FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER

                               SECTION 13 OR 15(d)

                                   Form 10-KSB

(MarkOne)
[X]  ANNUAL  REPORT  UNDER  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934 [No Fee Required]

                    For the fiscal year ended December 31, 1999

[ ]  TRANSITION  REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934 [No Fee Required]

                For the transition period from _________to _________

                         Commission file number 0-14283

                         ANGELES INCOME PROPERTIES, LTD. IV
                   (Name of small business issuer in its charter)

         California                                              95-3974194
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                    Issuer's telephone number (864) 239-1000

           Securities registered under Section 12(b) of the Exchange Act:
                                      None

           Securities registered under Section 12(g) of the Exchange Act:
                            Limited Partnership Units

                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes X No___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of the  registrant's  knowledge  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [ ]

State issuer's revenues for its most recent fiscal year.  $7,524,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 1999. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

<PAGE>

                                     PART I

Item 1.     Description of Business

Angeles Income  Properties,  Ltd. IV (the  "Partnership"  or  "Registrant") is a
publicly held limited partnership organized under the California Uniform Limited
Partnership Act on June 29, 1984. The  Partnership's  general partner is Angeles
Realty  Corporation II, a California  corporation (the "General Partner" or "ARC
II").  ARC II was  wholly-owned  by MAE GP  Corporation  ("MAE  GP").  Effective
February 25, 1998,  MAE GP was merged into Insignia  Properties  Trust  ("IPT").
Effective  February  26,  1999,  IPT was merged into  Apartment  Investment  and
Management Company  ("AIMCO").  Thus, the General Partner is now wholly-owned by
AIMCO. The Partnership  Agreement  provides that the Partnership is to terminate
on December 31, 2035 unless terminated prior to such date.

The Registrant,  through its public offering of Limited  Partnership Units, sold
131,800 units aggregating  $65,900,000.  The General Partner contributed capital
in the amount of $1,000 for a 2% interest in the Partnership.  Since its initial
offering, the Partnership had not received, nor are limited partners required to
make,  additional  capital  contributions.  The  Partnership  is  engaged in the
business of operating and holding real estate  properties  for  investment  (see
"Item  2.  Description  of  Property").   The  Partnership  presently  owns  one
commercial property.  The Partnership owned a general partnership interest in an
additional property which was sold in 1999.

The Partnership  has no employees.  Management and  administrative  services are
provided by the General  Partner  and by agents of the  General  Partner.  These
services for the  remaining  property were provided by affiliates of the General
Partner for the nine months ended September 30, 1998.  Effective October 1, 1998
these services were provided by an unrelated party.

The business in which the  Partnership is engaged is highly  competitive.  There
are other  commercial  properties  within  the market  area of the  Registrant's
property.  The number and quality of competitive  properties in such market area
could have a material  effect on the rental market for the  commercial  space at
the Registrant's property and the rents that may be charged for such space.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations  might adversely  affect the property
owned by the Partnership.

The  Partnership  monitors its property for evidence of  pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

The  Partnership  receives  income  from its  property  and is  responsible  for
operating  expenses,  capital  improvements  and  debt  service  payments  under
mortgage  obligations  secured by the  property.  The  Partnership  financed its
property through  non-recourse  debt.  Therefore,  in the event of default,  the
lender can generally  look only to the subject  property for recovery of amounts
due.

Both the income and expenses of operating the property owned by the  Partnership
are subject to factors outside of the Partnership's  control, such as changes in
the supply and demand for  similar  properties  resulting  from  various  market
conditions, increases/decreases in unemployment or population shifts, changes in
the  availability of permanent  mortgage  financing,  changes in zoning laws, or
changes in patterns or needs of users. In addition,  there are risks inherent in
owning  and  operating   commercial   properties  because  such  properties  are
susceptible  to the  impact of  economic  and other  conditions  outside  of the
control of the Partnership.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia  Financial Group, Inc. and IPT merged into AIMCO, a
publicly  traded real estate  investment  trust,  with AIMCO being the surviving
corporation (the "Insignia Merger").  As a result, AIMCO acquired 100% ownership
interest in the General Partner.  The General Partner does not believe that this
transaction has had or will have a material effect on the affairs and operations
of the Partnership.

Item 2.     Description of Property

The following table sets forth the Partnership's investment in property:

                            Date of
Property                    Purchase       Type of Ownership     Use

Factory Merchants Mall      05/22/86    Fee ownership subject    Commercial
  Pigeon Forge, Tennessee               to a first mortgage (1)  200,000 sq. ft.

(1)   Owned by a limited partnership of which the Registrant is the sole limited
      partner.

Schedule of Property

Set forth  below for the  Registrant's  property  is the gross  carrying  value,
accumulated  depreciation,  depreciable life, method of depreciation and Federal
tax basis.

                         Gross
                        Carrying   Accumulated                         Federal
Property                 Value    Depreciation    Rate     Method     Tax Basis
                           (in thousands)                         (in thousands)

Factory Merchants Mall  $20,518      $12,402     5-20 yrs    S/L       $ 9,341

See  "Note A" of the  consolidated  financial  statements  included  in "Item 7.
Financial  Statements"  for a  description  of  the  Partnership's  depreciation
policy. .


<PAGE>


Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the  loan
encumbering the Registrant's property.
<TABLE>
<CAPTION>

                           Principal                                      Principal
                           Balance At                                      Balance
                          December 31,  Interest    Period    Maturity      Due At
        Property              1999        Rate    Amortized     Date       Maturity
                         (in thousands)                                 (in thousands)
Factory Merchants Mall
<S>                         <C>           <C>       <C>       <C>          <C>
  1st mortgage              $14,864       9.75%     25 yrs    10/2006      $12,955
</TABLE>

See "Item 7. Financial  Statements - Note C" for information with respect to the
Registrant's  ability to prepay this loan and other  specific  details about the
loan.

Rental Rates and Occupancy

Average  annual  rental rate and occupancy for 1999 and 1998 for the property is
as follows:

                                  Average Annual                   Average
                                   Rental Rates                   Occupancy
                                 (per square foot)

 Property                       1999            1998          1999         1998

 Factory Merchants Mall        $13.11          $12.72         90%           95%


The General Partner  attributes the decrease in occupancy to the loss of several
tenants during 1999 and to reduced rental  footage by several  existing  tenants
during 1999.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly competitive. The property is subject to competition from other commercial
buildings  in the area.  The  General  Partner  believes  that the  property  is
adequately  insured.  The  property is in good  physical  condition,  subject to
normal  depreciation and deterioration as is typical for assets of this type and
age.

Capital Improvements

During  the year  ended  December  31,  1999,  approximately  $90,000 of capital
improvements were made at Factory Merchants Mall consisting  primarily of tenant
improvements.  These  improvements  were funded from  operating  cash flow.  The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the year 2000.


<PAGE>


Schedule of Lease Expirations

The following is a schedule of the commercial  lease  expirations  for the years
2000-2009:
<TABLE>
<CAPTION>

                            Number of                      Annual       % of Gross
  Factory Merchants Mall   Expirations   Square Feet        Rent        Annual Rent
                                                       (in thousands)

<S>      <C>                     <C>        <C>             <C>            <C>
         2000                    6          18,061          $248           9.51%
         2001                   10          46,578           704          26.95%
         2002                    6          15,942           241           9.23%
         2003                    5          20,949           304          11.63%
         2004                    6          38,858           608          23.30%
         2005                    1           2,500            43           1.65%
         2006                    1          10,455           181           6.94%
         2007-2008              --              --            --             --
         2009                    1           5,435           124           4.77%
</TABLE>

Factory  Merchants  Mall has no tenants  occupying  10% or more of the  leasable
square  footage (See "Notes A and H" of the  consolidated  financial  statements
included in "Item 7.  Financial  Statements"  for a description of the principle
terms of the leases of the available space ).

