UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-K/A
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1996
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                                      OR

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from               to 
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Commission file number 0-15648
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                      BALCOR EQUITY PENSION INVESTORS-IV
                       A REAL ESTATE LIMITED PARTNERSHIP
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            (Exact name of registrant as specified in its charter)

           Illinois                                      36-3447130
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(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                       Identification No.)

         2355 Waukegan Road
        Bannockburn, Illinois                              60015
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(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code (847) 267-1600
                                                   --------------
Securities registered pursuant to Section 12(b) of the Act:  None
                                                             ----
Securities registered pursuant to Section 12(g) of the Act:

                         Limited Partnership Interests
                         -----------------------------
                               (Title of class)

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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 [   ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [ X ]
<PAGE>
Item 7. Management's Discussion and Analysis of Financial Condition and Results
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of Operations
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Operations
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Summary of Operations
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During 1996,  Balcor Equity Pension Investors - IV A Real Estate Limited
Partnership (the "Partnership") recognized a decline in the fair value of the
Evanston Plaza Shopping Center. In addition, the Partnership recognized its
share of the gain on the sale of the 45 West 45th Street Office Building. The
combined effect of these events resulted in a net loss during 1996 as compared
to net income during 1995. During 1995, the Partnership recognized its share of
the decline in the fair value of the 45 West 45th Street Office Building which
was the primary reason for the decrease in net income during 1995 as compared
to 1994. Further discussion of the Partnership's operations is summarized
below.

1996 Compared to 1995
---------------------
Higher average occupancy and rental rates at the Gleneagles Apartments was the
primary reason for the increase in rental income during 1996 as compared to
1995.

The Partnership incurred higher consulting, postage and printing costs in
connection with a response to a tender offer during the second quarter of 1996.
As a result, administrative expenses increased during 1996 as compared to 1995.

Provisions are charged to income when the General Partner believes an
impairment has occurred to the value of its properties.  Determinations of fair
value are made periodically on the basis of property operations.
Determinations of fair value represent estimations based on many variables
which affect the value of real estate, including economic and demographic
conditions. During December 1996, the Partnership recognized a provision for
investment property writedown of $4,782,000 to provide for changes in the
estimate of fair value of the Evanston Plaza Shopping Center. The decline in
value is attributable to a decline in occupancy at the property, certain tenant
bankruptcies and an overall softness in the retail market.

Participation in income (loss) of joint venture with affiliates represents the
Partnership's share of the operations of the 45 West 45th Street Office
Building. As a result of the Partnership's share of the gain on the sale of the
property in 1996 of approximately $447,000 and its share of a decline in the
fair value of the property in 1995 of approximately $376,000, the Partnership
recognized participation in income of joint venture with affiliates during 1996
as compared to participation in loss during 1995.
<PAGE>
1995 Compared to 1994
---------------------

Interest income on short-term investments increased during 1995 as compared to
1994 as a result of higher interest rates earned on short-term investments and
higher average cash balances available for investment.

Property management fees, which are earned as a percentage of rental and
service income collected, decreased during 1995 as compared to 1994 due to the
timing of the collection of real estate tax reimbursements at the Evanston
Plaza Shopping Center.

Participation in (loss) income of joint venture with affiliates represents the
Partnership's share of the operations of the 45 West 45th Street Office
Building. The Partnership recognized its share of a decline in the fair value
of the property in 1995. As a result, the Partnership recognized participation
in loss of joint venture with affiliates during 1995 as compared to
participation in income during 1994.

Liquidity and Capital Resources
-------------------------------

The cash position of the Partnership increased by approximately $1,795,000 as
of December 31, 1996 as compared to December 31, 1995 primarily due to Net Cash
Proceeds received from the sale of the 45 West 45th Street Office Building.
Cash flow of approximately $2,142,000 was provided by operating activities
during 1996 consisting of cash flow from the operations of properties and
interest income on short-term investments, which were partially offset by the
payment of administrative expenses. Cash provided by investing activities of
approximately $1,519,000 consisted of the net distributions received from the
joint venture with affiliates. Financing activities consisted of distributions
to the Partners of approximately $1,866,000. In addition, in January 1997 the
Partnership made a special distribution of $1,635,987 to Limited Partners from
the proceeds of the sale of the 45 West 45th Street Office Building.

