UNITED STATES
                 SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549

                           FORM 10-K

(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934
For the fiscal year ended      Commission file number 33-32744
December 31,1997

             CSA Income Fund IV Limited Partnership
        (Exact name of registrant as specified in its charter)

        Massachusetts                          No.04-3072449
(State or other jurisdiction of               (I.R.S.Employer
incorporation or organization)                 Identification No.)

22 Batterymarch St., Boston, MA                        02109
(Address of principal executive                       Zip Code
           offices)

Registrant's telephone number, including area code:(617)357-1700
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: 506,776
                   Units of Limited Partnership Interest

Indicate by check whether registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or such shorter period
that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
                         Yes     X     No

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 ]

Number of shares outstanding of each registrant's classes of
securities:

                                              Number of Units
    Title of Each Class                       at December 31, 1997
Units of Limited Partnership                      506,776
Interest:  $100 per unit

                  DOCUMENTS INCORPORATED BY REFERENCE
           Portions of Part IV are incorporated by reference
             to Amendment No. 1 to Form S-1 and Form S-1,
                    Registration No. 33-32744

The exhibit index is located on pages 18 and 19.


<PAGE>
                              Part I

Item 1.  Business

CSA Income Fund IV Limited Partnership (the "Partnership") is a
limited partnership organized under the provisions of the
Massachusetts Uniform Limited Partnership Act.  The Partnership is
composed of CSA Lease Funds, Inc. (an affiliate of CSA Financial
Corp.), the sole General Partner, and as of December 31, 1997, 2,766
Limited Partners owning 506,776 Units of Limited Partnership Interest
of $100 each. The capital contributions of the Partners aggregated
$50,677,600.  The Partnership was formed on December 21, 1989 and
commenced operations on April 18, 1990.

The Partnership was organized to engage in the business of acquiring
income-producing equipment for investment.  The Partnership's
principal objectives are:

1. To acquire and lease equipment, primarily through Operating Leases,
   to generate income during its entire useful life;

2. To provide monthly distributions of cash to the Limited Partners
   from leasing revenues and from the proceeds of sale or other
   disposition of Partnership equipment;

3. To reinvest in additional equipment a portion of lease revenues and
   a substantial portion of Cash From Sales and Refinancing during the
   first years of the Partnership's operations.

The Partnership was formed primarily for investment purposes and not
as a "tax shelter".

The Partnership shall terminate on December 31, 2014 unless sooner
terminated.

The Partnership has no direct employees.  The General Partner has full
and exclusive discretion in management and control of the Partnership.

Selection of the equipment for purchase and lease is based principally
on the General Partner's evaluation of the usefulness of the equipment
in commercial or industrial applications and its estimate of the
potential demand for the equipment at the end of the initial lease
term.

The Partnership's equipment may include:

1. New and reconditioned computer peripheral equipment, computer
   terminal systems and data processing systems primarily manufactured
   by International Business Machines, Inc. (IBM) and qualified for
   IBM maintenance.

<PAGE>
2. New telecommunications and telecomputer equipment consisting
   primarily of private automated branch exchanges (PBX's), advanced
   high-speed digital telephone switching devices, voice/data
   transmission devices and telephone/computer networks as well as
   telephone handsets and facsimile transmission products.

3. New office equipment consisting primarily of photocopying and
   graphic processing equipment.

4. New highway transportation equipment and new and reconditioned air
   transportation equipment consisting primarily of tractors,
   trailers, trucks, intermodal equipment, railroad rolling stock,
   passenger vehicles and corporate or commercial aircraft.

5. Miscellaneous other types of equipment which meet the investment
   objectives of the Partnership.

The equipment leasing industry is highly competitive.  In initiating
its leasing transactions, the Partnership competes with leasing
companies, manufacturers that lease their products directly, equipment
brokers, dealers and financial institutions, including commercial
banks and insurance companies.  Many competitors are larger than the
Partnership and have access to more favorable financing.  Competitive
factors in the equipment leasing business primarily involve pricing
and other financial arrangements.  Marketing capability is also a
factor.

