SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.  20549


                                 FORM 10-K


               Annual Report Pursuant to Section 13 or 15(d)
                  of the Securities Exchange Act of 1934



For the fiscal year 
ended December 31, 1995                     Commission file number 0-8469



                     JMB INCOME PROPERTIES, LTD. - IV
          ------------------------------------------------------
          (Exact name of registrant as specified in its charter)


                  Illinois                      36-2857658               
          (State of organization)    (I.R.S. Employer Identification No.)


   900 N. Michigan Ave.,  Chicago, Illinois          60611               
   (Address of principal executive office)         (Zip Code)            


Registrant's telephone number, including area code 312-915-1987


Securities registered pursuant to Section 12(b) of the Act:

                                             Name of each exchange on    
Title of each class                           which registered           
-------------------                         -------------------------    
        None                                             None            


Securities registered pursuant to Section 12(g) of the Act:

                       LIMITED PARTNERSHIP INTERESTS
                             (Title of class)


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 

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K  X

State the aggregate market value of the voting stock held by non-affiliates
of the Registrant.  Not applicable.

Documents incorporated by reference:  None




                             TABLE OF CONTENTS



                                                            Page
                                                            ----
PART I

Item 1.      Business . . . . . . . . . . . . . . . . . . .   1

Item 2.      Properties . . . . . . . . . . . . . . . . . .   4

Item 3.      Legal Proceedings. . . . . . . . . . . . . . .   6

Item 4.      Submission of Matters to a 
             Vote of Security Holders . . . . . . . . . . .   6


PART II

Item 5.      Market for the Partnership's 
             Limited Partnership Interests 
             and Related Security Holder Matters. . . . . .   6

Item 6.      Selected Financial Data. . . . . . . . . . . .   7

Item 7.      Management's Discussion and 
             Analysis of Financial Condition 
             and Results of Operations. . . . . . . . . . .  11

Item 8.      Financial Statements and 
             Supplementary Data . . . . . . . . . . . . . .  14

Item 9.      Changes in and Disagreements 
             with Accountants on Accounting and
             Financial Disclosure . . . . . . . . . . . . .  34


PART III

Item 10.     Directors and Executive Officers 
             of the Partnership . . . . . . . . . . . . . .  34

Item 11.     Executive Compensation . . . . . . . . . . . .  37

Item 12.     Security Ownership of Certain 
             Beneficial Owners and Management . . . . . . .  38

Item 13.     Certain Relationships and 
             Related Transactions . . . . . . . . . . . . .  39

PART IV

Item 14.     Exhibits, Financial Statement Schedules, 
             and Reports on Form 8-K. . . . . . . . . . . .  39



SIGNATURES    . . . . . . . . . . . . . . . . . . . . . . .  40











                                     i



                                  PART I

ITEM 1.  BUSINESS

     All references to "Notes" are to Notes to Consolidated Financial
Statements contained in this annual report.

     The registrant, JMB Income Properties, Ltd.-IV (the "Partnership"), is
a limited partnership formed in early 1976 and currently governed by the
Revised Uniform Limited Partnership Act of the State of Illinois to invest
in improved income-producing commercial real property.  The Partnership
sold $20,000,000 in Limited Partnership interests (the "Interests") to the
public commencing on July 26, 1976 pursuant to a Registration Statement on
Form S-11 under the Securities Act of 1933 (Registration No. 2-55624).  A
total of 20,000 Interests were sold to the public at $1,000 per Interest. 
The offering closed September 24, 1976.  No Limited Partner has made any
additional capital contribution after such date.  The Limited Partners of
the Partnership share in their portion of the benefits of ownership of the
Partnership's real property investments according to the number of
Interests held.

     The Partnership is engaged solely in the business of the acquisition,
operation and sale and disposition of equity real estate investments.  Such
equity investments are held by fee title and/or through joint venture
interests.  The Partnership has one remaining real property investment
located in Huntsville, Alabama.  A presentation of information about
industry segments, geographic regions, raw materials or seasonality is not
applicable and would not be material to an understanding of the
Partnership's business taken as a whole.  Pursuant to the Partnership
Agreement, the Partnership is required to terminate no later than December
31, 2026.  The Partnership is self-liquidating in nature.  At sale of a
particular property, the net proceeds, if any, are generally distributed or
reinvested in existing properties rather than invested in acquiring
additional properties.  As discussed further in Item 7, the marketplace in
which the portfolio operates and real estate markets in general are in a
recovery mode.  The Partnership currently expects to conduct an orderly
liquidation of its remaining investment property as quickly as practicable
and to wind up its affairs not later than December 31, 1999, barring
unforeseen economic developments.  (Reference is also made to Note 1.)

     The Partnership has made the real property investments set forth in
the following table:



<TABLE>
<CAPTION>
                                                        SALE OR DISPOSITION
                                                         DATE OR IF OWNED
                                                       AT DECEMBER 31, 1995,
NAME, TYPE OF PROPERTY                       DATE OF     ORIGINAL INVESTED
    AND LOCATION (e)             SIZE       PURCHASE  CAPITAL PERCENTAGE (a)          TYPE OF OWNERSHIP 
----------------------        ----------    --------  ----------------------        ---------------------
<S>                          <C>           <C>       <C>                            <C>
1. Wall Towers Office 
    Complex
    office buildings
    Midland, Texas. . .        190,000      11-14-77          4-3-91                fee ownership of land
                                sq.ft.                                              and improvements
2. Parkway City Mall
    shopping center
    Huntsville, 
    Alabama . . . . . .        415,000       2-27-76            20%                 fee ownership of land
                                sq.ft.                                              and improvements
                                g.l.a.                                              (through joint venture
                                                                                    partnership) (b)(c)(f)
3. Holly Hill Mall
    shopping center
    Burlington, North
    Carolina. . . . . .        395,000       8-20-76          12-1-92               fee ownership of land
                                sq.ft.                                              and improvements (d)
                                g.l.a.
4. Northgate Mall
    shopping center
    Chattanooga,
    Tennessee . . . . .        353,000      10-11-76           1-4-83               fee ownership of
                                sq.ft.                                              improvements and
                                g.l.a.                                              ground leasehold
                                                                                    interest in land
                                                                                    (through joint venture
                                                                                    partnership)
5. Three Penn Center Plaza
    office building
    Philadelphia, 
    Pennsylvania. . . .        498,000       6-30-77           1-1-84               fee ownership of land
                                sq.ft.                                              and improvements
                                g.l.a.                                              (through joint venture
                                                                                    partnership)
6. Mid-America Plaza
    office buildings
    Omaha, Nebraska . .        189,000       6-16-78         12-18-86               fee ownership of land
                                sq.ft.                                              and improvements
<FN>
-----------------------

  (a) The computation of this percentage for properties held at December
31, 1995 does not include amounts invested from sources other than the
original net proceeds of the public offering as described above and in Item
7.

  (b) Reference is made to Note 4 and to Schedule III filed with this
annual report for the current outstanding principal balances and a
description of the long-term mortgage indebtedness secured by this real
property investment.

  (c) Reference is made to Note 3 for a description of the joint venture
partnership through which the Partnership has made this real property
investment.

  (d) This property has been sold.  Reference is made to Note 6 for a
description of the sale of this real property investment.

  (e) Reference is made to Item 8 - Schedule III filed with this annual
report for further information concerning real estate taxes and
depreciation.

  (f) Reference is made to Item 6 - Selected Financial Data for additional
operating and lease expiration data concerning this investment property.

</TABLE>


     The Partnership's remaining real property investment is subject to
competition from similar types of properties in the vicinity in which it is
located.  Such competition is generally for the retention of existing
tenants.  Additionally, the Partnership is in competition for new tenants
if significant vacancies are present.  Reference is made to Item 7 below
for a discussion of competitive conditions and future capital improvement
plans of the Partnership and its investment property.  Approximate
occupancy levels for the property are set forth in the table in Item 2
below to which reference is hereby made.  The Partnership maintains the
suitability and competitiveness of its property in its market primarily on
the basis of effective rents, tenant allowances and services provided to
tenants.  In the opinion of the Managing General Partner of the
Partnership, the remaining investment property held at December 31, 1995 is
adequately insured.

     Reference is made to Note 7 for a schedule of minimum lease payments
to be received in each of the next five years, and in the aggregate
thereafter, under leases in effect at the Partnership's remaining property
as of December 31, 1995.

     The Partnership has no employees other than personnel performing on-
site duties at the Partnership's remaining investment property, none of
whom are officers or directors of the Managing General Partner of the
Partnership.

     The terms of transactions between the Partnership, the General
Partners and their affiliates are set forth in Item 11 below to which
reference is hereby made for a description of such terms and transactions.



ITEM 2.  PROPERTY

     The Partnership owns, through a joint venture partnership, the
property referred to under Item 1 above to which reference is hereby made
for a description of said property.

     The following is a listing of principal businesses or occupations
carried on in and approximate occupancy levels by quarter during fiscal
year 1995 and 1994 for the Partnership's investment property owned during
1995:



<TABLE>
<CAPTION>
                                                               1994                       1995           
                                                     -------------------------  -------------------------
                                                       At    At     At     At     At     At     At    At 
                                 Principal Business   3/31  6/30   9/30  12/31   3/31   6/30   9/30 12/31
                                 ------------------   ----  ----   ----  -----   ----   ----  ----- -----
<S>                              <C>                 <C>   <C>    <C>   <C>     <C>    <C>   <C>   <C>   
1. Parkway City Mall
    Huntsville,                                        (1)   (1)    (1)    (1)
    Alabama . . . . . . . . .    Retail                84%   84%    84%    84%    85%    87%    87%   86%

<FN>
-------------

        (1)    The percentage represents physical occupancy.  Super-X (9,000 square feet or 2% of the building)
vacated its space in January 1990 and continued to pay rent pursuant to its lease obligation which expired in
February 1995.

</TABLE>




     Reference is made to Item 6, Item 7 and to Note 7 for further
information regarding property occupancy, competitive conditions and tenant
leases at the Partnership's remaining investment property.



ITEM 3.  LEGAL PROCEEDINGS

     The Partnership is not subject to any pending material legal
proceedings.



ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     There were no matters submitted to a vote of security holders during
1994 and 1995.




                                  PART II

ITEM 5.  MARKET FOR THE PARTNERSHIP'S LIMITED PARTNERSHIP INTERESTS 
         AND RELATED SECURITY HOLDER MATTERS

     As of December 31, 1995, there were 1,694 record holders of Interests
of the Partnership.  There is no public market for Interests and it is not
anticipated that a public market for Interests will develop.  Upon request,
the Managing General Partner may provide information relating to a
prospective transfer of Interests to an investor desiring to transfer his
Interests.  The price to be paid for the Interests as well as any other
economic aspects of the transaction will be subject to negotiation by the
investor.  There are certain conditions and restrictions on the transfer of
Interests, including, among other things, the requirement that the
substitution of a transferee of Interests as a Limited Partner of the
Partnership be subject to the written consent of the Managing General
Partner.  The rights of a transferee of Interests who does not become a
substituted Limited Partner will be limited to the rights to receive his
share of profits or losses and cash distributions from the Partnership, and
such transferee will not be entitled to vote such Interests.  No transfer
will be effective until the first day of the next succeeding calendar
quarter after the requisite transfer form satisfactory to the Managing
General Partner has been received by the Managing General Partner.  The
transferee consequently will not be entitled to receive any cash
distributions or any allocable share of profits or losses for tax purposes
until such succeeding calendar quarter.  Profits or losses from operations
of the Partnership for a calendar year in which a transfer occurs will be
allocated between the transferor and the transferee based upon the number
of quarterly periods in which each was recognized as the holder of
Interests, without regard to the results of Partnership's operations during
particular quarterly periods and without regard to whether cash
distributions were made to the transferor or transferee.  Profits or losses
arising from the sale or other disposition of Partnership properties will
be allocated to the recognized holder of the Interests as of the last day
of the quarter in which the Partnership recognized such profits or losses. 
Cash distributions to a holder of Interests arising from the sale or other
disposition of Partnership properties will be distributed to the recognized
holder of the Interests as of the last day of the quarterly period with
respect to which distribution is made.

     Reference is made to Item 6 below for a discussion of cash
distributions made to the Limited Partners.






<TABLE>
ITEM 6.  SELECTED FINANCIAL DATA

                                       JMB INCOME PROPERTIES, LTD. - IV
                                            (A LIMITED PARTNERSHIP)
                                           AND CONSOLIDATED VENTURE

                                 DECEMBER 31, 1995, 1994, 1993, 1992 AND 1991
                                 (NOT COVERED BY INDEPENDENT AUDITORS' REPORT)

<CAPTION>
                                 1995           1994          1993          1992          1991     
                             -----------    -----------   -----------   ------------  ------------ 
<S>                         <C>            <C>          <C>            <C>           <C>           
Total income. . . . . . . .  $ 4,663,663      3,908,841     4,040,273      6,150,469     7,368,469 
                             ===========    ===========   ===========   ============  ============ 
Operating earnings. . . . .  $ 2,340,936      1,683,023     1,724,773      1,484,148     1,639,061 
Venture partner's 
 share of venture 
 operations . . . . . . . .     (787,493)      (560,434)     (439,451)      (594,314)     (514,624)
                             -----------    -----------   -----------   ------------  ------------ 
    Net operating 
      earnings. . . . . . .    1,553,443      1,122,589     1,285,322        889,834     1,124,437 
Gain (loss) on sale 
 of investment 
 properties . . . . . . . .        --             --            --         6,495,164    (2,379,085)
                             -----------    -----------   -----------   ------------  ------------ 
    Net earnings 
     (loss) before 
     extraordinary 
     item . . . . . . . . .    1,553,443      1,122,589     1,285,322      7,384,998    (1,254,648)
Extraordinary item. . . . .        --             --            --             --        4,449,842 
                             -----------    -----------   -----------   ------------  ------------ 
    Net earnings. . . . . .    $ 1,553,443    1,122,589     1,285,322      7,384,998     3,195,194 
                             ===========    ===========   ===========   ============  ============ 
Net earnings (loss) 
 per limited partner-
 ship interest (b):
  Net operating 
   earnings . . . . . . . .  $     76.10          54.99         62.97          43.59         55.08 
  Gain (loss) on 
   sale of investment 
   properties . . . . . . .        --             --            --            309.71       (117.74)
  Extraordinary item. . . .        --             --            --             --           216.53 
                             -----------    -----------   -----------   ------------  ------------ 
    Net earnings 
     per Interest . . . . .  $     76.10          54.99         62.97         353.30        153.87 
                             ===========    ===========   ===========   ============  ============ 
Total assets. . . . . . . .  $13,090,076     11,147,874    10,631,311     10,509,525    14,405,210 
Long-term debt. . . . . . .  $ 2,834,574      3,251,069     3,628,086      3,969,366     8,456,634 
Cash distributions 
 per Interest (c) . . . . .  $     --             25.00         55.00          --            20.00 
                             ===========    ===========   ===========   ============  ============ 

<FN>
______________

       (a)     The above selected financial data should be read in conjunction with the consolidated financial
statements  and related notes appearing elsewhere in this annual report.

       (b)     The net earnings (loss) per Interest is based upon the number of Interests outstanding at the end
of each period (20,005).

       (c)     Cash distributions from the Partnership are generally not equal to Partnership income (loss) for
financial reporting or Federal income tax purposes.  Each Partner's taxable income (or loss) from the Partnership
in each year is equal to his allocable share of the taxable income (or loss) of the Partnership without regard to
the cash generated or distributed by the Partnership.  Accordingly, cash distributions to the Limited Partners
since the inception of the Partnership have not resulted in taxable income to such Limited Partners and have
therefore represented a return of capital.  

</TABLE>


<TABLE>

SIGNIFICANT PROPERTY - SELECTED RENTAL AND OPERATING DATA AS OF DECEMBER 31, 1995


<CAPTION>

Property
--------

Parkway City Mall   a)   The gross leasable area ("GLA") occupancy rate 
                         and average base rent per square foot as of 
                         December 31, for each of the last five years 
                         were as follows:

                                                      GLA             Avg. Base Rent Per
                          December 31,           Occupancy Rate       Square Foot (1)
                          ------------           --------------       ------------------
<S>                 <C>   <C>                    <C>                  <C>

                                1991. . . . . .       86%                  $6.80
                                1992. . . . . .       86%                   6.94
                                1993. . . . . .       83%                   6.96
                                1994. . . . . .       84%                   6.65
                                1995. . . . . .       86%                   7.50
<FN>
                                (1)  Average base rent per square foot is based on GLA occupied
                                     as of December 31 of each year.
</TABLE>
<TABLE>
<CAPTION>
                                                                  Base Rent  Scheduled Lease Lease
                    b)     Significant Tenants       Square Feet  Per Annum  Expiration Date Renewal Option
                           -------------------       -----------  ---------  --------------- --------------
<S>                 <C>    <C>                       <C>          <C>        <C>             <C>
                           Montgomery Ward &         74,800       $ 79,900   8/31/04         None    
                           Company
                           (Department Store)

                           McRae's                   75,000         91,000   1/31/00         Three 5-year
                           (Department Store)                                                terms    

                           Parisian's                76,900        450,000   2/28/01         Two 5-year
                           (Department Store)                                                terms    
</TABLE>


<TABLE>
<CAPTION>
                    c)     The following table sets forth certain information
                           with respect to the expiration of leases for the
                           next ten years at the Parkway City Mall:

                                                                               Annualized        Percent of
                                             Number of        Approx. Total    Base Rent         Total 1995
                           Year Ending       Expiring         GLA of Expiring  of Expiring       Base Rent
                           December 31,      Leases (1)       Leases (1)       Leases            Expiring 
                           ------------      -------------    ---------------  -----------       -----------
<S>                 <C>    <C>               <C>              <C>              <C>               <C>
                           1996               12               38,500           535,000            20.0
                           1997                7               11,900           227,000             8.5
                           1998                1                6,400            76,000             2.8
                           1999                5                6,300           150,000             5.6
                           2000                4                6,300           114,000             4.3
                           2001                3               80,800           528,000            19.8
                           2002                4               30,300           334,000            12.5
                           2003                1                2,000            34,000             1.3
                           2004                4               94,900           355,000            13.3
                           2005                2                6,400            96,000             3.6
<FN>
                           (1)  Excludes leases that expire in 1996 for which renewal leases or leases
                                with replacement tenants have been executed as of March 15, 1996.

</TABLE>


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
         AND RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

     On July 26, 1976, the Partnership commenced an offering of $20,000,000
pursuant to a Registration Statement on Form S-11 under the Securities Act
of 1933.  All Interests were subscribed and issued between July 26, 1976
and September 24, 1976 pursuant to the public offering from which the
Partnership received gross proceeds of $20,000,000.  After deducting
selling expenses and other offering costs, the Partnership had
approximately $17,996,000 with which to make investments in commercial real
property, to pay legal fees and other costs (including acquisition fees)
related to such investments and for working capital.  A portion of such
proceeds was utilized to acquire the properties described in Item 1 above.

     At December 31, 1995, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $6,822,000.  Such funds are
available for tenant costs and improvements and other capital expenditures
(as discussed below), distributions to partners and for working capital
requirements.  The Partnership and its consolidated venture have currently
budgeted in 1996 approximately $97,000 for tenant improvements and other
capital expenditures at the Parkway City Mall (as discussed below and in
Note 3).  The Partnership's share of such items is currently budgeted to be
approximately $68,000.  Actual amounts expended in 1996 may vary depending
on a number of factors including actual leasing activity, results of
property operations, liquidity considerations and other market conditions
over the course of the year.  The Partnership has suspended all operating
cash flow distributions to the partners.  The ultimate source of capital
for long-term future liquidity and distributions is expected to be from net
cash generated by the Partnership's remaining shopping center investment
property and from the sale of such investment.  The Partnership believes it
has sufficient cash reserves to meet its short-term liquidity needs.  In
such regard, reference is made to the Partnership's property specific
discussion below.  The Partnership's and its venture's mortgage obligation
is a separate non-recourse loan secured by the investment property and is
not an obligation of the Partnership, and the Partnership and its venture
are not personally liable for the payment of the mortgage indebtedness.