The Partnership classifies the cash flow performance of its properties as
either positive, a marginal deficit, or a significant deficit, each after
consideration of debt service payments unless otherwise indicated. A deficit is
considered significant if it exceeds $250,000 annually or 20% of the property's
rental and service income. The Partnership defines cash flow generated from its
properties as an amount equal to the property's revenue receipts less property
related expenditures. During 1996 and 1995, the Gleneagles Apartments and
Evanston Plaza Shopping Center generated positive cash flow. The 45 West 45th
Street Office Building, in which the Partnership held a minority joint venture
interest with affiliates, also generated positive cash flow during 1995 and
prior to being sold in 1996. Significant leasing costs were incurred in 1995
and 1996 at the 45 West 45th Street Office Building to lease vacant space and
renew existing tenant leases which were scheduled to expire. These nonrecurring
expenditures were not included in classifying the cash flow performance of the
property. Had the costs been included, the property would have generated a
significant cash flow deficit during 1995 and a marginal cash flow deficit
during 1996.
<PAGE>
As of December 31, 1996, the Gleneagles Apartments and Evanston Plaza Shopping
Center had occupancy rates of 98% and 85%, respectively. Many rental markets
continue to remain extremely competitive; therefore, the General Partner's
goals are to maintain high occupancy levels while increasing rents where
possible and to monitor and control operating expenses and capital improvement
requirements at the properties. 

Evanston Plaza Shopping Center is located in Evanston, Illinois, one of
Chicago's oldest and more prestigious suburbs. The property, however, is not
located in one of the more affluent sections of Evanston. The center has a good
infill location, but visibility of the property is hampered by the position of
the Kids' R' Us building, which blocks the most prominent site lines. In
addition, the lack of a grocery store tenant, the percentage of space devoted
to small shop tenants and the relatively high level of property taxes,
represent added deficient elements of the property. The sub-market is generally
strong with occupancies and rents comparable with other properties in the area.
No new construction is planned in the sub-market. 

Gleneagles Apartments is located in the north Dade County area of Miami,
Florida, in the Hialeah sub-market. Hialeah has a diverse apartment market,
catering to a wide range of apartment dwellers. Gleneagles Apartments competes
with the higher-end product market. Average occupancy at the property in 1996
was 98% while sub-market occupancy for a similar property type averaged 94%.
While there was no new multi-family construction completed in the immediate
area surrounding Gleneagles in 1996, several new apartment communities were
developed in South Broward County. Additionally, an estimated 800 new units in
Hialeah are scheduled for completion in 1997. These properties are expected to
cause a softening in the overall market.

The 45 West 45th Street Office Building was owned by a joint venture consisting
of the Partnership and three affiliates. During November 1996, the General
Partner sold the property in an all cash sale for $10,300,000. The Partnership
has entered into a contract for the sale of Evanston Plaza Shopping Center for
a sales price of $8,100,000. The Partnership is actively marketing the
Gleneagles Apartments for sale. 

The timing of the termination of the Partnership final distribution of cash
will depend upon the nature and extent of liabilities and contingencies which
exist or may arise.  Such contingencies may include legal and other fees
stemming from litigation involving the Partnership. In the absence of any
contingency, the reserves will be paid within twelve months of the last
property being sold. In the event a contingency exists, reserves may be held by
the Partnership for a longer period of time.

The 45 West 45th Street Office Building was owned by a joint venture consisting
of the Partnership and three affiliates. In November 1996, the joint venture
sold the property in an all cash sale for $10,300,000. From the proceeds of the
sale, the joint venture paid $579,075 in selling costs. The net proceeds of the
sale were approximately $9,720,925, of which $1,479,525 was the Partnership's
share. Pursuant to the terms of the sale, $500,000 of the proceeds will be
retained by the joint venture until April 1997. The remaining proceeds received
by the joint venture were distributed to the Limited Partners in January 1997.
See Note 6 of Notes to Financial Statements for additional information.
<PAGE>
The Partnership made four distributions totaling $9.16 per Taxable Interest and
$9.04 per Tax-exempt Interest during 1996 as compared to $11.37 per Taxable
Interest and $9.76 per Tax-exempt Interest during 1995 and $11.28 per Taxable
Interest and $10.09 per Tax-exempt Interest during 1994. See Statements of
Partners' Capital for additional information. Average quarterly distributions
to Limited Partners remained relatively unchanged during 1996 as compared to
1995 and 1994. Cash flow distributions decreased in 1996 as compared to 1995
for Taxable Investors due to the timing of collection of real estate tax
reimbursements at the Evanston Plaza Shopping Center. 