As of December 31, 1997, substantially all of the remaining equipment
in the Partnership's portfolio was leased under 165 separate leases to
102 lessees. The lessees providing at least 10% of total revenues
during 1997 are as follows:
<TABLE>
             <S>                                      <C>
    Siemens Business Communications Systems, Inc.     15%
    America Online Inc.                               13%

</TABLE>

As of December 31, 1997, approximately 22% of the Partnership's
equipment portfolio (based on cost) is leased outside the United
States. The Partnership's leases and equipment are described more
fully in Notes 3 and 4 to the Financial Statements included in Item 8.

Item 2.  Properties

The Partnership neither owns nor leases office space or equipment for
the purpose of managing its day-to-day affairs.  The General Partner,
CSA Lease Funds, Inc. ("CLF"), has exclusive control over all aspects
of the business of the Partnership, including provision of any
necessary office space.  As such, CLF will be compensated through
Management fees and reimbursement of General and Administrative costs
related to managing the Partnership's business.  Excluded from the
allowable reimbursement to the General Partner, however, will be any
of the following:  (1) Expenditures for rent or utilities; (2) Capital
equipment and the related depreciation; and (3) Certain other
administrative items.

<PAGE>
Item 3.  Legal Proceedings

The Partnership is not a party to any pending legal proceedings.

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

No matters were submitted to a vote of security holders, through the
solicitation of proxies or otherwise, during the fourth quarter of
1997.

                                   PART II

Item 5.  Market for the Registrant's Equity Securities and Related
         Security Holder Matters

a. The Partnership's limited partnership interests are not publicly
   traded.  There is no active market for the Partnership's limited
   partnership interests and it is unlikely that one will develop.

b. Approximate Number of Equity Security Holders:

               Title of Class               Number of Limited Partners
    Units of Limited Partnership Interests      as of 12/31/97
                 506,776                            2,766


Item 6.  Selected Financial Data - unaudited

The following table sets forth selected financial information
regarding the Partnership's financial position and operating results.
The information should be used in conjunction with the Financial
Statements and Notes thereto, and the General Partner's Discussion and
Analysis of Financial Condition and Results of Operations, which are
included in Items 7 and 8 of this Report.
<TABLE>
<CAPTION>
                        Years Ended December 31,
                  (IN THOUSANDS EXCEPT PER UNIT AMOUNTS)

                1997        1996         1995       1994         1993
<S>              <C>         <C>          <C>        <C>          <C>
Total
Revenues      $13,487     $17,641      $21,917     $21,735     $23,745

Net Income      2,716       1,772          858       2,356       1,148

Net Income
 per Limited
 Partnership
 Unit           5.31        3.46         1.68        4.60         2.24

Total Assets   36,736      25,498       33,734      48,111      44,448

Notes Payable  20,923       7,573       13,804      23,329      17,846

Limited Recourse
 Notes Payable      -         229          581         757           -

Cash Distribution
 per Limited
 Partnership Unit
 Outstanding  $ 7.00      $ 8.00       $ 8.00      $ 8.00       $ 9.68
</TABLE>


<PAGE>
Item 7. General Partner's Discussion and Analysis of Financial
        Condition and Results of Operations

Results of Operations
Rental income for the years ended December 31, 1997, 1996 and 1995 was
$12,413,441, $17,428,344 and $20,213,456, respectively. The decrease
in rental income during 1997 was due to expiring leases primarily in
the TIC Leasing Corp. portfolio purchased in 1994. The Partnership
continues to invest in European Agency (Lease Residual) Transactions
which represent lease transactions in the European Community where the
lender receives nominal title to the equipment as a means of securing the
loan, all rents are paid directly by the lessee to the lender and the
Partnership as agent ofr the lender manages the lease and is entitled to
substantially all of the residual value of the equipment. These agreements
provide no current rental revenue or debt service requirements to the
Partnership.

Net income for the years ended December 31, 1997, 1996 and 1995 was
$2,716,253, $1,772,216 and $857,812, respectively. The increase in net
income in 1997 is primarily attributable to lower levels of
depreciation which were the result of the use of accelerated methods
of depreciation for a portion  of the Partnership's portfolio in prior
years. Net income was also affected by the gain on the sale of
equipment of $865,137, $108,293 and $1,113,423 for the years ended
1997, 1996 and 1995, respectively, primarily due to the remarketing of
fully depreciated equipment. Depreciation expense for 1997, 1996 and
1995 was $8,072,215, $13,095,023 and $17,736,910, respectively.