Real Estate Taxes and Rates

Real estate taxes and rates in 1999 for the property are as follows:

                                   1999              1999
                                  Billing            Rate
                               (in thousands)

Factory Merchants Mall              $153             1.52%

Item 3.     Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the   Partnership,   the  General  Partner  and  several  of  their   affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Item 7. Financial  Statements,  Note B - Transfer of Control").  The plaintiffs
seek monetary damages and equitable relief,  including  judicial  dissolution of
the  Partnership.  On June 25, 1998, the General  Partner filed a motion seeking
dismissal of the action.  In lieu of  responding to the motion,  the  plaintiffs
have filed an amended  complaint.  The General  Partner  filed  demurrers to the
amended  complaint  which were heard February  1999.  Pending the ruling on such
demurrers,  settlement  negotiations commenced. On November 2, 1999, the parties
executed and filed a Stipulation  of  Settlement,  settling  claims,  subject to
final court approval,  on behalf of the Partnership and all limited partners who
own units as of November 3, 1999.  Preliminary  approval of the  settlement  was
obtained on November 3, 1999 from the Superior Court of the State of California,
County of San Mateo,  at which time the Court set a final  approval  hearing for
December  10, 1999.  Prior to the  December 10, 1999 hearing the Court  received
various  objections  to the  settlement,  including a  challenge  to the Court's
preliminary  approval  based  upon  the  alleged  lack  of  authority  of  class
plaintiffs'  counsel to enter the settlement.  On December 14, 1999, the General
Partner  and  its  affiliates   terminated  the  proposed  settlement.   Certain
plaintiffs have filed a motion to disqualify some of the plaintiffs'  counsel in
the action.  The General Partner does not anticipate that costs  associated with
this case will be material to the Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

Item 4.     Submission of Matters to a Vote of Security Holders

The unit  holders  of the  Partnership  did not vote on any  matter  during  the
quarter ended December 31, 1999.


<PAGE>


                                     PART II

Item 5. Market for the  Partnership's  Common Equity and Related Security Holder
        Matters

The Partnership,  a publicly-held limited partnership,  offered and sold 131,800
Limited Partnership Units aggregating $65,900,000. The Partnership currently has
4,465 holders of record owning an aggregate of 131,585 units.  Affiliates of the
General  Partner  owned 27,432 units or 20.847% at December 31, 1999.  No public
trading market has developed for the Units,  and it is not anticipated that such
a market will develop in the future.

The following table sets forth the distributions made by the Partnership for the
years ended December 31, 1998 and 1999.

                                                Distributions
                                                           Per Limited
                                        Aggregate        Partnership Unit

       01/01/98 - 12/31/98            $       --              $   --
       01/01/99 - 12/31/99            $6,700,000 (1)          $49.90

(1)   Consists of $2,124,000 of cash from  operations and $4,576,000 of proceeds
      from the sale of Eastgate Mall (see "Item 6.  Management's  Discussion and
      Analysis or Plan of Operation" for further details).

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability  of cash  reserves,  and the  timing  of the debt
maturity,  refinancing  and/or  property  sale. The  Partnership's  distribution
policy is reviewed on a semi-annual basis.  There can be no assurance,  however,
that the  Partnership  will  generate  sufficient  funds from  operations  after
required capital expenditures to permit distributions to its partners in 2000 or
subsequent periods.

Several tender offers were made by various parties,  including affiliates of the
General Partner,  during the fiscal years ended December 31, 1999 and 1998. As a
result of these tender  offers,  AIMCO and its  affiliates  currently own 27,432
limited  partnership  units  in  the  Partnership  representing  20.847%  of the
outstanding  units. It is possible that AIMCO or its affiliates will make one or
more additional offers to acquire  additional limited  partnership  interests in
the Partnership  for cash or in exchange for units in the operating  partnership
of AIMCO. Under the Partnership Agreement, unitholders holding a majority of the
Units are  entitled to take action  with  respect to a variety of matters.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable  to the  interest  of the  General  Partner  because  of their
affiliation with the General Partner.

Item 6.     Management's Discussion and Analysis or Plan of Operation

The  matters  discussed  in this Form  10-KSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions, competitive and regulatory matters, etc.) detailed in the disclosure
contained  in this Form 10-KSB and the other  filings  with the  Securities  and
Exchange  Commission made by the Registrant from time to time. The discussion of
the Registrant's business and results of operations,  including  forward-looking
statements  pertaining to such matter, does not take into account the effects of
any changes to the Registrant's business and results of operation.  Accordingly,
actual   results   could  differ   materially   from  those   projected  in  the
forward-looking  statements as a result of a number of factors,  including those
identified herein.

This item should be read in conjunction with "Item 7. Financial  Statements" and
other items contained elsewhere in this report.

Results of Operations

The  Partnership  realized net income of  approximately  $2,735,000 for the year
ended December 31, 1999 as compared to a net loss of approximately  $825,000 for
the  comparable  period of 1998.  The  increase in net income for the year ended
December  31,  1999 is  primarily  due to the  gain  recognized  on the  sale of
Eastgate Mall of  approximately  $3,553,000 in June 1999.  Excluding the gain on
sale of and  results of  operations  for  Eastgate  Mall for 1999 and 1998,  the
Partnership  realized a net loss of approximately  $1,085,000 and $1,204,000 for
the years ended  December 31, 1999 and 1998,  respectively.  The decrease in net
loss is due to a decrease in total  expenses,  which was offset by a decrease in
total  revenues.  The decrease in total  revenues is due to a decrease in rental
income and other income. The decrease in rental income is due to the decrease in
occupancy at Factory  Merchants  Mall.  The decrease in other income is due to a
decrease in lease  cancellation fees at Factory Merchants Mall and a decrease in
cash held in  interest  bearing  accounts.  The  decrease  in total  expenses is
primarily due to the  recognition of a loss on a litigation  settlement in 1998,
as previously  disclosed in the Partnership's Annual Report on Form 10-KSB as of
December 31, 1998, and a decrease in general and administrative  expense,  which
was offset by an  increase  in bad debt  expense.  The  decrease  in general and
administrative  expenses  is due to legal  costs  incurred  during  1998 for the
settlement of litigation  concerning a prior  investment in a joint venture,  as
previously  disclosed in the  Partnership's  Annual  Report on Form 10-KSB.  The
increase  in bad  debt  expense  is due to the  increase  in the  allowance  for
doubtful accounts for temporary tenants at Factory Merchants Mall.

Included in general and administrative  expenses for the year ended December 31,
1999 and 1998,  are  reimbursements  to the General  Partner  allowed  under the
Partnership  Agreement  associated  with its management of the  Partnership.  In
addition,  costs  associated with the quarterly and annual  communications  with
investors  and  regulatory  agencies  and  the  annual  audit  required  by  the
Partnership Agreement are also included.

