FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report

                   (As last amended by 34-32231, eff. 6/3/93.)

                     U.S. Securities and Exchange Commission
                             Washington, D.C.  20549


                                  Form 10-QSB/A

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
      EXCHANGE ACT OF 1934


                  For the quarterly period ended June 30, 1996

                                        
[  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES 
      EXCHANGE ACT

                  For the transition period.........to.........

                         Commission file number 0-14283


                        ANGELES INCOME PROPERTIES LTD. IV
        (Exact name of small business issuer as specified in its charter)


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

One Insignia Financial Plaza, P.O. Box 1089
   Greenville, South Carolina                                   29602
(Address of principal executive offices)                      (Zip Code)


                    Issuer's telephone number (864) 239-1000
                                        


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    



                       PART I - FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS


a)                     ANGELES INCOME PROPERTIES. LTD. IV

                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                           (in thousands, except unit data)
<TABLE>
<CAPTION>

                                  June 30, 1996
<S>                                                            <C>          <C>
 Assets                                                                              
    Cash and cash equivalents:                                                       
       Unrestricted                                                          $  2,951
       Restricted--tenant security deposits                                         6
    Accounts receivable, net of allowance of $96                                  163
    Escrow for taxes                                                              183
    Other assets                                                                  578
    Investment properties:                                                           
       Land                                                     $  2,708             
       Buildings and related personal property                    20,121             
                                                                  22,829             
       Less accumulated depreciation                             (10,977)      11,852

                                                                             $ 15,733
                                                                                     
    Liabilities and Partners' Deficit                                                
                                                                                     
    Liabilities                                                                      
       Accounts payable                                                      $     45
       Tenant security deposits                                                    10
       Accrued taxes                                                               77
       Other liabilities                                                          161
       Mortgage note payable                                                   14,319
       Equity interest in net liabilities of                                         
          joint venture, net of advances of $1,522 (Note B)                    13,221
                                                                                     
    Partners' Deficit                                                                
       General partner                                          $ (1,381)            
       Limited partners (131,760 units issued                                        
          and outstanding)                                       (10,719)     (12,100)
                                                                             $ 15,733
<FN>
           See Accompanying Notes to Consolidated Financial Statements
</TABLE>

b)                     ANGELES INCOME PROPERTIES, LTD. IV

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                           (in thousands, except unit data)
<TABLE>
<CAPTION>
                                                                              
                                         Three Months Ended        Six Months Ended
                                              June 30,                 June 30,
                                         1996         1995         1996        1995 
<S>                                   <C>           <C>         <C>          <C>
 Revenues:                                                                           
     Rental income                     $   953       $ 1,057     $ 2,049      $ 2,130
     Other income                           44            66          70           74
           Total revenues                  997         1,123       2,119        2,204

 Expenses:                                                                           
     Operating                             388           254         680          534
     General and administrative             98           107         178          214
     Maintenance                            85           100         148          166
     Depreciation                          260           276         519          552
     Interest                              365           372         732          746
     Property taxes                         56            54         113          107
     Bad debt (recovery) expense,          (77)           28        (209)          55
           Total expenses                1,175         1,191       2,161        2,374
                                                                                     
 Loss before                                                                         
    equity in (loss) income                                                          
    of joint ventures                     (178)          (68)        (42)        (170)
                                                                                    
    Equity in (loss) income                                                          
       of joint ventures                  (569)          301      (1,048)        (208)
                                                                                     
          Net (loss) income            $  (747)      $   233     $(1,090)     $  (378)
                                                                                     
 Net (loss) income allocated                                                         
    to general partner (2%)            $   (15)      $     5     $   (22)     $    (8)
 Net (loss) income allocated                                                         
    to limited partners (98%)             (732)          228      (1,068)        (370)
                                                                                     
          Net (loss) income            $  (747)      $   233     $(1,090)     $  (378)
                                                                          
 Net (loss) income per                                                    
    limited partnership unit           $ (5.56)      $  1.73     $ (8.11)     $ (2.81) 
<FN>
           See Accompanying Notes to Consolidated Financial Statements
</TABLE>

c)                     ANGELES INCOME PROPERTIES, LTD. IV

             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                  (Unaudited) 
                        (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 at                                                                
    December 31, 1995                131,760      $(1,359)     $ (9,651)     $(11,010)
                                                                                     
 Net loss for the six months                                                         
    ended June 30, 1996                   --          (22)       (1,068)       (1,090)
                                                                                     