     Occupancy at the Parkway City Mall increased to 86% at December 31,
1995, from 84% at December 31, 1994.  Additionally, a tenant which vacated
9,000 square feet of space in January 1990 continued to pay rent under the
terms of its lease which expired in February 1995.  In addition,
approximately 34,000 square feet (8% of the building) is occupied by
tenants under short-term leases.  Huntsville Mall Associates ("Huntsville")
of which the Partnership is a general partner, discontinued its
distributions from operations effective with the first quarter of 1993 to
preserve working capital, and for certain tenant allowances and capital
expenditures.  The Partnership is examining a new leasing program at the
Parkway City Mall to strengthen the center's position in its marketplace. 
As a result, significant leasing costs and incentives will continue to be
required in conjunction with Huntsville's continuing efforts to lease
vacant space at the property which, when incurred, will adversely impact
the property cash flow.  Reference is made to Note 3.

     Parkway City Mall is one of two malls serving the Huntsville
metropolitan area.  Another shopping center developer had announced plans
for a proposed third mall for the Huntsville area.  Recently, the developer
announced that several department stores have committed to either enter the
Huntsville market or open an additional store at the third mall.  If built,
this third mall will likely significantly impact the market share of
Parkway City Mall.  The Partnership is examining other alternative plans,
including potential financing options, to allow the property to effectively
compete with the third mall, should it be built.  Although it is not
certain that the third mall will be developed, the increased likelihood of
the development of the third mall continues to have substantial adverse
effects on the Partnership's ability to market the Parkway City Mall for
sale and lease in its present condition.  Although Huntsville has marketed
the Parkway City Mall shopping center for sale in recent years, the
property is no longer being actively marketed for sale pending Huntsville's
efforts to reposition the center in its market.  Upon completion of the
repositioning/re-leasing program, Huntsville intends to actively market the
property for sale, however, there can be no assurance that such sale will
occur upon completion of the program.

     While the real estate markets are recuperating, highly competitive
market conditions continue to exist in most locations.  The Partnership's
approach has been to aggressively and creatively manage the Partnership's
real estate asset to attract and retain tenants.  Net effective rents to
the landlord from renewal tenants are generally much more favorable than
lease terms which can be negotiated with new tenants.  However, the
Partnership's capital resources must also be preserved and allocated in
such a manner as to maximize the total value of its remaining property.

     As a result of the real estate market conditions discussed above, the
Partnership continues to conserve its working capital.  All expenditures
are carefully analyzed and certain capital projects are deferred when
appropriate.  In an effort to reduce partnership operating expenses, the
Partnership expects to make semi-annual rather than quarterly distributions
of available operating cash flow when it is determined that distributions
to the Partners will recommence.  By conserving working capital, the
Partnership will be in a better position to meet the future needs of the
property.  Due to these factors, the Partnership has held its remaining
investment property longer than originally anticipated in an effort to
maximize the return to the Limited Partners.  However, after reviewing
Parkway City Mall and the marketplace in which it operates, the General
Partners of the Partnership expect to conduct an orderly liquidation of its
remaining investment property as quickly as practicable.  Therefore, the
affairs of the Partnership are expected to be wound up no later than
December 31, 1999 (sooner if the last remaining property is sold in the
near term), barring unforeseen economic developments.

     RESULTS OF OPERATIONS

     The increase in cash and cash equivalents at December 31, 1995 as
compared to December 31, 1994 is primarily due to the operating cash flow
of the Partnership during 1995.  The decrease in short-term investments at
December 31, 1995 as compared to December 31, 1994 is primarily due to all
of the Partnership's investments in U.S. Government obligations being
classified as cash equivalents at December 31, 1995 whereas approximately
$3,050,000 of U.S. Government obligations were classified as cash
equivalents at December 31, 1994.  Reference is made to Note 1.

     The increase in rents and other receivables at December 31, 1995 as
compared to December 31, 1994 is primarily due to unbilled recovery income
in 1995.

     The balance in accrued rents receivable is attributable to rents being
accrued ratably over the terms of the leases rather than as paid at the
Parkway City Mall.  Reference is made to Note 1.

     The increases in rental income and venture partner's share of
venture's operations in 1995 as compared to 1994 is primarily due to an
increase in occupancy, an increase in temporary tenant and overage rent
revenues, and rents being accrued ratably over the terms of the leases
rather than as paid at the Parkway City Mall.  The decrease in rental
income in 1994 as compared to 1993 is primarily attributable to a decrease
in rents based on percentages of tenants sales volumes for certain tenants
due to amended lease terms at Parkway City Mall.  Reference is made to the
property specific discussion above.

     The increase in interest income for the year ended December 31, 1995
as compared to the years ended December 31, 1994 and December 31, 1993 is
primarily a result of greater average balances invested in short-term
investments during 1995.  Interest income decreased in 1994 as compared to
1993 primarily as a result of the prepayment in December 1993 of the
promissory note received in connection with the sale of the Holly Hill
Mall.  Reference is made to Note 6 for a description of this sale.

     The increase in property operating expense for the year ended December
31, 1995 as compared to the years ended December 31, 1994 and December 31,
1993 is primarily due to an increase in salary expense of approximately
$133,000, partially offset by a corresponding decrease in security expense
of approximately $54,000, due to the addition of an operations supervisor
in the third quarter of 1994 and the hiring of in-house security personnel
in 1995 resulting from the termination of an outside security contract, and
an increase in advertising and market research expense of approximately
$45,000 (all of which are partially recoverable from tenants) at the
Parkway City Mall.

     The increase in venture partner's equity in venture at December 31,
1995 as compared to December 31, 1994 is attributable primarily to the
increase in cash resulting from the suspension of distributions of cash
flow from the Huntsville venture in order to preserve working capital for
tenant improvements and capital expenditures as previously discussed. 
Venture partner's share of venture's operations increased in 1994 as
compared to 1993 primarily as a result of a decrease in the Partnership's
operating earnings allocation for the Huntsville venture relative to its
joint venture partner.  Reference is made to Note 3.

     Distributions to limited and general partners in 1994 and 1993
represented distributions of a portion of the proceeds from the December
1992 sale of the Holly Hill Mall shopping center.  Reference is made to
Note 6.

     INFLATION

     Due to the decrease in the level of inflation in recent years,
inflation generally has not had a material effect on rental income or
property operating expenses.

     Inflation is not expected to significantly impact future operations
due to the expected liquidation of the Partnership by 1999.  However, to
the extent that inflation in future periods would have an adverse impact on
property operating expenses, the effect would generally be offset by
amounts recovered from tenants as many of the long-term leases at the
Partnership's commercial property have escalation clauses covering
increases in the cost of operating and maintaining the property as well as
real estate taxes.  Therefore, there should be little effect on operating
earnings if the property remains substantially occupied.  In addition,
substantially all of the leases contain provisions which entitle the
Partnership to participate in gross receipts of tenants above fixed minimum
amounts.




ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                     JMB INCOME PROPERTIES, LTD. - IV
                          (A LIMITED PARTNERSHIP)
                         AND CONSOLIDATED VENTURE

                                   INDEX



Independent Auditors' Report

Consolidated Balance Sheets, December 31, 1995 and 1994

Consolidated Statements of Operations, years ended December 31, 
  1995, 1994 and 1993

Consolidated Statements of Partners' Capital Accounts (Deficits), 
  years ended December 31, 1995, 1994 and 1993

Consolidated Statements of Cash Flows, years ended December 31, 
  1995, 1994 and 1993

Notes to Consolidated Financial Statements

                                                            Schedule     
                                                            --------     

     Consolidated Real Estate and Accumulated Depreciation. . . .III


Schedules not filed:

     All schedules other than the one indicated in the index have been
omitted as the required information is inapplicable or the information is
presented in the consolidated financial statements or related notes.























                       INDEPENDENT AUDITORS' REPORT



The Partners
JMB INCOME PROPERTIES, LTD. - IV:

     We have audited the consolidated financial statements of JMB Income
Properties, Ltd. - IV (a limited partnership) and consolidated venture as
listed in the accompanying index.  In connection with our audits of the
consolidated financial statements, we also have audited the financial
statement schedule as listed in the accompanying index.  These consolidated
financial statements and financial statement schedule are the
responsibility of the General Partners of the Partnership.  Our
responsibility is to express an opinion on these consolidated financial
statements and financial statement schedule based on our audits.

     We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles
used and significant estimates made by the General Partners of the
Partnership, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis for
our opinion.

     In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial position of
JMB Income Properties, Ltd. - IV and consolidated venture at December 31,
1995 and 1994, and the results of their operations and their cash flows for
each of the years in the three-year period ended December 31, 1995, in
conformity with generally accepted accounting principles.  Also in our
opinion, the related financial statement schedule, when considered in
relation to the basic consolidated financial statements taken as a whole,
presents fairly, in all material respects, the information set forth
therein.