Interest income for 1997, 1996 and 1995 was $124,960, $90,473, and
$480,899, respectively. The increase in 1997 was primarily due to
approximately $49,000 of interest being paid by one lessee on late
rental payments. Interest expense was $1,123,693, $1,065,689, and
$1,662,201 for the years ended December 31, 1997, 1996, and 1995,
respectively.


Liquidity and Capital Resources

During 1997, the Partnership generated  $10,546,060 in cash flow from
operations and $5,793,771 from the sale of equipment. The Partnership
utilized these funds and proceeds from notes payable of $19,876,925 to
acquire additional equipment of $24,487,895, reduce outstanding notes
payable by $6,755,179 and make cash distributions of $3,583,264.

As of December 31, 1997, the Partnership did not have any material
amount of equipment off lease and in storage.

The Partnership's liquidity is determined by cash from operations
provided by the leases currently in place. It is expected that this
cash flow will be sufficient to service outstanding debt, pay monthly
distributions to the partners and meet any other commitments and
obligations which may arise in the ordinary course of business. The
Partnership's future liquidity will be dependent upon the addition of
leased equipment, the sale and/or re-lease of equipment as it comes
off lease and the level of debt service.


<PAGE>
To date, the Partnership has made cash distributions to the Limited
Partners ranging from 50% to 72% of their initial investment,
depending on when the Limited Partner entered the Partnership. The
objective of the Partnership is to return the Limited Partners'
investment through current distributions and provide a return on this
investment by continued distributions as long as the equipment
continues to be leased.

Management reviews the Partnership's projected performance on a
periodic basis. Based on an analysis of the remaining assets in the
Partnership's portfolio completed as part of the annual audit process,
the General Partner presently estimates that the continued cash
distributions will return the entire initial investment of the Limited
Partners and a return thereon. However, the magnitude of the return
may be lower than originally anticipated at the inception of the
Partnership. The General Partner will continue to report on the
Limited Partners' return of investment with each cash distribution and
the General Partner intends to pursue additional lease investment
opportunities to increase the Partnership's distributions.


Quarterly Financial Data - unaudited
<TABLE>
<CAPTION>

Summarized unaudited quarterly financial data for the years ended
December 31, 1997 and 1996 are as follows:

1997 Quarter Ended:      12/31        9/30        6/30         3/31
<S>                       <C>         <C>         <C>           <C>
Total Revenues       $3,899,845   $3,528,182   $2,711,295   $3,348,215
Net Income *            353,667      671,191      900,727      790,668
Net Income *
  Per Limited
  Partnership Unit
  Outstanding              .69         1.32         1.76          1.54
Cash Distributions
  Per Limited
  Partnership Unit
  Outstanding             1.50         1.50         2.00          2.00

1996 Quarter Ended:      12/31        9/30        6/30         3/31
Total Revenues       $3,303,325   $3,883,946   $5,693,274   $4,760,449
Net Income *            529,689      142,315      514,978      585,234
Net Income *
  Per Limited
  Partnership Unit
  Outstanding             1.03           .28         1.01         1.14
Cash Distributions
  Per Limited
  Partnership Unit
  Outstanding             2.00          2.00         2.00         2.00

</TABLE>
* The fourth quarter of 1997 includes a charge to expense of $74,500
for adjustments to anticipated residual values. The corresponding
amount for the fourth quarter of 1996 was $300,000.


Item 7A. Quantitative and Qualitative Disclosures about Market Risk

There is  no Market Risk related to the Notes Payable of the Partnership
since all Notes are Nonrecourse and have fixed interest rates. There are
no other financial instruments that require Market Risk disclosure.