 Partners' deficit at                                                                
    June 30, 1996                    131,760      $(1,381)     $(10,719)     $(12,100)

<FN>
           See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)                     ANGELES INCOME PROPERTIES, LTD. IV

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

                                                                              
                                                             Six Months Ended
                                                                 June 30,
                                                            1996         1995  
 Cash flows from operating activities:                                         
    Net loss                                              $(1,090)      $  (378)
    Adjustments to reconcile net loss to                                        
       net cash provided by operating activities:                              
       Equity in loss of joint ventures                     1,048           208
       Depreciation                                           519           552
       Bad debt recovery                                     (209)           55
       Amortization of loan costs and leasing                                  
        commissions                                           115            57
   Change in accounts:                                                         
       Restricted cash                                          2             1
       Accounts receivable                                    148          (190)
       Escrows for taxes                                       40            54
       Other assets                                           (48)          (39)
       Accounts payable                                       (18)            1
       Tenant security deposit liabilities                      2            (1)
       Accrued taxes                                          (70)          (63)
       Other liabilities                                       19            38
                                                                               
            Net cash provided by operating activities         458           295
                                                                               
 Cash flows from investing activities:                                         
   Capital improvements                                       (90)          (87)
   Advances to joint venture                                 (631)         (646)
   Distributions from joint venture                            --           966
   Proceeds from note receivable - Fort Worth                 109         1,962
                                                                               
            Net cash (used in) provided by                                     
                investing activities                         (612)        2,195
                                                                               
 Cash flows from financing activities:                                         
   Payments on mortgage notes payable                        (150)         (136)
   Additions to loan costs                                   (171)           --
                                                                                
            Net cash used in financing activities            (321)         (136)
                                                                               
 Net (decrease) increase in cash                             (475)        2,354
                                                                               
 Cash and cash equivalents at beginning of period           3,426           548
                                                                               
 Cash and cash equivalents at end of period               $ 2,951       $ 2,902
                                                                               
 Supplemental disclosure of cash flow information:                             
   Cash paid for interest                                 $   711       $   725

           See Accompanying Notes to Consolidated Financial Statements


e)                     ANGELES INCOME PROPERTIES, LTD. IV

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B. 
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements. 
In the opinion of Angeles Realty Corporation II (the "General Partner"), all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included.  Operating results for the six months
ended June 30, 1996, are not necessarily indicative of the results that may be
expected for the fiscal year ending December 31, 1996.  For further information,
refer to the financial statements and footnotes thereto included in Angeles
Income Properties, Ltd. IV's (the "Partnership") annual report on Form 10-KSB
for the fiscal year ended December 31, 1995.

Certain reclassifications have been made to the 1995 information to conform to
the 1996 presentation.


Note B - Investment in Joint Venture

The Partnership has a 66.7% investment in Northtown Mall Partners ("Northtown")
which is shown as "Equity interest in net liabilities of the joint venture" on
the balance sheet.  The Partnership had a 43% investment in the Fort Worth
Option Joint Venture ("Fort Worth"), a 43% investment in the Burlington Outlet
Mall Joint Venture ("Burlington") and a 50% investment in the Moraine West
Carrollton Joint Venture ("Moraine").  The Partnership no longer has an
investment in Fort Worth, Burlington or Moraine due to the sale of Fort Worth's
last investment property, the foreclosure of Burlington's investment property
and the dissolution of Moraine during 1994 and 1995.  The condensed balance
sheet information as of June 30, 1996, for Northtown and Burlington is as
follows:

                                                  Northtown     Burlington
             Assets                                    (in thousands)
              Cash                                 $   152        $  26   
              Other assets                           7,338            2   
              Investment properties, net            25,276           --   
                Total                              $32,766        $  28   


Note B - Investment in Joint Ventures (continued)

Liabilities and Partners' (Deficit) Capital

                                                                              
                                           Northtown       Burlington
                                                 (in thousands)
           Other liabilities                $  3,241        $   17    
           Notes payable                      51,564            --    
           Partners' (deficit) capital       (22,039)           11    
             Total                          $ 32,766        $   28    

The condensed profit and loss statements for the three and six months ended June
30, 1996 and 1995, for the joint ventures are summarized as follows:

                                   Fort Worth                     Northtown
                                           Three Months Ended June 30,
                                               (in thousands)
                              1996           1995          1996           1995 

 Revenues                    $   --        $    38        $ 2,417       $ 2,654
 Costs and expenses              --           (200)        (3,271)       (3,311)
 Bad debt recovery               --          1,933             --            --
 Net income (loss)           $   --        $ 1,771        $  (854)      $  (657)