                                          KPMG PEAT MARWICK LLP          


Chicago, Illinois
March 15, 1996



<TABLE>
                                       JMB INCOME PROPERTIES, LTD. - IV
                                            (A LIMITED PARTNERSHIP)
                                           AND CONSOLIDATED VENTURE

                                          CONSOLIDATED BALANCE SHEETS

                                          DECEMBER 31, 1995 AND 1994

                                                    ASSETS
                                                    ------
<CAPTION>
                                                                               1995             1994     
                                                                           ------------     ------------ 
<S>                                                                       <C>              <C>           
Current assets:
  Cash and cash equivalents (note 1). . . . . . . . . . . . . . . . . .    $  6,822,336        3,110,077 
  Short-term investments (note 1) . . . . . . . . . . . . . . . . . . .           --           1,959,761 
  Rents and other receivables . . . . . . . . . . . . . . . . . . . . .         379,877          286,395 
  Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . .          27,086           26,291 
  Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . .          18,880           18,381 
                                                                           ------------     ------------ 
          Total current assets. . . . . . . . . . . . . . . . . . . . .       7,248,179        5,400,905 
                                                                           ------------     ------------ 
Investment property, at cost (notes 2 and 3) - Schedule III:
  Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         429,000          429,000 
  Buildings and improvements. . . . . . . . . . . . . . . . . . . . . .      15,978,029       15,713,486 
                                                                           ------------     ------------ 
                                                                             16,407,029       16,142,486 
  Less accumulated depreciation . . . . . . . . . . . . . . . . . . . .      10,916,302       10,548,112 
                                                                           ------------     ------------ 
          Total investment property,
            net of accumulated depreciation . . . . . . . . . . . . .         5,490,727        5,594,374 

Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . .         100,616          152,595 
Accrued rents receivable (note 1) . . . . . . . . . . . . . . . . . . .         250,554            --    
                                                                           ------------     ------------ 
                                                                           $ 13,090,076       11,147,874 
                                                                           ============     ============ 



                                       JMB INCOME PROPERTIES, LTD. - IV
                                            (A LIMITED PARTNERSHIP)
                                           AND CONSOLIDATED VENTURE

                                    CONSOLIDATED BALANCE SHEETS - CONTINUED

                             LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
                             -----------------------------------------------------

                                                                               1995             1994     
                                                                           ------------     ------------ 
Current liabilities:
  Current portion of long-term debt (notes 2 and 4) . . . . . . . . . .    $    416,495          377,017 
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . .          16,349           36,443 
  Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . .          16,066           19,208 
  Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . .          45,681           43,412 
                                                                           ------------     ------------ 
          Total current liabilities . . . . . . . . . . . . . . . . . .         494,591          476,080 

Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . .          18,845           19,595 
Other long-term liabilities (note 3). . . . . . . . . . . . . . . . . .         820,107          820,107 
Long-term debt, less current portion (notes 2 and 4). . . . . . . . . .       2,834,574        3,251,069 
                                                                           ------------     ------------ 
Commitments and contingencies (notes 4 and 7)

          Total liabilities . . . . . . . . . . . . . . . . . . . . . .       4,168,117        4,566,851 

Venture partner's equity in venture (note 3). . . . . . . . . . . . . .       1,576,047          788,554 
Partners' capital accounts (deficits) (note 5):
  General partners:
     Cumulative net earnings. . . . . . . . . . . . . . . . . . . . . .       2,328,570        2,297,501 
     Cumulative cash distributions. . . . . . . . . . . . . . . . . . .      (3,375,428)      (3,375,428)
                                                                           ------------     ------------ 
                                                                             (1,046,858)      (1,077,927)
                                                                           ------------     ------------ 
  Limited partners (20,005 interests):
     Capital contributions, net of offering costs . . . . . . . . . . .      17,996,292       17,996,292 
     Cumulative net earnings. . . . . . . . . . . . . . . . . . . . . .      38,777,119       37,254,745 
     Cumulative cash distributions. . . . . . . . . . . . . . . . . . .     (48,380,641)     (48,380,641)
                                                                           ------------     ------------ 
                                                                              8,392,770        6,870,396 
                                                                           ------------     ------------ 
          Total partners' capital accounts. . . . . . . . . . . . . . .       7,345,912        5,792,469 
                                                                           ------------     ------------ 

                                                                           $ 13,090,076       11,147,874 
                                                                           ============     ============ 

<FN>
                         See accompanying notes to consolidated financial statements.
</TABLE>


<TABLE>
                                       JMB INCOME PROPERTIES, LTD. - IV
                                            (A LIMITED PARTNERSHIP)
                                           AND CONSOLIDATED VENTURE

                                     CONSOLIDATED STATEMENTS OF OPERATIONS

                                 YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


<CAPTION>
                                                              1995            1994              1993    
                                                          -----------     ------------      ----------- 
<S>                                                      <C>             <C>               <C>          
Income:
  Rental income . . . . . . . . . . . . . . . . . . .     $ 4,348,517        3,740,275        3,858,649 
  Interest income . . . . . . . . . . . . . . . . . .         315,146          168,566          181,624 
                                                          -----------     ------------      ----------- 
                                                            4,663,663        3,908,841        4,040,273 
                                                          -----------     ------------      ----------- 
Expenses:
  Mortgage and other interest . . . . . . . . . . . .         342,698          378,732          414,722 
  Depreciation. . . . . . . . . . . . . . . . . . . .         368,190          366,515          349,635 
  Property operating expenses . . . . . . . . . . . .       1,457,195        1,327,022        1,380,863 
  Professional services . . . . . . . . . . . . . . .          49,400           54,019           67,147 
  Amortization of deferred expenses . . . . . . . . .          58,831           56,546           53,916 
  General and administrative. . . . . . . . . . . . .          46,413           42,984           49,217 
                                                          -----------     ------------      ----------- 
                                                            2,322,727        2,225,818        2,315,500 
                                                          -----------     ------------      ----------- 
        Operating earnings. . . . . . . . . . . . . .       2,340,936        1,683,023        1,724,773 
Venture partner's share of 
  venture operations (note 3) . . . . . . . . . . . .        (787,493)        (560,434)        (439,451)
                                                          -----------     ------------      ----------- 

        Net earnings. . . . . . . . . . . . . . . . .     $ 1,553,443        1,122,589        1,285,322 
                                                          ===========     ============      =========== 
        Net earnings per limited 
         partnership interest (note 1). . . . . . . .     $     76.10            54.99            62.97 
                                                          ===========     ============      =========== 








<FN>
                         See accompanying notes to consolidated financial statements.
</TABLE>


<TABLE>
                                          JMB INCOME PROPERTIES, LTD. - IV
                                               (A LIMITED PARTNERSHIP)
                                              AND CONSOLIDATED VENTURE

                          CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL ACCOUNTS (DEFICITS)

                                    YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<CAPTION>
                                      GENERAL PARTNERS                        LIMITED PARTNERS (20,005 INTERESTS)
                          ---------------------------------------    ---------------------------------------------------
                                                                     CONTRI- 
                                                                     BUTIONS 
                                                                     NET OF                
                            NET          CASH                       OFFERING       NET         CASH     
                          EARNINGS   DISTRIBUTIONS     TOTAL         COSTS       EARNINGS  DISTRIBUTIONS    TOTAL   
                         ----------  -------------  -----------   -----------   ---------- -------------  ----------
<S>                     <C>         <C>            <C>           <C>           <C>         <C>           <C>        
Balance (deficits) 
 December 31, 
 1992 . . . . . . . . .  $2,249,343    (3,093,005)    (843,662)    17,996,292   34,894,992  (46,780,241)  6,111,043 
Net earnings 
 (note 5) . . . . . . .      25,706         --          25,706          --       1,259,616        --      1,259,616 
Cash distributions
 ($55.00 per limited
  partnership
  interest) . . . . . .       --         (194,166)    (194,166)         --           --      (1,100,275) (1,100,275)
                         ----------   -----------  -----------    -----------   ----------  -----------  ---------- 
Balance (deficits) 
 December 31, 
 1993 . . . . . . . . .   2,275,049    (3,287,171)  (1,012,122)    17,996,292   36,154,608  (47,880,516)  6,270,384 

Net earnings
 (note 5) . . . . . . .      22,452         --          22,452         --        1,100,137        --      1,100,137 
Cash distributions
 ($25.00 per limited
  partnership
  interest) . . . . . .       --          (88,257)     (88,257)        --            --        (500,125)   (500,125)
                         ----------   -----------  -----------    -----------   ----------  -----------  ---------- 


                                          JMB INCOME PROPERTIES, LTD. - IV
                                               (A LIMITED PARTNERSHIP)
                                              AND CONSOLIDATED VENTURE

                    CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL ACCOUNTS (DEFICITS) - CONTINUED



                                      GENERAL PARTNERS                        LIMITED PARTNERS (20,005 INTERESTS)
                          ---------------------------------------    ---------------------------------------------------
                                                                     CONTRI- 
                                                                     BUTIONS 
                                                                     NET OF                
                            NET          CASH                       OFFERING       NET         CASH     
                          EARNINGS   DISTRIBUTIONS     TOTAL         COSTS       EARNINGS  DISTRIBUTIONS     TOTAL  
                         ----------  -------------  -----------   -----------   ---------- -------------  ----------
Balance (deficits)
 December 31, 
 1994 . . . . . . . . .  $2,297,501    (3,375,428)  (1,077,927)    17,996,292   37,254,745  (48,380,641)  6,870,396 

Net earnings
 (note 5) . . . . . . .      31,069         --          31,069         --        1,522,374        --      1,522,374 
Cash distributions. . .       --            --           --            --            --           --          --    
                         ----------   -----------  -----------    -----------   ----------  -----------  ---------- 
Balance (deficits)
 December 31, 
 1995 . . . . . . . . .  $2,328,570    (3,375,428)  (1,046,858)    17,996,292   38,777,119  (48,380,641)  8,392,770 
                         ==========   ===========  ===========    ===========   ==========  ===========  ========== 




















<FN>
                            See accompanying notes to consolidated financial statements.
</TABLE>


<TABLE>
                                          JMB INCOME PROPERTIES, LTD. - IV
                                               (A LIMITED PARTNERSHIP)
                                              AND CONSOLIDATED VENTURE