On June 16, 1999, the Partnership  sold Eastgate Mall to an unrelated party, for
net proceeds of  approximately  $4,576,000  after payment of closing costs.  The
Partnership  recognized a gain of  approximately  $3,553,000  on the sale during
1999.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market environment of its investment  property to assess the
feasibility of increasing rents,  maintaining or increasing occupancy levels and
protecting the Partnership from increases in expense.  As part of this plan, the
General  Partner  attempts  to  protect  the  Partnership  from  the  burden  of
inflation-related  increases in expenses by increasing  rents and  maintaining a
high overall occupancy level. However, due to changing market conditions,  which
can  result in the use of rental  concessions  and rental  reductions  to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.

Capital Resources and Liquidity

At December 31, 1999, the  Partnership  held cash  equivalents of  approximately
$1,170,000  compared to  approximately  $3,637,000  at December  31,  1998.  The
decrease in cash and cash equivalents was approximately $2,467,000 from the year
ended December 31, 1998. The decrease is due to approximately $6,888,000 of cash
used in financing  activities  partially offset by  approximately  $4,235,000 of
cash  provided  by  investing  activities  and  approximately  $186,000  of cash
provided by operating  activities.  Cash used in financing  activities consisted
primarily of distributions to partners and, to a lessor extent,  payments on the
mortgage  securing  the  Partnership's  remaining  property.  Cash  provided  by
investing  activities  consisted  of  proceeds  from the sale of  Eastgate  Mall
partially offset by capital  improvements and replacements,  lease  commissions,
and net deposits to restricted  escrows  maintained by the mortgage lender.  The
Partnership invests its working capital reserves in money market accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures required at the property to adequately maintain the physical assets
and other operating  needs of the Registrant and to comply with Federal,  state,
and local  legal and  regulatory  requirements.  The  Partnership  is  currently
evaluating the capital  improvement needs of the property for the upcoming year.
Improvements may be considered and will depend on the physical  condition of the
property as well as replacement  reserves and anticipated cash flow generated by
the  property.  The  capital  expenditures  will  be  incurred  only  if cash is
available from operations or from Partnership  reserves. To the extent that such
budgeted capital improvements are completed, the Registrant's distributable cash
flow, if any, may be adversely affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness  of  approximately  $14,864,000  matures  in October  2006.  If the
property is not sold prior to the mortgage  maturity date,  the General  Partner
will attempt to refinance  such  indebtedness  and/or sell the property prior to
such  maturity  date.  If the  property  cannot  be  refinanced  or  sold  for a
sufficient  amount,  the  Registrant  will  risk  losing  the  property  through
foreclosure.

During  the  year  ended   December  31,  1999,  the   Partnership   distributed
approximately  $6,700,000  (approximately  $6,566,000  to the limited  partners,
$49.90 per limited partnership unit) to the partners.  Approximately  $2,124,000
(approximately   $2,082,000  to  the  limited   partners,   $15.82  per  limited
partnership  unit) of the  distribution  was from  operations and  approximately
$4,576,000 (approximately $4,484,000 to the limited partners, $34.08 per limited
partnership  unit) was from  proceeds of the sale of Eastgate Mall in June 1999.
There were no  distributions  during  the year  ended  December  31,  1998.  The
Partnership's  distribution  policy is reviewed on a semi-annual  basis.  Future
cash  distributions  will  depend  on the  levels  of net  cash  generated  from
operations,  the  availability  of cash  reserves  and the  timing  of the  debt
maturity, refinancing, and/or property sale. There can be no assurance, however,
that the  Partnership  will  generate  sufficient  funds from  operations  after
required capital expenditures to permit distributions to its partners in 2000 or
subsequent periods.

Several tender offers were made by various parties,  including affiliates of the
General Partner,  during the fiscal years ended December 31, 1999 and 1998. As a
result of these tender  offers,  AIMCO and its  affiliates  currently own 27,432
limited  partnership  units  in  the  Partnership  representing  20.847%  of the
outstanding  units. It is possible that AIMCO or its affiliates will make one or
more additional offers to acquire  additional limited  partnership  interests in
the Partnership  for cash or in exchange for units in the operating  partnership
of AIMCO. Under the Partnership Agreement, unitholders holding a majority of the
Units are  entitled to take action  with  respect to a variety of matters.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable  to the  interest  of the  General  Partner  because  of their
affiliation with the General Partner.

Year 2000 Compliance

General Description

The Year 2000 issue is the result of computer  programs  being written using two
digits rather than four digits to define the applicable year. The Partnership is
dependent  upon the  General  Partner  and its  affiliates  for  management  and
administrative services ("Managing Agent"). Any of the Managing Agent's computer
programs or hardware that had  date-sensitive  software or embedded  chips might
have  recognized  a date using "00" as the year 1900  rather than the year 2000.
This  could  have  resulted  in a  system  failure  or  miscalculations  causing
disruptions of operations,  including, among other things, a temporary inability
to process  transactions,  send invoices,  or engage in similar normal  business
activities.

Computer Hardware, Software and Operating Equipment

In 1999,  the Managing  Agent  completed  all phases of its Year 2000 program by
completing  the  replacement  and repair of any  hardware or software  system or
operating  equipment that was not yet Year 2000 compliant.  The Managing Agent's
hardware  and software  systems and its  operating  equipment  are now Year 2000
compliant.  No  material  failure or  erroneous  results  have  occurred  in the
Managing Agent's computer  applications  related to the failure to reference the
Year 2000 to date.

Third Parties

To  date,  the  Managing  Agent  is not  aware of any  significant  supplier  or
subcontractor  (external agent) or financial institution of the Partnership that
has a Year 2000 issue that  would  have a material  impact on the  Partnership's
results of operations,  liquidity or capital  resources.  However,  the Managing
Agent  has no means of  ensuring  or  determining  the Year 2000  compliance  of
external  agents.  At this time, the Managing Agent does not believe that a Year
2000 issue of any  non-compliant  external agent will have a material  impact on
the Partnership's financial position or results of operations.

<PAGE>

Costs

The total cost of the Managing Agent's Year 2000 project was approximately  $3.2
million and was funded from operating cash flows.

Risks Associated with the Year 2000

The Managing  Agent  completed all necessary  phases of its Year 2000 program in
1999,  and did not  experience  system or  equipment  malfunctions  related to a
failure to reference the Year 2000. The Managing  Agent or Partnership  have not
been  materially  adversely  effected by  disruptions  in the economy  generally
resulting from the Year 2000 issue.

At this  time,  the  Managing  Agent  does not  believe  that the  Partnership's
businesses,  results of  operations  or financial  condition  will be materially
adversely effected by the Year 2000 issue.

Contingency Plans Associated with the Year 2000

The  Managing  Agent has not had to implement  contingency  plans such as manual
workarounds or selecting new relationships for its banking or elevator operation
activities in order to avoid the Year 2000 issue.


<PAGE>


Item 7.     Financial Statements

ANGELES INCOME PROPERTIES, LTD. IV

LIST OF FINANCIAL STATEMENTS

     Report of Ernst & Young LLP, Independent Auditors

     Consolidated Balance Sheet - December 31, 1999

     Consolidated  Statements of Operations - Years ended  December 31, 1999 and
     1998

     Consolidated  Statements of Changes in Partners'  (Deficit) Capital - Years
     ended December 31, 1999 and 1998

     Consolidated  Statements of Cash Flows - Years ended  December 31, 1999 and
     1998

     Notes to Consolidated Financial Statements


<PAGE>


                 Report of Ernst & Young LLP, Independent Auditors

The Partners

Angeles Income Properties, Ltd. IV


We have audited the  accompanying  consolidated  balance sheet of Angeles Income
Properties,  Ltd.  IV as of December  31,  1999,  and the  related  consolidated
statements of operations,  changes in partners' (deficit) capital and cash flows
for each of the two years in the period ended December 31, 1999. These financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made  by the  Partnership's  management,  as  well  as  evaluating  the  overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the consolidated  financial  position of Angeles Income
Properties,  Ltd. IV at December 31, 1999, and the  consolidated  results of its
operations  and its cash  flows  for each of the two years in the  period  ended
December 31, 1999, in conformity with accounting  principles  generally accepted
in the United States.