                                 Burlington                     Moraine
                                         Three Months Ended June 30, 
                                              (in thousands)         
                              1996           1995          1996           1995 

 Revenues                    $  --           $ 105         $  --           $ --
 Costs and expenses             --            (164)           --             --
 Net loss                    $  --           $ (59)        $  --           $ --



Note B - Investment in Joint Ventures (continued)

                                 Fort Worth                     Northtown
                                         Six Months Ended June 30,           
                                               (in thousands)
                                1996         1995          1996           1995 

 Revenues                     $    --      $   212        $ 4,990       $ 5,197
 Costs and expenses                --         (323)        (6,564)       (6,458)
 Bad debt recovery                 --        1,933             --            --
 Loss on sale of                                                               
 investment property               --          (42)            --            --
 Net income (loss)            $    --      $ 1,780        $(1,574)      $(1,261)

                                   Burlington                    Moraine
                                           Six Months Ended June 30,           
                                                 (in thousands)
                                1996         1995          1996           1995 
 Revenues                      $  11         $ 237         $  --          $  13
 Costs and expenses               --          (425)           --             (1)
 Net income (loss)             $  11         $(188)        $  --          $  12

The Partnership's equity in the losses of the joint ventures was $1,048,000 and
$208,000 for the six months ended June 30, 1996 and 1995, respectively. 

The Partnership accounts for its 66.7% investment in Northtown using the equity
method of accounting.  Under the equity method, the Partnership records its
equity interest in earnings or losses of the joint venture; however, the
investment in the joint venture will be recorded at an amount less than zero (a
liability) to the extent of the Partnership's share of net liabilities of the
joint venture.

Note C - 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 payments to affiliates for services and
as reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership.  

Note C - Transactions with Affiliated Parties (continued)

The following amounts owed to the General Partner and affiliates during each of
the six months ended June 30, 1996 and 1995, were paid or accrued:
                                                                              
                                                  1996        1995 
                                                   (in thousands)
        Property management fees                $  70        $  75
        Lease commissions                          63           26
        Reimbursement for services of                             
            affiliates                            114          172

The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the General Partner.  An affiliate of the General
Partner acquired, in the acquisition of a business, certain financial
obligations from an insurance agency which was later acquired by the agent who
placed the current year's master policy.  The current agent assumed the
financial obligations to the affiliate of the General Partner who receives
payment on these obligations from the agent.  The amount of the Partnership's
insurance premiums accruing to the benefit of the affiliate of the General
Partner by virtue of the agent's obligations is not significant.

In July 1993, Angeles Mortgage Investment Trust ("AMIT"), a real estate
investment trust formerly affiliated with Angeles Corporation ("Angeles"),
initiated litigation against Fort Worth and other partnerships which loaned
money to AMIT seeking to avoid repayment of such obligations.  The Partnership
subsequently filed a counterclaim against AMIT seeking to enforce the
obligation, the principal amount of which was $2,240,000 plus accrued interest
from March 1993 ("AMIT Obligation"). 

On November 9, 1994, Fort Worth executed a definitive Settlement Agreement to
settle the dispute with respect to the AMIT obligation.  The actual closing of
the Settlement Agreement occurred April 14, 1995.  The Partnership's claim
against AMIT was satisfied by a cash payment to Fort Worth by AMIT totalling
$1,933,000 (the "Settlement Amount") plus interest at closing.  These funds were
applied against the Partnership's note receivable from Fort Worth (see
discussion below).  On August 9, 1995, Fort Worth and Angeles entered into an
agreement in principle regarding the allowance of an amended claim for the
deficiency between the original principal and the Settlement Amount (the
"deficiency").  The amended claim equalled 90% of the deficiency, or $276,000. 
In January 1996, the Partnership received $48,000 as payment on the deficiency.

MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT.  MAE GP has the option to convert these Class
B Shares, in whole or in part, into Class A Shares on the basis of 1 Class A
Share for every 49 Class B Shares.  These Class B Shares entitle MAE GP to
receive 1.2% of the distributions of net cash distributed by AMIT.  These Class
B Shares also entitle MAE GP to vote on the same basis as Class A Shares which 
allows MAE GP to vote approximately 37% of the total shares (unless and until 
converted to Class A Shares at which time the percentage of the vote controlled 
represented by the shares held by MAE GP would approximate 1.2% of the vote).  
Between the date of acquisition of these shares (November 24, 1992) and March 
31, 1995, MAE GP declined to vote these shares.  Since that date, MAE GP voted
its shares at the 1995 annual meeting in connection with the election of 
trustees and other matters.  MAE GP has not exerted, and continues to decline to
exert, any management control over or participate in the management of AMIT. 
MAE GP may choose to vote these shares as it deems appropriate in the future.  
In addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General 
Partner and an affiliate of Insignia Financial Group, Inc., which provides 
property management and partnership administration services to the Partnership, 
owns 63,200 Class A Shares of AMIT.  These Class A Shares entitle LAC to vote 
approximately 1.5% of the total shares.

As part of the settlement with AMIT, MAE GP granted to AMIT an option to acquire
the Class B Shares owned by it.  This option can be exercised at the end of 10
years or when all loans made by AMIT to partnerships affiliated with MAE GP as
of November 9, 1994, (which is the date of execution of a definitive Settlement
Agreement) have been paid in full, but in no event prior to November 9, 1997. 
AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which occurred
April 14, 1995, as payment for the option.  Upon exercise of the option, AMIT
would remit to MAE GP an additional $94,000.

Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able to vote the
Class B Shares on all matters except those involving transactions between AMIT
and MAE GP  affiliated  borrowers or the election of any MAE GP affiliate as an
officer or trustee of AMIT.  On these matters, MAE GP granted to the AMIT
trustees, in their capacity as trustees of AMIT, proxies with regard to the
Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.

In 1992, the Partnership loaned Fort Worth $5,000,000 to cover leasing
commissions, tenant improvements, and capital expenditures.  The note payable
requires interest at a rate of prime plus 1.5% with monthly interest only
payments through January 1996, at which time the principal was due.  The note
was in default in prior years due to non-payment of interest when due.

On December 22, 1994, the Partnership entered into an agreement with Fort Worth
and Angeles Income Properties, Ltd. V ("AIPL V"), an affiliate of the General
Partner and the other 57% owner of Fort Worth, whereby Fort Worth transferred,
assigned and delivered to the Partnership all of Fort Worth's right, title and
interests in and to all payment, distributions, profits, returns of capital and
benefits accruing from the repayment by AMIT of the loan made to AMIT from Fort 
Worth.  This transfer effectively transferred AIPL V's right, title and interest
in and to all payment, distributions, profits, returns of capital and benefits 
accruing from the repayment by AMIT of the loan made to AMIT from Fort Worth.  
AIPL V has consented to this transfer, assignment and delivery.

Note C - Transactions with Affiliated Parties (continued)

The Partnership may make advances to the affiliated joint ventures as deemed
appropriate by the General Partner.  These advances do not bear interest and do
not have stated terms of repayment.  

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The Partnership's investment properties consist of two commercial properties. 
The following table sets forth the average occupancy of the properties for the
six months ended June 30, 1996 and 1995:
                                                                              
                                                       Average
                                                      Occupancy
 Property                                         1996         1995
                                                                    
 Factory Merchant's Mall                                            
    Pigeon Forge, Tennessee (1)                    88%          90% 
                                                                   
 Eastgate Market Place                                              
    Walla Walla, Washington (2)                    92%          94% 
                                                                
(1) Nationwide the outlets mall industry is not performing well.  Potential
    customers of the outlets mall industry are realizing that these malls may
    not offer large discounts and therefore customers are shopping at more
    convenient locations.

(2) The General Partner is considering a redevelopment of this property.  The
    redevelopment would include a facelift to the store front and decreasing
    the number of tenants at the property by converting smaller spaces into
    larger retail spaces.

The Partnership realized a net loss of $1,090,000 for the six months ended June
30, 1996, as compared to a net loss of $378,000 for the six months ended June
30, 1995.  The Partnership realized net loss of $747,000 for the three months
ended June 30, 1996, as compared to net income of $233,000 for the three months
ended June 30, 1995.  The  increase in the net loss for the three and six months
ended June 30, 1996, as compared to the three and six months ended June 30,
1995, is primarily due to an increase in the equity in the loss of the joint
ventures from 1995 to 1996 (see discussion below).

