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UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


FORM 10-Q


(Mark one)




|  |                                                                                      
|- | -------------------------------------------------------------------------------------
|x | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2005.


OR




|  |                                                                                               
|- | ----------------------------------------------------------------------------------------------
|o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
     SECURITIES EXCHANGE ACT OF 1934

For the transition period from

to
 .


Commission file no. 33-13437


DEL TACO INCOME PROPERTIES IV


a California limited partnership


(Exact name of registrant as specified in its charter)


|                                                                   |  |                                            
|------------------------------------------------------------------ |  | -------------------------------------------
|California                                                         |  | 33-0241855                                 
|(State or other jurisdiction of
    incorporation or organization) |  | (I.R.S. Employer
    Identification Number)
|                                                                  
|25521 Commercentre Drive, Lake Forest, California                  |  | 92630                                      
|(Address of principal executive offices)                           |  | (Zip Code)                                 

(949) 462-9300


(Registrants telephone number, including area code)


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 o


Indicate by check mark whether the registrant is an
accelerated filer (as defined in Rule 12b-2 of the Exchange
Act.)  Yes o No x










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DEL TACO INCOME PROPERTIES IV
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at June 30, 2005 and
December 31, 2004 (Unaudited)
    
    
    3Condensed Statements of Income for the three and six months ended
June 30, 2005 and 2004 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the six months ended
June 30, 2005 and 2004 (Unaudited)
    
    
    5Notes to Condensed Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis of
Financial Condition and Results of Operations
    
    
    8Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    10Item 4. Controls and Procedures
    
    
    11PART II. OTHER INFORMATIONItem 6. Exhibits and Reports on Form 8-K
    
    
    12SIGNATURE
    
    
    13EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1
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DEL TACO INCOME PROPERTIES IV
 
 CONDENSED BALANCE SHEETS
 (Unaudited)
 June 30,
    
    December 31,2005
    
    2004ASSETSCURRENT ASSETS:Cash
    
    $
    123,904
    
    
    $
    140,285Receivable from Del Taco, Inc.
    
    
    38,710
    
    
    
    45,765Deposits
    
    
    467
    
    
    
    600Total current assets
    
    
    163,081
    
    
    
    186,650PROPERTY AND EQUIPMENT:Land and improvements
    
    
    1,236,700
    
    
    
    1,236,700Buildings and improvements
    
    
    1,289,860
    
    
    
    1,289,860Machinery and equipment
    
    
    484,789
    
    
    
    484,7893,011,349
    
    
    
    3,011,349Lessaccumulated depreciation
    
    
    1,332,866
    
    
    
    1,305,2321,678,483
    
    
    
    1,706,117$
    1,841,564
    
    
    $
    1,892,767LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    37,425
    
    
    $
    36,913Accounts payable
    
    
    8,708
    
    
    
    10,567Total current liabilities
    
    
    46,133
    
    
    
    47,480OBLIGATION TO GENERAL PARTNER
    
    
    137,953
    
    
    
    137,953PARTNERS EQUITY:Limited partners; 165,375 units outstanding at June 30, 2005 and December 31, 2004
    
    
    1,672,037
    
    
    
    1,721,394General partner-Del Taco, Inc.
    
    
    (14,559
    )
    
    
    (14,060
    )1,657,478
    
    
    
    1,707,334$
    1,841,564
    
    
    $
    1,892,767
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DEL TACO INCOME PROPERTIES IV
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004RENTAL REVENUES
    
    $
    116,001
    
    
    $
    109,478
    
    
    $
    223,924
    
    
    $
    211,188EXPENSES:General and administrative
    
    
    9,004
    
    
    
    9,488
    
    
    
    43,709
    
    
    
    42,401Depreciation
    
    
    13,817
    
    
    
    13,817
    
    
    
    27,634
    
    
    
    27,63422,821
    
    
    
    23,305
    
    
    
    71,343
    
    
    
    70,035Operating income
    
    
    93,180
    
    
    
    86,173
    
    
    
    152,581
    
    
    
    141,153OTHER INCOME:Interest
    
    
    498
    
    
    
    336
    
    
    
    961
    
    
    
    700Other
    
    
    50
    
    
    
    200
    
    
    
    275
    
    
    
    425Net income
    
    $
    93,728
    
    
    $
    86,709
    
    
    $
    153,817
    
    
    $
    142,278Net income per limited
partnership unit (note 2)
    
    $
    0.56
    
    
    $
    0.52
    
    
    $
    0.92
    
    
    $
    0.85Number of units used in computing
per unit amounts
    
    
    165,375
    
    
    
    165,375
    
    
    
    165,375
    
    
    
    165,375
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DEL TACO INCOME PROPERTIES IV
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Six Months EndedJune 30,2005
    
    2004CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    153,817
    
    
    $
    142,278Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    27,634
    
    
    
    27,634Changes in operating assets and liabilities:Decrease in receivable from Del Taco, Inc.
    