                                                            /s/ERNST & YOUNG LLP

Greenville, South Carolina
February 21, 2000


<PAGE>

                       ANGELES INCOME PROPERTIES, LTD. IV

                           CONSOLIDATED BALANCE SHEET
                        (in thousands, except unit data)

                                December 31, 1999
<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 1,170
   Receivables and deposits, net of allowance for
      doubtful accounts of $278,000                                              586
   Restricted escrows                                                            649
   Other assets                                                                  471
   Investment property (Notes C and G):
      Land                                                     $ 2,414
      Buildings and related personal property                   18,104
                                                                20,518
      Less accumulated depreciation                            (12,402)        8,116
                                                                            $ 10,992

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                           $   35
   Tenant security deposit liabilities                                             6
   Accrued property taxes                                                        161
   Other liabilities                                                             229
   Mortgage note payable (Notes C and G)                                      14,864

Partners' Deficit
   General partner                                             $  (102)
   Limited partners (131,585 units issued and
      outstanding)                                              (4,201)      (4,303)
                                                                            $ 10,992
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements
<PAGE>


                         ANGELES INCOME PROPERTIES, LTD. IV

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                                           Years Ended December 31,
                                                              1999         1998
Revenues:
<S>                                                          <C>          <C>
   Rental income                                             $ 3,724      $ 4,360
   Other income                                                  247          264
   Gain on sale of property (Note E)                           3,553           --
      Total revenues                                           7,524        4,624

Expenses:
   Operating                                                   1,655        1,752
   General and administrative                                    232          532
   Depreciation                                                1,004        1,076
   Interest                                                    1,494        1,509
   Property taxes                                                194          198
   Bad debt expense (recovery), net                              210          (28)
   Loss on settlement                                             --          410
      Total expenses                                           4,789        5,449

Net income (loss) (Note D)                                   $ 2,735       $ (825)

Net income (loss) allocated to general partner               $ 1,178        $ (17)
Net income (loss) allocated to limited partner                 1,557         (808)
                                                             $ 2,735       $ (825)

Net income (loss) per limited partnership unit               $ 11.83      $ (6.14)

Distributions per limited partnership unit                   $ 49.90         $ --
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements

<PAGE>


                         ANGELES INCOME PROPERTIES, LTD. IV

         CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                        Limited
                                       Partnership    General    Limited
                                          Units       Partner    Partners     Total

<S>                                      <C>            <C>       <C>        <C>
Original capital contributions           131,800        $ 1       $65,900    $65,901

Partners' (deficit) capital at
   December 31, 1997                     131,585      $(1,129)    $ 1,616     $  487

Net loss for the year ended
   December 31, 1998                          --          (17)       (808)      (825)

Partners' (deficit) capital at
   December 31, 1998                     131,585       (1,146)        808       (338)

Distributions to partners                     --         (134)     (6,566)    (6,700)

Net income for the year
   ended December 31, 1999                    --        1,178       1,557      2,735

Partners' deficit at
   December 31, 1999                     131,585      $ (102)     $(4,201)   $(4,303)
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements

<PAGE>
                         ANGELES INCOME PROPERTIES, LTD. IV

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                        (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                                              Years Ended December 31,
                                                                  1999         1998
Cash flows from operating activities:
<S>                                                             <C>          <C>
   Net income (loss)                                            $ 2,735      $ (825)
   Adjustments to reconcile net income (loss) to net
    cash provided by operating activities:
      Depreciation                                                1,004        1,076
      Amortization of loan costs and leasing commissions            116          117
      Gain on sale of property                                   (3,553)          --
      Bad debt expense (recovery)                                   210          (28)
      Change in accounts:
         Receivables and deposits                                   (50)        (170)
         Other assets                                                70           12
         Accounts payable                                            28          (30)
         Tenants security deposit liabilities                        (1)          --
         Accrued taxes                                               16            7
         Other liabilities                                         (389)         440
            Net cash provided by operating activities               186          599

Cash flows from investing activities:
   Property improvements and replacements                           (90)        (323)
   Lease commissions paid                                           (61)         (56)
   Net (deposits to) withdrawals from restricted escrows           (190)          27
   Net proceeds from sale of investment property                  4,576           --
            Net cash provided by (used in) investing
               activities                                         4,235         (352)

Cash flows used in financing activities:
   Payments on mortgage notes payable                              (188)        (169)
   Distributions to partners                                     (6,700)          --
            Net cash used in financing activities                (6,888)        (169)

Net (decrease) increase in cash and cash equivalents             (2,467)          78

Cash and cash equivalents at beginning of the year                3,637        3,559

Cash and cash equivalents at end of year                        $ 1,170      $ 3,637

Supplemental disclosure of cash flow information:
   Cash paid for interest                                       $ 1,459      $ 1,478

Supplemental disclosure:
   Property  improvements  and replacements and accounts payable at December 31,
   1998,  were  adjusted by  approximately  $100,000  for  non-cash  activity at
   December 31, 1997.
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements

<PAGE>

                         ANGELES INCOME PROPERTIES, LTD. IV

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                December 31, 1999

Note A - Organization and Significant Accounting Policies

Organization:   Angeles  Income  Properties,   Ltd.  IV  (the  "Partnership"  or
"Registrant") is a publicly-held limited partnership organized under the Uniform
Limited  Partnership  Laws of California on June 29, 1984.  The general  partner
responsible  for  management  of the  Partnership's  business is Angeles  Realty
Corporation II, a California  corporation  (the "General  Partner" or "ARC II").
ARC II was wholly-owned by MAE GP Corporation ("MAE GP"). Effective February 25,
1998,  MAE GP was merged  into  Insignia  Properties  Trust  ("IPT").  Effective
February 26,  1999,  IPT was merged into  Apartment  Investment  and  Management
Company  ("AIMCO").  Thus the General Partner is now  wholly-owned by AIMCO (see
"Note B - Transfer  of  Control").  The  directors  and  officers of the General
Partner also serve as executive  officers of AIMCO.  The  Partnership  Agreement
provides  that the  Partnership  is to  terminate  on  December  31, 2035 unless
terminated  prior to such date.  The  Partnership  operates a commercial  retail
center located in Tennessee.

Principles  of  Consolidation:  The  consolidated  financial  statements  of the
Partnership  include its wholly-owned  limited  partnership  interest in Factory
Merchants,  AIP IV,  L.P.  and AIP IV GP,  LP.  The  Partnership  may remove the
general partner of Factory Merchants,  AIP IV L.P. and AIP IV GP, LP; therefore,
the  partnerships  are  controlled  and  consolidated  by the  Partnership.  All
significant interpartnership balances have been eliminated. Minority interest is
immaterial and not shown separately in the consolidated financial statements.

Allocations of Profits,  Gains and Losses:  In accordance  with the  Partnership
Agreement,  any gain from the sale or other  disposition of  Partnership  assets
will be  allocated  first to the General  Partner to the extent of the amount of
any brokerage  compensation and incentive  interest to which the General Partner
is entitled.  Any gain remaining  after said allocation will be allocated to the
extent of any partners' negative capital balance then to the General Partner and
Limited Partners in proportion to their interests in the Partnership.