<PAGE>
Item 8. Financial Statements


                       CSA Income Fund IV Limited Partnership

                          Index to Financial Statements

<TABLE>

                                                          Page
                                                          Number
<S>                                                        <C>
Independent Auditors' Report                                8

Statements of Financial Position
as of December 31, 1997 and 1996                            9

Statements for the Years Ended
December 31, 1997, 1996 and 1995


   Operations                                               10

   Cash Flows                                               11

   Changes in Partners' Capital (Deficit)                   12


Notes to Financial Statements                               13

</TABLE>
<PAGE>
                         INDEPENDENT AUDITORS' REPORT



To the Partners of CSA Income Fund IV Limited Partnership


We have audited the accompanying statements of financial position of
CSA Income Fund IV Limited Partnership as of December 31, 1997 and
1996, and the related statements of operations, cash flow, and changes
in partners' capital (deficit) for the three years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements 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 management, 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 financial statements referred to above present
fairly, in all material respects, the financial position of CSA Income
Fund IV Limited Partnership as of December 31, 1997 and 1996, and the
results of its operations and its cash flows for the three years then
ended in conformity with generally accepted accounting principles.





                                \s\ Sullivan Bille, P.C.



Boston, Massachusetts
March 20, 1998


<PAGE>
<TABLE>
<CAPTION>
                       CSA INCOME FUND IV LIMITED PARTNERSHIP
                       Statements of Financial Position as of
                              December 31, 1997 and 1996


                                         1997                1996
<S>                                       <C>                 <C>
Assets
Cash and cash equivalents            $ 1,746,766         $ 1,187,208
Rentals receivable                       559,640             872,371
Value added tax receivable                 3,028              80,511
Accounts receivable-affiliates           292,804             416,589
      Other receivable                     9,290             153,817

Rental equipment, at cost             59,318,040          59,434,351
   Less accumulated depreciation     (25,193,487)        (36,646,360)

         Net rental equipment         34,124,553          22,787,991


         Total assets                $36,736,081         $25,498,487


Liabilities and Partners' Capital
Accrued management fees              $   103,996         $    54,316
Accrued interest expense                  52,260              69,655
Accounts payable                          43,058              28,701
Accounts payable - affiliates                  -           1,032,127
Deferred income                           42,889              74,545
Notes payable                         20,923,341           7,573,033
Limited recourse notes payable                 -             228,562

         Total liabilities            21,165,544           9,060,939

Partners' capital:
  General Partner:
   Capital contribution                    1,000               1,000
   Cumulative net income (loss)           11,955             (15,208)
   Cumulative cash distributions        (323,420)           (287,587)
                                        (310,465)           (301,795)
  Limited Partners (506,776 units):
   Capital contributions net of
    offering costs                    46,201,039          46,201,039
   Cumulative net income (loss)        1,183,419          (1,505,671)
   Cumulative cash distributions     (31,503,456)        (27,956,025)
                                      15,881,002          16,739,343
   Total partners' capital            15,570,537          16,437,548

Total liabilities and
     partners' capital               $36,736,081         $25,498,487

</TABLE>

        See accompanying notes to financial statements.



<PAGE>
<TABLE>
<CAPTION>
                    CSA INCOME FUND IV LIMITED PARTNERSHIP

                            Statements of Operations
             for the years ended December 31, 1997, 1996 and 1995


                                1997            1996          1995
<S>                              <C>             <C>           <C>
Revenue:
  Rental income             $12,413,441    $17,428,344    $20,213,456
  Interest income               124,960         90,473        480,899
  Gain on sale of
   equipment                    865,137        108,293      1,113,423
  Net gain on foreign
   currency transactions         83,999         13,884        109,441

     Total revenue           13,487,537     17,640,994     21,917,219


Expenses:
  Depreciation and
   amortization               8,072,215     13,095,023     17,736,910
  Interest                    1,123,693      1,065,689      1,662,201
  Management fees             1,288,394      1,399,993      1,340,804
  General and
   administrative               286,982        308,073        319,492

     Total expenses          10,771,284     15,868,778     21,059,407

  Net income                $ 2,716,253    $ 1,772,216    $   857,812

Income allocation:
   General Partner          $    27,163    $    17,722    $     8,578
   Limited Partners           2,689,090      1,754,494        849,234


                            $ 2,716,253    $ 1,772,216    $   857,812

Net income per
   Limited Partnership Unit $      5.31    $      3.46    $      1.68

Number of
Limited Partnership
units outstanding               506,776        506,776        506,776

</TABLE>
               See accompanying notes to financial statements.

