SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the quarterly period ended        March 31, 2006
                              -----------------------------

                                                             OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from                   to
                               ------------------
Commission file number                        33-80849
                       -------------------------------


                      Capital Preferred Yield Fund-IV, L.P.
                      -------------------------------------
             (Exact name of registrant as specified in its charter)

         Delaware                                        84-1331690
-----------------------                      -----------------------------------
(State of organization)                     (I.R.S. Employer Identification No.)


    7901 Southpark Plaza, Ste. 107
          Littleton, Colorado                                           80120
----------------------------------------                            ------------
(Address of principal executive offices)                             (Zip Code)

        Registrant's telephone number, including area code (303) 268-6550
                                                           --------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 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    .
                                      ---     ---

                        Exhibit Index Appears on Page 14

                               Page 1 of 19 Pages

<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                          Quarterly Report on Form 10-Q
                              For the Quarter Ended
                                 March 31, 2006


                                Table of Contents
                                -----------------



PART I.  FINANCIAL INFORMATION                                              PAGE
                                                                            ----

     Item 1.   Financial Statements

               Balance Sheets - March 31, 2006 and December 31, 2005           3

               Statements of Income - Three Months Ended
               March 31, 2006 and 2005                                         4

               Statements of Cash Flows - Three Months Ended
               March 31, 2006 and 2005                                         5

               Notes to Financial Statements                               6 - 7

     Item 2.   Management's Discussion and Analysis of Financial
               Condition and Results of Operations                        8 - 12

     Item 3.   Quantitative and Qualitative Disclosures About Market Risk     12

     Item 4.   Controls and Procedures                                        12

PART II. OTHER INFORMATION

     Item 1.  Legal Proceedings                                               13

     Item 6.  Exhibits                                                        13

              Exhibits                                                        14

     Signatures                                                               15

     Certifications                                                        16-19


                                       2
<PAGE>

                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                 BALANCE SHEETS
                                   (Unaudited)


                                     ASSETS
                                                       March 31,    December 31,
                                                         2006          2005
                                                     ----------    ------------

Cash and cash equivalents                            $1,019,498     $1,000,558
Accounts receivable, net allowance for losses of
     $19,238 in 2006 and 2005                            21,927         90,784
Prepaid Insurance                                        10,071         25,177
Equipment held for sale or re-lease                     337,146        148,566
Net investment in direct finance leases                 959,734      1,198,399
Leased equipment, net                                 5,872,338      7,419,059
                                                     ----------     ----------

Total assets                                         $8,220,714     $9,882,543
                                                     ==========     ==========


                        LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
     Accounts payable and accrued liabilities        $  399,796     $  449,101
     Payables to affiliates                              99,189        250,429
     Distributions payable to partners                  471,559        270,450
     Discounted lease rentals                         3,538,836      4,472,322
                                                     ----------     ----------

Total liabilities                                     4,509,380      5,442,302
                                                     ----------     ----------

Partners' capital:
     General partner                                          -              -
     Limited partners:
         Class A                                      3,460,158      4,192,369
         Class B                                        251,176        247,872
                                                     ----------     ----------

Total partners' capital                               3,711,334      4,440,241
                                                     ----------     ----------

Total liabilities and partners' capital              $8,220,714     $9,882,543
                                                     ==========     ==========


                 See accompanying notes to financial statements.


                                       3
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                              STATEMENTS OF INCOME
                                   (Unaudited)


                                                       Three Months Ended
                                                            March 31,
                                                   -------------------------
                                                      2006           2005
                                                      ----           ----
Revenue:
     Operating lease rentals                       $1,341,223     $2,274,636
     Direct finance lease income                       15,186         41,514
     Equipment sales margin                           186,893         33,247
     Interest income                                    5,676          2,705
                                                   ----------     ----------

Total revenue                                       1,548,978      2,352,102
                                                   ----------     ----------

Expenses:
     Depreciation                                     901,787      1,605,974
     Management fees to general partner                31,936         53,014
     Direct services from general partner              33,330         38,227
     General and administrative                       115,315         98,194
     Interest on discounted lease rentals              64,877        146,148
     Remarketing sharing                               50,640         83,872
     Provision for losses                              10,000         61,000
                                                   ----------     ----------
Total expenses                                      1,207,885      2,086,429
                                                   ----------     ----------

Net income                                         $  341,093     $  265,673
                                                   ==========     ==========

Net income allocated:
     To the general partner                        $   10,700     $   13,577
     To the Class A limited partners                  327,089        249,575
     To the Class B limited partner                     3,304          2,521
                                                   ----------     ----------
                                                   $  341,093     $  265,673
                                                   ==========     ==========

Net income per weighted average Class A
          limited partner unit outstanding         $     0.68     $     0.52
                                                   ==========     ==========

Weighted average Class A limited partner
        units outstanding                             481,590        481,790
                                                   ==========     ==========


                 See accompanying notes to financial statements.

