##### Table of Contents





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 March 31, 2008.
  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 þ  No o
  Indicate by check
    mark whether the registrant is a large accelerated filer, an
    accelerated filer, a non-accelerated filer, or a smaller
    reporting company. See the definitions of large
    accelerated filer, accelerated filer and
    smaller reporting company in
    Rule 12b-2
    of the Exchange Act. (Check one):
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller reporting
    company o (Do
    not check if a smaller reporting company)
  Indicate by check
    mark whether the registrant is a shell company (as defined in
    Rule 12b-2
    of the Exchange
    Act).  Yes o  No þ




---



##### 



DEL TACO INCOME PROPERTIES IV
 PAGE NUMBERPART I. FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Balance Sheets at March 31, 2008 (Unaudited) and December 31, 2007
    
    
    3Condensed Statements of Income for the three months ended March 31, 2008 and 2007 (Unaudited)
    
    
    4Condensed Statements of Cash Flows for the three months ended March 31, 2008 and 2007 (Unaudited)
    
    
    5Notes to Condensed Financial Statements (Unaudited)
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    8Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    10Item 4T. Controls and Procedures
    
    
    10PART II. OTHER INFORMATIONItem 6. Exhibits
    
    
    11SIGNATURE
    
    
    12EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1
  -2-




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 ITEM I. FINANCIAL STATEMENTS
 DEL TACO INCOME PROPERTIES IV
 
 CONDENSED BALANCE SHEETS
 March 31,
    
    
    December 31,2008
    
    
    2007(Unaudited)ASSETSCURRENT ASSETS:Cash
    
    $
    93,321
    
    
    $
    115,922Receivable from Del Taco LLC
    
    
    36,998
    
    
    
    35,715Deposits
    
    
    693
    
    
    
    551Total current assets
    
    
    131,012
    
    
    
    152,188PROPERTY 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
    
    
    1,484,853
    
    
    
    1,471,0361,526,496
    
    
    
    1,540,313$
    1,657,508
    
    
    $
    1,692,501LIABILITIES AND PARTNERS EQUITYCURRENT LIABILITIES:Payable to limited partners
    
    $
    12,558
    
    
    $
    12,502Accounts payable
    
    
    19,487
    
    
    
    10,819Total current liabilities
    
    
    32,045
    
    
    
    23,321OBLIGATION TO GENERAL PARTNER
    
    
    137,953
    
    
    
    137,953PARTNERS EQUITY:Limited partners; 165,375 units outstanding at March 31, 2008
and December 31, 2007
    
    
    1,503,768
    
    
    
    1,547,048General partner-Del Taco LLC
    
    
    (16,258
    )
    
    
    (15,821
    )1,487,510
    
    
    
    1,531,227$
    1,657,508
    
    
    $
    1,692,501
  -3-




---



##### Table of Contents



DEL TACO INCOME PROPERTIES IV
 
 CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Three Months EndedMarch 31,2008
    
    
    2007RENTAL REVENUES
    
    $
    105,815
    
    
    $
    104,586EXPENSES:General and administrative
    
    
    37,737
    
    
    
    37,303Depreciation
    
    
    13,817
    
    
    
    13,81751,554
    
    
    
    51,120Operating income
    
    
    54,261
    
    
    
    53,466OTHER INCOME:Interest
    
    
    266
    
    
    
    502Other
    
    
    175
    
    
    
    100Net income
    
    $
    54,702
    
    
    $
    54,068Net income per limited
partnership unit (Note 2)
    
    $
    0.33
    
    
    $
    0.32Number of units used in computing per unit amounts
    
    
    165,375
    
    
    
    165,375
  -4-




---



##### Table of Contents



DEL TACO INCOME PROPERTIES IV
 
 CONDENSED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedMarch 31,2008
    
    
    2007CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    54,702
    
    
    $
    54,068Adjustments to reconcile net income to net
cash provided by operating activities:Depreciation
    
    
    13,817
    
    
    
    13,817Changes in operating assets and liabilities:Receivable from Del Taco LLC
    
    
    (1,283
    )
    
    
    (359
    )Deposits
    
    
    (142
    )
    
    
    (155
    )Payable to limited partners
    
    
    56
    
    
    
    441Accounts payable
    
    
    8,668
    
    
    
    21,240Net cash provided by operating activities
    
    
    75,818
    
    
    
    89,052CASH FLOWS FROM FINANCING ACTIVITIES:Cash distributions to partners
    
    
    (98,419
    )
    
    
    (104,512
    )Net decrease in cash
    
    
    (22,601
    )
    
    
    (15,460
    )Beginning cash balance
    
    
    115,922
    
    
    
    144,397Ending cash balance
    
    $
    93,321
    
    
    $
    128,937
  -5-




---



##### Table of Contents



DEL TACO INCOME PROPERTIES IV
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 FOR THE THREE MONTHS ENDED MARCH 31, 2008
 UNAUDITED
 NOTE 1  BASIS OF PRESENTATION
  NOTE 2  NET INCOME PER LIMITED PARTNERSHIP UNIT
   NOTE 3  LEASING ACTIVITIES
   -6-




---



##### Table of Contents



DEL TACO INCOME PROPERTIES IV
 NOTES TO CONDENSED FINANCIAL STATEMENTS  CONTINUED
 FOR THE THREE MONTHS ENDED MARCH 31, 2008
 UNAUDITED
 NOTE 4  TRANSACTIONS WITH DEL TACO
    NOTE 5  DISTRIBUTIONS
   NOTE 6  PAYABLE TO LIMITED PARTNERS
  NOTE 7  CONCENTRATION OF RISK
  -7-




---



##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Liquidity and Capital Resources
   Results of Operations
   Three Months EndedMarch 31,2008
    
    
    2007Orangethorpe Ave., Placentia, CA
    
    $
    46,105
    
    
    $
    43,731Lakeshore Drive, Lake Elsinore, CA
    
    
    36,591
    
    
    
    38,456Highland Ave., San Bernardino, CA
    
    
    23,119
    
    
    
    22,399Total
    
    $
    105,815
    
    
    $
    104,586
   -8-




---



##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations   continued
  Percentage of TotalGeneral & Administrative ExpenseThree Months EndedMarch 31,2008
    
    
    2007Accounting fees
    
    
    85.39
    %
    
    
    82.78
    %Distribution of information
to limited partners
    
    
    14.61
    
    
    
    17.22100.00
    %
    
    
    100.00
    %
   Significant Recent Accounting Pronouncements
  Off-Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
  Revenue Recognition
 -9-




---



##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations 
continued
 Property and Equipment:
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
  
 Item 4T. Controls and Procedures
       -10-




---



##### Table of Contents



PART II. OTHER INFORMATION
  
 Item 6. Exhibits
 31.1
    
    Shirlene Lopezs Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200231.2
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to Subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
 -11-




---



##### Table of Contents



SIGNATURE
  DEL TACO INCOME PROPERTIES IV
(a California limited partnership)RegistrantDel Taco LLC
General PartnerDate: May 15, 2008
    
    /s/ Steven L. BrakeSteven L. BrakeTreasurer
 -12-




---



##### Table of Contents



Exhibit No.
    
    Description31.1
    
    Shirlene Lopezs Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200231.2
    
    Steven L. Brakes Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to Subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002