The decrease in rental income for the three and six months ended June 30, 1996,
as compared to the three and six months ended June 30, 1995, is a result of a
decrease in occupancy at Eastgate Market Place and Factory Merchants Mall. 
Operating expenses increased primarily due to the amortization of lease
commissions for a tenant that moved out of Eastgate Market Place and an increase
in merchant association dues at Factory Merchants Mall.  General and
administrative expenses decreased primarily due to a decrease in partnership
accounting, investor services and asset management cost reimbursements. 
Maintenance expense decreased due to increased repairs and maintenance expenses
and cleaning costs in 1995 at Factory Merchants Mall in an effort to increase
the attractiveness of the property. Bad debt expense of $55,000 resulted from a
review of the collectibility of past due accounts from tenants at Factory
Merchant's Mall and Eastgate Market Place.  During the six months ended June 30,
1996, the Partnership recognized bad debt recovery of $48,000 from AMIT (see
discussion at "Note C").  In addition, there were bad debt recoveries from
tenants of the Partnership's investment properties that had been previously
reserved.

The Partnership's equity in the losses of the joint ventures is $1,048,000 and
$208,000 for the six months ended June 30, 1996 and 1995, respectively.  The
increase in the equity in loss of joint ventures can be attributed to bad debt
recovery for Fort Worth in 1995 as a result of AMIT's note payment to Fort
Worth.  The increased loss at Northtown is attributable to a decrease in rental
income and an increase in insurance and real estate tax expense.

As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses.  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.

At June 30, 1996, the Partnership had unrestricted cash of $2,951,000 compared
to $2,902,000 at June 30, 1995.  Net cash provided by operating activities
increased due to a decrease in accounts receivable offset, in part, by an
increased net loss.  Net cash flow from investing activities decreased as a
result of a non-recurring distribution received from Moraine in 1995 and a
collection on the note receivable from Fort Worth in 1995.  Net cash used in
financing activities increased due to additional loan costs incurred, in an
effort to refinance the mortgage indebtedness secured by Factory Merchants Mall.
The Northtown Mall property has continued to experience cash shortfalls and has
been dependent upon the Partnership and Angeles Income Properties Ltd. III (the
33.3% owner of Northtown) to cover such shortfalls in order to meet operating
and debt service requirements for this property (see discussion below for the
General Partner's plans regarding this investment property).

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 properties to adequately maintain the physical
assets and other operating needs of the Partnership.  Such assets are currently
thought to be sufficient for any near-term needs of the Partnership.  The
mortgage indebtedness of $14,319,000, which is secured by the Factory Merchant's
Mall investment property, matures in December 1997.  The General Partner is
currently in negotiations to refinance this indebtedness, however, the outcome
of such negotiations cannot presently be determined.  Future cash distributions
will depend on the levels of net cash generated from operations, refinancings,
property sales and the availability of cash reserves.  There were no cash
distributions in the first six months of 1996 or 1995. 

On March 15, 1991, Northtown and the holder of the Northtown Mall mortgage note
payable entered into an Option Agreement ("Option") whereby such lender has the
right and an option to purchase the Northtown Mall property on the terms and
conditions as set forth in the Option.  The purchase price of the property, as
set forth in the Option, is defined as the fair market value of the property. 
Such Option can be exercised by written notice by the lender at specified dates.
The General Partner is presently in negotiations to refinance this indebtedness,
however, the outcome of such negotiations cannot presently be determined.

A purchase agreement was executed on May 8, 1994, for the sale of all of the
Moraine properties to an affiliate of the third party managing agent.  The sale
closed on July 21, 1994.  Moraine made a final distribution of $1,931,000 in
1995, of which the Partnership's pro-rata share was $966,000, and the joint
venture was then dissolved.

In March 1995, Fort Worth's remaining property was sold for $300,000 to a tenant
of the property.  All remaining cash was used in 1996 to partially satisfy Fort
Worth's debt to the Partnership.  The remaining debt was forgiven by the
Partnership.

On October 30, 1995, the Partnership lost Burlington Outlet Mall located in
Burlington, NC, through a foreclosure by an unaffiliated mortgage holder.  The
property was not generating sufficient cash flow to meet debt service
requirements.  The non-payment of principal and interest constituted a default
under terms of the mortgage agreement and allowed the holder of the mortgage
agreement to foreclose on the property.  The Partnership deemed it to be in its
best interest not to contest the foreclosure action.

                           PART II - OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS

In July 1993, AMIT initiated litigation against Fort Worth, and other
partnerships which loaned money to AMIT seeking to avoid repayment of such
obligations. The Partnership subsequently filed a counterclaim against AMIT
seeking to enforce the obligation, the principal amount of which was $2,240,000
plus accrued interest from March 1993 ("AMIT Obligation").