                                       4
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                          Three Months Ended
                                                      --------------------------
                                                        March 31,    March 31,
                                                          2006          2005
                                                          ----          ----

Net cash provided by operating activities             $ 1,821,317   $ 2,252,712
                                                      -----------   -----------

Cash flows from financing activities:
     Principal payments on discounted lease rentals      (933,486)   (1,539,391)
     Distributions to partners                           (868,891)   (1,511,556)
                                                      -----------   -----------

Net cash used in financing activities                  (1,802,377)   (3,050,947)
                                                      -----------   -----------

Net increase (decrease) in cash and cash equivalents       18,940      (798,235)

Cash and cash equivalents at beginning of period        1,000,558     1,208,737
                                                      -----------   -----------

Cash and cash equivalents at end of period            $ 1,019,498   $   410,502
                                                      ===========   ===========

Supplemental disclosure of cash flow information -
     Interest paid on discounted lease rentals        $    64,877   $   146,148
     Distributions declared to partners               $ 1,070,000   $ 1,357,700



                 See accompanying notes to financial statements.

                                       5
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

1.   Basis of Presentation
     ---------------------

     The accompanying unaudited financial statements have been prepared in
     accordance with accounting principles generally accepted in the United
     States of America for interim financial information and the instructions to
     Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not
     include all of the information and disclosures required by accounting
     principles generally accepted in the United States of America for annual
     financial statements. CAI Equipment Leasing V Corp. ("CAIEL-V"), a Colorado
     corporation, is the general partner of the Partnership. CAIEL-V was a
     wholly owned subsidiary of Capital Associates, Inc. ("CAI") until September
     12, 2000, the date it was purchased in its entirety by Mishawaka Leasing
     Company, Inc. ("MLC"). CAI discontinued its operations on December 15, 2000
     and filed Chapter 11 Bankruptcy on October 15, 2001. In the opinion of the
     general partner, all adjustments (consisting of normal recurring
     adjustments) considered necessary for a fair presentation have been
     included. The balance sheet at December 31, 2005 was derived from the
     audited financial statements included in the Partnership's 2005 Form 10-K.
     For further information, refer to the financial statements of Capital
     Preferred Yield Fund-IV, L.P. (the "Partnership"), and the related notes,
     included in the Partnership's Annual Report on Form 10-K for the year ended
     December 31, 2005, previously filed with the Securities and Exchange
     Commission.

     The preparation of financial statements in conformity with accounting
     principles generally accepted in the United States of America requires
     management to make estimates and assumptions that affect the reported
     amounts of assets and liabilities and disclosure of contingent assets and
     liabilities at the date of the financial statements and the reported
     amounts of revenue and expenses during the reporting period. For leasing
     entities, this includes the estimate of residual values and impairment as
     discussed below. Actual results could differ from those estimates. Included
     in the results of operations for the three months ended March 31, 2006 and
     2005 were $10,000 and $61,000, respectively, for provision for losses.

     The Partnership is in its liquidation period, as defined in the Partnership
     Agreement. Even so, because the liquidation period extends over an
     undefined number of accounting periods, the accompanying financial
     statements have been prepared on a going concern basis that contemplates
     the realization of assets and payments of liabilities in the ordinary
     course of business, which is in accordance with accounting principles
     generally accepted in the United States of America. The General Partner
     believes that the Partnership will generate sufficient cash flows from
     operations during the remainder of 2006 to (1) meet current operating
     requirements, and (2) fund cash distributions to Class A limited partners
     in accordance with the Partnership Agreement. All distributions are
     expected to be a return of capital for economic and accounting purposes.
     Additionally, the General Partner anticipates that all equipment owned by
     the Partnership will be sold and the Partnership liquidated during 2006.
     However, the Partnership has not entered into a formal liquidation plan as
     of March 31, 2006 and accordingly has not adopted the liquidation basis of
     accounting. There is no assurance that the limited partners will receive
     future distributions equal to their capital account balance at March 31,
     2006.