It should be noted that distributions to Taxable Limited Partners and
Tax-exempt Limited Partners are computed by different formulas as set forth in
the Prospectus; therefore, the amount of distributions to Taxable Limited
Partners when compared to the amount of distributions to Tax-exempt Limited
Partners will fluctuate from quarter to quarter.

In January 1997, the Partnership paid a distribution of $2,055,720 ($11.11 per
Taxable Interest and $11.08 per Tax-exempt Interest) to the holders of Limited
Partnership Interests.  This distribution represents the regular quarterly
distribution of Cash Flow for the fourth quarter of 1996 of $2.29 per Taxable
Interest and $2.26 per Tax-exempt Interest and a special distribution of $8.82
per Taxable and Tax-exempt Interest as a return of Original Capital from the
November 1996 sale of the 45 West 45th Street Office Building. Including the
January 1997 distribution, Limited Partners have received cumulative
distributions of $102.20 per $250 Taxable Interest, of which $93.13 represents
Cash Flow from operations and $9.07 represents a return of Original Capital,
and $100.08 per $250 Tax-exempt Interest, of which $91.01 represents Cash Flow
from operations and $9.07 represents a return of Original Capital. In January
1997, the Partnership also paid $34,978 to the General Partner as its
distributive share of the fourth quarter of 1996 distribution, and made a
contribution to the Repurchase Fund of $11,659. Future distributions will be
made from Cash Flow and sales proceeds from the Partnership's remaining
properties, as to which there can be no assurances. In light of results to
date, the General Partner does not anticipate that investors will recover all
of their original investment.

During 1996, the General Partner on behalf of the Partnership used amounts
placed in the Repurchase Fund to repurchase 637 Interests from Limited Partners
at a total cost of $89,787.  In February 1997, the Partnership discontinued the
repurchase of Interests form Limited Partners.

Changing interest rates can impact real estate values in several ways.
Generally, declining interest rates may lower the cost of capital allowing
buyers to pay more for a property whereas rising interest rates may increase
the cost of capital and lower the price of real estate.

Inflation has several types of potentially conflicting impacts on real estate
investments. Short-term inflation can increase real estate operating costs
which may or may not be recovered through increased rents and/or sales prices
depending on general or local economic conditions. In the long-term, inflation
can be expected to increase operating costs and replacement costs and may lead
to increased rental revenues and real estate values.
<PAGE>
Certain statements in this Form 10-K constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. These
statements may include projections of revenues, income or losses, capital
expenditures, plans for future operations, financing plans or requirements,
and plans relating to properties of the Partnership, as well as assumptions
relating to the foregoing.

The forward-looking statements made by the Partnership are subject to known
and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Partnership to differ
materially from any future results, performance or achievements expressed
or implied by the forward-looking statements.
<PAGE>
SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of l934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                           BALCOR EQUITY PENSION INVESTORS-IV
                           A REAL ESTATE LIMITED PARTNERSHIP


                           By:  /s/ Jayne A. Kosik
                               ------------------------------
                                Jayne A. Kosik
                                Managing Director and Chief
                                Financial Officer (Principal 
                                Accounting Officer) of Balcor 
                                Equity Partners-IV, the General Partner

Date:  April 4, 1997
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Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.

      Signature                    Title                       Date
---------------------  ----------------------------------  -----------
                       President and Chief Executive
                       Officer (Principal Executive
                       Officer) of Balcor Equity
/s/ Thomas E. Meador   Partners-IV, the General Partner    April 4, 1997
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    Thomas E. Meador

                       Managing Director and Chief
                       Financial Officer (Principal
                       Accounting Officer) of Balcor 
                       Equity Partners-IV, 
/s/ Jayne A. Kosik     the General Partner                 April 4, 1997
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    Jayne A. Kosik
<PAGE>