                                        CONSOLIDATED STATEMENTS OF CASH FLOWS

                                    YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<CAPTION>
                                                              1995            1994               1993    
                                                          -----------      -----------       ----------- 
<S>                                                      <C>              <C>               <C>          
Cash flows from operating activities:
  Net earnings. . . . . . . . . . . . . . . . . . . .     $ 1,553,443        1,122,589         1,285,322 
  Items not requiring (providing) cash 
   or cash equivalents:
    Depreciation. . . . . . . . . . . . . . . . . . .         368,190          366,515           349,635 
    Amortization of deferred expenses . . . . . . . .          58,831           56,546            53,916 
    Venture partner's share of venture operations . .         787,493          560,434           439,451 
    Accrued rents receivable. . . . . . . . . . . . .        (250,554)           --                --    
  Changes in:
    Rents and other receivables . . . . . . . . . . .         (93,482)          21,868           (11,964)
    Prepaid expenses. . . . . . . . . . . . . . . . .            (795)           3,896            33,840 
    Escrow deposits . . . . . . . . . . . . . . . . .            (499)           3,704            (4,507)
    Accounts payable. . . . . . . . . . . . . . . . .         (20,094)        (237,162)          217,651 
    Accrued interest. . . . . . . . . . . . . . . . .          (3,142)          (2,844)           (1,716)
    Unearned rents. . . . . . . . . . . . . . . . . .           2,269            --                --    
    Tenant security deposits. . . . . . . . . . . . .            (750)           3,208            (4,219)
                                                          -----------      -----------       ----------- 
          Net cash provided by operating activities .       2,400,910        1,898,754         2,357,409 
                                                          -----------      -----------       ----------- 
Cash flows from investing activities:
  Net sales and maturities (purchases) of 
    short-term investments. . . . . . . . . . . . . .       1,959,761          941,085        (2,299,491)
  Additions to investment properties  . . . . . . . .        (264,543)        (139,078)       (1,243,127)
  Collection of mortgage note receivable (note 6) . .           --               --            1,250,000 
  Payment of deferred expenses. . . . . . . . . . . .          (6,852)          (7,891)          (10,007)
                                                          -----------      -----------       ----------- 
          Net cash provided by (used in) 
            investing activities. . . . . . . . . . .       1,688,366          794,116        (2,302,625)
                                                          -----------      -----------       ----------- 
Cash flows from financing activities:
  Principal payments on long-term debt. . . . . . . .        (377,017)        (341,280)         (308,931)
  Distributions to venture partners . . . . . . . . .           --               --             (207,405)
  Distributions to limited partners . . . . . . . . .           --            (500,125)       (1,100,275)
  Distributions to general partners . . . . . . . . .           --             (88,257)         (194,166)
                                                          -----------      -----------       ----------- 
          Net cash used in financing activities . . .        (377,017)        (929,662)       (1,810,777)
                                                          -----------      -----------       ----------- 


                                          JMB INCOME PROPERTIES, LTD. - IV
                                               (A LIMITED PARTNERSHIP)
                                              AND CONSOLIDATED VENTURE

                                  CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED



                                                              1995            1994               1993    
                                                          -----------      -----------       ----------- 

          Net increase (decrease) in cash 
            and cash equivalents. . . . . . . . . . .       3,712,259        1,763,208        (1,755,993)
          Cash and cash equivalents, 
            beginning of year . . . . . . . . . . . .       3,110,077        1,346,869         3,102,862 
                                                          -----------      -----------       ----------- 
          Cash and cash equivalents, 
            end of year . . . . . . . . . . . . . . .     $ 6,822,336        3,110,077         1,346,869 
                                                          ===========      ===========       =========== 
Supplemental disclosure of 
 cash flow information:
  Cash paid for mortgage and other interest . . . . .     $   345,840          381,576           416,438 
                                                          ===========      ===========       =========== 
  Non-cash investing and financing activities . . . .     $     --               --                --    
                                                          ===========      ===========       =========== 























<FN>
                            See accompanying notes to consolidated financial statements.
</TABLE>


                     JMB INCOME PROPERTIES, LTD. - IV
                          (A LIMITED PARTNERSHIP)
                         AND CONSOLIDATED VENTURE

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                     DECEMBER 31, 1995, 1994 AND 1993




(1)  OPERATIONS AND BASIS OF ACCOUNTING

     The Partnership holds (through a joint venture) an ownership in a
shopping center in Huntsville, Alabama.  Business activities consist of
rentals to a variety of retail companies, and the ultimate sale or
disposition of such real estate.  The Partnership currently expects to
conduct an orderly liquidation of its remaining investment and wind up its
affairs not later than December 31, 1999.  The accompanying consolidated
financial statements include the accounts of the Partnership and its
venture, Huntsville Mall Associates ("Huntsville") (note 3).  The effect of
all transactions between the Partnership and its venture has been
eliminated.

     The Partnership's records are maintained on the accrual basis of
accounting as adjusted for Federal income tax reporting purposes.  The
accompanying consolidated financial statements have been prepared from such
records after making appropriate adjustments to present the Partnership's
accounts in accordance with generally accepted accounting principles
("GAAP") and to consolidate the accounts of the venture as described above.
Such GAAP and consolidation adjustments are not recorded on the records of
the Partnership.  The net effect of these items for the years ended
December 31, 1995 and 1994 is summarized as follows:




<TABLE>

<CAPTION>
                                                     1995                               1994            
                                                    -------------------------------------------------------------
                                                           TAX BASIS  
                                         GAAP BASIS       (Unaudited)       GAAP BASIS        TAX BASIS 
                                        ------------      -----------      ------------      -----------
<S>                                    <C>                <C>             <C>               <C>         
Total assets. . . . . . . . . . . .      $13,090,076        7,040,870       11,147,874        5,621,871 
Partners' capital 
 accounts (deficits):
  General partners. . . . . . . . .       (1,046,858)         (32,882)      (1,077,927)         (61,262)
  Limited partners. . . . . . . . .        8,392,770        7,078,320        6,870,396        5,687,702 
Net earnings
 (note 5):
  General partners. . . . . . . . .           31,069           28,380           22,452           22,777 
  Limited partners. . . . . . . . .        1,522,374        1,390,618        1,100,137        1,133,851 
Net earnings
 per limited 
 partnership 
 interest . . . . . . . . . . . . .            76.10            69.51            54.99            56.68 
                                        ============      ===========      ===========       ========== 

</TABLE>


     The net earnings per limited partnership interest ("Interest") is
based upon the number of Interests outstanding at the end of each period
(20,005).  Deficit partners' capital accounts will result, through the
duration of the Partnership, in net gain for financial reporting and income
tax purposes.

     Certain amounts in the 1994 and 1993 consolidated financial statements
have been reclassified to conform to the 1995 presentation.

     The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reported period.  Actual results could differ from those
estimates.

     Statement of Financial Accounting Standards No. 95 requires the
Partnership to present a statement which classifies receipts and payments
according to whether they stem from operating, investing or financing
activities.  The required information has been segregated and accumulated
according to the classifications specified in the pronouncement.  In
addition, the Partnership records investments held in U.S. Government
obligations at cost, which approximates market.  For the purpose of these
statements, the Partnership's policy is to consider all such amounts held
with original maturities of three months or less ($6,481,490 and $3,049,976
at December 31, 1995 and 1994, respectively) as cash equivalents, with any
remaining amounts (generally with original maturities of one year or less)
reflected as short-term investments being held to maturity.

     Deferred expenses consist of leasing fees which are amortized over the
term of the related leases using the straight-line method.

     Although periodic interest on the Partnership's promissory note
received in connection with the Holly Hill Mall sale (see note 6) was
scheduled to increase over the term of the note, the Partnership had
accrued interest income for the full term of the note on a straight-line
basis.

     Although certain leases of the Partnership provide for tenant
occupancy during periods for which no rent is due and/or increases in
minimum lease payments over the term of the lease, the Partnership accrues
rental income for the full period of occupancy on a straight-line basis. 
Such amounts are reflected in accrued rents receivable in the accompanying
balance sheets.

     Statement of Financial Accounting Standards No. 107 ("SFAS 107"),
"Disclosures about Fair Value of Financial Instruments", requires all
entities to disclose the SFAS 107 value of all financial assets and
liabilities for which it is practicable to estimate.  Value is defined in
the Statement as the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or
liquidation sale.  The Partnership believes the carrying amount of its
financial instruments classified as current assets and liabilities
(excluding current portion of long-term debt) approximates SFAS 107 value
due to the relatively short maturity of these instruments.  There is no
quoted market value available for any of the Partnership's other
instruments.  The debt, with a carrying balance of $3,251,069, has been
calculated to have an SFAS 107 value of $3,471,664 by discounting the
scheduled loan payments to maturity.  Due to restrictions on
transferability and prepayment and other property specific competitive
conditions, the Partnership would be unable to refinance these properties
to obtain such calculated debt amounts reported.  (See note 4.)  Other
long-term liabilities, as described in Note 3, represents non-interest
bearing loans payable to the venture partner.  Such loans are to be repaid
upon sale of the property.  Since the date of sale is not determinable at
December 31, 1995, no estimate of the fair value is practicable.  The
Partnership has no other significant financial instruments.

     No provision for state or Federal income taxes has been made as the
liability for such taxes is that of the partners rather than the
Partnership.  However, in certain instances, the Partnership has been
required under applicable law to remit directly to the taxing authorities
amounts representing withholding from distributions paid to partners.


(2)  INVESTMENT PROPERTIES

     The Partnership initially acquired, either directly or through joint
ventures (note 3), three shopping centers and three office buildings, five
of which properties have been sold as of December 31, 1995.  The remaining
property owned at December 31, 1995, the Parkway City Mall shopping center,
is in operation.  The cost of the investment property represents the total
cost to the Partnership or its venture, including miscellaneous acquisition
costs.

     Depreciation on the properties during the period of ownership has been
provided over the estimated useful lives of the various components as
follows:
                                                                YEARS
                                                                -----

          Buildings and improvements -- straight-line . . . .    5-30
                                                                 ====

     Maintenance and repairs are generally charged to operations as
incurred.  Significant betterments and improvements are capitalized and
depreciated over their estimated useful lives.

     Under the Partnership's current impairment policy, provisions for
value impairment are recorded with respect to investment properties
pursuant to Statement of Financial Accounting Standards No. 121 ("SFAS
121") "Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to Be Disposed Of".  Therefore, the Partnership does not
anticipate any effect on its consolidated financial statements upon full
adoption of SFAS 121 as required in the first quarter of 1996.

     The remaining investment property of the Partnership is pledged as
security for the long-term debt, for which there is no recourse to the
Partnership, as described in note 4.


(3)  VENTURE AGREEMENT - HUNTSVILLE

     The Partnership is a general partner in Huntsville.  In 1976,
Huntsville purchased a shopping center, the Parkway City Mall, in
Huntsville, Alabama for $10,024,458.  The Partnership has contributed
approximately $3,450,000 to Huntsville through 1995.

     In 1979, the original venture partner sold its interest in Huntsville,
for which the Partnership had the right of first refusal, to affiliates of
the General Partners of the Partnership for $1,050,000 in cash.