The Partnership will allocate other profits and losses 2% to the General Partner
and 98% to the Limited Partners.

Except as discussed below, the Partnership will allocate distributions 2% to the
General Partner and 98% to the Limited Partners.

Upon  the  sale or  other  disposition,  or  refinancing,  of any  asset  of the
Partnership,  the  distributable  net proceeds  shall be distributed as follows:
First, to the General Partner,  on account of the current and accrued management
fee  payable,  deferred as  contemplated  therein;  Second,  to the  partners in
proportion to their interests until the Limited Partners have received  proceeds
equal to their original capital investment applicable to the property;  Third to
the partners  until the Limited  Partners have received  distributions  from all
sources  equal to their  8%  cumulative  distribution;  Fourth,  to the  General
Partner until it has received its brokerage compensation and thereafter,  88% to
the Limited  Partners  in  proportion  to their  interests  and 12%  ("Incentive
Interest") to the General Partner.

Uses of Estimates:  The  preparation of financial  statements in conformity with
generally accepted  accounting  principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

Fair Value of Financial Instruments: Statement of Financial Accounting Standards
("SFAS") No. 107,  "Disclosures about Fair Value of Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes  that the carrying  amount of its
financial  instruments (except for long term debt) approximates their fair value
due to the short  term  maturity  of these  instruments.  The fair  value of the
Partnership's long term debt, after discounting the scheduled loan payments at a
borrowing rate currently available to the Partnership, approximates its carrying
balance.

Cash and Cash  Equivalents:  Includes  cash on hand,  in banks and money  market
accounts.  At certain  times,  the amount of cash deposited at a bank may exceed
the limit on insured deposits.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the commercial  property and related personal  property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used (1)
for real property over 15 years for additions  prior to March 16, 1984, 18 years
for  additions  after  March 15,  1984 and before May 9, 1985,  and 19 years for
additions  after May 8, 1985,  and before  January 1, 1987, and (2) for personal
property over 5 years for additions prior to January 1, 1987. As a result of the
Tax Reform Act of 1986,  for  additions  after  December 31, 1986,  the modified
accelerated  cost recovery method is used for  depreciation of (1) real property
over 27 1/2 years and (2) personal property additions over 7 years.

Loan Costs: Loan costs of approximately $337,000, less accumulated  amortization
of approximately  $109,000, are included in other assets and are being amortized
on a straight-line basis over the life of the loan.

Tenant  Security  Deposits:  The  Partnership  requires  security  deposits from
certain commercial space lessees for the duration of the lease and such deposits
are included in receivables and deposits.  Deposits are refunded when the tenant
vacates,  provided the tenant has not damaged its space and is current on rental
payments.

Restricted  Escrows:  At  the  time  the  Partnership  refinanced  the  mortgage
encumbering  Factory  Merchants  Mall in October 1996, a portion of the proceeds
were  used to  establish  restricted  escrows.  These  escrows  are used to fund
capital  improvements  and  replacements.  At December 31, 1999,  these  escrows
equaled approximately $649,000 which includes interest.

Leases:  Commercial  building lease terms are generally for one to twenty years.
Several  tenants have  percentage rent clauses which provide for additional rent
upon the tenant  achieving  certain rental  objectives.  Percentage rent totaled
approximately  $122,000 in 1999 and  approximately  $230,000 in 1998. For leases
containing  fixed rental  increases during their term, rents are recognized on a
straight-line basis over the terms of the lease. For all other leases, rents are
recognized  over the terms of the leases as earned.  In  addition,  the  General
Partner's policy is to offer rental concessions during  particularly slow months
or in response to heavy  competition from other similar  commercial retail malls
in the area. Concessions are charged against rental income as incurred.

Lease  Commissions:  Lease  commissions  of  approximately  $525,000,  which are
included in other assets in the  accompanying  consolidated  balance sheet,  are
amortized  on a straight  line basis  over the terms of the  respective  leases.
Current accumulated amortization is approximately $338,000.

Investment Property:  Investment property consists of one commercial retail mall
which is  stated at cost.  Acquisition  fees are  capitalized  as a cost of real
estate.  In  accordance  with SFAS No. 121,  "Accounting  for the  Impairment of
Long-Lived  Assets and for Long-Lived Assets to Be Disposed Of", the Partnership
records  impairment  losses on long-lived  assets used in operations when events
and   circumstances   indicate  that  the  assets  might  be  impaired  and  the
undiscounted  cash flows estimated to be generated by those assets are less than
the carrying amounts of those assets. Costs of the commercial property that have
been  permanently  impaired  have  been  written  down to  appraised  value.  No
adjustments for impairment of value were necessary for the years ending December
31, 1999, or 1998.

Segment Reporting:  SFAS No. 131, Disclosure about Segments of an Enterprise and
Related  Information  established  standards  for the way that  public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating segments in interim financial reports.  It also establishes  standards
for related disclosures about products and services, geographic areas, and major
customers. See "Note K" for required disclosure.

Advertising:  The  Partnership  expenses  the cost of  advertising  as incurred.
Advertising  costs of  approximately  $8,000  and  $3,000  for the  years  ended
December 31, 1999 and 1998, respectively were included in operating expense.

Reclassifications:   Certain  reclassifications  have  been  made  to  the  1998
information to conform to the 1999 presentation.

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia  Financial Group, Inc. and IPT merged into AIMCO, a
publicly  traded real estate  investment  trust,  with AIMCO being the surviving
corporation (the "Insignia Merger").  As a result, AIMCO acquired 100% ownership
interest in the General Partner.  The General Partner does not believe that this
transaction has had or will have a material effect on the affairs and operations
of the Partnership.

Note C - Mortgage Note Payable

The principle terms of the mortgage note payable are as follows:
<TABLE>
<CAPTION>

                            Principal     Monthly                           Principal
                           Balance At     Payment    Stated                  Balance
                          December 31,   Including  Interest   Maturity      Due At
Property                      1999       Interest     Rate       Date       Maturity
                               (in thousands)                            (in thousands)

Factory Merchants Mall
<S>                          <C>           <C>        <C>      <C>           <C>
  1st mortgage               $14,864       $ 137      9.75%    10/2006       $12,955
</TABLE>

The  mortgage  note  payable  is  nonrecourse  and is  secured  by pledge of the
Partnership's  investment property and by pledge of revenues from the investment
property.  Prepayment penalties are imposed if the mortgage note is repaid prior
to  maturity.  Further,  the  property  may  not be  sold  subject  to  existing
indebtedness.

Scheduled principal payments of the mortgage note payable subsequent to December
31, 1999 are as follows (in thousands):

                                     2000        $  207
                                     2001           228
                                     2002           251
                                     2003           277
                                     2004           305
                                  Thereafter     13,596
                                                $14,864

Note D - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly, no provision for income taxes is made in the consolidated financial
statements of the  Partnership.  Taxable  income or loss of the  Partnership  is
reported in the income tax returns of its partners.