<PAGE>
<TABLE>
<CAPTION>
                     CSA INCOME FUND IV LIMITED PARTNERSHIP
                         Statements of Cash Flows for the
                  years ended December 31, 1997, 1996 and 1995

                                   1997         1996          1995
<S>                                 <C>          <C>           <C>
Cash flows from operations:
 Cash received from rental
  of equipment                $13,073,527   $16,783,224   $21,895,109
 Cash paid for operating and
  management expenses         ( 1,511,339)   (1,703,797)   (1,831,571)
 Interest paid                ( 1,141,088)   (1,109,596)   (1,742,436)
 Interest received                124,960        90,473       480,899

   Net cash from operations    10,546,060    14,060,304    18,802,001


Cash flows from investments:
 Value added tax deposits          77,483         9,402       (20,001)
 Purchase of equipment        (24,487,895)  (13,050,318)   (6,158,563)
 Sale of equipment              5,793,771     2,994,079     6,434,150

 Net cash (used for) provided
 by investments               (18,616,641)  (10,046,837)      255,586


Cash flows from financing:
 A/P equipment purchases                -       (84,691)     (967,631)
 Advances (to) from
  affiliates                     (908,343)    1,142,250       533,817
 Proceeds from notes payable   19,876,925     4,014,939     5,985,266
 Repayment of notes payable    (6,755,179)  (10,598,644)  (15,686,102)
 Payment of cash
  distributions                (3,583,264)   (4,095,160)   (4,095,160)
 Net cash (used for)
  provided by financing         8,630,139    (9,621,306)  (14,229,810)

Net change in cash and
  cash equivalents                559,558    (5,607,839)    4,827,777


Cash and cash equivalents
  at beginning of year          1,187,208     6,795,047     1,967,270


Cash and cash equivalents
  at end of year              $ 1,746,766   $ 1,187,208   $ 6,795,047

</TABLE>
          See accompanying notes to financial statements.


<PAGE>
<TABLE>
<CAPTION>
                  CSA INCOME FUND IV LIMITED PARTNERSHIP

            Statement of Changes in Partners' Capital (Deficit)

              For years ended December 31, 1997, 1996, and 1995


                                Limited      General
                                Partners     Partner        Total
<S>                               <C>          <C>           <C>
Balance at December 31, 1994   $22,244,031  $  (246,191)  $21,997,840


Net income                         849,234        8,578       857,812

Cash distributions              (4,054,208)    ( 40,952)   (4,095,160)


Balance at December 31, 1995    19,039,057     (278,565)   18,760,492


Net income                       1,754,494       17,722     1,772,216

Cash distributions              (4,054,208)    ( 40,952)   (4,095,160)


Balance at December 31, 1996    16,739,343     (301,795)   16,437,548


Net income                       2,689,090       27,163     2,716,253

Cash distributions              (3,547,431)    ( 35,833)   (3,583,264)

Balance at December 31, 1997   $15,881,002  $  (310,465)  $15,570,537

</TABLE>

               See accompanying notes to financial statements.


<PAGE>
                          CSA INCOME FUND IV LIMITED PARTNERSHIP
                                 Notes to Financial Statements
                                          December 31, 1997

(1)  Organization

CSA Income Fund IV Limited Partnership ("the Partnership") was formed
under the Massachusetts Uniform Limited Partnership Act on December
21, 1989 with an initial investment of $1,000, from its sole General
Partner, CSA Lease Funds, Inc. and the purchase of 10 Limited
Partnership Units at $100 each by an initial Limited Partner.  The
Partnership's primary activity is to invest in equipment to be leased
to third parties.  On February 22, 1990, the Partnership began its
offering of Limited Partnership Units.  The Partnership commenced
operations on April 18, 1990. As of December 31, 1997, the Partnership
has 506,776 units of Limited Partnership interest outstanding
representing aggregate capital contributions of $50,677,600.