On November 9, 1994, Fort Worth executed a definitive Settlement Agreement to
settle the dispute with respect to the AMIT obligation.  The actual closing of
the Settlement occurred April 14, 1995.  The Partnership's claim against AMIT
was satisfied by a cash payment by AMIT totalling $1,933,000 (the "Settlement
Amount") plus interest at closing.  These funds were applied against the
Partnership's $5,000,000 note receivable from Fort Worth.  On August 9, 1995,
Fort Worth and Angeles entered into an agreement in principle regarding the
allowance of an amended claim for the deficiency between the original principal
and the Settlement Amount (the "deficiency").  The amended claim equalled 90% of
the deficiency, or $276,000.  In January 1996, the Partnership received $48,000
as payment on the deficiency.

MAE GP, an affiliate of the General Partner, owns 1,675,113 Class B Shares of
AMIT.  MAE GP has the option to convert these Class B Shares, in whole or in
part, into Class A Shares on the basis of 1 Class A Share for every 49 Class B
Shares.  These Class B Shares entitle MAE GP to receive 1.2% of the
distributions of net cash distributed by AMIT.  These Class B Shares also
entitle MAE GP to vote on the same basis as Class A Shares which allows MAE GP
to vote approximately 37% of the total shares (unless and until converted to
Class A Shares at which time the percentage of the vote controlled represented
by the shares held by MAE GP would approximate 1.2% of the vote).  Between the
date of acquisition of these shares (November 24, 1992) and March 31, 1995, MAE
GP declined to vote these shares.  Since that date, MAE GP voted its shares at
the 1995 annual meeting in connection with the election of trustees and other
matters.  MAE GP has not exerted, and continues to decline to exert, any
management control over or participate in the management of AMIT.  MAE GP may
choose to vote these shares as it deems appropriate in the future.  In addition,
Liquidity Assistance, LLC, ("LAC"), an affiliate of the General Partner and an
affiliate of Insignia Financial Group, Inc., which provides property management
and partnership administration services to the Partnership, owns 63,200 Class A
Shares of AMIT.  These Class A Shares entitle LAC to vote approximately 1.5% of
the total shares.

As part of the settlement, MAE GP granted to AMIT an option to acquire the Class
B Shares owned by it.  This option can be exercised at the end of 10 years or
when all loans made by AMIT to partnerships affiliated with MAE GP as of
November 9, 1994, (which is the date of execution of a definitive Settlement
Agreement),  have been paid in full, but in no event prior to November 9, 1997. 
AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which occurred
April 14, 1995, as payment for the option.  Upon exercise of the option, AMIT
would remit to MAE GP an additional $94,000.

Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able to vote the
Class B Shares on all matters except those involving transactions between AMIT
and MAE GP affiliated borrowers or the election of any MAE GP affiliate as an
officer or trustee of AMIT.  On these matters, MAE GP granted to the AMIT
trustees, in their capacity as trustees of AMIT, proxies with regard to the
Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.

Additionally, Angeles, either directly or through an affiliate, maintained a
central disbursement account (the "Account") for the properties and partnerships
managed by Angeles and its affiliates, including the Partnership.  Angeles
caused the Partnership to make deposits to the Account ostensibly to fund the
payment of certain obligations of the Partnership.  Angeles further caused
checks on such account to be written to or on behalf of certain other
partnerships.  However, of these total deposits, at least $81,000 deposited by
or on behalf of the Partnership was used for purposes other than satisfying the
liabilities of the Partnership.  Accordingly, the Partnership filed a Proof of
Claim in the Angeles bankruptcy proceedings for such amount.  However,
subsequently the General Partner of the Partnership determined that the cost
involved to pursue such claim would likely exceed any amount received, if in
fact such claim were to be resolved in favor of the Partnership.  Therefore, the
Partnership withdrew this claim on August 9, 1995.

The Partnership, along with other affiliates, has been named in a suit brought
by a company which owned a 20% interest ("Plaintiff") in Fort Worth's investment
property, the W.T. Waggoner Building, which was sold in 1995.  The Plaintiff is
suing for breach of contract and negligence for mismanagement of the property. 
The General Partner believes that there is no merit in this suit and intends to
vigorously defend it.  


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

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

    b)  Reports on Form 8-K:

        None filed during the three months ended June 30, 1996.


                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant 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/Carroll D. Vinson           
                                       Carroll D. Vinson
                                       President    
                           

                                 By:   /s/Robert D. Long, Jr.          
                                       Robert D. Long, Jr.
                                       Vice President/CAO
                           
                                 Date: December 16, 1996