The  following is a  reconciliation  of reported  net income  (loss) and Federal
taxable income (loss) income (in thousands, except per unit data):

                                          1999          1998
Net income (loss) as reported            $ 2,735       $ (825)
Add (deduct):
   Depreciation differences                   87           54
   Gain on sale of property               (2,614)
   Change in prepaid rental                  (19)          60
   Accrued expenses                          108          415
   Other                                    (442)      (1,175)

Federal taxable loss                     $ (145)      $(1,471)

Federal taxable loss per
   limited partnership unit              $ (1.08)     $(10.96)

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities (in thousands):

Net liabilities as reported              $(4,303)
Land and buildings                          (221)
Accumulated depreciation                   1,446
Syndication                                8,848
Other                                        322
Net assets - tax basis                   $ 6,092

Note E - Sale of Investment Property

On June 16, 1999, Eastgate Mall, located in Walla Walla, Washington, was sold to
an unaffiliated  third party for $4,800,000.  After payment of closing expenses,
the net proceeds received by the Partnership were approximately $4,576,000.  The
sale of the property resulted in a gain on sale of the property of approximately
$3,553,000.

Note F - Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The  Partnership  Agreement  provides  for certain  payments to  affiliates  for
services and as  reimbursement  of certain  expenses  incurred by  affiliates on
behalf of the  Partnership.  The following  payments were paid or accrued to the
General Partner and affiliates in 1999 and 1998:

                                                               1999       1998
                                                               (in thousands)

Property management fees (included in operating expense)       $ --      $ 130
Partnership management fees (included in general and
  administrative expense) (1)                                    --          8
Lease commissions                                                --         57
Reimbursement for services of affiliates (included in
  general and administrative expense)                            71        144

(1)   The  Partnership  Agreement  provides  for a fee equal to 10% of "Net cash
      flow from operations",  as defined in the Partnership Agreement to be paid
      to  the  General  Partner  for  executive  and  administrative  management
      services.

During the nine months  ending  September  30, 1998,  affiliates  of the General
Partner were entitled to varying  percentages  of gross receipts from all of the
Registrant's  commercial  properties  as  compensation  for  providing  property
management services.  These services were performed by affiliates of the General
Partner  for the nine  months  ending  September  31,  1998  and were  $130,000.
Effective October 1, 1998 (the effective date of the Insignia Merger,  see "Note
B"), these services for the commercial properties were performed by an unrelated
party.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately $71,000 and $144,000 for the
years   ended   December   31,   1999  and  1998,   respectively.   Included  in
"Reimbursements  for  services  of  affiliates"  is  approximately  $27,500  for
consulting  performed by an affiliate of the General  Partner for the year ended
December 31, 1998.

Pursuant  to the  Partnership  Agreement,  the  General  Partner is  entitled to
receive a distribution  equal to 3% of the aggregate  disposition  price of sold
properties.  Pursuant to this provision, during the twelve months ended December
31, 1999,  the  Partnership  declared and paid a distribution  of  approximately
$144,000 to the General Partner  related to the sale of Eastgate Mall.  However,
this fee is subordinate to the limited partners receiving a preferred return, as
specified in the  Partnership  Agreement.  In January 2000, the General  Partner
determined  the limited  partner  preferred  return  would not be met and repaid
approximately  $144,000 to the  Partnership.  This  repayment  is  reflected  in
receivables and deposits as of December 31, 1999.

Several tender offers were made by various parties,  including affiliates of the
General Partner,  during the fiscal years ended December 31, 1999 and 1998. As a
result of these tender  offers,  AIMCO and its  affiliates  currently own 27,432
limited  partnership  units  in  the  Partnership  representing  20.847%  of the
outstanding  units. It is possible that AIMCO or its affiliates will make one or
more additional offers to acquire  additional limited  partnership  interests in
the Partnership  for cash or in exchange for units in the operating  partnership
of AIMCO. Under the Partnership Agreement, unitholders holding a majority of the
Units are  entitled to take action  with  respect to a variety of matters.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable  to the  interest  of the  General  Partner  because  of their
affiliation with the General Partner.

Note G - Real Estate and Accumulated Depreciation
<TABLE>
<CAPTION>

                                                   Initial Cost
                                                  To Partnership
                                                  (in thousands)
                                                         Buildings          Cost
                                                        and Related     Capitalized
                                                          Personal     Subsequent to
        Description           Encumbrance      Land       Property      Acquisition
                             (in thousands)                            (in thousands)
Factory Merchants Mall
<S>                             <C>           <C>         <C>             <C>
  Pigeon Forge, Tennessee       $14,864       $ 2,414     $16,155         $ 1,949
</TABLE>

<TABLE>
<CAPTION>

                              Gross Amount At Which
                                     Carried
                              At December 31, 1999
                                 (in thousands)

                                   Buildings
                                  And Related
                                   Personal             Accumulated     Date   Depreciable
       Description         Land    Property    Total    Depreciation  Acquired Life-Years
                                                       (in thousands)
Factory Merchants Mall
<S>                       <C>       <C>       <C>         <C>         <C>        <C>
  Pigeon Forge, Tennessee $ 2,414   $18,104   $20,518     $12,402     05/22/86    10-20
</TABLE>

The depreciable  lives included above are for the buildings and components.  The
depreciable lives for related personal property are for 5 to 7 years.

<PAGE>

Reconciliation of "Real Estate and Accumulated Depreciation":

                                                Years Ended December 31,
                                                  1999            1998
                                                     (in thousands)
Investment Property
Balance at beginning of year                    $23,591          $23,368
    Property improvements                            90              223
    Disposal of property                         (3,163)              --
Balance at end of year                          $20,518          $23,591

Accumulated Depreciation
Balance at beginning of year                    $13,645          $12,569
    Additions charged to expense                  1,004            1,076
    Disposal of property                         (2,247)              --
Balance at end of year                          $12,402          $13,645

The Partnership's remaining property is being marketed for sale.

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  1999 and 1998,  is  approximately  $20,297,000  and  $26,283,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 1999 and 1998, is  approximately  $10,956,000  and  $12,567,000,
respectively.

Note H - Operating Leases

Tenants of the commercial properties are responsible for their own utilities and
maintenance of their space, and payment of their  proportionate  share of common
area  maintenance,  utilities,  insurance  and real  estate  taxes.  Tenants are
generally not required to pay a security deposit.

As of December  31, 1999,  the  Partnership  had minimum  future  rentals  under
non-cancelable  leases with initial or remaining  terms in excess of one year as
follows (in thousands):

                              2000             $ 2,250
                              2001               1,658
                              2002               1,362
                              2003               1,121
                              2004                 594
                           Thereafter              779
                                               $ 7,764

Note I - Ground Lease

Factory  Merchants Mall is subject to three ground leases.  The aggregate annual
lease expense was approximately  $176,000 for both years ended December 31, 1999
and 1998. Such amounts are included in the consolidated  statements of operation
as  operating  expenses.  The terms of two of the leases  provide for  increases
every year,  based on the  Consumer  Price  Index.  The terms of the third lease
provide for increases every five years, based on the Consumer Price Index.

As of December 31, 1999, the aggregate  minimum  rental  payments under the land
leases were as follows (in thousands):

                              2000              $  176
                              2001                 176
                              2002                 176
                              2003                 176
                              2004                 176
                           Thereafter            4,092
                                               $ 4,972

Note J - Distributions

During  the  year  ended   December  31,  1999,  the   Partnership   distributed
approximately  $6,700,000  (approximately  $6,566,000  to the limited  partners,
$49.90 per limited partnership unit) to the partners.  Approximately  $2,124,000
(approximately   $2,082,000  to  the  limited   partners,   $15.82  per  limited
partnership  unit) of the  distribution  was from  operations and  approximately
$4,576,000 (approximately $4,484,000 to the limited partners, $34.08 per limited
partnership unit) was from the sale of Eastgate Mall in June 1999.

