over book depreciation on operating limited partnership  assets                              |       | (188,285           | )          | (397,145           | )          | (356,546           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 743,088            |       | 639,663            |       | 703,879            |       |
|                                                                                                                     |       |               |       |               |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (211,230           | )          | (190,458           | )          | (211,582           | )          |
|                                                                                                                     |       |               |       |               |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $                  | (2,279,397 | )                  | $          | (3,942,433         | )          | $ | (2,129,660 | ) |

 

F-263

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 isreconciled as follows:

 
| ** **                                                                                                               | ** ** | **Series 46** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| Net  income (loss) for financial reporting purposes                                                                      |       | $                  | (1,231,513 | ) |
|                                                                                                                     |       |               |       |
| Operating  limited partnership rents received in advance                                                                 |       | (17,069            | )          |
|                                                                                                                     |       |               |       |
| Accrued  partnership fund management fee not deducted (deducted) for income tax  purposes                                |       | 34,528             |       |
|                                                                                                                     |       |               |       |
| Other                                                                                                                    |       | (182,888           | )          |
|                                                                                                                     |       |               |       |
| 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                              |       | (523,380           | )          |
|                                                                                                                     |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                         |       | 104,415            |       |
|                                                                                                                     |       |               |       |
| Difference  due to fiscal year for book purposes and calendar year for tax purposes                                      |       | (70,143            | )          |
|                                                                                                                     |       |               |       |
| Income  (loss) for tax return purposes, December 31, 2007                                                           |       | $                  | (1,886,050 | ) |

 

F-264

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

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

 

The differences between theinvestments in operating limited partnerships for tax purposes and financialstatement purposes at March 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           | )          |
|                                                                                                                    |       |         |        |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —       |        | —             |       | —             |       |
|                                                                                                                    |       |         |        |               |       |               |       |
| Other                                                                                                                   |       | 65,626,559   |        | 3,711,259          |       | (921,142           | )          |
|                                                                                                                    |       |         |        |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $            | 119,173,321 |               | $          | —             |       | $ | 97,879 |   |

 

F-265

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2009 are asfollows:

 
| ** **                                                                                                              | ** ** | **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            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 2,284,952          |       | 5,107,017          |       | 388,940            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | —     |               | $          | —             |       | $ | — |   |

 

F-266

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

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

 

The differences between theinvestments in operating limited partnerships for tax purposes and financialstatement purposes at March 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           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| 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-267

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2009 are asfollows:

 
| ** **                                                                                                              | ** ** | **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           | )          | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| 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-268

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2009 are asfollows:

 
| ** **                                                                                                              | ** ** | **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           | )          | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| 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-269

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 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                                                            |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| 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-270

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2009 are asfollows:

 
| ** **                                                                                                              | ** ** | **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                                                            |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| 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-271

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 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                                                            |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| 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-272

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2009 are asfollows:

 
| ** **                                                                                                              | ** ** | **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                                                            |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| 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-273

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2009 are asfollows:

 
| ** **                                                                                                              | ** ** | **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                                                            |       | —             |       |
|                                                                                                                    |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       |
|                                                                                                                    |       |               |       |
| Other                                                                                                                   |       | 2,730,155          |       |
|                                                                                                                    |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 17,118,038 |   |

 

F-274

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are asfollows:

 
| ** **                                                                                                              | ** ** | **Total**    | ** **  | **Series 20** | ** ** | **Series 21** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------|-------------|--------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $            | 264,144,053 |               | $          | (1,303,493         | )          | $ | (777,470 | ) |
|                                                                                                                    |       |         |        |               |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | 24,493,632   |        | 2,633,955          |       | 3,204,873          |       |
|                                                                                                                    |       |         |        |               |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (140,676,987 | )           | (3,793,041         | )          | (666,047           | )          |
|                                                                                                                    |       |         |        |               |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | 978,267      |        | 570,617            |       | —             |       |
|                                                                                                                    |       |         |        |               |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | (2,628,827   | )           | (286,158           | )          | (623,372           | )          |
|                                                                                                                    |       |         |        |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | (474,116     | )           | —             |       | (474,116           | )          |
|                                                                                                                    |       |         |        |               |       |               |       |
| Other                                                                                                                   |       | 61,907,538   |        | 3,382,308          |       | (454,786           | )          |
|                                                                                                                    |       |         |        |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $            | 207,743,560 |               | $          | 1,204,188          |       | $ | 209,082 |   |