Distributable cash from operations, sales or refinancing and profits
or losses for federal income tax purposes are allocated 99% to the
Limited Partners and 1% to the General Partner until Payout has
occurred, and thereafter, 85% and 15% respectively.  Payout is
achieved when the aggregate amount of all distributions to the Limited
Partners equals the amount of the Limited Partners' original invested
capital plus a cumulative 9% annual return (compounded daily) on
unreturned invested capital.

In accordance with the Partnership Agreement, the Partnership is
liable to the General Partner (or its affiliates) for management fees
calculated at 5% of gross rental revenues and to certain reimbursable
operating expenses subject to limitations stated in the Partnership
Agreement.

(2)  Significant Accounting Policies

The Partnership records are maintained on the accrual basis of
accounting.

The Partnership accounts for equipment leases as operating leases;
therefore, rental income is reported when earned. Equipment purchases
are depreciated on a straight-line basis over the initial term of the
lease to estimated realizable value. On a periodic basis, the
Partnership conducts a review of the residual value of its equipment
as compared to the estimated net realizable values for such equipment
upon expiration of the related lease. The Partnership records
additional charges to depreciation expense when net book values exceed
estimated realizable values. In connection with this review for the
years ended December 31, 1997, 1996 and 1995 the Partnership recorded
additional charges of $74,500, $300,000 and $445,686, respectively, to
depreciation expense.

Deferred income represents prepaid rentals received for active leases
that are recognized when earned.

No provision for income taxes has been made as the liability for such
taxes is that of the Partners rather than the Partnership. The
Partnership's federal tax return is prepared solely to arrive at the
Partners' individual taxable income or loss as reported on form K-1.
Partnership taxable income (loss) in 1997, 1996 and 1995 was
($7,349,952), $1,628,070 and $816,250, respectively. The differences
between Partnership taxable income and book income are primarily due
to the difference between tax and book depreciation methods and the
related differences in the gain or loss on sales of equipment.


<PAGE>
                  CSA INCOME FUND IV LIMITED PARTNERSHIP
                     Notes to Financial Statements

The Partnership considers short-term investments with original
maturities of three months or less to be cash equivalents.

The preparation of financial statements in conformity with generally
accepted accounting principles requires the General Partner to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities as
of the date of the financial statements and the reported amounts of
revenue and expenses during the reporting year. Actual results could
differ from those estimates.

(3)  Rental Equipment

The Partnership purchases equipment subject to existing leases either
directly from CSA Financial Corp. or the manufacturer.  The purchase
price to the Partnership is equal to the lesser of fair market value
or cost as adjusted, if necessary, for rents received and carrying
costs, plus an acquisition fee of 4% of cost. In accordance with
Section 6.4 (b) of the Partnership Agreement, the total of all
acquisition fees paid to the General Partner shall not exceed 15% of
the total Capital Contributions received by the Partnership. This
lifetime acquisition fee limit was met during 1996 and the General
Partner is no longer paid acquisition fees on any new Partnership
equipment acquisitions. However, the General Partner continued to
actively seek out additional lease investment opportunities during
1997.

A summary of changes in rental equipment owned and its related
accumulated depreciation is as follows:
<TABLE>
                   Beginning                                Ending
                    Balance       Additions      Sales      Balance
<S>                   <C>            <C>          <C>         <C>
Costs for years ended:

December 31, 1995  $92,684,951   $ 6,158,563  $21,373,531  $77,469,983

December 31, 1996  $77,469,983   $13,050,318  $31,085,950  $59,434,351

December 31, 1997  $59,434,351   $24,487,895  $24,604,206  $59,318,040

Accumulated depreciation for
the years ended:

December 31, 1995  $49,934,611   $17,501,209  $15,802,000  $51,633,820

December 31, 1996  $51,633,820   $13,095,023  $28,082,483  $36,646,360

December 31, 1997  $36,646,360   $ 8,072,215  $19,525,088  $25,193,487

</TABLE>


<PAGE>

                            CSA INCOME FUND IV LIMITED PARTNERSHIP
                                 Notes to Financial Statements

(4)  Leases

As of December 31, 1997, substantially all of the Partnership's
equipment was leased under 165 separate leases to 102 lessees.
Approximately 22% of the Partnership's equipment portfolio (based on
cost) has been leased outside the United States.  Two lessees provided
approximately 28% (15% and 13%, respectively) of the Partnership's
revenues in 1997 as compared to two leases providing 35% (20%, and
15%, respectively) in 1996 and three lessees providing 48% (25%, 13%,
and 10%, respectively) in 1995.