                                       6
<PAGE>

                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                   (Unaudited)

2.   Transactions With the General Partner and Affiliates
     ----------------------------------------------------

     Management Fees Paid to General Partner

     In accordance with the Partnership Agreement, the General Partner earns a
     management fee in connection with its management of the equipment,
     calculated as a percentage of the monthly gross rentals received, and paid
     monthly in arrears. Management fees to the general partner for the three
     months ended March 31, 2006 and 2005 were $31,936 and $53,014,
     respectively. As of March 31, 2006 and December 31, 2005 management fees of
     $10,050 and $12,966 respectively, are included in payables to affiliates.

     Direct Services from General Partner

     The General Partner and an affiliate provide accounting, investor
     relations, billing, collecting, asset management, and other administrative
     services to the Partnership. The Partnership reimburses the General Partner
     for these services performed on its behalf as permitted under terms of the
     Partnership Agreement. Direct services from the general partner for the
     three months ended March 31,2006 and 2005 were $33,330 and $38,227,
     respectively. As of March 31, 2006 and December 31, 2005 direct services
     from the General Partner in the amount of $12,918 and $10,933,
     respectively, are included in payables to affiliates.

     General and Administrative Expenses

     The General Partner and an affiliate are reimbursed for the actual cost of
     administrative expenses incurred on behalf of the Partnership per the terms
     of the Partnership Agreement. General and administrative expenses for the
     three months ended March 31, 2006 and 2005 were $115,315 and $98,194,
     respectively. As of March 31, 2006 and December 31, 2005 administrative
     expenses of $76,221 and $226,530, respectively, are included in payables to
     affiliates. The March 31,2006 amount includes an accrual for profit sharing
     proceeds which will be paid in the second quarter (see below).

3.   Remarketing Agreement
     ---------------------

     The partnership has entered into remarketing agreements with an
     unaffiliated third party, whereby that party provides remarketing services
     to the Partnership in exchange for profit sharing once the Partnership has
     reached certain thresholds, usually relating to rents received on
     re-marketed or sold equipment after the expiration of the initial lease
     term. During the three months ended March 31, 2005 the Partnership reached
     its first threshold and was required to begin paying profit sharing
     proceeds on the remarketing agreements. The profit sharing proceeds
     incurred during the three months ended March 31, 2006 and 2005 were $50,640
     and $83,872, respectively and are recorded in the accompanying statements
     of income as remarketing sharing.

                                       7
<PAGE>

                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

Results of Operations
---------------------

Presented below are schedules (prepared solely to facilitate the discussion of
results of operations that follows) showing items of income and expense and
changes in those items derived from the Statements of Income:


                                            Three months
                                           Ended March 31,
                                       -----------------------
                                          2006         2005         Change
                                          ----         ----         ------

Leasing margin                         $ 339,105    $ 480,156    $(141,051)
Equipment sales margin                   186,893       33,247      153,646
Interest income                            5,676        2,705        2,971
Management fees to general partner       (31,936)     (53,014)      21,078
Direct services from general partner     (33,330)     (38,227)       4,897
General and administrative expenses     (115,315)     (98,194)     (17,121)
Provision for loss                       (10,000)     (61,000)      51,000
                                       ---------    ---------    ---------
  Net income                           $ 341,093    $ 265,673    $  75,420
                                       =========    =========    =========


The Partnership entered its liquidation period in 2002, as defined in the
Partnership Agreement, and will not purchase any equipment in future periods.
Furthermore, during future periods, initial leases will expire and the equipment
will be remarketed (i.e., re-leased or sold). As a result, both the size of the
Partnership's leasing portfolio and the amount of total revenue will decline
("portfolio runoff"). Even so, because the liquidation period extends over an
undefined number of accounting periods, the accompanying financial statements
have been prepared on a going concern basis that contemplates the realization of
assets and payments of liabilities in the ordinary course of business, which is
in accordance with accounting principles generally accepted in the United States
of America.