Note K - Segment Information

Description  of the types of products  and  services  from which the  reportable
segment  derives its  revenues:  The  Partnership  has one  reportable  segment:
commercial property.  The Partnership's  commercial property segment consists of
one retail shopping  center in Tennessee.  This property leases space to various
specialty  retail  outlets and fast food  enterprises  at terms  ranging from 12
months to 9 years. The Partnership's  other commercial property was sold on June
16, 1999.

Measurement  of segment profit or loss: The  Partnership  evaluates  performance
based on segment profit (loss) before  depreciation.  The accounting policies of
the  reportable  segment  are the  same as those  described  in the  summary  of
significant accounting policies.

Segment information for the years 1999 and 1998 is shown in the tables below (in
thousands). The "Other" Column includes Partnership administration related items
and income and expense not allocated to the reportable segment.

                   1999                       Commercial      Other      Totals

Rental income                                   $ 3,724        $ --      $ 3,724
Other income                                         95          152         247
Interest expense                                  1,494           --       1,494
Depreciation                                      1,004           --       1,004
General and administrative expense                   --          232         232
Gain on sale of property                          3,553           --       3,553
Segment income (loss)                             2,815          (80)      2,735
Total assets                                      9,904        1,088      10,992
Capital expenditures for investment
  properties                                         90           --          90


                   1998                       Commercial      Other      Totals

Rental income                                  $ 4,360         $ --     $ 4,360
Other income                                       121           143        264
Interest expense                                 1,509            --      1,509
Depreciation                                     1,076            --      1,076
General and administrative expense                  --           532        532
Loss on settlement                                  --           410        410
Segment loss                                       (26)         (799)      (825)
Total assets                                    12,144         3,347     15,491
Capital expenditures for investment
  properties                                       323            --        323

Note L - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the   Partnership,   the  General  Partner  and  several  of  their   affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Note B - Transfer  of  Control").  The  plaintiffs  seek  monetary  damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the General  Partner filed a motion seeking  dismissal of the action.  In
lieu  of  responding  to the  motion,  the  plaintiffs  have  filed  an  amended
complaint.  The General Partner filed  demurrers to the amended  complaint which
were heard  February  1999.  Pending  the ruling on such  demurrers,  settlement
negotiations  commenced.  On November 2, 1999, the parties  executed and filed a
Stipulation of Settlement,  settling claims, subject to final court approval, on
behalf of the Partnership and all limited  partners who own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the  Superior  Court of the State of  California,  County of San Mateo,  at
which time the Court set a final approval  hearing for December 10, 1999.  Prior
to the December 10, 1999 hearing the Court  received  various  objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the  alleged  lack of  authority  of class  plaintiffs'  counsel  to  enter  the
settlement.  On  December  14,  1999,  the General  Partner  and its  affiliates
terminated the proposed  settlement.  Certain  plaintiffs have filed a motion to
disqualify  some of the plaintiffs'  counsel in the action.  The General Partner
does not anticipate that costs associated with this case will be material to the
Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

Item 8. Changes in and Disagreements with Accountant on Accounting and Financial
        Disclosures

        None.


<PAGE>


                                    PART III

Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance
        with Section 16(a) of the Exchange Act

The names of the directors and executive  officers of Angeles Realty Corporation
II  ("ARC  II" or the  "General  Partner"),  their  ages and the  nature  of all
positions presently held by them are as follows:

Name                        Age    Position

Patrick J. Foye              42    Executive Vice President and Director

Martha L. Long               40    Senior Vice President and Controller

Patrick J. Foye has been  Executive  Vice  President and Director of the General
Partner since October 1, 1998.  Mr. Foye has served as Executive  Vice President
of AIMCO since May 1998.  Prior to joining AIMCO,  Mr. Foye was a partner in the
law firm of Skadden,  Arps, Slate,  Meagher & Flom LLP from 1989 to 1998 and was
Managing Partner of the firm's  Brussels,  Budapest and Moscow offices from 1992
through  1994.  Mr.  Foye is also  Deputy  Chairman  of the  Long  Island  Power
Authority and serves as a member of the New York State Privatization Council. He
received a B.A.  from Fordham  College and a J.D.  from Fordham  University  Law
School.

Martha L. Long has been  Senior Vice  President  and  Controller  of the General
Partner and AIMCO since October 1998, as a result of the acquisition of Insignia
Financial Group,  Inc. From June 1994 until January 1997, she was the Controller
for Insignia, and was promoted to Senior Vice President - Finance and Controller
in January 1997,  retaining  that title until  October  1998.  From 1988 to June
1994,  Ms. Long was Senior Vice  President and  Controller for The First Savings
Bank, FSB in Greenville, South Carolina.

Based solely upon a review of Forms 3 and 4 and amendments  thereto furnished to
the Registrant  under Rule 16a-3(e) during the  Registrant's  most recent fiscal
year and Form 5 and amendments  thereto furnished to the Registrant with respect
to its most recent  fiscal year,  the  Registrant  is not aware of any director,
officer,  beneficial  owner of more than ten  percent  of the  units of  limited
partnership interest in the Registrant that failed to file on a timely basis, as
disclosed in the above Forms,  reports required by section 16(a) of the Exchange
Act during the most recent fiscal year or prior fiscal years.

Item 10.    Executive Compensation

None  of  the  directors  and  officers  of the  General  Partner  received  any
remuneration from the Registrant.


<PAGE>


Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial  owner  of  more  than 5% of the  Limited  Partnership  Units  of the
Registrant as of December 31, 1999.

Entity                                  Number of Units      Percentage

Cooper River Properties, LLC                 12,561            9.546%
  (an affiliate of AIMCO)
Insignia Properties LP                        8,668            6.587%
  (an affiliate of AIMCO)
AIMCO Properties, L.P.                        6,203            4.714%
  (an affiliate of AIMCO)

Cooper  River  Properties,   LLC  and  Insignia  Properties  LP  are  indirectly
ultimately  owned  by  AIMCO.  Their  business  address  is  55  Beattie  Place,
Greenville, South Carolina 29602.

AIMCO  Properties,  L.P.  is  indirectly  ultimately  controlled  by AIMCO.  Its
business address is 2000 South Colorado Boulevard, Denver, Colorado 80222.

No director or officer of the General Partner owns any Units.

The Partnership knows of no contractual arrangements, the operation of the terms
of  which  may at a  subsequent  date  result  in a  change  in  control  of the
Partnership,  except for: Article 12.1 of the Agreement, which provide that upon
a vote of the limited  partners  holding  more than 50% of the then  outstanding
limited  partnership  units  the  general  partner  may  be  expelled  from  the
Partnership  upon 90 days written  notice.  In the event that successor  general
partner have been elected by limited  partners holding more than 50% of the then
outstanding  limited  partnership  Units and if said limited  partners  elect to
continue the business of the Partnership,  the Partnership is required to pay in
cash to the expelled  general  partner an amount equal to the accrued and unpaid
management  fee  described  in Article 10 of the  Agreement  and to purchase the
general  partner's  interest in the  Partnership  on the  effective  date of the
expulsion,  which shall be an amount equal to the difference between the balance
of the general  partner's capital account and the fair market value of the share
of  distributable  net proceeds to which the general  partner would be entitled.
Such  determination of the fair market value of the share of  distributable  net
proceeds is defined in Article 12.2(b) of the Agreement.