Minimum annual lease rentals scheduled to be received under existing
noncancellable operating leases are as follows:
<TABLE>

                          Year                 Amount
                           <S>                   <C>
                          1998               $12,973,248
                          1999                 9,088,664
                          2000                 5,927,311
                          2001                 1,522,346
                          2002                    22,829
                                             $29,534,398

</TABLE>


(5)  Notes Payable

Notes payable consist of nonrecourse notes due in monthly, quarterly
and annual installments, with interest rates that range from 6.25% to
10.50% per annum.  Such notes are collateralized by equipment with a
cost of $37,606,442. Annual maturities of notes payable at December
31, 1997, are as follows:
<TABLE>

                            Year                Amount
                             <S>                  <C>
                            1998             $ 8,963,730
                            1999               6,509,819
                            2000               4,105,553
                            2001               1,344,239
                                             $20,923,341

</TABLE>

<PAGE>

                         CSA INCOME FUND IV LIMITED PARTNERSHIP

                               Notes to Financial Statements

(6)  Fair Values of Financial Instruments

The following methods and assumptions were used to estimate the fair
value of financial instruments:

Cash and Cash Equivalents
The carrying amount of cash and cash equivalents approximates its fair
value due to their short maturity.

Notes Payable
The fair value of the Partnership's notes payable is based on the
market price for the same or similar debt issues or on the current
rates offered to the Partnership for debt with the same remaining
maturity. The  carrying amount of notes payable approximates fair
value.

Limited Recourse Notes Payable
The carrying amount of the limited recourse notes payable approximates
its fair value due to their short maturities.

(7)  Related Party Transactions

Fees and other expenses paid or accrued by the Partnership to the
General Partner or affiliates of the General Partner for 1997, 1996
and 1995 are as follows:
<TABLE>
                               1997          1996           1995
<S>                             <C>           <C>            <C>
Equipment acquisition fees   $        -   $1,028,920       578,149
Management fees               1,288,394    1,399,993     1,340,804
Reimbursable operating
  expenses                      182,862      169,016       180,530
                             $1,471,256   $2,597,929    $2,099,483
</TABLE>

(8)  Net Cash Provided from Operations

The reconciliation of net income to net cash from operations for 1997,
1996 and 1995 are as follows:
<TABLE>
                                1997          1996          1995
<S>                              <C>           <C>           <C>
Net Income                    $ 2,716,253   $ 1,772,216   $   857,812
Gain on sale of equipment        (865,137)     (108,293)   (1,113,423)
Depreciation and
 amortization                   8,072,215    13,095,023    17,736,910
(Increase) decrease
 in receivables                   457,258      (507,459)    1,746,093
Other                             133,090             -             -
Decrease in payables
 and deferred income               32,381      (191,183)     (425,391)

Net cash from operations      $10,546,060   $14,060,304   $18,802,001

</TABLE>
(9)  Net Gain from Foreign Currency Transactions

Net gain from foreign currency transactions resulted from exchange
gains and losses on certain leases which call for the payment of
rentals in British Pound Sterling.



<PAGE>
Item 9.  Changes in and Disagreements with Accountants on Accounting
               and Financial Disclosures
None


                                    PART III


Item 10.  Directors and Executive Officers of the Registrant

The Partnership has no directors or officers.  All management
functions are performed by CSA Lease Funds, Inc., the corporate
General Partner. The current directors and officers of the corporate
General Partner are:
<TABLE>

     Name            Age        Title(s)            Elected
<S>                  <C>          <C>                 <C>
J. Frank Keohane      61   Director & President     04/01/88
Richard P. Timmons    43   Controller               03/01/95
Trevor A. Keohane     31   Director                 05/28/93

</TABLE>

Term of Office:  Until a successor is elected.