     Net cash receipts (as defined) of Huntsville are distributed as
follows: the first $83,455 is distributable to the Partnership; the next
$343,750 is distributable $275,000 to the Partnership and $68,750 to the
venture partner, and any remaining net cash receipts are distributable 60%
to the Partnership and 40% to the venture partner.  The Partnership
received distributions of prior years' net cash receipts of approximately
$311,000 in 1993 (see below).  The Partnership has a preferred position
(related to the Partnership's cash investment in Huntsville) with respect
to distribution of sale or refinancing proceeds from Huntsville.

     In prior years, the venture partners made non-interest bearing loans
(70% funded by the Partnership) to the venture to fund an expansion of the
property and certain other improvements.  The loans are to be repaid from
net sales proceeds.  Other long-term liabilities consist of the non-
interest bearing loan payable to the venture partner.

     A major tenant at the Parkway City Mall shopping center reached an
agreement to extend its lease for ten years, from September 1, 1994 through
August 31, 2004.  In consideration for such lease extension, Huntsville
paid a $500,000 tenant allowance to this tenant in 1993 to remodel the
interior and exterior of its store, such work having been completed in
September 1993.  In January 1994, another major tenant at the shopping
center exercised its option to extend its lease for five years, from
February 1, 1995 through January 31, 2000.  Huntsville has discontinued its
distributions effective with the first quarter of 1993 to preserve working
capital, a portion of which was used for a limited renovation (completed in
December 1993) of the shopping center and the above-mentioned tenant
allowance.  Additionally, as occupancy of the property is 86% at December
31, 1995, significant leasing costs are expected to be required in
conjunction with Huntsville's continuing efforts to lease vacant space at
the property.

     Huntsville's operating profits (other than depreciation expense) are
allocated to the Partnership (to a maximum of 80%) in relation to
distributions of net cash receipts.  Huntsville's operating losses are
allocated to the Partnership to the extent of 80%.  Net earnings of
Huntsville in 1995, 1994 and 1993 were allocated 66%, 67% and 74%, respec-
tively, to the Partnership.

     The Partnership entered into an agreement with an affiliate of the
General Partners for the operation and management of the Parkway City Mall.

Such agreement provides for management fees equal to 5% of the property's
gross receipts.


(4)  LONG-TERM DEBT

     Long-term debt consists of the following at December 31, 1995 and
1994:

                                           1995               1994    
                                       -----------        ----------- 
10% mortgage note, fully
 amortized when due December 
 2001, secured by the Parkway 
 City Mall shopping center in 
 Huntsville, Alabama; payable 
 in monthly installments of 
 $60,238, including interest. . . . .  $ 3,251,069          3,628,086 
        Less current portion of 
          long-term debt. . . . . . .      416,495            377,017 
                                       -----------        ----------- 
          Total long-term debt. . . .  $ 2,834,574          3,251,069 
                                       ===========        =========== 

     Five-year maturities of long-term debt are summarized as follows:

                     1996 . . . . . . . . . .        $416,495
                     1997 . . . . . . . . . .         460,108
                     1998 . . . . . . . . . .         508,287
                     1999 . . . . . . . . . .         561,511
                     2000 . . . . . . . . . .         620,309
                                                     ========

(5)  PARTNERSHIP AGREEMENT

     Pursuant to the terms of the Partnership Agreement, net profits or
losses of the Partnership from operations are allocated 98% to the Limited
Partners and 2% to the General Partners.  Profits from the sale or
refinancing of investment properties are allocated to the General Partners
in an amount equal to the greater of 1% of such profits or any cash
distributions from such sale or refinancing paid to the General Partners. 
Losses from the sale or refinancing of investment properties are allocated
1% to the General Partners.  The remaining profits and losses from a sale
or refinancing are allocated to the Limited Partners.  However, if at any


time profits are realized by the Partnership, any current or anticipated
event that would cause the deficit balance in absolute amount in the
Capital Account of the General Partners to be greater than their share of
the Partnership's indebtedness (as defined) after such event, then the
allocation of Profits to the General Partners shall be increased to the
extent necessary to cause the deficit balance in the Capital Account of the
General Partners to be no less than their respective shares of the
Partnership's indebtedness (as defined) after such event.

     The General Partners are not required to make any capital contri-
butions except under certain limited circumstances upon termination of the
Partnership.  Distributions of "cash flow" of the Partnership are allocated
90% to the Limited Partners and 10% to the General Partners (of which 5%
constitutes a management fee to the Managing General Partner for services
in managing the Partnership).  However, such management fees and a portion
of such distributions to the General Partners were subordinated to the
Limited Partners' receipt of a stipulated return on capital.

     After the Limited Partners' receipt of their contributed capital plus
a stipulated return thereon (which had been received as of December 31,
1985) distributions of proceeds arising from the sale or refinancing of
investment properties are allocated 85% to the Limited Partners and 15% to
the General Partners.  In addition, the General Partners are entitled to
receive distributions in an amount up to 3/4 of 1% of the selling price of
a property in the event of a sale.

(6)  SALE OF INVESTMENT PROPERTY

     Holly Hill Mall

     In December 1992, the Partnership sold the Holly Hill Mall shopping
center located in Burlington, North Carolina.  A portion of the sale price
was represented by a $1,250,000 promissory note which provided for monthly
payments, in arrears, of 7% through May 31, 1993 and 11% thereafter and was
scheduled to be due November 30, 1994.  The purchaser of the property made
a $200,000 principal prepayment in May 1993 and prepaid the remaining
$1,050,000 principal balance in December 1993.  All of the gain for
financial reporting purposes and for Federal income tax reporting purposes
was recognized in 1992.

(7)  LEASES

     As Property Lessor

     At December 31, 1995, the Partnership's and its consolidated venture's
principal assets consist of one shopping center.  The Partnership has
determined that all leases relating to this property are properly
classified as operating leases; therefore, rental income is reported when
earned and the cost of the property, excluding the cost of land, is
depreciated over the estimated useful lives.  Leases with tenants range
from one to ten remaining years and provide for fixed minimum rent and
partial reimbursement of operating costs.  In addition, leases with certain
shopping center tenants provide for additional rent based upon percentages
of tenants' sales volumes.  With respect to this shopping center
investment, a substantial portion of the ability of retail tenants to honor
their leases is dependent upon the retail economic sector.

     Minimum lease payments, including amounts representing executory costs
(e.g., taxes, maintenance, insurance), and any related profit in excess of
specific reimbursements, to be received in the future under the above
commercial operating lease agreements are as follows:

             1996 . . . . . . . . . . . . . . .    $ 2,264,178
             1997 . . . . . . . . . . . . . . .      1,940,175
             1998 . . . . . . . . . . . . . . .      1,770,931
             1999 . . . . . . . . . . . . . . .      1,729,870
             2000 . . . . . . . . . . . . . . .      1,524,501
             Thereafter . . . . . . . . . . . .      2,545,012
                                                   -----------
                                                   $11,774,667
                                                   ===========

     Additional contingent rent (based on sales by property tenants)
included in rental income is as follows:

             1993 . . . . . . . . . . . . . . .       $449,094
             1994 . . . . . . . . . . . . . . .        368,369
             1995 . . . . . . . . . . . . . . .        398,370
                                                      ========


(8)  TRANSACTIONS WITH AFFILIATES

     Fees, commissions, and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of December 31,
1995 and for the years ended December 31, 1995, 1994 and 1993 are as
follows:



<TABLE>

<CAPTION>
                                                                                              UNPAID AT  
                                                                                             DECEMBER 31,
                                                 1995           1994            1993            1995     
                                               --------       --------        --------     --------------
<S>                                           <C>            <C>             <C>          <C>            
Property management fees. . . . . . . .        $197,122        182,809         187,020            --     
Insurance commissions . . . . . . . . .          10,113          9,488           6,344            --     
Reimbursement (at cost) for 
 out-of-pocket expenses . . . . . . . .           2,294            543           2,138            --     
                                               --------       --------        --------       ----------  
                                               $209,529        192,840         195,502            --     
                                               ========       ========        ========       ==========  
<FN>

     Any amounts payable to the General Partners and their affiliates do not bear interest and would be paid in
future periods.

     Effective October 1, 1995, the Managing General Partner of the Partnership engaged independent third parties
to perform certain administrative services for the Partnership which were previously performed by affiliates of
the General Partners.  Use of such third parties is not expected to have a material effect on the operations of
the Partnership.

</TABLE>


<TABLE>

                                                                                              SCHEDULE III     

                                       JMB INCOME PROPERTIES, LTD. - IV
                                            (A LIMITED PARTNERSHIP)
                                           AND CONSOLIDATED VENTURE

                             CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION

                                               DECEMBER 31, 1995


<CAPTION>

                                                            COSTS     
                                                         CAPITALIZED  
                                 INITIAL COST TO          SUBSEQUENT           GROSS AMOUNT AT WHICH CARRIED  
                                 PARTNERSHIP (A)       TO ACQUISITION              AT CLOSE OF PERIOD (B)     
                            -------------------------   --------------    ------------------------------------
                                          BUILDINGS       BUILDINGS                    BUILDINGS              
                                            AND             AND                           AND                 
                ENCUMBRANCE       LAND   IMPROVEMENTS   IMPROVEMENTS          LAND    IMPROVEMENTS   TOTAL (D)
                -----------    --------- ------------  ---------------     ---------  ------------  ----------
<S>            <C>             <C>      <C>            <C>                <C>        <C>           <C>        

SHOPPING CENTER:

Huntsville, 
 Alabama (C).    $3,251,069      429,000    9,095,458        6,882,571       429,000    15,978,029  16,407,029
                 ==========     ========   ==========      ===========      ========    ==========  ==========



</TABLE>


<TABLE>
                                                                                  SCHEDULE III - CONTINUED     

                                       JMB INCOME PROPERTIES, LTD. - IV
                                            (A LIMITED PARTNERSHIP)
                                           AND CONSOLIDATED VENTURE

                       CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED


<CAPTION>
                                                                                    LIFE ON WHICH
                                                                                    DEPRECIATION 
                                                                                     IN LATEST   
                                                                                    STATEMENT OF       1995   
                                     ACCUMULATED            DATE OF      DATE        OPERATIONS    REAL ESTATE
                                    DEPRECIATION(E)      CONSTRUCTION  ACQUIRED     IS COMPUTED       TAXES   
                                   ----------------      ------------ ----------  ---------------  -----------
<S>                               <C>                   <C>          <C>         <C>              <C>         

SHOPPING CENTER:

Huntsville, 
 Alabama (C). . . . . . . . . . . .     $10,916,302        1975/1979     2/27/76       5-35 years      188,593
                                        ===========                                                    =======
<FN>
------------------

Notes:
       (A)   The initial cost to the Partnership represents the original purchase price of the property.

