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       March 31, 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 MARCH 31, 1997 (UNAUDITED)   
AND DECEMBER 31, 1996   
 
                                      1997                1996   
<S>                                  <C>                   <C>   
Assets   
 
Cash and cash equivalents         $    583,324           $  1,187,208   
Rents receivable                     1,161,292                872,371   
Value added tax receivable              82,494                 80,511   
Accounts receivable - affiliates       783,464                416,589   
Remarketing receivable                   5,646                153,817   
   
Rental equipment, at cost           52,433,152             59,434,351   
Less accumulated depreciation      (32,056,930)           (36,646,360)   
 Net rental equipment               20,376,222             22,787,991   
 
     Total assets                 $ 22,992,442           $ 25,498,487   
 
Liabilities and partners'   
 capital   
Accrued management fees          $      94,013           $     54,316   
Accrued interest expense                69,655                 69,655   
Accounts payable and accrued expenses   22,241                 28,701   
Accounts payable - affiliates                               1,032,127   
Deferred income                         72,304                 74,545   
Notes payable                        6,302,809              7,573,033   
Limited recourse notes payable         226,994                228,562   
     Total liabilities               6,788,016              9,060,939   
 
Partners' capital:   
General Partner:   
 Capital contribution                    1,000                  1,000   
 Cumulative net loss                    (7,301)               (15,208)   
 Cumulative cash distributions        (297,825)              (287,587)   
                                      (304,126)              (301,795)   
Limited Partners (506,776 units):   
 Capital contributions,   
  net of offering costs             46,201,039             46,201,039   
 Cumulative net loss                  (722,910)            (1,505,671)   
 Cumulative cash distributions     (28,969,577)           (27,956,025)   
                                    16,508,552             16,739,343   
 
Total partners' capital             16,204,426             16,437,548   
 
Total liabilities and   
partners' capital                 $ 22,992,442           $ 25,498,487   
 
</TABLE>   
 
<PAGE>   
<TABLE>   
CSA INCOME FUND IV LIMITED PARTNERSHIP   
STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED   
MARCH 31, 1997 AND 1996   
<CAPTION>   
 
                                     1997                      1996   
<S>                                   <C>                        <C>   
Revenues:   
 Rental income                   $   2,915,302            $ 4,410,873   
 Interest income                        60,391                 48,865   
 Gain on sale of equipment             364,148                298,674   
 Net gain on foreign currency   
  transactions                           8,374                  2,037   
     Total revenues                  3,348,215              4,760,449   
 
Costs and expenses:   
 Depreciation and amortization       2,064,766              3,456,794   
 Interest                              120,172                319,035   
 Management fees                       300,697                312,035   
 General and administrative             71,912                 87,351   
     Total expenses                  2,557,547              4,175,215   
 
Net income                        $    790,668            $   585,234   
 
Net income allocation:   
 General Partner                         7,907            $     5,852   
 Limited Partners                      782,761                579,382   
                                  $    790,668            $   585,234   
 
Net income per weighted average   
  Limited Partnership Unit        $       1.54            $      1.14   
 
Number of weighted average   
Limited Partnership Units              506,776                506,776   
 
</TABLE>   
<PAGE>   
<TABLE>   
CSA INCOME FUND IV LIMITED PARTNERSHIP   
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED   
MARCH 31,1997 AND 1996
<CAPTION>   
                                          1997                   1996   
<S>                                       <C>                      <C>
Cash flows from operations:   
 Cash received from rental   
  of equipment                    $  2,644,117           $  4,300,229   
 Cash paid for operating and   
  management expenses                 (339,372)              (410,154)   
 Interest paid                        (120,172)              (285,140)   
 Interest received                      60,391                 48,865   
  Net cash from operations           2,244,964              3,653,800   
   
Cash flow from investments:   
 Value added tax                        (1,983)                 8,776   
 Purchase of equipment              (1,004,726)            (5,112,874)   
 Sale of equipment                   1,852,445                607,335   
  Net cash provided by   
   (used for) investments              845,736             (4,496,763)   
   
Cash flows from financing:   
 Equipment purchases payable                                  (47,363)   
 Advances to/from affiliates        (1,399,002)              (312,266)   
 Proceeds from notes payable           566 858    
 Repayment of notes payable         (1,838,650)            (2,845,815)   
 Payment of cash distributions      (1,023,790)            (1,023,789)   
  Net cash used for   
   financing                        (3,694,584)            (4,310,816)   
 
Net change in cash    
  and cash equivalents                (603,884)            (5,153,779)   
Cash and cash equivalents   
  at beginning of period             1,187,208              6,795,047   
Cash and cash equivalents   
  at end of period                $    583,324           $  1,641,268   
   
</TABLE>   
   
<PAGE>   
   
CSA INCOME FUND IV LIMITED PARTNERSHIP   
NOTE TO FINANCIAL STATEMENTS   
   
The quarterly financial statements have been prepared by the   
Partnership without audit.  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 which are of a normal recurring nature,   
necessary to present fairly the financial position of CSA Income Fund   
IV Limited Partnership as of March 31, 1997 and March 31, 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   
 
Gross rental income was $2,915,302 and $4,410,873 and net income was  
$790,668 and $585,234 for the quarters ended March 31, 1997 and 1996,  
respectively. The decrease in rental income was due primarily to the   
expiration of a major portion of the TIC Leasing Corp. portfolio   
acquired from Turner Broadcasting System Inc. during 1994. Rental  
income was also reduced due to additional investment in sales agency   
agreements which provide for equity in residual values of equipment  
but provide no current rental revenue or debt service requirements to  
the Partnership. The decrease in revenue was more than offset by  
lower levels of depreciation which was the result of the use of  
accelerated methods of depreciation for certain equipment in prior  
years and the remarketing of fully depreciated equipment.   
   
The Partnership generated $4,097,409 in cash flow from operations and   
from the sale of equipment during the three months ended March 31,   
1997. This cash along with cash on hand was used to purchase  
equipment, repay debt and pay cash distributions to the partners. The  
Partnership acquired $1,004,726 in additional equipment, repaid $1,852,445
of notes payable and made cash distributions to partners of $1,023,790.
 
The Partnership paid distributions of $.67 per limited partnership   
unit on the 15th of January, February and March 1997.

To date, the Partnership has made cash distributions to the Limited Partners 
ranging from 45% to 67% 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 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   
ART 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 - There were no reports filed  
          during the first quarter of 1997.   
   
<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: 05/15/97                   /S/ J. Frank Keohane   
                                 President and   
                                 Principal Executive Officer    
   
   
   
   
Date: 05/15/97                   /S/ Richard P. Timmons     
                                 Controller       
                                 Principal Accounting and  
                                 Finance Officer