FORM 10-Q 
 
                    SECURITIES AND EXCHANGE COMMISSION 
                         Washington, D.C. 20549 
 
 
(X)  QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE 
              SECURITIES EXCHANGE ACT OF 1934 
 
For the quarterly period ended   September 30, 1997 
 
                              OR 
 
( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE 
               SECURITIES EXCHANGE ACT OF 1934 
 
For the transition period from __________ to __________ 
 
 
Commission file number 33-32744 
 
 
                CSA Income Fund IV Limited Partnership 
      (Exact name of registrant as specified in its charter) 
 
 
          Massachusetts                    04-3072449 
(State or other jurisdiction of       (I.R.S. Employer 
 incorporation or organization)       Identification No) 
 
 
22 Batterymarch St., Boston  Massachusetts 02109       (Address of 
principal executive offices)            (Zip Code) 
 
 
                         (617) 357-1700 
        (Registrant's telephone number, including area code) 
 
         Former name, former address and former fiscal year, 
               if changed since last report 
 
 
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 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: 

<PAGE> 
                    PART I - FINANCIAL INFORMATION 
                  CSA INCOME FUND IV LIMITED PARTNERSHIP 
<TABLE>
                  CSA INCOME FUND IV LIMITED PARTNERSHIP
                 STATEMENTS OF FINANCIAL POSITION AS OF 
          September 30,1997 (Unaudited) and December 31, 1996
<CAPTION> 

                                 (Unaudited) 
                                  September 30,          December 31, 
                                  1997                   1996 
<S>                                   <C>                    <C>
Assets 
 
Cash and cash equivalents         $  1,773,787           $  1,187,208 
Rentals receivable                   1,001,993                872,371 
Value added tax deposits                15,056                 80,511 
Accounts receivable-affiliates         667,026                416,589 
Remarketing receivable                  26,994                153,817 
 
Rental equipment, at cost           57,010,225             59,434,351 
Less accumulated depreciation      (23,648,710)           (36,646,360) 
Net rental equipment                33,361,515             22,787,991 
 
 
      Total assets                $ 36,846,371           $ 25,498,487 
 
Liabilities and partners' capital 
 
Liabilities: 
 Accrued management fees          $    118,715            $    54,316 
 Accrued interest expense               57,201                 69,655 
 Accounts payable                       42,486                 28,701 
 Accounts payable - affiliates               -              1,032,127 
 Deferred income                        76,377                 74,545 
 Notes payable                      20,566,879              7,573,033 
 Limited recourse notes payable              -                228,562 
   Total liabilities                20,861,658              9,060,939 
 
Partners' capital: 
General Partner: 
  Capital contribution                   1,000                  1,000 
  Cumulative net gain (loss)             8,418                (15,208) 
  Cumulative cash distributions       (315,740)              (287,587) 
                                      (306,322)              (301,795) 
Limited Partners (506,776 units): 
  Capital contributions, 
   net of offering costs            46,201,039             46,201,039 
  Cumulative net gain (loss)           833,289             (1,505,671) 
  Cumulative cash distributions    (30,743,293)           (27,956,025) 
                                    16,291,035             16,739,343 
Total partners' capital             15,984,713             16,437,548 
   Total liabilities and 
    partners' capital            $  36,846,371           $ 25,498,487 
 
</TABLE> 
<PAGE> 
<TABLE> 
               CSA INCOME FUND IV LIMITED PARTNERSHIP 
                      STATEMENTS OF OPERATIONS 
                            (Unaudited) 
<CAPTION> 
                     Quarters Ended             Nine Months Ended 
                 September    September    September        September 
                  30, 1997     30, 1996     30, 1997         30, 1996 
<S>                  <C>          <C>          <C>              <C>
Revenues: 
  Rental income   $ 3,297,176   $ 4,273,789  $ 8,833,081  $14,334,291 
  Interest income      20,104        19,803       93,132       76,761 
  Gain (loss) on sale 
   of equipment       219,669      (395,052)     651,351      (53,150) 
  Net gain (loss) on 
   foreign currency    (8,767)      (14,594)      10,128      (20,233) 
    Total revenues  3,528,182     3,883,946    9,587,692   14,337,669 
 