       (B)   The aggregate cost of real estate owned at December 31, 1995 for federal income tax purposes 
             was approximately $16,895,000.

       (C)   This property is owned and operated by a joint venture; see Note 3.

</TABLE>


<TABLE>                                                                           SCHEDULE III - CONTINUED     
                                       JMB INCOME PROPERTIES, LTD. - IV
                                            (A LIMITED PARTNERSHIP)
                                           AND CONSOLIDATED VENTURE

                       CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED


        (D)   Reconciliation of real estate owned:

<CAPTION>
                                                                1995            1994              1993    
                                                            -----------     ------------     ------------ 
              <S>                                          <C>             <C>              <C>           

              Balance at beginning of period. . . . . .     $16,142,486       16,003,408       14,760,281 
              Additions during period . . . . . . . . .         264,543          139,078        1,243,127 
                                                            -----------     ------------     ------------ 
              Balance at end of period. . . . . . . . .     $16,407,029       16,142,486       16,003,408 
                                                            ===========     ============     ============ 
        (E)   Reconciliation of accumulated depreciation:

              Balance at beginning of period. . . . . .     $10,548,112       10,181,597        9,831,962 
              Depreciation expense. . . . . . . . . . .         368,190          366,515          349,635 
                                                            -----------     ------------     ------------ 

              Balance at end of period. . . . . . . . .     $10,916,302       10,548,112       10,181,597 
                                                            ===========     ============     ============ 


</TABLE>


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING 
         AND FINANCIAL DISCLOSURE

     There were no changes in or disagreements with, accountants during
fiscal year 1994 and 1995.


                                 PART III


ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP

     The Managing General Partner of the Partnership is JMB Realty
Corporation ("JMB"), a Delaware corporation, substantially all of the
outstanding stock of which is owned, directly or indirectly, by certain of
its officers and directors and members of their families.  JMB has
responsibility for all aspects of the Partnership's operations, subject to
the requirement that sales of real property must be approved by Messrs.
Neil G. Bluhm and Judd D. Malkin as individual general partners of the
Partnership.  The Partnership is subject to certain conflicts of interest
arising out of its relationships with the General Partners and their
affiliates as well as the fact that the General Partners and their
affiliates are engaged in a range of real estate activities.  Certain
services have been and may in the future be provided to the Partnership or
its investment properties by affiliates of the General Partners, including
property management services and insurance brokerage services.  In general,
such services are to be provided on terms no less favorable to the
Partnership than could be obtained from independent third parties and are
otherwise subject to conditions and restrictions contained in the
Partnership Agreement.  The Partnership Agreement permits the General
Partners and their affiliates to provide services to, and otherwise deal
and do business with, persons who may be engaged in transactions with the
Partnership, and permits the Partnership to borrow from, purchase goods and
services from, and otherwise to do business with, persons doing business
with the General Partners or their affiliates.  The General Partners and
their affiliates may be in competition with the Partnership under certain
circumstances, including, in certain geographical markets, for tenants for
properties and/or for the sale of properties.  Because the timing and
amount of cash distributions and profits and losses of the Partnership may
be affected by various determinations by the General Partners under the
Partnership Agreement, including whether and when to sell or refinance a
property, the establishment and maintenance of reasonable reserves, the
timing of expenditures and the allocation of certain tax items under the
Partnership Agreement, the General Partners may have a conflict of interest
with respect to such determinations.

     The names, positions held and length of service therein of each
director and the executive and certain other officers of the Managing
General Partner are as follows:

                                                          SERVED IN 
NAME                       OFFICE                         OFFICE SINCE
----                       ------                         ------------
Judd D. Malkin             Chairman                       5/03/71
                           Director                       5/03/71
                           Chief Financial Officer        2/22/96
Neil G. Bluhm              President                      5/03/71
                           Director                       5/03/71
Burton E. Glazov           Director                       7/01/71
Stuart C. Nathan           Executive Vice President       5/08/79
                           Director                       3/14/73
A. Lee Sacks               Director                       5/09/88
John G. Schreiber          Director                       3/14/73
H. Rigel Barber            Executive Vice President       1/02/87
                           Chief Executive Officer        8/01/93
Glenn E. Emig              Executive Vice President       1/01/93
                           Chief Operating Officer        1/01/95
Gary Nickele               Executive Vice President       1/01/92
                           General Counsel                2/27/84
Gailen J. Hull             Senior Vice President          6/01/88
Howard Kogen               Senior Vice President          1/02/86
                           Treasurer                      1/01/91

     There is no family relationship among any of the foregoing directors
or officers.  The foregoing directors have been elected to serve a one-year
term until the annual meeting of the Managing General Partner to be held on
June 5, 1996.  All of the foregoing officers have been elected to serve
one-year terms until the first meeting of the Board of Directors held after
the annual meeting of the Managing General Partner to be held on June 5,
1996.  There are no arrangements or understandings between or among any of
said directors or officers and any other person pursuant to which any
director or officer was elected as such.

     JMB is the corporate general partner of Carlyle Real Estate Limited
Partnership-VII ("Carlyle-VII"), Carlyle Real Estate Limited Partnership-IX
("Carlyle-IX"), Carlyle Real Estate Limited Partnership-X ("Carlyle-X"),
Carlyle Real Estate Limited Partnership-XI ("Carlyle-XI"), Carlyle Real
Estate Limited Partnership-XII ("Carlyle-XII"), Carlyle Real Estate Limited
Partnership-XIII ("Carlyle-XIII"), Carlyle Real Estate Limited
Partnership-XIV ("Carlyle-XIV"), Carlyle Real Estate Limited Partnership-XV
("Carlyle-XV"), Carlyle Real Estate Limited Partnership-XVI
("Carlyle-XVI")), Carlyle Real Estate Limited Partnership-XVII ("Carlyle-
XVII"), Carlyle Income Plus, Ltd. ("Carlyle Income Plus"), Carlyle Income
Plus, L.P.-II ("Carlyle Income Plus-II"), JMB Mortgage Partners, Ltd.
("Mortgage Partners"), JMB Mortgage Partners, Ltd.-II ("Mortgage
Partners-II"), JMB Mortgage Partners, Ltd.-III ("Mortgage Partners-III"),
JMB Mortgage Partners, Ltd-IV ("Mortgage Partners-IV"), and the managing
general partner of JMB Income Properties, Ltd.-V ("JMB Income-V"), JMB
Income Properties, Ltd.-VI ("JMB Income-VI"), JMB Income Properties,
Ltd.-VII ("JMB Income-VII"), JMB Income Properties, Ltd.-IX ("JMB
Income-IX"), JMB Income Properties, Ltd.-X ("JMB Income-X"), JMB Income
Properties, Ltd.-XI ("JMB Income-XI"), JMB Income Properties, Ltd.-XII
("JMB Income-XII") and JMB Income Properties, Ltd-XIII ("JMB Income-XIII").

JMB is also the sole general partner of the associate general partner of
most of the foregoing partnerships.  Most of the foregoing directors and
officers are also officers and/or directors of various affiliated companies
of JMB including Income Growth Managers, Inc. (the corporate general
partner of IDS/JMB Balanced Income Growth, Ltd. ("IDS/BIG")), Arvida/JMB
Managers, Inc. (the general partner of Arvida/JMB Partners, L.P.
("Arvida")) and Arvida/JMB Managers-II, Inc. (the general partner of
Arvida/JMB Partners, L.P.-II ("Arvida-II")).  Most of such directors and
officers are also partners of certain partnerships which are associate
general partners in the following real estate limited partnerships: 
Carlyle-VII, Carlyle-IX, Carlyle-X, Carlyle-XI, Carlyle-XII, Carlyle-XIII,
Carlyle-XIV, Carlyle-XV, Carlyle-XVI, Carlyle-XVII, JMB Income-VI, JMB
Income-VII, JMB Income-IX, JMB Income-X, JMB Income-XI, JMB Income-XII, JMB
Income-XIII, Mortgage Partners, Mortgage Partners-II, Mortgage
Partners-III, Mortgage Partners-IV, Carlyle Income Plus, Carlyle Income
Plus-II and IDS/BIG.

     The business experience during the past five years of each such
director and officer of the Managing General Partner of the Partnership in
addition to that described above is as follows:

     Judd D. Malkin (age 58) is an individual general partner of JMB
Income-V.  Mr. Malkin has been associated with JMB since October 1969.  Mr.
Malkin is a director of Urban Shopping Centers, Inc., an affiliate of JMB
that is a real estate investment trust in the business of owning, managing
and developing shopping centers.  He is a Certified Public Accountant.

     Neil G. Bluhm (age 58) is an individual general partner of JMB
Income-V.  Mr. Bluhm has been associated with JMB since August 1970.  Mr.
Bluhm is a director of Urban Shopping Centers, Inc., an affiliate of JMB
that is a real estate investment trust in the business of owning, managing
and developing shopping centers.  He is a member of the Bar of the State of
Illinois and a Certified Public Accountant.

     Burton E. Glazov (age 57) has been associated with JMB since June
1971, and served as an Executive Vice President of JMB until December of
1990.  He is a member of the Bar of the State of Illinois and a Certified
Public Accountant.

     Stuart C. Nathan (age 54) has been associated with JMB since July
1972.  Mr. Nathan is also a director of Sportmart Inc., a retailer of
sporting goods.  He is a member of the Bar of the State of Illinois.

     A. Lee Sacks (age 62) (President and Director of JMB Insurance Agency,
Inc.) has been associated with JMB since December 1972.