    
    7,055
    
    
    
    48,538Decrease in deposits
    
    
    133
    
    
    
    74(Decrease) increase in accounts payable and
payable to limited partners
    
    
    (1,347
    )
    
    
    2,116Net cash provided by operating activities
    
    
    187,292
    
    
    
    220,640CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (203,673
    )
    
    
    (215,846
    )Net (decrease) increase in cash
    
    
    (16,381
    )
    
    
    4,794Beginning cash balance
    
    
    140,285
    
    
    
    127,447Ending cash balance
    
    $
    123,904
    
    
    $
    132,241
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DEL TACO INCOME PROPERTIES IV
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 JUNE 30, 2005
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT
   NOTE 3  LEASING ACTIVITIES
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DEL TACO INCOME PROPERTIES IV
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 JUNE 30, 2005
 NOTE 3  LEASING ACTIVITIES  continued
   NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Liquidity and Capital Resources
   Results of Operations
   Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004Orangethorpe Ave., Placentia, CA
    
    $
    44,552
    
    
    $
    41,475
    
    
    $
    86,289
    
    
    $
    81,900Lakeshore Drive, Lake Elsinore, CA
    
    
    47,243
    
    
    
    44,754
    
    
    
    90,431
    
    
    
    84,992Highland Ave., San Bernardino, CA
    
    
    24,206
    
    
    
    23,249
    
    
    
    47,204
    
    
    
    44,296Total
    
    $
    116,001
    
    
    $
    109,478
    
    
    $
    223,924
    
    
    $
    211,188
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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations  continued
  Percent of TotalGeneral & Administrative ExpenseThree Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004Accounting fees
    
    
    55.20
    %
    
    
    39.97
    %
    
    
    77.13
    %
    
    
    73.58
    %Distribution of information
to Limited Partners
    
    
    44.80
    %
    
    
    60.03
    %
    
    
    22.87
    %
    
    
    26.42
    %100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
   Recent Accounting Pronouncements
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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations  continued
 Critical Accounting Policies and Estimates
  Property and Equipment:
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
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Item 4. Controls and Procedures
 (a)
    
    Evaluation of disclosure controls and procedures:
 As of the end of the period covered by this quarterly report, we carried out an
evaluation, under the supervision and with the participation of the Companys
management, including the Companys Chief Executive Officer and Chief Financial
Officer, of the effectiveness of the design and operation of the Companys disclosure
controls and procedures. Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that the Companys disclosure controls and
procedures are effective in timely alerting them to material information relating to
the Company required to be included in the Companys periodic Securities and Exchange
Commission filings.
 (b)
    
    Changes in internal controls:
 There were no significant changes in the Companys internal controls over financial
reporting that occurred during our most recent fiscal quarter that materially affected,
or is reasonably likely to materially affect, our internal control over financial
reporting.
 (c)
    
    Asset-Backed issuers:
 Not applicable.
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PART II. OTHER INFORMATION
 
  (a)
    
    Exhibits
 31.1
    
    Kevin K. Moriartys Certification Pursuant to Section 302 of the
Sarbanes-Oxley Act of 200231.2
    
    Robert J. Terranos Certification Pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
 (b)
    
    Reports
 None.
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SIGNATURE
  DEL TACO INCOME PROPERTIES IV(a California limited partnership)RegistrantDel Taco, Inc.
General PartnerDate: August 15, 2005
    
    /s/ Robert J. TerranoRobert J. TerranoExecutive Vice President, Chief Financial Officer
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EXHIBIT INDEX
 Exhibits
    
    Description31.1
    
    Kevin K. Moriartys Certification Pursuant to Section 302 of the
Sarbanes-Oxley Act of 200231.2
    
    Robert J. Terranos Certification Pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
 -14-