Leasing Margin

Leasing margin consists of the following:

                                                    Three months ended
                                                         March 31,
                                               ---------------------------
                                                   2006            2005
                                                   ----            ----

Operating lease rentals                        $ 1,341,223     $ 2,274,636
Direct lease finance income                         15,186          41,514
Depreciation                                      (901,787)     (1,605,974)
Remarketing sharing                                (50,640)        (83,872)
Interest expense on discounted lease rentals       (64,877)       (146,148)
                                               -----------     -----------
      Leasing margin                               339,105         480,156
                                               ===========     ===========
      Leasing margin ratio                              25%             21%
                                               ===========     ===========


                                       8
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

Results of Operations, continued
----------------------

The components of leasing margin decreased due to portfolio runoff. Remarketing
sharing represents a remarketing agreement with an unaffiliated third party,
whereby that party provides remarketing services to the Partnership in exchange
for profit sharing once the Partnership has reached certain thresholds, usually
relating to rents received on re-marketed or sold equipment after the expiration
of the initial lease term. During the three months ended March 31, 2005, the
Partnership reached its first threshold and was required to begin paying profit
sharing proceeds on the remarketing agreements.

Leasing margin ratio increased for the three months ended March 31, 2006
compared to the three months ended March 31, 2005, primarily due to increases in
a) the percentage of leases in the portfolio that have entered their remarketing
stage and b) the average maturity of operating leases in the portfolio. Leasing
margin is generally lower and leasing margin ratio is generally higher as leases
enter their remarketing stage because typically the rate of return on remarketed
leases is higher. Leasing margin and leasing margin ratio for an operating lease
financed with discounted lease rentals increase as the lease matures since rents
and depreciation are typically fixed while interest expense declines as the
related discounted lease rentals principal is repaid. Leasing margin decreased
for the three months ended March 31, 2006 compared to the three months ended
March 31, 2005 primarily due to the decreasing size of the portfolio.

The ultimate profitability of the Partnership's leasing transactions is
dependent in part on interest rates at the time the leases are originated,
future equipment values, and on-going lessee creditworthiness. Because leasing
is an alternative to financing equipment purchases with debt, lease rates tend
to rise and fall with interest rates (although lease rate movements generally
lag interest rate changes in the capital markets).

Equipment Sales Margin

Equipment sales margin consists of the following:

                                           Three Months Ended
                                                March 31,
                                     ------------------------------
                                        2006                2005
                                        ----                ----
Equipment sales revenue              $ 683,690           $ 206,865
Cost of equipment sales               (496,797)           (173,618)
                                     ---------           ---------
     Equipment sales margin          $ 186,893           $  33,247
                                     =========           =========

Equipment sales margin fluctuates based on the composition of equipment
available for sale. Currently, the Partnership is in its liquidation period (as
defined in the Partnership Agreement). Initial leases are expiring and the
equipment is either being re-leased or sold to the lessee or a third party.
Equipment sales margin varies with the number and dollar amount of equipment
leases that mature in a particular period and the current market for specific
equipment and residual value estimates.

                                       9
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations, continued

Results of Operations, continued
----------------------

Interest Income

Interest income varies due to (1) the amount of cash available for investment
pending distribution to partners and (2) the interest rate on such invested
cash.

Expenses

Management fees paid to the general partner are earned on gross rents received
and will fluctuate due to variances in cash flow and the size of the
Partnership's portfolio. Management fees paid to the general partner decreased
due to the decrease in average portfolio size discussed above, which resulted in
a corresponding decrease in gross rents received.

Direct services from general partner decreased primarily due to the decrease in
the size of the portfolio. There are fewer leases and, therefore, less time is
required to manage it.

General and administrative expenses increased primarily due to an increase in
audit fees.

Provision for Losses

The realization of amounts greater than the carrying value of equipment (which
occurs when the equipment is remarketed subsequent to initial lease termination)
is reported as equipment sales margin (if the equipment is sold) or leasing
margin (if the equipment is re-leased). The realization of less than the
carrying value of equipment is recorded as provision for losses.

Residual values are established equal to the estimated value to be received from
the equipment following termination of the lease. In estimating such values, the
Partnership considers all relevant facts regarding the equipment and the lessee,
including, for example, the likelihood that the lessee will re-lease or purchase
the equipment. The nature of the Partnership's leasing activities is such that
it has credit exposure and residual value exposure and will incur losses from
those exposures in the ordinary course of business. The Partnership performs
quarterly assessments of the estimated residual value of its assets to identify
any impairments in value that, if any, are also recorded as provision for
losses.