 
Costs and expenses: 
  Depreciation and 
   amortization     2,103,465     3,061,845    5,471,431   10,966,644 
  Interest            386,758       239,327      661,084      811,325 
  Management fees     310,036       358,528      900,649    1,094,454 
  General and 
   administrative      56,732        81,931      191,942      222,718 
     Total expenses 2,856,991     3,741,631    7,225,106   13,095,141 
 
Net income         $  671,191    $  142,315  $ 2,362,586  $ 1,242,528 
 
Net income allocation: 
  General Partner  $    6,712    $    1,423  $    23,626  $    12,425 
  Limited Partners    664,479       140,892    2,338,960    1,230,103 
                   $  671,191    $  142,315  $ 2,362,586  $ 1,242,528 
 
 
Net income per  
  Limited Partnership  
  Unit             $     1.32    $     0.28  $      4.62  $      2.43 
Number of Limited 
  Partnership Units   506,776       506,776      506,776      506,776 
</TABLE> 
 
<PAGE> 
<TABLE> 
 
                     CSA INCOME FUND IV LIMITED PARTNERSHIP 
                         STATEMENTS OF CASH FLOWS 
                               (Unaudited) 
<CAPTION> 
                      Quarters Ended             Nine Months Ended 
                     September   September     September   September 
                      30, 1997    30, 1996      30, 1997    30, 1996 
<S>                      <C>         <C>           <C>         <C> 
Cash flows from 
 operations: 
 Cash received from 
  rental of 
  equipment         $ 3,580,947  $ 4,864,625  $ 9,010,426 $13,667,471 
 Cash paid for 
  operating and 
  management expenses  (374,188)    (509,962)  (1,014,407) (1,297,300) 
 Interest paid         (391,162)    (239,327)    (673,538)   (843,319) 
 Interest received       20,104       19,803       93,132      76,761 
   Net cash from 
    operations        2,835,701    4,135,139    7,415,613  11,603,613 
 
Cash flow from 
 investments: 
  Value added tax        65,471      (68,502)      65,455     (59,483) 
  Purchase of 
    equipment       (14,578,910)    (708,686) (20,122,704)  1,391,650) 
Sale of equipment     2,550,286    1,122,812    4,626,420   1,964,110 
Net cash from(used 
 for) investments   (11,963,153)     345,624  (15,430,829) (9,487,023) 
 
Cash flows from 
 financing: 
  Change in amounts 
  due to/from 
  affiliates          (612,605)     (668,977)  (1,348,068)    902,046 
Accounts Payable 
 equipment purchase          -      (426,483)           -     (84,691) 
 Proceeds from notes 
  payable            13,339,433       587,234   17,487,477   3,861,710 
 Repayment of notes 
  payable            (1,821,363)   (3,030,153)  (4,722,193) (8,820,091) 
 Payment of cash 
  distributions        (767,842)   (1,023,789)  (2,815,421)  3,071,369) 
    Net cash(used 
    for) financing   10,137,623    (4,562,168)   8,601,795  (7,212,395) 
 
Net change in cash and 
  cash equivalents    1,010,171       (81,405)     586,579  (5,095,805) 
Cash and cash  
  equivalents at  
  beginning of period   763,616     1,780,647    1,187,208   6,795,047 
Cash and cash 
  equivalents 
  at end of period   $1,773,787   $ 1,699,242   $1,773,787 $ 1,699,242 
</TABLE> 
	 
<PAGE> 
 
                    CSA INCOME FUND IV LIMITED PARTNERSHIP 
                       NOTE TO FINANCIAL STATEMENTS 
 
 
The quarterly financial statements of the Partnership presented herein 
are without audit except for the December 31, 1996 Balance Sheet 
information. Certain information and footnote disclosures normally 
included in the annual financial statements have been condensed or 
omitted from the accompanying statements.  For such information, 
reference should be made to the financial statements and notes thereto 
included in the Partnership's annual report on Form 10-K for the year 
ended December 31, 1996. 
 