 

F-275

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are asfollows:

 
| ** **                                                                                                              | ** ** | **Series 22** | ** ** | **Series 23** | ** ** | **Series 24** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $                  | 1,046,711  |               | $          | 5,469,911          |       | $ | 3,151,414 |   |
|                                                                                                                    |       |               |       |               |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | 3,369,598          |       | 1,781,543          |       | 1,837,828          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (6,111,730         | )          | (11,006,279        | )          | (5,286,247         | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | 223,537            |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | (259,228           | )          | (179,850           | )          | (95,695            | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 2,311,613          |       | 4,615,156          |       | 678,729            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 580,501    |               | $          | 680,481            |       | $ | 286,029 |   |

 

F-276

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are asfollows:

 
| ** **                                                                                                              | ** ** | **Series 25** | ** ** | **Series 26** | ** ** | **Series 27** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $                  | 7,792,948  |               | $          | 11,201,965         |       | $ | 7,201,191 |   |
|                                                                                                                    |       |               |       |               |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | 3,029,341          |       | 2,032,408          |       | 1,105,069          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (9,396,676         | )          | (13,058,354        | )          | (6,264,745         | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | (335,542           | )          | (123,194           | )          | (205,532           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 1,387,225          |       | 5,929,542          |       | 4,963,423          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 2,477,296  |               | $          | 5,982,367          |       | $ | 6,799,406 |   |

 

F-277

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are asfollows:

 
| ** **                                                                                                              | ** ** | **Series 28** | ** ** | **Series 29** | ** ** | **Series 30** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $                  | 16,459,230 |               | $          | 9,749,901          |       | $ | 6,562,457 |   |
|                                                                                                                    |       |               |       |               |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | 54,408             |       | 665,121            |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (13,382,883        | )          | (8,785,514         | )          | (4,872,930         | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | (129,668           | )          | (265,241           | )          | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 2,523,883          |       | 2,142,201          |       | 2,652,135          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 5,524,970  |               | $          | 3,506,468          |       | $ | 4,341,662 |   |

 

F-278

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are asfollows:

 
| ** **                                                                                                              | ** ** | **Series 31** | ** ** | **Series 32** | ** ** | **Series 33** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $                  | 11,119,823 |               | $          | 19,126,813         |       | $ | 11,630,422 |   |
|                                                                                                                    |       |               |       |               |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | 572,568            |       | 634,667            |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (10,373,811        | )          | (12,003,111        | )          | (7,323,606         | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | —             |       | 184,113            |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | (125,347           | )          | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 4,628,802          |       | 800,161            |       | 1,899,194          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 5,822,035  |               | $          | 8,742,643          |       | $ | 6,206,010 |   |

 

F-279

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are asfollows:

 
| ** **                                                                                                              | ** ** | **Series 34** | ** ** | **Series 35** | ** ** | **Series 36** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $                  | 11,288,840 |               | $          | 11,661,090         |       | $ | 6,235,231 |   |
|                                                                                                                    |       |               |       |               |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | 4,326              |       | 379,524            |       | 1,393,462          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (6,149,166         | )          | (5,089,550         | )          | (3,114,936         | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 2,091,804          |       | 2,753,863          |       | 1,521,497          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 7,235,804  |               | $          | 9,704,927          |       | $ | 6,035,254 |   |

 

F-280

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are asfollows:

 
| ** **                                                                                                              | ** ** | **Series 37** | ** ** | **Series 38** | ** ** | **Series 39** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $                  | 9,779,395  |               | $          | 10,779,531         |       | $ | 9,422,707 |   |
|                                                                                                                    |       |               |       |               |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (1,834,640         | )          | (2,179,840         | )          | (1,882,991         | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 1,164,383          |       | 2,029,315          |       | 1,035,467          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 9,109,138  |               | $          | 10,629,006         |       | $ | 8,575,183 |   |

 