The provision for losses of $10,000 recorded during the three months ended March
31, 2006 related primarily to losses on equipment returned to the Partnership at
lease maturity occurring because the residual realized is expected to be less
than the residual value originally estimated.


                                       10
<PAGE>

                     CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations, continue

Liquidity & Capital Resources
-----------------------------

The Partnership is in its liquidation period, as defined in the Partnership
Agreement. The Partnership is not purchasing additional equipment, initial
leases are expiring, and the amount of equipment being remarketed (i.e.,
re-leased, renewed, or sold) is generally decreasing. As a result, both the size
of the Partnership's lease portfolio and the amount of leasing revenue are
declining. Even so, because the liquidation period extends over an undefined
number of accounting periods, the accompanying financial statements have been
prepared on a going concern basis that contemplates the realization of assets
and payments of liabilities in the ordinary course of business, which is in
accordance with accounting principles generally accepted in the United States of
America.

The Partnership funds its operating activities principally with cash from rents
and sales of off-lease equipment. The decline of net cash provided by operating
activities of approximately $430,000 from the three months ended March 31, 2005
to March 31, 2006 is primarily due to a reduction in equipment under lease.
Available cash and cash reserves of the Partnership are invested in short-term
government securities pending distribution to the partners.

During the three months ended March 31, 2006, the Partnership declared
distributions to the Class A limited partners of $1,059,300 ($465,921 of which
was paid in April 2006). All such distributions are expected to constitute a
return of capital for economic purposes. Distributions may be characterized for
tax, accounting and economic purposes as a return of capital, a return on
capital, or a portion of both. The portion of each cash distribution that
exceeds its net income for the fiscal period may be deemed a return of capital
for accounting purposes. However, the total percentage of the partnership's
return on capital over its life will only be determined after all residual cash
flows (which include proceeds from the re-leasing and sale of equipment) have
been realized at the termination of the partnership.

The General Partner believes that the Partnership will generate sufficient cash
flows from operations during the remainder of 2006, to (1) meet current
operating requirements, and (2) fund cash distributions to Class A limited
partners in accordance with the Partnership Agreement. All distributions are
expected to be a return of capital for economic and accounting purposes.
Additionally, the General Partner anticipates that all equipment owned by the
Partnership will be sold and the Partnership liquidated by December 31, 2006.
However, the Partnership has not entered into a formal liquidation plan as of
March 31, 2006 and accordingly has not adopted the liquidation basis of
accounting. There is no assurance that the limited partners will receive future
distributions equal to their capital account balance at March 31, 2006.


                                       11
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations, continue

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
-----------------------------------------------------------------------------
1995
----

The statements contained in this report which are not historical facts may be
deemed to contain forward-looking statements with respect to events, the
occurrence of which involve risks and uncertainties, and are subject to factors
that could cause actual future results to differ both adversely and materially
from currently anticipated results, including, without limitation, the level of
lease originations, realization of residual values, the availability and cost of
financing sources and the ultimate outcome of any contract disputes. Certain
specific risks associated with particular aspects of the Partnership's business
are discussed under Results of Operations in this report and under Results of
Operations in the 2005 Form 10-K when and where applicable.


Item 3.  Quantitative and Qualitative Disclosures About Market Risk

The Partnership's leases with equipment users are non-cancelable and have lease
rates that are fixed at lease inception. The Partnership finances its leases, in
part, with discounted lease rentals. Discounted lease rentals are a fixed rate
debt. The Partnership's other assets and liabilities are also at fixed rates.
Consequently, the Partnership has minimal interest rate risk or other market
risk exposure.


Item 4.    Controls and Procedures

An evaluation was performed under the supervision and with the participation of
the General Partner's management, including the President and Director, and the
Principal Financial Officer, of the effectiveness of the design and operation of
the Partnership's disclosure controls and procedures as of the end of the period
covered by this report. Based on that evaluation, the General Partner's
management, including the President and Director, and the Principal Financial
Officer, concluded that the Partnership's disclosure controls and procedures are
effective in timely alerting them to material information relating to the
Partnership required to be included in the Partnership's periodic SEC reports.

There have been no significant changes in the Partnership's internal controls or
in other factors that could significantly affect the internal controls
subsequent to the date the Partnership completed its evaluation.


                                       12
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                    PART II.

                                OTHER INFORMATION



Item 1.           Legal Proceedings

                  The Partnership is involved in routine legal proceedings
                  incidental to the conduct of its business. The General Partner
                  believes none of these legal proceedings will have a material
                  adverse effect on the financial condition or operations of the
                  Partnership.