     John G. Schreiber (age 49) has been associated with JMB since December
1970, and served as an Executive Vice President for JMB until December
1990.  Mr. Schreiber is President of Schreiber Investments, Inc., a company
which is engaged in the real estate investing business.  He is also a
senior advisor and partner of Blackstone Real Estate Partners, an affiliate
of the Blackstone Group, L.P.  Since 1994, Mr. Schreiber has also served as
a Trustee of Amli Residential Property Trust, a publicly-traded real estate
investment trust that invests in multi-family properties.   Mr. Schreiber
is also a director of Urban Shopping Centers, Inc., an affiliate of JMB
that is a real estate investment trust in the business of owning, managing
and developing shopping centers.  He is also a director of a number of
investment companies advised or managed by T. Rowe Price Associates and its
affiliates.  He holds a Masters degree in Business Administration from
Harvard University Graduate School of Business.

     H. Rigel Barber (age 46) has been associated with JMB since March
1982.  He holds a J.D. degree from the Northwestern Law School and is a
member of the Bar of the State of Illinois.

     Glenn E. Emig (age 48) has been associated with JMB since December
1979.  Prior to becoming Executive Vice President of JMB in 1993, Mr. Emig
was Executive Vice President and Treasurer of JMB Institutional Realty
Corporation.  He holds a Masters degree in Business Administration from the
Harvard University Graduate School of Business and is a Certified Public
Accountant.

     Gary Nickele (age 43) has been associated with JMB since February
1984.  He holds a J.D. degree from the University of Michigan Law School
and is a member of the Bar of the State of Illinois.

     Gailen J. Hull (age 47) has been associated with JMB since March 1982.

He holds a Masters degree in Business Administration from Northern Illinois
University and is a Certified Public Accountant.

     Howard Kogen (age 60) has been associated with JMB since March 1973. 
He is a Certified Public Accountant.



ITEM 11.  EXECUTIVE COMPENSATION

     The Partnership has no officers or directors.  The Partnership is
required to pay a management fee to the Managing General Partner and the
General Partners are entitled to receive a share of cash distributions,
when and as cash distributions are made to the Limited Partners, and a
share of profits or losses.  Reference is also made to Notes 5 and 8 for a
description of such transactions, distributions and allocations.  In 1995,
1994 and 1993, no cash distributions from operations were paid to the
General Partners.  No management fees were due to the Managing General
Partner for 1995, 1994 and 1993.  The General Partners received a sale
distribution of $88,257 in 1994 from the proceeds of the sale of the Holly
Hill Mall shopping center (see Notes 5 and 6).  The General Partners also
received a share of the Partnership's earnings for tax purposes aggregating
$28,380 in 1995.

     JMB Insurance Agency, Inc., an affiliate of the Managing General
Partner of the Partnership, earned insurance brokerage commissions in 1995
aggregating $10,113, all of which was paid at December 31, 1995, in
connection with providing insurance coverage for certain of the real
property investments of the Partnership.  Such commissions are at rates set
by insurance companies for the classes of coverage involved.

     Urban Retail Properties Company, an affiliate of the Managing General
Partner, provided property management services to the Partnership in 1995
for the Parkway City Mall investment property at a fee calculated at 5% of
gross income from such property.  In 1995, such affiliate earned property
management fees of $197,122 for such services, all of which was paid at
December 31, 1995.  As set forth in the Prospectus of the Partnership, the
Managing General Partner must negotiate such agreements on terms no less
favorable to the Partnership than those customarily charged for similar
services in the relevant geographical area (but in no event at rates
greater than 5% of the gross income from a property), and such agreements
must be terminable by either party thereto, without penalty upon 60 days'
notice.

     The General Partners of the Partnership and their affiliates may be
reimbursed for their direct expenses relating to the administration of the
Partnership and the operation of the Partnership's real property
investments.  In 1995, the Managing General Partner of the Partnership and
its affiliates were due reimbursement for such out-of-pocket expenses in
the amount of $2,294, all of which was paid at December 31, 1995.

     The Partnership is permitted to engage in various transactions
involving affiliates of the Managing General Partner of the Partnership. 
The relationship of the Managing General Partner (and its directors and
officers) to its affiliates is set forth in Item 10 above and Exhibit 21
hereto.


<TABLE>
<CAPTION>
ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     (a)  The following group is known by the Partnership to own beneficially more than 5% of the outstanding
Interests of the Partnership.

                               NAME OF                        AMOUNT AND NATURE
                               BENEFICIAL                     OF BENEFICIAL              PERCENT
TITLE OF CLASS                 OWNER                          OWNERSHIP                  OF CLASS 
--------------                 ----------                     -----------------          --------
<S>                            <C>                            <C>                        <C>
Limited                        Liquidity Fund Investment      1,800.5 Interests            9.00%
Partnership                    Corporation                    indirectly (as invest-
Interests                      1900 Powell Street             ment manager or, through
                               Suite 730                      affiliated entities,
                               Emeryville, California 94608   general partner of 11
                                                              separate investment
                                                              funds)
</TABLE>
<TABLE>
<CAPTION>
     (b)  The Managing General Partner, its officers and directors and the individual General Partners own the
following Interests of the Partnership:

                               NAME OF                        AMOUNT AND NATURE
                               BENEFICIAL                     OF BENEFICIAL              PERCENT
TITLE OF CLASS                 OWNER                          OWNERSHIP                  OF CLASS 
--------------                 ----------                     -----------------          --------
<S>                            <C>                            <C>                        <C>
Limited Partnership            JMB Realty Corporation         5 Interests                Less than 1%
   Interests                                                     directly
Limited Partnership            Managing General Partner,      5 Interests                Less than 1%
   Interests                   its officers and                  directly
                               directors and the
                               individual General
                               Partners as a group
<FN>
     No officer or director of the Managing General Partner of the Partnership possesses a right to acquire
beneficial ownership of Interests of the Partnership.

     (c)  There exists no arrangement, known to the Partnership, the operation of which may at a subsequent date
result in a change in control of the Partnership.


</TABLE>


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     There were no significant transactions or business relationships with
the Managing General Partner, affiliates or their management other than
those described in Items 10 and 11 above.


                                  PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

         (a) The following documents are filed as part of this report:

             (1)   Financial Statements.  (See Index to Financial
Statements filed with this annual report).

             (2)   Exhibits.

                   3-A.* The Prospectus of the Partnership dated July 26,
1976, as supplemented August 19, 1976, September 16, 1976, and September
21, 1976, filed with the Commission pursuant to Rules 424(b) and 424(c), is
hereby incorporated herein by reference.  Pages 9-14, 70-71, 75-76 and A-6
to A-16 are hereby incorporated herein by reference.

                   3-B.* Amended and Restated Agreement of Limited
Partnership set forth as Exhibit A to the Prospectus, and which agreement
is hereby incorporated herein by reference.

                   4.    Mortgage Note between Huntsville Mall Associates
and New York Life Insurance Company, dated November 19, 1976, secured by
the Parkway City Mall in Huntsville, Alabama is hereby incorporated herein
by reference to the Partnership's Prospectus filed on Form S-11 (File No.
2-55624) dated July 26, 1976.

                   10-A. Acquisition documents including the venture
agreement relating to the purchase by the Partnership of an interest in the
Parkway City Mall in Huntsville, Alabama are hereby incorporated herein by
reference to the Partnership's Prospectus on Form S-11 dated (File No. 2-
55624) July 26, 1976.

                   21.   List of Subsidiaries.

                   24.   Powers of Attorney.

                   27.   Financial Data Schedule.
                   ----------
                   *     Previously filed as Exhibits 3-A and 3-B,
respectively, to the Partnership's Report for December 31, 1992 on Form 10-
K (File No. 0-8469) dated March 19, 1993.

             (b)  No Reports on Form 8-K were required or filed since the
beginning of the last quarter of the period covered by this report.

              No annual report for the fiscal year 1995 or proxy material
has been sent to the Partners of the Partnership.  An annual report will be
sent to the Partners subsequent to this filing.




                                SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Partnership has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

                 JMB INCOME PROPERTIES, LTD. - IV

                 By:     JMB Realty Corporation
                         Managing General Partner


                         GAILEN J. HULL
                 By:     Gailen J. Hull
                         Senior Vice President
                 Date:   March 25, 1996

     Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

                 By:     JMB Realty Corporation
                         Managing General Partner

                         JUDD D. MALKIN*
                 By:     Judd D. Malkin, Chairman and 
                         Chief Financial Officer
                 Date:   March 25, 1996

                         NEIL G. BLUHM*
                 By:     Neil G. Bluhm, President and Director
                 Date:   March 25, 1996

                         H. RIGEL BARBER*
                 By:     H. Rigel Barber, Chief Executive Officer
                 Date:   March 25, 1996

                         GLENN E. EMIG*
                 By:     Glenn E. Emig, Chief Operating Officer
                 Date:   March 25, 1996


                         GAILEN J. HULL
                 By:     Gailen J. Hull, Senior Vice President
                         Principal Accounting Officer
                 Date:   March 25, 1996

                         A. LEE SACKS*
                 By:     A. Lee Sacks, Director
                 Date:   March 25, 1996

                         STUART C. NATHAN*
                 By:     Stuart C. Nathan, Executive Vice President
                         and Director
                 Date:   March 25, 1996

                 *By:    GAILEN J. HULL, Pursuant to a Power of Attorney


                         GAILEN J. HULL
                 By:     Gailen J. Hull, Attorney-in-Fact
                 Date:   March 25, 1996


                     JMB INCOME PROPERTIES, LTD. - IV

                               EXHIBIT INDEX



                                                   DOCUMENT  
                                                INCORPORATED 
                                                BY REFERENCE     PAGE
                                                -------------    ----
 3-A.*     Pages 9-14, 70-71, 75-76 and 
           A-6 to A-16 of the Prospectus 
           of the Partnership dated July 26, 
           1976, as supplemented August 19, 
           1976, September 16, 1976 and
           September 21, 1976                             Yes

 3-B.*     Amended and Restated Agreement 
           of Limited Partnership                         Yes

 4.        Mortgage Note secured by the 
           Parkway City Mall                              Yes

10-A.      Acquisition documents related 
           to the Parkway City Mall                       Yes

21.        List of Subsidiaries                            No

24.        Powers of Attorney                              No

27.        Financial Data Schedule                         No