<PAGE>


Item 12.    Certain Relationships and Related Transactions

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The  Partnership  Agreement  provides  for certain  payments to  affiliates  for
services and as  reimbursement  of certain  expenses  incurred by  affiliates on
behalf of the  Partnership.  The following  payments were paid or accrued to the
Managing General Partner and affiliates in 1999 and 1998:

                                                                1999       1998
                                                                (in thousands)

Property management fees                                        $ --       $130
Partnership management fees (1)                                   --          8
Lease Commissions                                                 --         57
Reimbursement for services of affiliates                          71        144

(1)   The  Partnership  Agreement  provides  for a fee equal to 10% of "net cash
      flow from operations",  as defined in the Partnership Agreement to be paid
      to  the  General  Partner  for  executive  and  administrative  management
      services.

During the nine months  ending  September  30, 1998,  affiliates  of the General
Partner were entitled to varying  percentages  of gross receipts from all of the
Registrant's  commercial  properties  as  compensation  for  providing  property
management services.  These services were performed by affiliates of the General
Partner for the nine months  ending  September  31, 1998 and were  approximately
$130,000.  Effective  October 1, 1998 (the effective date of the Insignia Merger
(see "Item 7.  Financial  Statements,  Note B -  Transfer  of  Control"))  these
services for the commercial properties were performed by an unrelated party.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately $71,000 and $144,000 for the
years   ended   December   31,   1999  and  1998,   respectively.   Included  in
"Reimbursements  for  services  of  affiliates"  is  approximately  $27,500  for
consulting  performed by an affiliate of the General  Partner for the year ended
December 31, 1998.

Pursuant  to the  Partnership  Agreement,  the  General  Partner is  entitled to
receive a distribution  equal to 3% of the aggregate  disposition  price of sold
properties.  Pursuant to this provision, during the twelve months ended December
31, 1999,  the  Partnership  declared and paid a distribution  of  approximately
$144,000 to the General Partner  related to the sale of Eastgate Mall.  However,
this fee is subordinate to the limited partners receiving a preferred return, as
specified in the  Partnership  Agreement.  In January 2000, the General  Partner
determined  the limited  partner  preferred  return  would not be met and repaid
approximately  $144,000 to the  Partnership.  This  repayment  is  reflected  in
receivables and deposits as of December 31, 1999.

Several tender offers were made by various parties,  including affiliates of the
General Partner,  during the fiscal years ended December 31, 1999 and 1998. As a
result of these tender  offers,  AIMCO and its  affiliates  currently own 27,432
limited  partnership  units  in  the  Partnership  representing  20.847%  of the
outstanding  units. It is possible that AIMCO or its affiliates will make one or
more additional offers to acquire  additional limited  partnership  interests in
the Partnership  for cash or in exchange for units in the operating  partnership
of AIMCO. Under the Partnership Agreement, unitholders holding a majority of the
Units are  entitled to take action  with  respect to a variety of matters.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable  to the  interest  of the  General  Partner  because  of their
affiliation with the General Partner.

                                     PART IV

Item 13.    Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            Exhibit 27, Financial Data Schedule,  is filed as an exhibit to this
            report.

      (b)   Reports on Form 8-K filed in the quarter ended December 31, 1999:

            None.



<PAGE>


                                   SIGNATURES

In accordance  with Section 13 or 15(d) of the Exchange Act, the  Registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                    ANGELES INCOME PROPERTIES, LTD. IV

                                    By:   Angeles Realty Corporation II
                                          General Partner

                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President

                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President
                                          and Controller

                                    Date:


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the Registrant and in the capacities on the date
indicated.

/s/Patrick J. Foye            Executive Vice President      Date:
Patrick J. Foye               and Director

/s/Martha L. Long             Senior Vice President         Date:
Martha L. Long                and Controller


<PAGE>


                       ANGELES INCOME PROPERTIES, LTD. IV

                                  EXHIBIT INDEX

Exhibit Number                   Description of Exhibit

2.1  Agreement  and Plan of Merger,  dated as of October 1, 1998, by and between
     AIMCO and IPT  (incorporated  by reference  to Exhibit 2.1 of  Registrant's
     Current Report on Form 8-K dated October 1, 1998)

3.1  Amended  Certificate  and  Agreement  of the Limited  Partnership  filed in
     Amendment  Number 2 to Form S-11 dated April 25, 1985 which is incorporated
     herein by reference

10.1 Agreement of Purchase and of Real Property  with Exhibits - Northtown  Mall
     filed in Form 8K dated  July 15,  1985  which  is  incorporated  herein  by
     reference

10.2 Agreement of Purchase and Sale of Real  Property with Exhibits - Burlington
     Mall  Partners   filed  in  Form  8K  dated  December  19,  1985  which  is
     incorporated herein by reference

10.3 Agreement of Purchase  and Sale of Real  Property  with  Exhibits - Moraine
     West Carrollton  Partners filed in Form 8K dated December 20, 1985 which is
     incorporated herein by reference

10.4 Agreement of Purchase  and Sale of Real  Property  with  Exhibits - Factory
     Merchants  Etc.  Mall-Phase  I and  Phase II filed in Form 8K dated May 22,
     1986 which is incorporated herein by reference

10.5 Promissory Note - Fort Worth Center and the W.T. Waggoner Building filed in
     Form 8-K dated July 16, 1986 which is incorporated herein by reference

10.6 Deed of Trust, Assignment of Leases and Rents and Security Agreement - Fort
     Worth Center and the W.T.  Waggoner  Building  filed in Form 8-K dated July
     16, 1986 which is incorporated herein by reference

10.7 Deed of Trust - Option - Fort Worth Center and the W.T.  Waggoner  Building
     filed in Form 8-K  dated  July 16,  1986  which is  incorporated  herein by
     reference

10.8 Security Agreement - Fort Worth Center and the W.T. Waggoner Building filed
     in Form 8-K dated July 16, 1986 which is incorporated herein by reference

10.9 Option Agreement - Fort Worth center and the W.T.  Waggoner  Building filed
     in Form 8-K dated July 16, 1986 which is incorporated herein by reference

10.10Covenant not to compete - Fort Worth center and the W.T.  Waggoner Building
     filed in Form 8-K dated November 1, 1987,  which is incorporated  herein by
     reference

10.12Acquisition  or  Disposition  of Assets - Fort Worth Option Joint Venture -
     filed in Form 8K dated November 1, 1997,  which is  incorporated  herein by
     reference

10.13Promissory  Note - Northtown  Mall.  Filed in Form 10-K dated  December 31,
     1990, Exhibit 10.13, which is incorporated herein by reference

10.14Stock  Purchase  Agreement  dated November 24, 1992 showing the purchase of
     100%  of  the  outstanding  stock  of  Angeles  Realty  Corporation  II,  a
     subsidiary  of MAE GP  Corporation,  filed in Form 8-K dated  December  31,
     1992, which is incorporated herein by reference

10.15Acquisition or  Disposition of Assets - Moraine West  Carrollton - filed in
     Form 8-K dated July 21, 1994, which is incorporated herein by reference

10.16Promissory note - dated August 19, 1996,  between Factory Merchants AIP IV,
     L.P., and Union Capital Investments, LLC.

10.17Purchase  and  Sale  Contract  between   Registrant  and   Pearce-Woodfield
     Development  Co., LLC., a Washington  limited  partnership,  dated June 16,
     1999.

16   Letter from the Registrant's  former  accountant  regarding its concurrence
     with the statements  made by the registrant is incorporated by reference to
     the Exhibit filed with Form 8-K dated September 1, 1993

27   Financial Data Schedule