In the General Partner's opinion, the unaudited financial statements 
reflect all adjustments necessary to present fairly the financial 
position of CSA Income Fund IV Limited Partnership as of September 30, 
1997 and September 30, 1996 and the results of operations and cash flows 
for the periods presented therein. 
 
 
<PAGE> 
 
                CSA INCOME FUND IV LIMITED PARTNERSHIP 
               GENERAL PARTNER'S DISCUSSION OF OPERATIONS 
 

Rental income was $3,297,176 and $4,273,789 and net income was $671,191 
and $142,315 for the quarters ended September 30, 1997 and 1996, 
respectively.  For the nine months ended September 30, 1997 and 1996, 
rental income was $8,833,081 and $14,334,291 and net income was 
$2,362,586 and $1,242,528, respectively. The decrease in rental income 
during 1997 was due to expiring leases as well as additional investment 
in European Sales Agency Agreements, the accounting for which provides 
no current rental revenue or debt service requirements to the 
Partnership. The decrease in rental income in both the three and nine 
month periods ended September 30, 1997 was offset by lower levels of 
depreciation which were the result of the use of accelerated methods of 
depreciation for a portion of the Partnership's portfolio in prior 
years. Net income was increased by gains on the sale of 
equipment for the quarter ended September 30, 1997 of $219,669 as 
compared to a loss of ($395,052) for the comparable quarter last year. 
The gain on sale of equipment for the nine months ended September 30, 
1997, was $651,351 as compared to a loss of ($53,150) for the same 
period last year.   
 
The Partnership generated $12,042,033 from operations and sales of 
equipment during the nine months ended September 30, 1997. The 
Partnership used these funds, proceeds from notes payable and cash on 
hand to acquire additional equipment  of $20,122,704, make scheduled 
payments on notes payable of $4,722,193 and make distributions to 
partners of $2,815,421. 
 
The Partnership paid distributions of $.50 per Limited Partner unit on 
the 15th of July, August and September 1997. To date, the Partnership 
has made cash distributions to the Limited Partners ranging from 49% to 
71% of their initial investment, depending on when the Limited Partners 
entered the Partnership. The objective of the Partnership is to return 
the Limited Partner's investment through current distributions and 
provide a return on this investment by continued distributions for as 
long as the equipment continues to be leased. 
 
Management, on a periodic basis, reviews the Partnership's projected 
performance. Based on an analysis of the remaining assets in the 
Partnership's portfolio, the General Partner presently estimates that 
the continued cash distributions will return the entire initial 
investment of the Limited Partners and a return thereon. However, the 
magnitude of the return may be lower than originally anticipated at the 
inception of the Partnership. The General Partner will continue to 
report on the Limited Partners' return of investment with each cash 
distribution and the General Partner intends to pursue additional lease 
investment opportunities to increase the Partnership's distributions. 
 
<PAGE> 
 
                 CSA INCOME FUND IV LIMITED PARTNERSHIP 
 
  
                                    PART II 
 
 
Item 1 - Legal Proceedings 
         None 
 
Item 2 - Changes in Securities 
         None 
 
Item 3 - Defaults Upon Senior Securities 
         None 
 
Item 4 - Submission of Matters to a Vote of Security Holders 
         None 
 
Item 5 - Other Information 
         None 
 
Item 6 - Exhibits and Reports on Form 8-K 
 
	(a)    Exhibits - Exhibit 27. Financial Data Schedule. 
 
	(b)    Reports on Form 8-K - No reports have been filed on Form 8-K  
        during this quarter. 
 
<PAGE> 
 
 
                                SIGNATURES 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned, thereunto duly authorized. 
 
 
 
                       CSA Income Fund IV Limited 
                        Partnership (Registrant) 
                       By its General Partner, 
                        CSA Lease Funds, Inc. 
 
 
                                     
                                                 
 
 
Date: 11/14/97                         /s/ J. Frank Keohane          
                                       J. Frank Keohane 
                                       President & Treasurer 
                                       Principal Executive Officer 
 
 
 
 
Date: 11/14/97                          /s/ Richard F. Sullivan 
                                        Richard F. Sullivan 
                                        Vice President 
                                        Principal Accounting and 
                                        Finance Officer