Items 2 - 5.      None

Item 6.           Exhibits

                  (a)      Exhibits






                                       13
<PAGE>

                                Index to Exhibits

Exhibit
Number     Description
 * 99.1    Certification by John F. Olmstead pursuant to 18 U.S.C. Section 1350,
           as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 * 99.2    Certification by Mary M. Ebele pursuant to 18 U.S.C. Section 1350, as
           adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


*  Filed herewith





                                       14
<PAGE>

                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                   Signatures



Pursuant to the requirements 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.



                                          CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                          By: CAI Equipment Leasing V Corp.


Dated: May 9, 2006                    By: /s/John F. Olmstead
                                          -------------------
                                          John F. Olmstead
                                          President and Director
                                          (Principal Executive Officer)

                                          CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                          By: CAI Equipment Leasing V Corp.


Dated: May 9, 2006                    By: /s/Mary M. Ebele
                                          ----------------
                                          Mary M. Ebele
                                          Principal Financial Officer




                                       15
<PAGE>
                                  CERTIFICATION

I, John F. Olmstead, President and Director of CAI Equipment Leasing V Corp.,
the General Partner of Capital Preferred Yield Fund-IV, L.P. (the
"Partnership"), certify that:

     1. I have reviewed this quarterly report on Form 10-Q of the Partnership;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Partnership as of, and for the periods presented in this quarterly report;

     4. The Partnership's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Partnership and have:

          a. Designed such disclosure controls and procedures or caused such
     disclosure controls and procedures to be designed under our supervision to
     ensure that material information relating to the Partnership, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report in being
     prepared;

          b. Evaluated the effectiveness of the Partnership's disclosure
     controls and procedures and presented in this report our conclusions about
     the effectiveness of the disclosure controls and procedures as of the end
     of the period covered by this report and based on such evaluation; and

          c. Disclosed in this report any change in the Partnership's internal
     control over financial reporting that occurred during the Partnership's
     most recent fiscal quarter that has materially affected, or is reasonably
     likely to materially affect, the Partnership's internal control over
     financial reporting; and

     5. The Partnership's other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to
the Partnership's auditors:

          a. All significant deficiencies and material weaknesses in the design
     or operation of internal control over financial reporting which are
     reasonably likely to adversely affect the Partnership's ability to record,
     process, summarize and report financial information; and

          b. Any fraud, whether or not material, that involves management or
     other employees who have a significant role in the Partnership's internal
     control over financial reporting.

                               /s/ John F. Olmstead
                               --------------------
                                John F. Olmstead
                             President and Director
                          (Principal Executive Officer)
                                   May 9, 2006



                                       16
<PAGE>
                                  CERTIFICATION

I, Mary M. Ebele, Principal Financial Officer of CAI Equipment Leasing V Corp.,
the General Partner of Capital Preferred Yield Fund-IV, L.P. (the
"Partnership"), certify that:

     1. I have reviewed this quarterly report on Form 10-Q of the Partnership;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Partnership as of, and for the periods presented in this quarterly report;

     4. The Partnership's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Partnership and have:

          a. Designed such disclosure controls and procedures or caused such
     disclosure controls and procedures to be designed under our supervision to
     ensure that material information relating to the Partnership, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report in being
     prepared;

          b. Evaluated the effectiveness of the Partnership's disclosure
     controls and procedures and presented in this report our conclusions about
     the effectiveness of the disclosure controls and procedures as of the end
     of the period covered by this report and based on such evaluation; and

          c. Disclosed in this report any change in the Partnership's internal
     control over financial reporting that occurred during the Partnership's
     most recent fiscal quarter that has materially affected, or is reasonably
     likely to materially affect, the Partnership's internal control over
     financial reporting; and

     5. The Partnership's other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to
the Partnership's auditors:

          a. All significant deficiencies and material weaknesses in the design
     or operation of internal control over financial reporting which are
     reasonably likely to adversely affect the Partnership's ability to record,
     process, summarize and report financial information; and

          b. Any fraud, whether or not material, that involves management or
     other employees who have a significant role in the Partnership's internal
     control over financial reporting.

                                 /s/ Mary M. Ebele
                                 -----------------
                                  Mary M. Ebele
                           Principal Financial Officer
                                   May 9, 2006


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