Item 11.  Executive Compensation

(a), (b), (c), (d) and (e):  The Officers and Directors of the General
Partner receive no current or proposed direct remuneration in such
capacities, pursuant to any standard arrangements or otherwise, from
the Partnership.  In addition, the Partnership has not paid and does
not propose to pay any options, warrants or rights to the Officers and
Directors of the General Partner.  There exists no remuneration plan
or arrangement with any Officer or Director of the General Partner
resulting from resignation, retirement or any other termination.  See
Note 7 of the Notes to Financial Statements included in Item 8 of this
report for a description of the remuneration paid by the Partnership
to the General Partner and its affiliates.



<PAGE>

Item 12.  Security Ownership of Certain Beneficial Owners and
          Management

By virtue of its organization as a limited partnership, the
Partnership has outstanding no securities possessing traditional
voting rights. However, as provided for in Section 13.2 of the
Agreement of Limited Partnership (subject to Section 13.3), a majority
in interest of the Limited Partners have voting rights with respect
to:

1.  Amendment of the Limited Partnership Agreement.

2.  Termination of the Partnership.

3.  Removal of the General Partner.

4.  Approval or disapproval of the sale of substantially all the
assets of the Partnership if such sale occurs prior to February 22,
1997.

No person or group is known by the General Partner to own beneficially
more than 5% of the Partnership's outstanding Limited Partnership
Units as of December 31, 1997.


Item 13.  Certain Relationships and Related Transactions

An affiliate of the General Partner also acts as General Partner for
CSA Income Fund Limited Partnership III.  The General Partner or
affiliates may act in that capacity for other income fund limited
partnerships in the future.


                                   PART IV

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

(a)  (1)  Financial Statements - See accompanying Index to Financial
          Statements - Item 8.

     (2)  Financial Statement Schedules - All schedules have been
          omitted as not required, not applicable or the information
          required to be shown therein is included in the Financial
          Statements and related notes.


     (3)  Exhibits Index


Except as set forth below, all exhibits to Form 10-K, as set forth in
item 601 of Regulation S-K are not applicable.





<PAGE>
<TABLE>
                                                  Page Number or
Exhibit                                           Incorporated by
Number                 Description                   Reference
<S>                       <C>                           <C>
 4.1         Agreement of Limited Partnership            *

 4.2         Subscription Agreement                      **

 4.3         Certificate of Limited Partnership and      ***
             Agreement of Limited Partnership dated
             April 8, 1988

 4.4         First Amended and Restated Certificate      ****
             of Limited Partnership and Agreement
             of Limited Partnership dated June 22,
             1988

10.1         Escrow Agreement                             ***

12.0         First Amendment to Agreement of Limited
             Partnership                                  *****

27.1         Financial Data Schedule


*      Included as Exhibit A to Amendment No. 1 to Form S-1,
       Registration Statement No. 0-19939 filed with the Securities
       and Exchange Commission on June 23, 1988.

**    Included as Exhibit C to Amendment No. 1 to Form S-1 to
      Registration Statement No. 0-19939 filed with the Securities and
      Exchange Commission on June 23, 1988.

***   Included with the Exhibit Volume to Form S-1, Registration
      Statement No. 0-19939 filed with the Securities and Exchange
      Commission on April 15, 1988.

****  Included with the Exhibit Volume to Amendment No. 1 to Form S-1,
      Registration Statement No. 0-19939 filed with the Securities and
      Exchange Commission on June 23, 1988.

***** Included in Consent Statement filed on August 3, 1994.



 (b)  Reports on Form 8-K: There were no reports filed during the
      fourth quarter of 1997.
</TABLE>

<PAGE>
                                  Signatures


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


                             CSA Income Fund IV Limited
                              Partnership (Registrant)
                              By its General Partner,
                                CSA Lease Funds, Inc.



Date:
                                \s\ J. Frank Keohane, President

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 its General Partner,
                           CSA Lease Funds, Inc.



Date:
                                \s\ J. Frank Keohane
                                    President & Director
                                    Principal Executive Officer



Date:
                                 \s\ Christopher R. Guiod
                                     Senior Vice President
                                     Finance and Administration




Date:
                                  \s\ Richard P. Timmons
                                      Controller
                                      Principal Accounting and
                                      Finance Officer


<PAGE>