F-281

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are asfollows:

 
| ** **                                                                                                              | ** ** | **Series 40** | ** ** | **Series 41** | ** ** | **Series 42** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $                  | 12,027,450 |               | $          | 6,750,490          |       | $ | 11,567,065 |   |
|                                                                                                                    |       |               |       |               |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | —             |       | 352,178            |       | 175,836            |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (3,181,839         | )          | (1,623,226         | )          | (879,297           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 1,600,818          |       | 3,362,578          |       | 1,606,130          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 10,446,429 |               | $          | 8,842,020          |       | $ | 12,469,734 |   |

 

F-282

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are asfollows:

 
| ** **                                                                                                              | ** ** | **Series 43** | ** ** | **Series 44** | ** ** | **Series 45** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $                  | 15,535,356 |               | $          | 11,090,902         |       | $ | 21,782,466 |   |
|                                                                                                                    |       |               |       |               |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | 532,614            |       | 653,715            |       | 80,598             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (830,828           | )          | (639,663           | )          | (841,622           | )          |
|                                                                                                                    |       |               |       |               |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       | —             |       | —             |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Other                                                                                                                   |       | 1,350,827          |       | 2,253,245          |       | 1,695,850          |       |
|                                                                                                                    |       |               |       |               |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 16,587,969 |               | $          | 13,358,199         |       | $ | 22,717,292 |   |

 

F-283

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE E - RECONCILIATION OFFINANCIAL 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, 2008 are as follows:

 
| ** **                                                                                                              | ** ** | **Series 46** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|
| Investments  in operating limited partnerships - tax return December 31, 2007                                      |       | $                  | 17,791,707 |   |
|                                                                                                                    |       |               |       |
| Add  back operating limited partnership losses not recognized for financial  reporting purposes under the equity method |       | —             |       |
|                                                                                                                    |       |               |       |
| Impairment  loss in investment in operating limited partnerships                                                        |       | (104,415           | )          |
|                                                                                                                    |       |               |       |
| Historic  tax credits - cumulative                                                                                      |       | —             |       |
|                                                                                                                    |       |               |       |
| Less  share of loss - three months ended March 31, 2008                                                            |       | —             |       |
|                                                                                                                    |       |               |       |
| Impairment  loss not recognized for tax purposes                                                                        |       | —             |       |
|                                                                                                                    |       |               |       |
| Other                                                                                                                   |       | 1,982,175          |       |
|                                                                                                                    |       |               |       |
| Investments  in operating limited partnerships - as reported                                                            |       | $                  | 19,669,467 |   |

 

F-284

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE F - CASH EQUIVALENTS

 

Cashequivalents of $6,098,836 and $6,766,084 as of March 31, 2009 and 2008,respectively, include tax-exempt sweep accounts and money market accounts withinterest rates ranging from 0.43% to 5.17% per annum.

 

NOTE G - CONCENTRATION OFCREDIT RISK

 

Thefund maintains its cash and cash equivalent balances in several accounts invarious financial institutions.  Thebalances are generally insured by the Federal Deposit Insurance Corporation(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 its 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 of March 31,2009.

 

NOTE H - SUBSEQUENT EVENTS

 

Subsequentto March 31, 2009, the Fund has entered into agreements to either sell ortransfer interests in five operating limited partnerships all of which closedin May 2009.  The sales prices andother terms for the disposition of the operating limited partnerships have beendetermined.  The proceeds received forthese five operating limited partnerships were $709,404. The gain on the salesof these operating limited partnerships was $327,885 and was recognized in thefirst quarter of the fiscal year ended 2010.

 

F-285

----

 

BostonCapital Tax Credit Fund IV L.P.

 

NOTESTO FINANCIAL STATEMENTS - CONTINUED

 

March 31,2009 and 2008

 

NOTE I - FAIR VALUE OFFINANCIAL INSTRUMENTS

 

The Fund is subject to thedisclosure provisions of FASB Statement No. 107, “Disclosures about FairValue of Financial Instruments,” (FAS 107), which requires disclosure of thefair value of the Fund’s financial instruments. As of March 31, 2009, the Fund’s financial instruments relate toother assets, notes receivable, and accounts payable - affiliates.  Management has not disclosed the fair valueof the financial instruments because determination of such fair value is deemedto be impractical.  The other assets,notes receivable, and accounts payable - affiliates are due from or owed toaffiliates of the Fund.  The uniquenature of these financial instruments makes determination of any fair valueimpractical. See notes B, D, and E for disclosure of the carrying amount andterms of these financial instruments.

 

F-286

----